Final Exam. - CWU Login Service - Stale Request

Name: ________________________ Class: ___________________ Date: __________ ID: A

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Business 341 - Spring 2013 - Final Exam.

You have 120 minutes to complete this examination. The is a OPEN book exam. YOU MAY ONLY USE YOUR TEXTBOOK. All other study materials, including back packs

and purses, must be placed on the floor. NO OLD EXAMS OR PRACTICE EXAMS SHOULD BE VISIBLE. FAILURE TO FOLLOW THESE DIRECTIONS MAY RESULT IN YOU RECEIVING A ZERO SCORE FOR THE FINAL

Please be sure to answer all questions on the exam. There are NINETEEN (19) pages and 163 questions to this exam -- 80 True False, and 83 multiple choice. Count to make sure that you have all the pages and review your exam to make sure that you do not miss answering any pages or questions of the exam.

USE A FOR TRUE AND B FOR FALSE IN THE TRUE/FALSE SECTION.

PLEASE BE SURE TO TURN IN THE EXAM WITH YOU NAME ON THE FIRST PAGE OF THE EXAM YOU WERE GIVEN. IF YOU FAIL TO PUT YOUR NAME ON A COPY OF THE EXAM, YOU MAY BE GIVEN A -0- FOR THE EXAM.

ANSWERS SHOULD BE ENTERED ON THE MACHINE READABLE FORM. PLEASE BE SURE TO USE PENCIL SO THAT YOUR ANSWERS CAN BE READ BY THE GRADING MACHINE. PLEASE BE SURE TO ALSO INCLUDE YOUR STUDENT ID NUMBER ON THE ANSWER SHEET.

You should try and provide answers for all questions, as there is no penalty for a wrong answer, and it counts the same as an omitted question. A correct answer for the True/False section is worth 1 point, while a correct answer for a multiple choice question is worth 2 points. In the multiple choice section there are often two answers which may appear to potentially be correct. You must choose the response which answers the question the best.

Name: ________________________ ID: A

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You must use a number 2 pencil when filling out the exam. Failure to use a pencil will result in a 5 point penalty. There are two versions to this exam. You must indicate “1” in special codes for version A and “2” in special codes for version B, AND “3” for version C. Failure to provide this information on you answer sheet will result in 10 point penalty. You must put your student id number in where the answer sheet provides for “social security number” Failure to follow these directions will result in a 10 point penalty.

Any lack of clarity with regard to your answer choice may result in you not being awarded points for your answer. Good Luck.

True/False

Indicate whether the statement is true or false.

____ 1. Selling securities after the effective date of the registration statement results in liability.

____ 2. In some states, obtaining the unanimous written consent of shareholders is a permissible alternative to holding a shareholders' meeting.

____ 3. In a suretyship relationship, a third person's credit becomes the security for a debt.

____ 4. Good faith and fair dealing are not important in terminating a franchise relationship.

____ 5. International law is a body of law that governs relations among nations.

____ 6. A lender's failure to comply with federal mortgage disclosure requirements extends the borrower's right to rescind the loan to no more than seven days.

____ 7. Employers and unions have a duty to bargain in good faith.

____ 8. Exemptions from federal securities laws are exemptions from state laws.

____ 9. Under the Age Discrimination in Employment Act of 1967, the plaintiff needs to show only that the employer was motivated in part by unlawful discrimination.

____ 10. State securities laws apply mainly to intrastate transactions.

____ 11. Normally, a dissociated member of an limited liability company (LLC) has the right to force the LLC to dissolve.

____ 12. Personal defenses are used to avoid payment to an ordinary holder of a negotiable instrument, but not to an HDC or a holder through an HDC.

____ 13. A customer can escape liability for failing to notify the bank of forged or altered checks when the customer can prove that the bank was negligent.

Name: ________________________ ID: A

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____ 14. A treaty is a contract or other agreement between two or more nations that must be ratified by the United Nations to take effect.

____ 15. A person who receives an instrument as a gift normally becomes an ordinary holder.

____ 16. The Securities and Exchange Commission does not regulate the content of proxy statements.

____ 17. An international custom is a general practice accepted in the international arena as law.

____ 18. A certificate of deposit is a type of note.

____ 19. An employer may defend against a claim of unintentional discrimination by asserting that a practice that has a discriminatory effect is a business necessity.

____ 20. Certain debtors may not qualify to have all debts discharged in bankruptcy.

____ 21. A limited liability partnership allows its partners to avoid personal liability for the malpractice of other partners.

____ 22. Shareholders are co-owners of the corporation.

____ 23. State employers are not immune from private suits brought by employees under the Age Discrimination in Employment Act of 1967.

____ 24. When the harassment of co-workers creates a hostile working environment, an employee may have a cause of action against the employer.

____ 25. A person whose name is forged on an instrument is liable to pay only a holder in due course the value of the forged instrument.

____ 26. Few nations have restrictions on imports.

____ 27. A limited liability company is not a citizen of any state.

____ 28. If the debtor offers to pay the debt owed to a creditor but the creditor refuses the tender, the surety remains obligated on the debt.

____ 29. An indorser who does not wish to be liable on an instrument can use a qualified indorsement.

____ 30. An unauthorized signature binds the person whose name is signed.

____ 31. On the debtor's default, a secured party can take possession of the collateral covered by the security agreement only by court order.

____ 32. An instrument is not defective simply because it is overdue.

____ 33. Any irregularity on the face of an instrument that calls into question its validity will bar HDC status.

Name: ________________________ ID: A

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____ 34. A holding company is a company whose business activity consists of holding shares in another company.

____ 35. There are additional disclosure requirements for a higher-priced mortgage loan.

____ 36. A surety is primarily liable for the debt of a principal.

____ 37. A tenancy by the entirety is created by a conveyance of all of a parcel of real property to a single tenant.

____ 38. A drawer is liable to the holder of a check if the check is not honored.

____ 39. An amendment to the articles of incorporation can create a new position on the board of directors.

____ 40. The power to consolidate is conferred by statute.

____ 41. A takeover cannot be challenged on the ground that it would result in a substantial increase in the acquiring corporation's marker power.

____ 42. A time draft is payable at a definite future time.

____ 43. Bank customers cannot demand that their original canceled checks be returned with their monthly statement.

____ 44. Withdrawal from a partnership for a term prematurely does not constitute a breach of the partnership agreement.

____ 45. Inverse condemnation occurs when an owner simply gives private property to the government without accepting any compensation.

____ 46. A promoter is personally liable for a preincorporation contract until the corporation assumes liability.

____ 47. Protection against retaliation under the Civil Rights Act of 1964 does not extend to an employee who speaks out about discrimination on his or her own initiative.

____ 48. Under the Age Discrimination in Employment Act of 1967, a plaintiff must prove that he or she was replaced by a person "outside the protected class."

____ 49. Federal securities laws strictly control the terms, duration, and circumstances under which most tender offers are made.

____ 50. The Securities Exchange Act of 1934 is a one-time disclosure law.

____ 51. Creditors may contract with a debtor for discharge of the debtor's liquidated debts.

____ 52. An authorized agent is never personally liable on a negotiable instrument.

____ 53. Certain liquidation cases may be converted to repayment plan cases with the consent of the debtor.

____ 54. The owner of real property has relatively exclusive rights to the airspace above the land.

Name: ________________________ ID: A

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____ 55. An inside director is a director who does not hold a management position in the corporation.

____ 56. Only a customer or a person authorized to draw on an account can order a bank not to pay a check when it is presented for payment.

____ 57. To be negotiable, an order to pay must be addressed to only one person.

____ 58. If a creditor obtains a judgment against a debtor and the debtor cannot or will not pay the judgment, the dispute is at an end.

____ 59. Whatever a secured party obtains on a sale of collateral is all that he or she can collect on the debt.

____ 60. If a homeowner defaults, the lender has the right to foreclose on the mortgaged property.

____ 61. An executory promise does not constitute sufficient value to make the promisor a holder.

____ 62. Securities that are exempt from the registration requirement can not generally be resold without being registered.

____ 63. A person who accepts an instrument that has been completed without knowing that it was incomplete when issued can take it as an HDC.

____ 64. Destruction or mutilation of a negotiable instrument by accident discharges it.

____ 65. Directors are not obligated to refrain from self-dealing.

____ 66. Laws governing franchising are designed in part to prevent franchisors from terminating franchises without good cause.

____ 67. A corporation formed in another country but doing business in the United States is referred to in the United States as an alien corporation.

____ 68. Disparate-impact discrimination occurs when a protected group of people is adversely affected by an employer's practices, even though they do not appear to be discriminatory.

____ 69. In a repayment plan case, the plan must provide for payment of all obligations in full.

____ 70. An employer who violates the law by hiring an unauthorized alien is subject only to the penalty of a forced discharge of the employee.

____ 71. In most states, the seller of a new house warrants that it is fit for habitation even if the deed does not include such a warranty.

____ 72. Firms overseas have almost total legal protection against government acts in the countries in which they operate, under the act of state doctrine.

Name: ________________________ ID: A

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____ 73. Only employees contribute under federal law to help pay for benefits that will partially make up for their loss of income on retirement.

____ 74. A franchisor's decision to terminate a franchise may be made in the normal course of business operations.

____ 75. During a union election campaign, employers can undertake certain types of surveillance to identify union supporters.

____ 76. In most states, debtors may use only federal exemptions to exempt certain property from the bankruptcy.

____ 77. In a limited partnership, with the exception of the right to participate in management, limited partners have essentially the same rights as general partners.

____ 78. Constructive eviction occurs when a tenant moves off the premises in retaliation against the landlord.

____ 79. A partner who pursues his or her own interests automatically violates the partner's fiduciary duties to the partnership.

____ 80. The basic duty of a trustee is to collect and reduce to cash the property in the bankruptcy estate that is not exempt.

Multiple ChoiceIdentify the choice that best completes the statement or answers the question.

____ 81. Chris convinces Dion, who does not understand English, to sign a $1,000 note that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Diona. can avoid payment on the note even if EZ is an HDC.b. must pay the note in full.c. can avoid payment on the note only if EZ is a holder.d. must pay EZ the amount that it paid for the note.

____ 82. Hu, Ivan, and Juana apply to work for King Meatpacking Company. These individuals' identities and eligibility to work must be verified bya. the individuals.b. the individuals' countries of origin.c. the U.S. Citizenship and Immigration Services.d. the employer.

____ 83. Frida, Gayla, and Hart occupy the positions of director on the board of Integral Components Corporation. With respect to these directors, a quorum is the minimum numbera. whose positions must be vacant to warrant an election.b. who must be present to validly transact business.c. who must be at odds in a dispute to call for its resolution.d. whom the shareholders may remove from office at any one time.

Name: ________________________ ID: A

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____ 84. Tippi believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan. This proceeding can be initiated by a filing of a petition bya. a debtor.b. a creditor.c. a corporation.d. a partnership.

____ 85. Rita is a surety for Serena's loan from Title Lenders, Inc. Rita's right to "step into the shoes" of Title Lenders, after paying Serena's debt, and exercise any of the Title Lenders's rights against Serena is the right ofa. contribution.b. redemption.c. subrogation.d. reimbursement.

____ 86. Teona files a voluntary petition in bankruptcy for relief through a liquidation. Debts that will not be discharged include claims fora. domestic-support obligations.b. money to be paid for goods not delivered.c. long overdue credit-card debt.d. contributions to employee benefit plans.

