PASS
Business Law for Accountants
- WGU D216 QUESTIONS AND
VERIFIED CORRECT
ANSWERS GRADED A+
LATEST 100% GUARANTEED
What is a requirement of a private company's code of conduct? - CORRECT ANSWER-It indicates
how employees should act.
Which source of law is considered primary? - CORRECT ANSWER-Common law doctrines
What is a purpose of the Uniform Commercial Code? - CORRECT ANSWER-Reduce difficulties for
businesses conducting trade and commerce
What is a characteristic of a legal claim? - CORRECT ANSWER-The remedy is usually monetary
damages.
What is a basic requirement for performance to qualify as substantial? - CORRECT ANSWER-
There is a minor omission that can be remedied by monetary damages.
Which situation is considered as a perfect tender rule? - CORRECT ANSWER-Conformance of
goods
When an offeree changes the quantity of items to be exchanged from the offeror's initial offer,
what is the likely effect for the parties? - CORRECT ANSWER-The offeree's response is a
counteroffer.
, What is the time period for filing Chapter 7 Schedules after the filing of the petition? - CORRECT
ANSWER-Within 45 days after filing the petition in bankruptcy
What is the purpose of the means test? - CORRECT ANSWER-To keep upper-income people from
abusing the bankruptcy process by filing Chapter 7
Which bankruptcy filing requires a debtor to receive credit counseling? - CORRECT ANSWER-
Voluntary filing under Chapter 7 Liquidation
Which type of relief does Chapter 7 of the Bankruptcy Code provide to a debtor? - CORRECT
ANSWER-The debtor has an opportunity for a fresh start as most or all debts are discharged on
liquidation and distribution to creditors.
What is the eligibility requirement for a small-business debtor to avoid the appointment of a
creditor's committee? - CORRECT ANSWER-Small-business debtors that do not own or manage
real estate with liabilities not exceeding $2.7 million
Which bankruptcy filing has the advantage of being the least expensive and complicated? -
CORRECT ANSWER-Debtor-initiated filing under Chapter 13 Repayment Plan
What is a cramdown provision? - CORRECT ANSWER-Confirmation of the reorganization plan by
the court over the objections of a class of creditors
What is the last resort when resolving creditor-debtor problems? - CORRECT ANSWER-
Bankruptcy
How is the liability determined for members of a limited liability company, absent a member's
significant contribution to any tortious conduct? - CORRECT ANSWER-Limited to the amount of
the member's investment
Business Law for Accountants
- WGU D216 QUESTIONS AND
VERIFIED CORRECT
ANSWERS GRADED A+
LATEST 100% GUARANTEED
What is a requirement of a private company's code of conduct? - CORRECT ANSWER-It indicates
how employees should act.
Which source of law is considered primary? - CORRECT ANSWER-Common law doctrines
What is a purpose of the Uniform Commercial Code? - CORRECT ANSWER-Reduce difficulties for
businesses conducting trade and commerce
What is a characteristic of a legal claim? - CORRECT ANSWER-The remedy is usually monetary
damages.
What is a basic requirement for performance to qualify as substantial? - CORRECT ANSWER-
There is a minor omission that can be remedied by monetary damages.
Which situation is considered as a perfect tender rule? - CORRECT ANSWER-Conformance of
goods
When an offeree changes the quantity of items to be exchanged from the offeror's initial offer,
what is the likely effect for the parties? - CORRECT ANSWER-The offeree's response is a
counteroffer.
, What is the time period for filing Chapter 7 Schedules after the filing of the petition? - CORRECT
ANSWER-Within 45 days after filing the petition in bankruptcy
What is the purpose of the means test? - CORRECT ANSWER-To keep upper-income people from
abusing the bankruptcy process by filing Chapter 7
Which bankruptcy filing requires a debtor to receive credit counseling? - CORRECT ANSWER-
Voluntary filing under Chapter 7 Liquidation
Which type of relief does Chapter 7 of the Bankruptcy Code provide to a debtor? - CORRECT
ANSWER-The debtor has an opportunity for a fresh start as most or all debts are discharged on
liquidation and distribution to creditors.
What is the eligibility requirement for a small-business debtor to avoid the appointment of a
creditor's committee? - CORRECT ANSWER-Small-business debtors that do not own or manage
real estate with liabilities not exceeding $2.7 million
Which bankruptcy filing has the advantage of being the least expensive and complicated? -
CORRECT ANSWER-Debtor-initiated filing under Chapter 13 Repayment Plan
What is a cramdown provision? - CORRECT ANSWER-Confirmation of the reorganization plan by
the court over the objections of a class of creditors
What is the last resort when resolving creditor-debtor problems? - CORRECT ANSWER-
Bankruptcy
How is the liability determined for members of a limited liability company, absent a member's
significant contribution to any tortious conduct? - CORRECT ANSWER-Limited to the amount of
the member's investment
