Most Common type of business entity - ANS Sole Proprietorship
Where can a Corporation be sued? - ANS Place of incorporation and primary place of business
What are 3 components of corporations? - ANS Stockholders, Directors, and Officers
What is the role of Board of Directors? - ANS ...
WGU D432 Study Guide for Objective
Assessment 2nd Attempt Questions And
Answers
Most Common type of business entity - ANS Sole Proprietorship
Where can a Corporation be sued? - ANS Place of incorporation and primary place of
business
What are 3 components of corporations? - ANS Stockholders, Directors, and Officers
What is the role of Board of Directors? - ANS Set goals, hire officers, oversee opera
.>>>>>>>>>>.
tions and finances
What are some advantages of Corporations? - ANS Limited liability from owners, ease of
transferring ownership, certain tax deductions, ability to attract financing
What is the purpose of Joint Ventures? - ANS 2 or more companies that form an alliance for
specific period of time.
What does FTC oversee? - ANS Oversees unfair business practices.
What major case involves the commerce clause and what does it mean? - ANS Regulates
state and international business and limits the states powers. "NLRB vs. Steel Corp."
What are some circumstances that revolve around the 14th amendment? - ANS Warrantless
searches
What was the purpose for the UN - ANS Developed as a multilateral treaty to create peace and
equality for women and children
, What is a Ponzi/Scheme? - ANS A payment of investment into a non existent firm from new
investors to older investors; and the process repeats
What are the 2x types of defamation and explain them? - ANS Slander-spoken negative
remarks about and individual or business; Libel- written negative remarks about and individual
or business
What is promissory estoppel? - ANS Within contract law, promissory estoppel refers to the
doctrine that a party may recover on the basis of a promise made when the party's reliance on
that promise was reasonable, and the party attempting to recover detrimentally relied on the
promise.
What is a material breach of contract? - ANS When something is promised and the complete
opposite is done.
What is the purpose of the NLRB? - ANS independent federal agency that protects the rights
of private sector employees to join together, with or without a union, to improve their wages and
working conditions.
What is a closed shop? - ANS When you can't gain employment if you are not apart of the
union
What is the difference between disparate treatment and disparate impact? - ANS Disparate is
unintentionally discrimination
FTC mainly focuses on? - ANS Regulating business competition; fair and misleading practices
Triple Bottom line refers to? - ANS How a company uses social responsibility to assist people,
planet, and profits.
Who protects against unfair/deceptive business practices? - ANS Consumer Protection
Agency
What is the main contribution of the Wheeler-Lea Act? - ANS Gave FTC power to regulate and
mission against anti trust
What does safe harbor accomplish for insider training ? - ANS The defense creates a "safe
harbor" for insiders who execute trades while in possession of material nonpublic.
When must a 13D be filed? - ANS When purchasing over 5% of company stock within 10 days
What is the annual form business need to have CPA audited not affiliated with the company? -
ANS 10-K
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