____ 87. Shad signs a promissory note payable to Theresa "with interest" on which he conspicuously notes that it is "nonnegotiable." This instrument isa. nonnegotiable, because it includes the notation "nonnegotiable."b. negotiable.c. nonnegotiable, because it does not specify a rate of interest.d. nonnegotiable, because the exact amount payable cannot be determined from the face of

the instrument.

____ 88. Property Financial Corporation makes loans that qualify, under a Federal Reserve Board amendment to Regulation Z, as Higher-Priced Mortgage Loans (HPMLs). Quinn applies to Property Financial for an HPML. To make the loan, the lender musta. structure the loan to specifically evade the HPML protections.b. impose a prepayment penalty for the duration of the loan.c. convince an appraiser to inflate the value of the property.d. verify the borrower's ability to repay the loan.

____ 89. Locke signs a check payable to the order of Metro Bank, filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dollars." This check is payable in the amount ofa. $1,100.b. $0.c. $1,000.d. $100.

____ 90. Mona files an employment discrimination suit against Nationwide Distribution Corporation (NDC) under the Civil Rights Act of 1964. If Mona shows that NDC acted with malice or reckless indifference, she may recovera. neither compensatory nor punitive damages.b. a limited amount of compensatory and punitive damages.c. compensatory or punitive damages, but not both.d. an unlimited amount of compensatory and punitive damages.

Name: ________________________ ID: A

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____ 91. Inger is a franchisee of Honey Bear Restaurants, LLC Their contract gives Honey Bear the right to control virtually all aspects of Inger's operation, including the hiring of employees. One of the employees, Joris commits a tort against Kiley, one of Inger's customers. Kiley files a suit against Honey Bear. Honey Bear is most likelya. not liable because Inger is responsible for the employees.b. not liable because Kiley was Inger's customer.c. liable because Kiley was Honey Bear's customer.d. liable because Honey Bear exercises control over Inger's operation.

____ 92. Nero signs a check "pay to the order of Olive" drawn on Nero's account in Peachtree Bank. Olive signs the back of the check. Secondary liability on this check extends toa. Peachtree Bank only.b. Nero and Peachtree Bank only.c. Nero and Olive only.d. Nero only.

____ 93. Odell is a director of Price Rite, Inc. As a director, with respect to the corporation, Odell isa. a forum.b. a quorum.c. a proxy.d. a fiduciary.

____ 94. A petition for a discharge in bankruptcy in a liquidation proceeding may be filed bya. Henry, an independent financial adviser.b. Goodhands Insurance Company, a corporation.c. Federal Savings & Loan Association, a corporation.d. Eminent Employees Credit Union, a corporation.

____ 95. Delta Music Company and eDistribution & Marketing Corporation form a joint stock company. A joint stock company can be formed for, at the most,a. an implied duration of not more than six months.b. a perpetual existence.c. a single activity or transaction.d. a stated duration of not more than one year.

____ 96. Ruth owns a home on which she has two mortgages provided by Security Bank. Town Refinance Inc. tells Ruth that it can refinance the loans to reduce her payments. Town Refinance provides all of the required documents, which accurately state the payments under the new loan as higher. Ruth does not read the documents. Town Refinance is most likely liable fora. nothing.b. negative amortization.c. misrepresentation.d. fraud.

____ 97. Machine Operations, Inc. (MO), employs four hundred workers at three locations in three states. Workers who lose their jobs with MO have a right to continued health-care coverage under MO's group plan unless theya. are laid off for budgetary reasons.b. are fired for gross misconduct.c. have their hours decreased from full-time to part-time.d. quit their jobs voluntarily.

Name: ________________________ ID: A

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____ 98. First Community Bank agrees to accept a check by setting aside sufficient funds to cover the amount. This check is considereda. cashed.b. provisionally credited.c. deposited.d. certified.

____ 99. On Monday morning, Bob deposits into his account at County Bank a $500 check from Dyna, who also has an account at County Bank. On that same day, this check is considereda. cashiered.b. provisionally credited.c. certified.d. paid.

____ 100. Agro Co-op, Inc., and Bio Feed Corporation are exporting firms that join together to export a line of products. Agro Co-op and Bio Feed apply to Charter Bank for a loan to fund their effort. Under federal law, Charter and other U.S. banks area. encouraged by credit guaranties to lend such funds.b. discouraged by administrative rules to make such loans.c. banned by statute from opening such credit lines.d. asked by enforcement agencies to report such requests.

____ 101. Bing signs a note payable to the order of Cameron. Cameron indorses the note and gives it to Daphne as payment for a debt. Daphne presents it to Bing, who pays it. Bing's payment dischargesa. only Cameron.b. only Bing.c. only Daphne.d. all of the parties.

Fact Pattern 41-2APetro Drilling Corporation combines its assets and debts with those of Oil Refining Company to form New Energy, Inc.

____ 102. Refer to Fact Pattern 41-2A. New Energy assumesa. none of Petro's and Oil's assets.b. half of Petro's and Oil's assets.c. all of Petro's and Oil's assets.d. only debts that Petro and Oil incurred after a combination was proposed.

____ 103. Melba and Leon are directors of Fresh Foods, Inc. The right of Melba and Leon to be notified of special meetings of the board is the right toa. compensation.b. participation.c. indemnification.d. self-dealing.

Name: ________________________ ID: A

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____ 104. Quixotic Company claims to be a corporation but it is not. Rachel signs a contract with Quixotic that is not performed. In Rachel's suit against Quixotic, a court will likely recognize the firm asa. a de jure corporation.b. an ultra vires corporation.c. a de facto corporation.d. a corporation by estoppel.

____ 105. Celia, an employee of Delite Dairy Company, forges the signature of Elin, Delite's president, on a Delite check and cashes it at First Federal Bank. Elin would ratify Celia's actions bya. entering into a repayment agreement with Celia.b. asking First Federal to prosecute Celia for forgery.c. filing criminal charges against Celia herself.d. discharging Celia from Delite 's employment.

____ 106. Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission. This statement must containa. a copy of prospectuses to be provided to investors.b. a sample of advertising to be used to attract investments in Celfone.c. a record of pre-registration sales in securities.d. a description of securities being offered for sale.

____ 107. Bret and Courtney form Delite Day Care, Inc. Ultimate responsibility for policy decisions necessary to the management of corporate affairs rests with Delite'sa. shareholders.b. board of directors.c. officers.d. incorporators.

____ 108. Lex, a salesperson for Macro Corporation, learns that Macro will increase the dividend it pays to shareholders. Lex buys 1,000 shares of Macro stock. When the price increases, Lex sells his shares for a profit. Lex would not be liable for insider trading if the information about the dividend wasa. public before he bought the stock.b. public after he bought the stock.c. too speculative when he bought the stock.d. material when he sold the stock.

____ 109. Johnny writes a check to Katie as payment for a 3D DVD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Sissy, a bank officer, to stop payment on the check. This order is valid fora. six days.b. fourteen months.c. six months.d. fourteen days.

____ 110. Real Events Promotion Corporation licenses trademarks to Stadium Souvenirs, Inc., to use in selling caps, sweatshirts, and similar goods. This isa. a sole proprietorship.b. a franchise.c. an entrepreneur.d. a principal-agent relationship.

Name: ________________________ ID: A

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Fact Pattern 27-1AMike loses his National Bank access card. He realizes his loss the next day but waits a week to call National. Meanwhile, Opal finds and uses Mike's card to withdraw $3,000 from Mike's account.

____ 111. Refer to Fact Pattern 27-1A. When Mike receives his National statement, he demands that the bank investigate the matter and recredit his account. The banka. must investigate but need not recredit Mike's account.b. must investigate and immediately recredit Mike's account (at least until the dispute is

resolved).c. must investigate and, if the dispute is not resolved within ten days, recredit Mike's

account (at least until the dispute is resolved).d. has no duty to investigate.

____ 112. CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to includea. two members, including at least one general partner.b. all members.c. no member.d. one member.

____ 113. OK Investments, Inc., files a financing statement to provide notice of its security interest in the property of Pancake House Restaurant. The initial effective term of a financing statement is a period ofa. five weeks.b. five months.c. five days.d. five years.

____ 114. Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range [signed] Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss isa. Town Bank.b. Upper Range.c. Rodeo Ranch.d. no one.

____ 115. Seymour borrows $350,000 from Reliable Bank to buy a home. Seymour stops making payments on the loan ten months later. After the bank repossesses the property securing the loan but before it is sold, Seymour wants to buy it. This isa. a deficiency judgment.b. the right of redemption.c. a reverse mortgage.d. a violation of the law.

____ 116. Tyro has the right to drive across Ula's land, which is next to Tyro's property, to reach an access road. Tyro's right isa. an easement in gross.b. an easement appurtenant.c. a profit in gross.d. a profit appurtenant.

Name: ________________________ ID: A

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____ 117. Wang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at "less than fair value." This isa. dumping.b. confiscation.c. defalcation.d. expropriation.

____ 118. Kyla's debt to Lark is past due. Lark obtains an order of garnishment to require Kyla's employer My Pi Pizza Restaurant to pay part of Kyla's paycheck to Lark. The lawa. requires My Pi to retain Kyla as an employee until the debt is paid.b. permits My Pi to dismiss Kyla because her wages are garnished.c. limits the amount that can be taken from Kyla's take-home pay.d. practically does not allow Lark to collect the awarded amount.

____ 119. Detailed Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is most likely to be set aside for a noncitizen who isa. a "person of ordinary ability and ambition."b. a "person of extraordinary ability."c. a "person with an extraordinary work ethic."d. a "person of ethnic similarity to the employer's workforce."

____ 120. Bev is a shareholder of All-Terrain Vehicle Company. As a shareholder, Bev does not havea. preemptive rights.b. inspection rights.c. a right to compensation.d. dividend rights.

Fact Pattern 37-1ADesi starts up eSites, an Internet service, and leases office space in a building owned by Fred. The lease requires Desi to pay Fred a base rental of $1,250, plus 10 percent of eSites' profits, each month. The term is two years. Desi hires Gwen to work at eSites' tech support desk at an hourly wage of $12.50, plus a commission of 10 percent of the profits. The term is also two years.

____ 121. Refer to Fact Pattern 37-1A. Desi and Gwen area. partners in a partnership for two years.b. not partners, because Gwen does not have an ownership interest or management rights in

eSites.c. not partners, because the pay includes an hourly wage.d. not partners, because the pay includes only 10 percent of the profits.

____ 122. Precise Device Corporation and Quality Instruments, Inc., decide to merge. This corporate combination does not require the approval ofa. Precise's shareholders.b. Precise and Quality's directors.c. Precise and Quality's officers.d. Quality's shareholders.

Name: ________________________ ID: A

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____ 123. Titan Business Corporation can be compelled to dissolve bya. itself, through its shareholders and directors, only.b. the state only.c. itself, through its shareholders and directors, or the state.d. its creditors only.

____ 124. Coco is considering forms of business organization for her concessions businessCoco's Cupcakes. Most states require that a limited liability company have at leasta. at least three members, including at least one general partner.b. no minimum number of members.c. at least one member.d. at least two members.

