(WGU D216) ACCT 3350 Business Law for Accountants - Complete OA Review (WGU D216) ACCT 3350 Business Law for Accountants - Complete OA Review (WGU D216) ACCT 3350 Business Law for Accountants - Complete OA Review
,1. Multiple Choice: Which of the following is considered a
negotiable instrument?
a) A check
b) A birth certificate
c) A driver's license
d) A passport
Correct Answer: a) A check
Rationale: A check is a negotiable instrument as it can be
transferred from one party to another as a form of payment.
2. Fill-in-the-Blank: The principle that states a company can enter
into contracts and own property separate from its owners is known
as the _____________.
Correct Answer: Doctrine of Corporate Personality
Rationale: The Doctrine of Corporate Personality recognizes a
company as a legal entity separate from its shareholders.
3. True/False: Insider trading is a legal practice if the individual
possesses non-public, material information about a company.
Correct Answer: False
, Rationale: Insider trading is illegal when it involves buying or
selling a security based on non-public, material information.
4. Multiple Response: Select all that apply. Which of the following
are characteristics of a limited liability partnership (LLP)?
a) Limited liability for partners
b) No limit to the number of partners
c) Partners are not responsible for each other's misconduct
d) Profits are taxed at the partnership level
Correct Answers: a), b), c)
Rationale: In an LLP, partners have limited liability, there is no
cap on the number of partners, and they are not liable for the
misconduct of other partners. Profits are taxed individually.
5. Multiple Choice: What is the primary purpose of antitrust laws?
a) To promote fair competition in the marketplace
b) To increase tax revenue for the government
c) To regulate international trade
d) To protect small businesses from bankruptcy
Correct Answer: a) To promote fair competition in the
marketplace
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