____ 125. Della, an officer for Energy Petrol Corporation (EPC), buys 100 shares of EPC stock. One week later, EPC announces that it will merge with a competitor, Fuel Oil Company, and the price of EPC stock increases. One month later, Della sells her shares for a profit. Under Section 16(b) of the Securities Exchange Act of 1934, Della would not be liable if, after buying the stock, she had waiteda. two months to sell it.b. less than fourteen days to sell it.c. more than six months to sell it.d. ninety days to sell it.

____ 126. Quito and Raul own a condo near San Francisco Bay as joint tenants. Raul sells his ownership rights in the condo to Timor. Quito and Timor own the condo asa. tenants in common.b. joint tenants.c. community property owners.d. tenants at sufferance.

____ 127. Business Abroad, Inc., a U.S. firm, obtains a judgment in a U.S. court against Quang Tri, Ltd., a Vietnamese business. Whether the court's judgment will be enforced by a court in Vietnam depends on the Vietnamese court's application ofa. the World Trade Organization.b. the principle of comity.c. the act of state doctrine.d. the doctrine of sovereign immunity.

____ 128. Uberto and Vicki are married and own a mountain cabin in Wyoming in such a way that neither may transfer separately his or her interest during his or her lifetime. Uberto and Vicki own the lodge asa. tenants in common.b. community property owners.c. tenants at sufferance.d. tenants by the entirety.

____ 129. Verna files a petition in bankruptcy in a liquidation proceeding. If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation, the court will most likelya. force Verna to file for relief through an individual repayment plan.b. distribute Verna's property to Verna's creditors.c. discharge Verna's debts.d. issue an automatic stay against any actions by Verna's creditors.

Name: ________________________ ID: A

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Fact Pattern 42-1AFresh Fruits & Veggies, Inc., wants to make an initial public offering of securities. Fresh believes that it qualifies for an exemption under Regulation A from the full registration requirement of the federal Securities Act of 1933.

____ 130. Refer to Fact Pattern 42-1A. If Fresh is exempt from the federal registration requirement, Fresh isa. not subject to any state securities laws.b. not necessarily exempt under a state registration requirement.c. automatically exempt from any state registration requirement.d. automatically subject to all state registration requirements.

____ 131. Petra signs a check payable to Quincy, who indorses the back, gives it to Regional Credit Union, and receives cash. The transfer of the check from Quincy to the credit union isa. a payment.b. an assignment.c. a sale.d. a negotiation.

____ 132. To raise $12 million to expand operations, Star Corporation makes a stock offering directly to sixty accredited investors and twenty sophisticated, but unaccredited investors. Star plans to notify the SEC of sales. Under the Securities Act of 1933, this issue may qualify as an "exempt" transactiona. if all of the investors are also given certain material information.b. as is.c. if the offering is also made available to the general public.d. under no circumstances.

____ 133. Venture Capital, LP, is a limited partnership. Its limited partners include more than 150 sophisticated investors and investment professionals. A Venture limited partner loses his or her limited liability if he or shea. acts as the firm's manager.b. votes on the firm's sale or dissolution.c. invests in Unified Fund, one of Venture's competitors.d. does not participate in the firm's management.

____ 134. Fedro is an employee of Earth & Sea Mining Company. Under federal law, Fedro and other employees have the right toa. refuse to bargain with Earth & Sea through their representative.b. insist that Earth & Sea require union membership to work.c. bargain collectively with Earth & Sea through their representative.d. require Earth & Sea to contribute financially to their union.

____ 135. Start-Up Enterprises, Inc., completes its registration process and begins advertising the availability of its new issue of securities. Start-Up places a tombstone ad in the financial papers. This ad tells prospective investorsa. about investing.b. where to buy the securities.c. about the company.d. where to obtain a prospectus.

Name: ________________________ ID: A

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____ 136. Clem gets a $100 check as a gift from Daria. Clem crudely increases the amount of the check to $1,00the alteration is obviousand transfers it to eReady Sets, Inc., in exchange for a 3D HD TV. eReady deposits the check in its bank account at First Town Bank. HDCs of this check includea. Clem only.b. eReady and First Town Bank only.c. Clem, eReady, and First Town Bank.d. none of these parties.

____ 137. Olivia applies for a job with Petro Company. Petro does not hire Olivia because of her ethnicity, or national origin. This isa. disparate-impact discrimination.b. reverse discrimination.c. not discrimination.d. disparate-treatment discrimination.

____ 138. Roald writes a check for $700 to Savannah. Savannah indorses the check in blank and transfers it to Twitchell, who alters the check to read $7,000 and presents it to Union Bank, the drawee, for payment. The bank cashes it. Roald discovers the alteration and files a suit against the bank. Roald can recovera. 0.b. $6,300.c. $700.d. $7,000.

____ 139. Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Megan fails to account for the profit. To her firm, Megan isa. not liable.b. liable for breach of the duty of loyalty.c. liable for breach of the duty of economic sense.d. liable for breach of the duty of care.

____ 140. Wilbur files a petition in bankruptcy for relief through an individual's repayment plan. Wilbur is granted a discharge. Debts that will not be discharged include claims fora. long overdue credit-card debt.b. fraudulently incurred debt.c. money to be paid for services not rendered.d. contributions to employee benefit plans.

____ 141. Liu signs a check "pay to the order of Marv" drawn on Liu's account in National Bank. Liu later orders National not to pay the check, but the bank pays it over Liu's order. Subsequent checks written on Liu's account "bounce." Most likely liable for the costs to Liu isa. any party to whom a subsequent check was written.b. Liu.c. National.d. Marv.

____ 142. Velma transfers a note by signing it and delivering it to Woz. Woz isa. a delivery person.b. an indorsee.c. a note passer.d. a promisee.

Name: ________________________ ID: A

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Fact Pattern 35-2ABeth, who has a disability, is an employee of Corporate Office Company (COC). After the installation of new doors on COC's building, Beth finds it nearly impossible to get in and out. For repeatedly failing to be on time, COC replaces Beth with Dian, who does not have a disability.

____ 143. Refer to Fact Pattern 35-2A. To succeed with a claim against COC under the Americans with Disabilities Act, Beth will have to show thata. COC refused to make reasonable accommodation for Beth.b. Beth consistently met the essential requirements of her job.c. Dian is unqualified for Beth's position.d. the doors were installed as an act of intentional discrimination.

____ 144. RingTone Corporation is a public company whose securities are traded among investors. Under the Securities Act of 1933, a security isa. almost any stake in the ownership or debt of a company.b. only such common forms of debt and equity as bonds and stocks.c. an investment that is guaranteed to make a profit.d. whatever a company represents to the public as a security.

____ 145. Ivy and Justin want to form and do business as Kayak Adventures Corporation. A corporation can be owned bya. neither "artificial" nor "natural" persons.b. artificial or natural persons.c. natural persons only.d. artificial persons only.

____ 146. Fiona owns one share of stock in GR8 Boards Corporation, as evidenced by a stock certificate. Fiona loses the certificate. Her ownership of the stock isa. forfeited within ten days of a third party's claim to ownership.b. not affected.c. forfeited immediately.d. forfeited within thirty days if she cannot find the certificate.

____ 147. Bagels n' Coffee Café issues an instrument in favor of Eatery Supplies, Inc. For the instrument to be negotiable, it musta. recite the consideration given in exchange for it.b. be payable on demand or at a specific time.c. be signed by the payee.d. be a conditional promise or order to pay.

____ 148. United Company replaces Vera, a forty-five-year-old employee, with Wendy. Vera files a suit against United under the Age Discrimination in Employment Act of 1967. To establish a prima facie case, Vera must show, among other things, that she isa. older than Wendy.b. generally more dependable than Wendy.c. deserving of higher pay than Wendy.d. qualified for the position.

Name: ________________________ ID: A

17

Fact Pattern 24-2ACommodity Sales Corporation and Resource Purchasing Company enter a contract for a sale of unprocessed silver. Commodity Sales draws a draft unconditionally ordering Resource Purchasing to pay $50,000 to Commodity Sales's order in sixty days. Resource Purchasing signs and dates the draft.

____ 149. Refer to Fact Pattern 24-2A. This instrument isa. a trade acceptance.b. a promissory note.c. a banker's acceptance.d. a nonnegotiable instrument.

____ 150. Players Video Game Centers, Inc., wants to issue stock of $1 million in a single offering. Players must provide all investors with material information about itself, its business, and its securities ifa. any investors are accredited.b. under any circumstances.c. any investors are unaccredited.d. all investors are accredited.

____ 151. Greta is a member of Hovercraft LLC. As a member, Greta isa. an owner.b. an investor, but not a manager, officer, or owner.c. a manager or officer, but not an owner.d. a participant, but not an investor, manager, officer, or owner.

____ 152. Bayside Credit Corporation lends funds to Claude, a consumer, to apply to the cost of a boat, which is the collateral for the loan. An enforceable security interest requiresa. Claude's possession of the boat.b. a written agreement and Bayside's possession of the boat.c. the boat seller's acknowledgement of the loan in writing.d. a written agreement or Bayside's possession of the boat.

____ 153. Kenyon files a petition for bankruptcy. Kenyon must include with the petitiona. a statement of preference for one creditor over another.b. a plan to turn over his future income to the trustee.c. a provision of adequate means for the petition's execution.d. a certificate proving attendance at a credit-counseling briefing.

____ 154. Qang and other foreign citizens allege human rights violations committed overseas by the government of Burma on behalf of Railway Construction Company, a U.S. firm. To seek redress for their injuries in a U.S. court, these citizens cana. subject the private company to the provisions of the Sherman Act.b. do nothing.c. bring civil suits under the Alien Tort Claims Act.d. file criminal complaints under Title VII of the Civil Rights Act.

____ 155. Suki is a registered agent for Trans-state Trucking, Inc. (TTI), which incorporated in Utah. As a registered agent, Sukia. applied to Utah on behalf of TTI to obtain its corporate charter.b. agreed to buy stock in TTI before it existed.c. receives legal documents on behalf of TTI.d. does business for TTI in Utah.

Name: ________________________ ID: A

18

____ 156. Pruit performs a contract with Quint to reshingle the roof on Quint's house, but Quint does not pay. Pruit notifies Quint that the property will be sold to satisfy the debt. This isa. a judicial lien.b. an artisan's lien.c. a violation of most state laws.d. a mechanic's lien.

____ 157. Significant business develops in Mexico for Natural Beauty Cosmetics, Inc., a U.S. firm. Natural Beauty appoints Ojos, Ltd., a Mexican firm, to act as Natural Beauty's marketing representative in Mexico. This isa. licensing.b. franchising.c. a joint venture.d. indirect exporting.

____ 158. Cora, a female, and Dom, a male, are employees of Equipment Leasing Corporation. Cora regularly e-mails sexually explicit images to Dom via Equipment Leasing's computer network. Dom finds this offensive. This isa. hostile-environment harassment.b. reverse discrimination.c. not harassment or any form of discrimination.d. quid pro quo harassment.

____ 159. Resources Exploitation, Inc. (REI), files a petition in bankruptcy for relief through a reorganization and assumes the role of a debtor in possession. In this role, REI is similar toa. a trustee in a liquidation.b. a farmer after a discharge through family-farmer bankruptcy plan.c. a secured creditor in possession of collateral.d. a creditor at a creditors' meeting.

____ 160. Buster conveys one square block in Center City "to Diana for life, then to Center City." For Diana, this createsa. a leasehold estate.b. a life estate.c. a fee simple absolute.d. an easement.

ID: A

1

Business 341 - Spring 2013 - Final Exam.Answer Section

TRUE/FALSE

1. ANS: F PTS: 1 REF: p. 819 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: N

2. ANS: T PTS: 1 REF: p. 785 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: N



5. ANS: T PTS: 1 REF: p. 441 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: =



8. ANS: F PTS: 1 REF: p. 829 NAT: AACSB Reflective | AICPA Critical Thinking KEY: Test Bank ATYP: N


10. ANS: T PTS: 1 REF: p. 829 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: +




14. ANS: F PTS: 1 REF: p. 442 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: =

15. ANS: T PTS: 1 REF: p. 487 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +






ID: A

2





25. ANS: F PTS: 1 REF: p. 508 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: =

26. ANS: F PTS: 1 REF: p. 447 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +







33. ANS: T PTS: 1 REF: p. 492 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N












ID: A

3













57. ANS: Fan instrument could be payable to more than one person and still be negotiable, or could be payable to bearer i.e., not a person, and still be negotiable

PTS: 1 REF: p. 468 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N


59. ANS: F PTS: 1 REF: p. 576 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: +








ID: A

4















MULTIPLE CHOICE

81. ANS: A PTS: 1 REF: p. 509 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: =

82. ANS: D PTS: 1 REF: p. 672 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N

83. ANS: B PTS: 1 REF: p. 776 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: =

84. ANS: A PTS: 1 REF: p. 596 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +

85. ANS: C PTS: 1 REF: p. 553 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: =

86. ANS: A PTS: 1 REF: p. 592 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N



ID: A

5


90. ANS: B PTS: 1 REF: p. 688 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +





95. ANS: B PTS: 1 REF: p. 748 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: =



98. ANS: D PTS: 1 REF: p. 521 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: =















ID: A

6



115. ANS: B PTS: 1 REF: p. 616 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N



118. ANS: C PTS: 1 REF: p. 548 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: N






124. ANS: C PTS: 1 REF: p. 740 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: +




128. ANS: D PTS: 1 REF: p. 979 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +






134. ANS: C PTS: 1 REF: p. 674 NAT: AACSB Reflective | AICPA LegalKEY: Test Bank A TYP: +



ID: A

7

























ID: ABusiness 341 - Spring 2013 - Final Exam. [Answer Strip]

_____ 1.F

_____ 2.T

_____ 3.T

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_____ 81.A

_____ 82.D

_____ 83.B


_____ 84.A

_____ 85.C

_____ 86.A

_____ 87.A

_____ 88.D

_____ 89.C

_____ 90.B

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_____ 94.A

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_____102.C

_____103.B

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_____110.B

_____111.C

_____112.B

_____113.D

_____114.C

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_____116.B


_____117.A

_____118.C

_____119.B

_____120.C

_____121.B

_____122.C

_____123.C

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_____126.A

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_____128.D

_____129.A

_____130.B

_____131.D

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_____133.A

_____134.C

_____135.D

_____136.D

_____137.D

_____138.B

_____139.B

_____140.B

_____141.C

_____142.B

_____143.A

_____144.A

_____145.B

_____146.B

_____147.B

_____148.D


_____149.A

_____150.C

_____151.A

_____152.D

_____153.D

_____154.C

_____155.C

_____156.D

_____157.D

_____158.A

_____159.A

_____160.B

Name: ________________________ Class: ___________________ Date: __________ ID: B

1









Name: ________________________ ID: B

2



True/False














Name: ________________________ ID: B

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Name: ________________________ ID: B

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Name: ________________________ ID: B

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Name: ________________________ ID: B

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____ 81. Refer to Fact Pattern 41-2A. New Energy assumesa. all of Petro's and Oil's assets.b. none of Petro's and Oil's assets.c. half of Petro's and Oil's assets.d. only debts that Petro and Oil incurred after a combination was proposed.

____ 82. Celia, an employee of Delite Dairy Company, forges the signature of Elin, Delite's president, on a Delite check and cashes it at First Federal Bank. Elin would ratify Celia's actions bya. entering into a repayment agreement with Celia.b. discharging Celia from Delite 's employment.c. filing criminal charges against Celia herself.d. asking First Federal to prosecute Celia for forgery.

Name: ________________________ ID: B

7


____ 83. Refer to Fact Pattern 42-1A. If Fresh is exempt from the federal registration requirement, Fresh isa. automatically subject to all state registration requirements.b. not necessarily exempt under a state registration requirement.c. automatically exempt from any state registration requirement.d. not subject to any state securities laws.

____ 84. Fiona owns one share of stock in GR8 Boards Corporation, as evidenced by a stock certificate. Fiona loses the certificate. Her ownership of the stock isa. forfeited within thirty days if she cannot find the certificate.b. not affected.c. forfeited within ten days of a third party's claim to ownership.d. forfeited immediately.

____ 85. Property Financial Corporation makes loans that qualify, under a Federal Reserve Board amendment to Regulation Z, as Higher-Priced Mortgage Loans (HPMLs). Quinn applies to Property Financial for an HPML. To make the loan, the lender musta. structure the loan to specifically evade the HPML protections.b. impose a prepayment penalty for the duration of the loan.c. convince an appraiser to inflate the value of the property.d. verify the borrower's ability to repay the loan.

____ 86. Clem gets a $100 check as a gift from Daria. Clem crudely increases the amount of the check to $1,00the alteration is obviousand transfers it to eReady Sets, Inc., in exchange for a 3D HD TV. eReady deposits the check in its bank account at First Town Bank. HDCs of this check includea. Clem, eReady, and First Town Bank.b. eReady and First Town Bank only.c. Clem only.d. none of these parties.

____ 87. United Company replaces Vera, a forty-five-year-old employee, with Wendy. Vera files a suit against United under the Age Discrimination in Employment Act of 1967. To establish a prima facie case, Vera must show, among other things, that she isa. generally more dependable than Wendy.b. older than Wendy.c. deserving of higher pay than Wendy.d. qualified for the position.

____ 88. Fedro is an employee of Earth & Sea Mining Company. Under federal law, Fedro and other employees have the right toa. insist that Earth & Sea require union membership to work.b. refuse to bargain with Earth & Sea through their representative.c. bargain collectively with Earth & Sea through their representative.d. require Earth & Sea to contribute financially to their union.

Name: ________________________ ID: B

8

____ 89. Significant business develops in Mexico for Natural Beauty Cosmetics, Inc., a U.S. firm. Natural Beauty appoints Ojos, Ltd., a Mexican firm, to act as Natural Beauty's marketing representative in Mexico. This isa. a joint venture.b. indirect exporting.c. licensing.d. franchising.

____ 90. Liu signs a check "pay to the order of Marv" drawn on Liu's account in National Bank. Liu later orders National not to pay the check, but the bank pays it over Liu's order. Subsequent checks written on Liu's account "bounce." Most likely liable for the costs to Liu isa. any party to whom a subsequent check was written.b. National.c. Liu.d. Marv.

____ 91. Della, an officer for Energy Petrol Corporation (EPC), buys 100 shares of EPC stock. One week later, EPC announces that it will merge with a competitor, Fuel Oil Company, and the price of EPC stock increases. One month later, Della sells her shares for a profit. Under Section 16(b) of the Securities Exchange Act of 1934, Della would not be liable if, after buying the stock, she had waiteda. ninety days to sell it.b. less than fourteen days to sell it.c. more than six months to sell it.d. two months to sell it.

____ 92. Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission. This statement must containa. a sample of advertising to be used to attract investments in Celfone.b. a description of securities being offered for sale.c. a record of pre-registration sales in securities.d. a copy of prospectuses to be provided to investors.

____ 93. Uberto and Vicki are married and own a mountain cabin in Wyoming in such a way that neither may transfer separately his or her interest during his or her lifetime. Uberto and Vicki own the lodge asa. tenants in common.b. tenants at sufferance.c. community property owners.d. tenants by the entirety.

____ 94. Wilbur files a petition in bankruptcy for relief through an individual's repayment plan. Wilbur is granted a discharge. Debts that will not be discharged include claims fora. money to be paid for services not rendered.b. fraudulently incurred debt.c. long overdue credit-card debt.d. contributions to employee benefit plans.

Name: ________________________ ID: B

9

____ 95. Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range [signed] Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss isa. no one.b. Rodeo Ranch.c. Upper Range.d. Town Bank.

____ 96. Shad signs a promissory note payable to Theresa "with interest" on which he conspicuously notes that it is "nonnegotiable." This instrument isa. negotiable.b. nonnegotiable, because the exact amount payable cannot be determined from the face of

the instrument.c. nonnegotiable, because it does not specify a rate of interest.d. nonnegotiable, because it includes the notation "nonnegotiable."

____ 97. Melba and Leon are directors of Fresh Foods, Inc. The right of Melba and Leon to be notified of special meetings of the board is the right toa. indemnification.b. compensation.c. self-dealing.d. participation.

____ 98. Kenyon files a petition for bankruptcy. Kenyon must include with the petitiona. a certificate proving attendance at a credit-counseling briefing.b. a plan to turn over his future income to the trustee.c. a statement of preference for one creditor over another.d. a provision of adequate means for the petition's execution.


____ 99. Refer to Fact Pattern 27-1A. When Mike receives his National statement, he demands that the bank investigate the matter and recredit his account. The banka. must investigate and, if the dispute is not resolved within ten days, recredit Mike's

account (at least until the dispute is resolved).b. must investigate and immediately recredit Mike's account (at least until the dispute is

resolved).c. must investigate but need not recredit Mike's account.d. has no duty to investigate.

____ 100. Verna files a petition in bankruptcy in a liquidation proceeding. If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation, the court will most likelya. force Verna to file for relief through an individual repayment plan.b. distribute Verna's property to Verna's creditors.c. discharge Verna's debts.d. issue an automatic stay against any actions by Verna's creditors.

Name: ________________________ ID: B

10

____ 101. Real Events Promotion Corporation licenses trademarks to Stadium Souvenirs, Inc., to use in selling caps, sweatshirts, and similar goods. This isa. a principal-agent relationship.b. a franchise.c. an entrepreneur.d. a sole proprietorship.

____ 102. Seymour borrows $350,000 from Reliable Bank to buy a home. Seymour stops making payments on the loan ten months later. After the bank repossesses the property securing the loan but before it is sold, Seymour wants to buy it. This isa. a deficiency judgment.b. the right of redemption.c. a violation of the law.d. a reverse mortgage.

____ 103. Hu, Ivan, and Juana apply to work for King Meatpacking Company. These individuals' identities and eligibility to work must be verified bya. the employer.b. the U.S. Citizenship and Immigration Services.c. the individuals' countries of origin.d. the individuals.


____ 104. Refer to Fact Pattern 24-2A. This instrument isa. a banker's acceptance.b. a promissory note.c. a nonnegotiable instrument.d. a trade acceptance.

____ 105. Coco is considering forms of business organization for her concessions businessCoco's Cupcakes. Most states require that a limited liability company have at leasta. no minimum number of members.b. at least one member.c. at least two members.d. at least three members, including at least one general partner.

____ 106. First Community Bank agrees to accept a check by setting aside sufficient funds to cover the amount. This check is considereda. certified.b. provisionally credited.c. cashed.d. deposited.

Name: ________________________ ID: B

11

____ 107. Pruit performs a contract with Quint to reshingle the roof on Quint's house, but Quint does not pay. Pruit notifies Quint that the property will be sold to satisfy the debt. This isa. a mechanic's lien.b. a judicial lien.c. an artisan's lien.d. a violation of most state laws.


____ 108. Refer to Fact Pattern 35-2A. To succeed with a claim against COC under the Americans with Disabilities Act, Beth will have to show thata. the doors were installed as an act of intentional discrimination.b. Beth consistently met the essential requirements of her job.c. Dian is unqualified for Beth's position.d. COC refused to make reasonable accommodation for Beth.

____ 109. RingTone Corporation is a public company whose securities are traded among investors. Under the Securities Act of 1933, a security isa. an investment that is guaranteed to make a profit.b. only such common forms of debt and equity as bonds and stocks.c. whatever a company represents to the public as a security.d. almost any stake in the ownership or debt of a company.

____ 110. Kyla's debt to Lark is past due. Lark obtains an order of garnishment to require Kyla's employer My Pi Pizza Restaurant to pay part of Kyla's paycheck to Lark. The lawa. practically does not allow Lark to collect the awarded amount.b. permits My Pi to dismiss Kyla because her wages are garnished.c. requires My Pi to retain Kyla as an employee until the debt is paid.d. limits the amount that can be taken from Kyla's take-home pay.

____ 111. Precise Device Corporation and Quality Instruments, Inc., decide to merge. This corporate combination does not require the approval ofa. Precise and Quality's directors.b. Precise's shareholders.c. Quality's shareholders.d. Precise and Quality's officers.

____ 112. Velma transfers a note by signing it and delivering it to Woz. Woz isa. a note passer.b. a delivery person.c. an indorsee.d. a promisee.

Name: ________________________ ID: B

12

____ 113. Bagels n' Coffee Café issues an instrument in favor of Eatery Supplies, Inc. For the instrument to be negotiable, it musta. be signed by the payee.b. recite the consideration given in exchange for it.c. be a conditional promise or order to pay.d. be payable on demand or at a specific time.

____ 114. Petra signs a check payable to Quincy, who indorses the back, gives it to Regional Credit Union, and receives cash. The transfer of the check from Quincy to the credit union isa. a payment.b. a sale.c. a negotiation.d. an assignment.

____ 115. Bev is a shareholder of All-Terrain Vehicle Company. As a shareholder, Bev does not havea. dividend rights.b. inspection rights.c. preemptive rights.d. a right to compensation.

____ 116. Cora, a female, and Dom, a male, are employees of Equipment Leasing Corporation. Cora regularly e-mails sexually explicit images to Dom via Equipment Leasing's computer network. Dom finds this offensive. This isa. reverse discrimination.b. not harassment or any form of discrimination.c. quid pro quo harassment.d. hostile-environment harassment.

____ 117. Wang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at "less than fair value." This isa. dumping.b. expropriation.c. defalcation.d. confiscation.

____ 118. Olivia applies for a job with Petro Company. Petro does not hire Olivia because of her ethnicity, or national origin. This isa. not discrimination.b. disparate-treatment discrimination.c. disparate-impact discrimination.d. reverse discrimination.

____ 119. Bayside Credit Corporation lends funds to Claude, a consumer, to apply to the cost of a boat, which is the collateral for the loan. An enforceable security interest requiresa. the boat seller's acknowledgement of the loan in writing.b. a written agreement and Bayside's possession of the boat.c. Claude's possession of the boat.d. a written agreement or Bayside's possession of the boat.

Name: ________________________ ID: B

13

____ 120. Tippi believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan. This proceeding can be initiated by a filing of a petition bya. a creditor.b. a debtor.c. a partnership.d. a corporation.

____ 121. Roald writes a check for $700 to Savannah. Savannah indorses the check in blank and transfers it to Twitchell, who alters the check to read $7,000 and presents it to Union Bank, the drawee, for payment. The bank cashes it. Roald discovers the alteration and files a suit against the bank. Roald can recovera. $7,000.b. $6,300.c. 0.d. $700.

____ 122. Inger is a franchisee of Honey Bear Restaurants, LLC Their contract gives Honey Bear the right to control virtually all aspects of Inger's operation, including the hiring of employees. One of the employees, Joris commits a tort against Kiley, one of Inger's customers. Kiley files a suit against Honey Bear. Honey Bear is most likelya. liable because Honey Bear exercises control over Inger's operation.b. not liable because Kiley was Inger's customer.c. liable because Kiley was Honey Bear's customer.d. not liable because Inger is responsible for the employees.

____ 123. Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Megan fails to account for the profit. To her firm, Megan isa. not liable.b. liable for breach of the duty of economic sense.c. liable for breach of the duty of loyalty.d. liable for breach of the duty of care.

____ 124. Agro Co-op, Inc., and Bio Feed Corporation are exporting firms that join together to export a line of products. Agro Co-op and Bio Feed apply to Charter Bank for a loan to fund their effort. Under federal law, Charter and other U.S. banks area. asked by enforcement agencies to report such requests.b. banned by statute from opening such credit lines.c. encouraged by credit guaranties to lend such funds.d. discouraged by administrative rules to make such loans.

____ 125. Locke signs a check payable to the order of Metro Bank, filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dollars." This check is payable in the amount ofa. $0.b. $100.c. $1,000.d. $1,100.

Name: ________________________ ID: B

14

____ 126. Business Abroad, Inc., a U.S. firm, obtains a judgment in a U.S. court against Quang Tri, Ltd., a Vietnamese business. Whether the court's judgment will be enforced by a court in Vietnam depends on the Vietnamese court's application ofa. the doctrine of sovereign immunity.b. the World Trade Organization.c. the act of state doctrine.d. the principle of comity.

____ 127. Odell is a director of Price Rite, Inc. As a director, with respect to the corporation, Odell isa. a fiduciary.b. a proxy.c. a quorum.d. a forum.

____ 128. Teona files a voluntary petition in bankruptcy for relief through a liquidation. Debts that will not be discharged include claims fora. contributions to employee benefit plans.b. domestic-support obligations.c. money to be paid for goods not delivered.d. long overdue credit-card debt.

____ 129. Qang and other foreign citizens allege human rights violations committed overseas by the government of Burma on behalf of Railway Construction Company, a U.S. firm. To seek redress for their injuries in a U.S. court, these citizens cana. do nothing.b. bring civil suits under the Alien Tort Claims Act.c. file criminal complaints under Title VII of the Civil Rights Act.d. subject the private company to the provisions of the Sherman Act.

____ 130. OK Investments, Inc., files a financing statement to provide notice of its security interest in the property of Pancake House Restaurant. The initial effective term of a financing statement is a period ofa. five months.b. five weeks.c. five days.d. five years.

____ 131. Suki is a registered agent for Trans-state Trucking, Inc. (TTI), which incorporated in Utah. As a registered agent, Sukia. receives legal documents on behalf of TTI.b. applied to Utah on behalf of TTI to obtain its corporate charter.c. agreed to buy stock in TTI before it existed.d. does business for TTI in Utah.

____ 132. CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to includea. two members, including at least one general partner.b. one member.c. no member.d. all members.

Name: ________________________ ID: B

15

____ 133. Rita is a surety for Serena's loan from Title Lenders, Inc. Rita's right to "step into the shoes" of Title Lenders, after paying Serena's debt, and exercise any of the Title Lenders's rights against Serena is the right ofa. reimbursement.b. subrogation.c. contribution.d. redemption.

____ 134. On Monday morning, Bob deposits into his account at County Bank a $500 check from Dyna, who also has an account at County Bank. On that same day, this check is considereda. provisionally credited.b. cashiered.c. certified.d. paid.

____ 135. Ivy and Justin want to form and do business as Kayak Adventures Corporation. A corporation can be owned bya. neither "artificial" nor "natural" persons.b. natural persons only.c. artificial or natural persons.d. artificial persons only.


____ 136. Refer to Fact Pattern 37-1A. Desi and Gwen area. partners in a partnership for two years.b. not partners, because the pay includes an hourly wage.c. not partners, because Gwen does not have an ownership interest or management rights in

eSites.d. not partners, because the pay includes only 10 percent of the profits.

____ 137. Delta Music Company and eDistribution & Marketing Corporation form a joint stock company. A joint stock company can be formed for, at the most,a. an implied duration of not more than six months.b. a perpetual existence.c. a stated duration of not more than one year.d. a single activity or transaction.

____ 138. Lex, a salesperson for Macro Corporation, learns that Macro will increase the dividend it pays to shareholders. Lex buys 1,000 shares of Macro stock. When the price increases, Lex sells his shares for a profit. Lex would not be liable for insider trading if the information about the dividend wasa. public after he bought the stock.b. too speculative when he bought the stock.c. material when he sold the stock.d. public before he bought the stock.

Name: ________________________ ID: B

16

____ 139. Resources Exploitation, Inc. (REI), files a petition in bankruptcy for relief through a reorganization and assumes the role of a debtor in possession. In this role, REI is similar toa. a secured creditor in possession of collateral.b. a trustee in a liquidation.c. a creditor at a creditors' meeting.d. a farmer after a discharge through family-farmer bankruptcy plan.

____ 140. Venture Capital, LP, is a limited partnership. Its limited partners include more than 150 sophisticated investors and investment professionals. A Venture limited partner loses his or her limited liability if he or shea. votes on the firm's sale or dissolution.b. invests in Unified Fund, one of Venture's competitors.c. does not participate in the firm's management.d. acts as the firm's manager.

____ 141. Chris convinces Dion, who does not understand English, to sign a $1,000 note that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Diona. can avoid payment on the note only if EZ is a holder.b. must pay EZ the amount that it paid for the note.c. must pay the note in full.d. can avoid payment on the note even if EZ is an HDC.

____ 142. Ruth owns a home on which she has two mortgages provided by Security Bank. Town Refinance Inc. tells Ruth that it can refinance the loans to reduce her payments. Town Refinance provides all of the required documents, which accurately state the payments under the new loan as higher. Ruth does not read the documents. Town Refinance is most likely liable fora. fraud.b. misrepresentation.c. nothing.d. negative amortization.

____ 143. Nero signs a check "pay to the order of Olive" drawn on Nero's account in Peachtree Bank. Olive signs the back of the check. Secondary liability on this check extends toa. Nero only.b. Nero and Olive only.c. Nero and Peachtree Bank only.d. Peachtree Bank only.

____ 144. Bret and Courtney form Delite Day Care, Inc. Ultimate responsibility for policy decisions necessary to the management of corporate affairs rests with Delite'sa. incorporators.b. board of directors.c. officers.d. shareholders.

____ 145. Detailed Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is most likely to be set aside for a noncitizen who isa. a "person with an extraordinary work ethic."b. a "person of ordinary ability and ambition."c. a "person of ethnic similarity to the employer's workforce."d. a "person of extraordinary ability."

Name: ________________________ ID: B

17

____ 146. Johnny writes a check to Katie as payment for a 3D DVD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Sissy, a bank officer, to stop payment on the check. This order is valid fora. six days.b. fourteen months.c. fourteen days.d. six months.

____ 147. To raise $12 million to expand operations, Star Corporation makes a stock offering directly to sixty accredited investors and twenty sophisticated, but unaccredited investors. Star plans to notify the SEC of sales. Under the Securities Act of 1933, this issue may qualify as an "exempt" transactiona. as is.b. under no circumstances.c. if all of the investors are also given certain material information.d. if the offering is also made available to the general public.

____ 148. Start-Up Enterprises, Inc., completes its registration process and begins advertising the availability of its new issue of securities. Start-Up places a tombstone ad in the financial papers. This ad tells prospective investorsa. about the company.b. about investing.c. where to buy the securities.d. where to obtain a prospectus.

____ 149. Mona files an employment discrimination suit against Nationwide Distribution Corporation (NDC) under the Civil Rights Act of 1964. If Mona shows that NDC acted with malice or reckless indifference, she may recovera. an unlimited amount of compensatory and punitive damages.b. a limited amount of compensatory and punitive damages.c. neither compensatory nor punitive damages.d. compensatory or punitive damages, but not both.

____ 150. Quixotic Company claims to be a corporation but it is not. Rachel signs a contract with Quixotic that is not performed. In Rachel's suit against Quixotic, a court will likely recognize the firm asa. an ultra vires corporation.b. a de jure corporation.c. a de facto corporation.d. a corporation by estoppel.

____ 151. A petition for a discharge in bankruptcy in a liquidation proceeding may be filed bya. Federal Savings & Loan Association, a corporation.b. Henry, an independent financial adviser.c. Eminent Employees Credit Union, a corporation.d. Goodhands Insurance Company, a corporation.

____ 152. Players Video Game Centers, Inc., wants to issue stock of $1 million in a single offering. Players must provide all investors with material information about itself, its business, and its securities ifa. under any circumstances.b. any investors are accredited.c. any investors are unaccredited.d. all investors are accredited.

Name: ________________________ ID: B

18

____ 153. Tyro has the right to drive across Ula's land, which is next to Tyro's property, to reach an access road. Tyro's right isa. an easement in gross.b. a profit in gross.c. an easement appurtenant.d. a profit appurtenant.

____ 154. Titan Business Corporation can be compelled to dissolve bya. its creditors only.b. itself, through its shareholders and directors, only.c. itself, through its shareholders and directors, or the state.d. the state only.

____ 155. Frida, Gayla, and Hart occupy the positions of director on the board of Integral Components Corporation. With respect to these directors, a quorum is the minimum numbera. who must be at odds in a dispute to call for its resolution.b. whose positions must be vacant to warrant an election.c. who must be present to validly transact business.d. whom the shareholders may remove from office at any one time.

____ 156. Bing signs a note payable to the order of Cameron. Cameron indorses the note and gives it to Daphne as payment for a debt. Daphne presents it to Bing, who pays it. Bing's payment dischargesa. only Cameron.b. all of the parties.c. only Bing.d. only Daphne.

____ 157. Buster conveys one square block in Center City "to Diana for life, then to Center City." For Diana, this createsa. a leasehold estate.b. an easement.c. a fee simple absolute.d. a life estate.

____ 158. Machine Operations, Inc. (MO), employs four hundred workers at three locations in three states. Workers who lose their jobs with MO have a right to continued health-care coverage under MO's group plan unless theya. are laid off for budgetary reasons.b. have their hours decreased from full-time to part-time.c. quit their jobs voluntarily.d. are fired for gross misconduct.

____ 159. Quito and Raul own a condo near San Francisco Bay as joint tenants. Raul sells his ownership rights in the condo to Timor. Quito and Timor own the condo asa. community property owners.b. tenants at sufferance.c. joint tenants.d. tenants in common.

Name: ________________________ ID: B

19

____ 160. Greta is a member of Hovercraft LLC. As a member, Greta isa. a participant, but not an investor, manager, officer, or owner.b. a manager or officer, but not an owner.c. an investor, but not a manager, officer, or owner.d. an owner.

ID: B

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TRUE/FALSE






















ID: B

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ID: B

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ID: B

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MULTIPLE CHOICE









ID: B

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105. ANS: B PTS: 1 REF: p. 740 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: +








ID: B

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ID: B

7

137. ANS: B PTS: 1 REF: p. 748 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: =
























ID: BBusiness 341 - Spring 2013 - Final Exam. [Answer Strip]

_____ 1.T

_____ 2.F

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_____ 81.A

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_____ 83.B

_____ 84.B

_____ 85.D

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_____ 88.C

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_____ 96.D

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_____ 98.A

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_____104.D

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_____110.D

_____111.D

_____112.C


_____113.D

_____114.C

_____115.D

_____116.D

_____117.A

_____118.B

_____119.D

_____120.B

_____121.B

_____122.A

_____123.C

_____124.C

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_____126.D

_____127.A

_____128.B

_____129.B

_____130.D

_____131.A

_____132.D

_____133.B

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_____135.C

_____136.C

_____137.B

_____138.D

_____139.B

_____140.D

_____141.D

_____142.C

_____143.B

_____144.B

_____145.D


_____146.C

_____147.C

_____148.D

_____149.B

_____150.D

_____151.B

_____152.C

_____153.C

_____154.C

_____155.C

_____156.B

_____157.D

_____158.D

_____159.D

_____160.D

Name: ________________________ Class: ___________________ Date: __________ ID: C

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Name: ________________________ ID: C

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True/False
















Name: ________________________ ID: C

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Name: ________________________ ID: C

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Name: ________________________ ID: C

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Name: ________________________ ID: C

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____ 81. Detailed Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is most likely to be set aside for a noncitizen who isa. a "person of extraordinary ability."b. a "person of ethnic similarity to the employer's workforce."c. a "person with an extraordinary work ethic."d. a "person of ordinary ability and ambition."

____ 82. Buster conveys one square block in Center City "to Diana for life, then to Center City." For Diana, this createsa. a life estate.b. a fee simple absolute.c. a leasehold estate.d. an easement.

____ 83. Bayside Credit Corporation lends funds to Claude, a consumer, to apply to the cost of a boat, which is the collateral for the loan. An enforceable security interest requiresa. Claude's possession of the boat.b. a written agreement and Bayside's possession of the boat.c. a written agreement or Bayside's possession of the boat.d. the boat seller's acknowledgement of the loan in writing.

____ 84. Odell is a director of Price Rite, Inc. As a director, with respect to the corporation, Odell isa. a proxy.b. a forum.c. a quorum.d. a fiduciary.

Name: ________________________ ID: C

7

____ 85. Roald writes a check for $700 to Savannah. Savannah indorses the check in blank and transfers it to Twitchell, who alters the check to read $7,000 and presents it to Union Bank, the drawee, for payment. The bank cashes it. Roald discovers the alteration and files a suit against the bank. Roald can recovera. $6,300.b. 0.c. $7,000.d. $700.

____ 86. Coco is considering forms of business organization for her concessions businessCoco's Cupcakes. Most states require that a limited liability company have at leasta. at least three members, including at least one general partner.b. no minimum number of members.c. at least one member.d. at least two members.

____ 87. Celia, an employee of Delite Dairy Company, forges the signature of Elin, Delite's president, on a Delite check and cashes it at First Federal Bank. Elin would ratify Celia's actions bya. discharging Celia from Delite 's employment.b. asking First Federal to prosecute Celia for forgery.c. filing criminal charges against Celia herself.d. entering into a repayment agreement with Celia.

____ 88. OK Investments, Inc., files a financing statement to provide notice of its security interest in the property of Pancake House Restaurant. The initial effective term of a financing statement is a period ofa. five weeks.b. five days.c. five years.d. five months.

____ 89. Celfone Corporation is required to file a registration statement with the Securities and Exchange Commission. This statement must containa. a copy of prospectuses to be provided to investors.b. a record of pre-registration sales in securities.c. a sample of advertising to be used to attract investments in Celfone.d. a description of securities being offered for sale.

____ 90. Bret and Courtney form Delite Day Care, Inc. Ultimate responsibility for policy decisions necessary to the management of corporate affairs rests with Delite'sa. officers.b. incorporators.c. board of directors.d. shareholders.

____ 91. CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to includea. one member.b. two members, including at least one general partner.c. all members.d. no member.

Name: ________________________ ID: C

8

____ 92. On Monday morning, Bob deposits into his account at County Bank a $500 check from Dyna, who also has an account at County Bank. On that same day, this check is considereda. provisionally credited.b. cashiered.c. certified.d. paid.

____ 93. Inger is a franchisee of Honey Bear Restaurants, LLC Their contract gives Honey Bear the right to control virtually all aspects of Inger's operation, including the hiring of employees. One of the employees, Joris commits a tort against Kiley, one of Inger's customers. Kiley files a suit against Honey Bear. Honey Bear is most likelya. not liable because Inger is responsible for the employees.b. not liable because Kiley was Inger's customer.c. liable because Honey Bear exercises control over Inger's operation.d. liable because Kiley was Honey Bear's customer.

____ 94. Shad signs a promissory note payable to Theresa "with interest" on which he conspicuously notes that it is "nonnegotiable." This instrument isa. nonnegotiable, because the exact amount payable cannot be determined from the face of

the instrument.b. nonnegotiable, because it does not specify a rate of interest.c. negotiable.d. nonnegotiable, because it includes the notation "nonnegotiable."


____ 95. Refer to Fact Pattern 37-1A. Desi and Gwen area. not partners, because Gwen does not have an ownership interest or management rights in

eSites.b. partners in a partnership for two years.c. not partners, because the pay includes an hourly wage.d. not partners, because the pay includes only 10 percent of the profits.

____ 96. Kenyon files a petition for bankruptcy. Kenyon must include with the petitiona. a plan to turn over his future income to the trustee.b. a certificate proving attendance at a credit-counseling briefing.c. a statement of preference for one creditor over another.d. a provision of adequate means for the petition's execution.

Name: ________________________ ID: C

9


____ 97. Refer to Fact Pattern 42-1A. If Fresh is exempt from the federal registration requirement, Fresh isa. automatically exempt from any state registration requirement.b. not necessarily exempt under a state registration requirement.c. not subject to any state securities laws.d. automatically subject to all state registration requirements.

____ 98. Players Video Game Centers, Inc., wants to issue stock of $1 million in a single offering. Players must provide all investors with material information about itself, its business, and its securities ifa. any investors are unaccredited.b. all investors are accredited.c. under any circumstances.d. any investors are accredited.

____ 99. Property Financial Corporation makes loans that qualify, under a Federal Reserve Board amendment to Regulation Z, as Higher-Priced Mortgage Loans (HPMLs). Quinn applies to Property Financial for an HPML. To make the loan, the lender musta. convince an appraiser to inflate the value of the property.b. verify the borrower's ability to repay the loan.c. impose a prepayment penalty for the duration of the loan.d. structure the loan to specifically evade the HPML protections.

____ 100. Liu signs a check "pay to the order of Marv" drawn on Liu's account in National Bank. Liu later orders National not to pay the check, but the bank pays it over Liu's order. Subsequent checks written on Liu's account "bounce." Most likely liable for the costs to Liu isa. National.b. Liu.c. Marv.d. any party to whom a subsequent check was written.

____ 101. Qang and other foreign citizens allege human rights violations committed overseas by the government of Burma on behalf of Railway Construction Company, a U.S. firm. To seek redress for their injuries in a U.S. court, these citizens cana. bring civil suits under the Alien Tort Claims Act.b. do nothing.c. file criminal complaints under Title VII of the Civil Rights Act.d. subject the private company to the provisions of the Sherman Act.

____ 102. First Community Bank agrees to accept a check by setting aside sufficient funds to cover the amount. This check is considereda. cashed.b. provisionally credited.c. deposited.d. certified.

Name: ________________________ ID: C

10

____ 103. Cora, a female, and Dom, a male, are employees of Equipment Leasing Corporation. Cora regularly e-mails sexually explicit images to Dom via Equipment Leasing's computer network. Dom finds this offensive. This isa. hostile-environment harassment.b. quid pro quo harassment.c. reverse discrimination.d. not harassment or any form of discrimination.

____ 104. Delta Music Company and eDistribution & Marketing Corporation form a joint stock company. A joint stock company can be formed for, at the most,a. an implied duration of not more than six months.b. a stated duration of not more than one year.c. a single activity or transaction.d. a perpetual existence.

____ 105. Melba and Leon are directors of Fresh Foods, Inc. The right of Melba and Leon to be notified of special meetings of the board is the right toa. compensation.b. participation.c. indemnification.d. self-dealing.

____ 106. Wilbur files a petition in bankruptcy for relief through an individual's repayment plan. Wilbur is granted a discharge. Debts that will not be discharged include claims fora. long overdue credit-card debt.b. fraudulently incurred debt.c. money to be paid for services not rendered.d. contributions to employee benefit plans.

____ 107. Ruth owns a home on which she has two mortgages provided by Security Bank. Town Refinance Inc. tells Ruth that it can refinance the loans to reduce her payments. Town Refinance provides all of the required documents, which accurately state the payments under the new loan as higher. Ruth does not read the documents. Town Refinance is most likely liable fora. misrepresentation.b. fraud.c. nothing.d. negative amortization.

____ 108. Bagels n' Coffee Café issues an instrument in favor of Eatery Supplies, Inc. For the instrument to be negotiable, it musta. be signed by the payee.b. be payable on demand or at a specific time.c. be a conditional promise or order to pay.d. recite the consideration given in exchange for it.

____ 109. Petra signs a check payable to Quincy, who indorses the back, gives it to Regional Credit Union, and receives cash. The transfer of the check from Quincy to the credit union isa. a negotiation.b. an assignment.c. a payment.d. a sale.

Name: ________________________ ID: C

11

____ 110. Venture Capital, LP, is a limited partnership. Its limited partners include more than 150 sophisticated investors and investment professionals. A Venture limited partner loses his or her limited liability if he or shea. votes on the firm's sale or dissolution.b. does not participate in the firm's management.c. invests in Unified Fund, one of Venture's competitors.d. acts as the firm's manager.

____ 111. Quixotic Company claims to be a corporation but it is not. Rachel signs a contract with Quixotic that is not performed. In Rachel's suit against Quixotic, a court will likely recognize the firm asa. a corporation by estoppel.b. an ultra vires corporation.c. a de jure corporation.d. a de facto corporation.

____ 112. United Company replaces Vera, a forty-five-year-old employee, with Wendy. Vera files a suit against United under the Age Discrimination in Employment Act of 1967. To establish a prima facie case, Vera must show, among other things, that she isa. deserving of higher pay than Wendy.b. generally more dependable than Wendy.c. older than Wendy.d. qualified for the position.

____ 113. Suki is a registered agent for Trans-state Trucking, Inc. (TTI), which incorporated in Utah. As a registered agent, Sukia. applied to Utah on behalf of TTI to obtain its corporate charter.b. agreed to buy stock in TTI before it existed.c. does business for TTI in Utah.d. receives legal documents on behalf of TTI.

____ 114. Uberto and Vicki are married and own a mountain cabin in Wyoming in such a way that neither may transfer separately his or her interest during his or her lifetime. Uberto and Vicki own the lodge asa. tenants by the entirety.b. tenants in common.c. community property owners.d. tenants at sufferance.

____ 115. Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range [signed] Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss isa. no one.b. Town Bank.c. Upper Range.d. Rodeo Ranch.

____ 116. Nero signs a check "pay to the order of Olive" drawn on Nero's account in Peachtree Bank. Olive signs the back of the check. Secondary liability on this check extends toa. Nero and Olive only.b. Nero only.c. Nero and Peachtree Bank only.d. Peachtree Bank only.

Name: ________________________ ID: C

12

____ 117. Velma transfers a note by signing it and delivering it to Woz. Woz isa. an indorsee.b. a promisee.c. a note passer.d. a delivery person.

____ 118. Agro Co-op, Inc., and Bio Feed Corporation are exporting firms that join together to export a line of products. Agro Co-op and Bio Feed apply to Charter Bank for a loan to fund their effort. Under federal law, Charter and other U.S. banks area. banned by statute from opening such credit lines.b. discouraged by administrative rules to make such loans.c. asked by enforcement agencies to report such requests.d. encouraged by credit guaranties to lend such funds.

____ 119. Seymour borrows $350,000 from Reliable Bank to buy a home. Seymour stops making payments on the loan ten months later. After the bank repossesses the property securing the loan but before it is sold, Seymour wants to buy it. This isa. a violation of the law.b. the right of redemption.c. a reverse mortgage.d. a deficiency judgment.


____ 120. Refer to Fact Pattern 24-2A. This instrument isa. a trade acceptance.b. a promissory note.c. a banker's acceptance.d. a nonnegotiable instrument.

____ 121. Frida, Gayla, and Hart occupy the positions of director on the board of Integral Components Corporation. With respect to these directors, a quorum is the minimum numbera. who must be at odds in a dispute to call for its resolution.b. whom the shareholders may remove from office at any one time.c. who must be present to validly transact business.d. whose positions must be vacant to warrant an election.

____ 122. Bev is a shareholder of All-Terrain Vehicle Company. As a shareholder, Bev does not havea. a right to compensation.b. preemptive rights.c. inspection rights.d. dividend rights.

Name: ________________________ ID: C

13

____ 123. Johnny writes a check to Katie as payment for a 3D DVD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Sissy, a bank officer, to stop payment on the check. This order is valid fora. six months.b. fourteen months.c. six days.d. fourteen days.

____ 124. Tippi believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan. This proceeding can be initiated by a filing of a petition bya. a partnership.b. a corporation.c. a debtor.d. a creditor.

____ 125. Lex, a salesperson for Macro Corporation, learns that Macro will increase the dividend it pays to shareholders. Lex buys 1,000 shares of Macro stock. When the price increases, Lex sells his shares for a profit. Lex would not be liable for insider trading if the information about the dividend wasa. too speculative when he bought the stock.b. material when he sold the stock.c. public after he bought the stock.d. public before he bought the stock.

____ 126. Olivia applies for a job with Petro Company. Petro does not hire Olivia because of her ethnicity, or national origin. This isa. disparate-treatment discrimination.b. reverse discrimination.c. disparate-impact discrimination.d. not discrimination.

____ 127. RingTone Corporation is a public company whose securities are traded among investors. Under the Securities Act of 1933, a security isa. an investment that is guaranteed to make a profit.b. whatever a company represents to the public as a security.c. almost any stake in the ownership or debt of a company.d. only such common forms of debt and equity as bonds and stocks.

____ 128. Chris convinces Dion, who does not understand English, to sign a $1,000 note that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Diona. can avoid payment on the note only if EZ is a holder.b. must pay EZ the amount that it paid for the note.c. can avoid payment on the note even if EZ is an HDC.d. must pay the note in full.

____ 129. Business Abroad, Inc., a U.S. firm, obtains a judgment in a U.S. court against Quang Tri, Ltd., a Vietnamese business. Whether the court's judgment will be enforced by a court in Vietnam depends on the Vietnamese court's application ofa. the act of state doctrine.b. the principle of comity.c. the World Trade Organization.d. the doctrine of sovereign immunity.

Name: ________________________ ID: C

14

____ 130. Start-Up Enterprises, Inc., completes its registration process and begins advertising the availability of its new issue of securities. Start-Up places a tombstone ad in the financial papers. This ad tells prospective investorsa. where to buy the securities.b. where to obtain a prospectus.c. about the company.d. about investing.

____ 131. Resources Exploitation, Inc. (REI), files a petition in bankruptcy for relief through a reorganization and assumes the role of a debtor in possession. In this role, REI is similar toa. a secured creditor in possession of collateral.b. a trustee in a liquidation.c. a farmer after a discharge through family-farmer bankruptcy plan.d. a creditor at a creditors' meeting.

____ 132. Locke signs a check payable to the order of Metro Bank, filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dollars." This check is payable in the amount ofa. $1,000.b. $0.c. $100.d. $1,100.

____ 133. Wang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at "less than fair value." This isa. confiscation.b. dumping.c. expropriation.d. defalcation.

____ 134. Greta is a member of Hovercraft LLC. As a member, Greta isa. an investor, but not a manager, officer, or owner.b. a participant, but not an investor, manager, officer, or owner.c. a manager or officer, but not an owner.d. an owner.


____ 135. Refer to Fact Pattern 41-2A. New Energy assumesa. all of Petro's and Oil's assets.b. none of Petro's and Oil's assets.c. half of Petro's and Oil's assets.d. only debts that Petro and Oil incurred after a combination was proposed.

____ 136. Ivy and Justin want to form and do business as Kayak Adventures Corporation. A corporation can be owned bya. neither "artificial" nor "natural" persons.b. artificial persons only.c. artificial or natural persons.d. natural persons only.

Name: ________________________ ID: C

15

____ 137. Fedro is an employee of Earth & Sea Mining Company. Under federal law, Fedro and other employees have the right toa. bargain collectively with Earth & Sea through their representative.b. refuse to bargain with Earth & Sea through their representative.c. insist that Earth & Sea require union membership to work.d. require Earth & Sea to contribute financially to their union.

____ 138. Real Events Promotion Corporation licenses trademarks to Stadium Souvenirs, Inc., to use in selling caps, sweatshirts, and similar goods. This isa. a franchise.b. a principal-agent relationship.c. a sole proprietorship.d. an entrepreneur.

____ 139. Machine Operations, Inc. (MO), employs four hundred workers at three locations in three states. Workers who lose their jobs with MO have a right to continued health-care coverage under MO's group plan unless theya. have their hours decreased from full-time to part-time.b. quit their jobs voluntarily.c. are laid off for budgetary reasons.d. are fired for gross misconduct.

____ 140. Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Megan fails to account for the profit. To her firm, Megan isa. liable for breach of the duty of economic sense.b. liable for breach of the duty of care.c. not liable.d. liable for breach of the duty of loyalty.

____ 141. To raise $12 million to expand operations, Star Corporation makes a stock offering directly to sixty accredited investors and twenty sophisticated, but unaccredited investors. Star plans to notify the SEC of sales. Under the Securities Act of 1933, this issue may qualify as an "exempt" transactiona. if all of the investors are also given certain material information.b. if the offering is also made available to the general public.c. under no circumstances.d. as is.

____ 142. Precise Device Corporation and Quality Instruments, Inc., decide to merge. This corporate combination does not require the approval ofa. Precise and Quality's officers.b. Precise and Quality's directors.c. Precise's shareholders.d. Quality's shareholders.

____ 143. Rita is a surety for Serena's loan from Title Lenders, Inc. Rita's right to "step into the shoes" of Title Lenders, after paying Serena's debt, and exercise any of the Title Lenders's rights against Serena is the right ofa. subrogation.b. contribution.c. reimbursement.d. redemption.

Name: ________________________ ID: C

16

____ 144. Verna files a petition in bankruptcy in a liquidation proceeding. If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation, the court will most likelya. force Verna to file for relief through an individual repayment plan.b. issue an automatic stay against any actions by Verna's creditors.c. discharge Verna's debts.d. distribute Verna's property to Verna's creditors.

____ 145. Tyro has the right to drive across Ula's land, which is next to Tyro's property, to reach an access road. Tyro's right isa. a profit in gross.b. a profit appurtenant.c. an easement appurtenant.d. an easement in gross.

____ 146. Significant business develops in Mexico for Natural Beauty Cosmetics, Inc., a U.S. firm. Natural Beauty appoints Ojos, Ltd., a Mexican firm, to act as Natural Beauty's marketing representative in Mexico. This isa. a joint venture.b. indirect exporting.c. licensing.d. franchising.

____ 147. Clem gets a $100 check as a gift from Daria. Clem crudely increases the amount of the check to $1,00the alteration is obviousand transfers it to eReady Sets, Inc., in exchange for a 3D HD TV. eReady deposits the check in its bank account at First Town Bank. HDCs of this check includea. Clem, eReady, and First Town Bank.b. Clem only.c. eReady and First Town Bank only.d. none of these parties.

____ 148. Della, an officer for Energy Petrol Corporation (EPC), buys 100 shares of EPC stock. One week later, EPC announces that it will merge with a competitor, Fuel Oil Company, and the price of EPC stock increases. One month later, Della sells her shares for a profit. Under Section 16(b) of the Securities Exchange Act of 1934, Della would not be liable if, after buying the stock, she had waiteda. more than six months to sell it.b. less than fourteen days to sell it.c. ninety days to sell it.d. two months to sell it.

____ 149. Fiona owns one share of stock in GR8 Boards Corporation, as evidenced by a stock certificate. Fiona loses the certificate. Her ownership of the stock isa. forfeited immediately.b. forfeited within thirty days if she cannot find the certificate.c. not affected.d. forfeited within ten days of a third party's claim to ownership.

____ 150. Teona files a voluntary petition in bankruptcy for relief through a liquidation. Debts that will not be discharged include claims fora. contributions to employee benefit plans.b. long overdue credit-card debt.c. domestic-support obligations.d. money to be paid for goods not delivered.

Name: ________________________ ID: C

17


____ 151. Refer to Fact Pattern 27-1A. When Mike receives his National statement, he demands that the bank investigate the matter and recredit his account. The banka. must investigate but need not recredit Mike's account.b. must investigate and, if the dispute is not resolved within ten days, recredit Mike's

account (at least until the dispute is resolved).c. must investigate and immediately recredit Mike's account (at least until the dispute is

resolved).d. has no duty to investigate.

____ 152. Bing signs a note payable to the order of Cameron. Cameron indorses the note and gives it to Daphne as payment for a debt. Daphne presents it to Bing, who pays it. Bing's payment dischargesa. only Daphne.b. only Bing.c. only Cameron.d. all of the parties.

____ 153. Hu, Ivan, and Juana apply to work for King Meatpacking Company. These individuals' identities and eligibility to work must be verified bya. the individuals' countries of origin.b. the employer.c. the U.S. Citizenship and Immigration Services.d. the individuals.

____ 154. Kyla's debt to Lark is past due. Lark obtains an order of garnishment to require Kyla's employer My Pi Pizza Restaurant to pay part of Kyla's paycheck to Lark. The lawa. limits the amount that can be taken from Kyla's take-home pay.b. permits My Pi to dismiss Kyla because her wages are garnished.c. requires My Pi to retain Kyla as an employee until the debt is paid.d. practically does not allow Lark to collect the awarded amount.

____ 155. Pruit performs a contract with Quint to reshingle the roof on Quint's house, but Quint does not pay. Pruit notifies Quint that the property will be sold to satisfy the debt. This isa. a mechanic's lien.b. a judicial lien.c. a violation of most state laws.d. an artisan's lien.

____ 156. Quito and Raul own a condo near San Francisco Bay as joint tenants. Raul sells his ownership rights in the condo to Timor. Quito and Timor own the condo asa. tenants in common.b. community property owners.c. tenants at sufferance.d. joint tenants.

Name: ________________________ ID: C

18


____ 157. Refer to Fact Pattern 35-2A. To succeed with a claim against COC under the Americans with Disabilities Act, Beth will have to show thata. Beth consistently met the essential requirements of her job.b. COC refused to make reasonable accommodation for Beth.c. the doors were installed as an act of intentional discrimination.d. Dian is unqualified for Beth's position.

____ 158. Mona files an employment discrimination suit against Nationwide Distribution Corporation (NDC) under the Civil Rights Act of 1964. If Mona shows that NDC acted with malice or reckless indifference, she may recovera. neither compensatory nor punitive damages.b. a limited amount of compensatory and punitive damages.c. compensatory or punitive damages, but not both.d. an unlimited amount of compensatory and punitive damages.

____ 159. A petition for a discharge in bankruptcy in a liquidation proceeding may be filed bya. Goodhands Insurance Company, a corporation.b. Eminent Employees Credit Union, a corporation.c. Federal Savings & Loan Association, a corporation.d. Henry, an independent financial adviser.

____ 160. Titan Business Corporation can be compelled to dissolve bya. the state only.b. itself, through its shareholders and directors, or the state.c. itself, through its shareholders and directors, only.d. its creditors only.

ID: C

1


TRUE/FALSE






















ID: C

2
























ID: C

3
























ID: C

4















MULTIPLE CHOICE






86. ANS: C PTS: 1 REF: p. 740 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: +



ID: C

5
















104. ANS: D PTS: 1 REF: p. 748 NAT: AACSB Analytic | AICPA LegalKEY: Test Bank A TYP: =









ID: C

6

























ID: C

7

























ID: CBusiness 341 - Spring 2013 - Final Exam. [Answer Strip]

_____ 1.F

_____ 2.T

_____ 3.F

_____ 4.T

_____ 5.T

_____ 6.F

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_____ 8.F

_____ 9.T

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_____ 22.F

_____ 23.F

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_____ 25.T

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_____ 37.F

_____ 38.T

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_____ 42.T

_____ 43.T

_____ 44.T

_____ 45.F

_____ 46.F

_____ 47.T

_____ 48.F

_____ 49.T

_____ 50.F

_____ 51.T

_____ 52.F

_____ 53.F

_____ 54.F

_____ 55.F

_____ 56.T

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_____ 58.T

_____ 59.F

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_____ 80.F

_____ 81.A

_____ 82.A

_____ 83.C

_____ 84.D


_____ 85.A

_____ 86.C

_____ 87.D

_____ 88.C

_____ 89.D

_____ 90.C

_____ 91.C

_____ 92.A

_____ 93.C

_____ 94.D

_____ 95.A

_____ 96.B

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_____ 98.A

_____ 99.B

_____100.A

_____101.A

_____102.D

_____103.A

_____104.D

_____105.B

_____106.B

_____107.C

_____108.B

_____109.A

_____110.D

_____111.A

_____112.D

_____113.D

_____114.A

_____115.D

_____116.A


_____117.A

_____118.D

_____119.B

_____120.A

_____121.C

_____122.A

_____123.D

_____124.C

_____125.D

_____126.A

_____127.C

_____128.C

_____129.B

_____130.B

_____131.B

_____132.A

_____133.B

_____134.D

_____135.A

_____136.C

_____137.A

_____138.A

_____139.D

_____140.D

_____141.A

_____142.A

_____143.A

_____144.A

_____145.C

_____146.B

_____147.D

_____148.A

_____149.C

_____150.C


_____151.B

_____152.D

_____153.B

_____154.A

_____155.A

_____156.A

_____157.B

_____158.B

_____159.D

_____160.B

Business 341 - Spring 2013 - Final Exam. [Version Map]

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A B CTF 1 21 53TF 2 30 76TF 3 33 44TF 4 63 46TF 5 38 61TF 6 35 14TF 7 48 2TF 8 62 29TF 9 45 32TF 10 42 43TF 11 64 54TF 12 54 39TF 13 13 65TF 14 67 7TF 15 49 74TF 16 32 8TF 17 58 49TF 18 40 63TF 19 80 62TF 20 76 30TF 21 74 20TF 22 68 9TF 23 31 66TF 24 41 79TF 25 10 55TF 26 27 11TF 27 51 12TF 28 77 21TF 29 66 4TF 30 65 34TF 31 43 59TF 32 9 37TF 33 14 13TF 34 57 51TF 35 3 56TF 36 44 72TF 37 18 23TF 38 36 60TF 39 69 67TF 40 59 75TF 41 34 69TF 42 70 10TF 43 52 58TF 44 16 6TF 45 37 45TF 46 61 64TF 47 4 18TF 48 46 1TF 49 7 57TF 50 53 52TF 51 23 38

A B CTF 52 56 28TF 53 72 70TF 54 50 41TF 55 6 80TF 56 79 40TF 57 47 50TF 58 71 26TF 59 19 19TF 60 75 77TF 61 24 5TF 62 73 35TF 63 60 16TF 64 11 48TF 65 8 15TF 66 5 42TF 67 39 27TF 68 78 68TF 69 15 78TF 70 2 36TF 71 12 47TF 72 55 31TF 73 28 71TF 74 20 33TF 75 17 3TF 76 29 73TF 77 22 17TF 78 25 22TF 79 26 24TF 80 1 25MC 81 141 128MC 82 103 153MC 83 155 121MC 84 120 124MC 85 133 143MC 86 128 150MC 87 96 94MC 88 85 99MC 89 125 132MC 90 149 158MC 91 122 93MC 92 143 116MC 93 127 84MC 94 151 159MC 95 137 104MC 96 142 107MC 97 158 139MC 98 106 102MC 99 134 92MC 100 124 118MC 101 156 152MC 102 81 135

A B CMC 103 97 105MC 104 150 111MC 105 82 87MC 106 92 89MC 107 144 90MC 108 138 125MC 109 146 123MC 110 101 138MC 111 99 151MC 112 132 91MC 113 130 88MC 114 95 115MC 115 102 119MC 116 153 145MC 117 117 133MC 118 110 154MC 119 145 81MC 120 115 122MC 121 136 95MC 122 111 142MC 123 154 160MC 124 105 86MC 125 91 148MC 126 159 156MC 127 126 129MC 128 93 114MC 129 100 144MC 130 83 97MC 131 114 109MC 132 147 141MC 133 140 110MC 134 88 137MC 135 148 130MC 136 86 147MC 137 118 126MC 138 121 85MC 139 123 140MC 140 94 106MC 141 90 100MC 142 112 117MC 143 108 157MC 144 109 127MC 145 135 136MC 146 84 149MC 147 113 108MC 148 87 112MC 149 104 120MC 150 152 98MC 151 160 134MC 152 119 83MC 153 98 96

Business 341 - Spring 2013 - Final Exam. [Version Map]

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A B CMC 154 129 101MC 155 131 113MC 156 107 155MC 157 89 146MC 158 116 103MC 159 139 131MC 160 157 82

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