WGU D432 | OBJECTIVE ASSESSMENT | QUESTIONS
AND ANSWERS
Most Common type of business entity - Answers - Sole Proprietorship
Where can a Corporation be sued? - Answers - Place of incorporation and primary
place of business
What are 3 components of corporations? - Answers - Stockholders, Directors, and
Officers
What is the role of Board of Directors? - Answers - Set goals, hire officers, oversee
operations and finances
What are some advantages of Corporations? - Answers - Limited liability from owners,
ease of transferring ownership, certain tax deductions, ability to attract financing
What is the purpose of Joint Ventures? - Answers - 2 or more companies that form an
alliance for specific period of time.
What does FTC oversee? - Answers - Oversees unfair business practices.
What major case involves the commerce clause and what does it mean? - Answers -
Regulates state and international business and limits the states powers. "NLRB vs.
Steel Corp."
What are some circumstances that revolve around the 14th amendment? - Answers -
Warrantless searches
What was the purpose for the UN - Answers - Developed as a multilateral treaty to
create peace and equality for women and children
What is a Ponzi/Scheme? - Answers - 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? - Answers - Slander-spoken
negative remarks about and individual or business; Libel- written negative remarks
about and individual or business
What is promissory estoppel? - Answers - 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? - Answers - When something is promised and the
complete opposite is done.
What is the purpose of the NLRB? - Answers - 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? - Answers - When you can't gain employment if you are not
apart of the union
What is the difference between disparate treatment and disparate impact? - Answers -
Disparate is unintentionally discrimination
FTC mainly focuses on? - Answers - Regulating business competition; fair and
misleading practices
Triple Bottom line refers to? - Answers - How a company uses social responsibility to
assist people, planet, and profits.
Who protects against unfair/deceptive business practices? - Answers - Consumer
Protection Agency
What is the main contribution of the Wheeler-Lea Act? - Answers - Gave FTC power to
regulate and mission against anti trust
What does safe harbor accomplish for insider training ? - Answers - The defense
creates a "safe harbor" for insiders who execute trades while in possession of material
nonpublic.
When must a 13D be filed? - Answers - 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? - Answers - 10-K
What is the purpose of a 8K? - Answers - Form filed with the change in events of a
company: Merger, change of officers, or bankrupts filed within 4 days.
What are statements send to stockholders 40 days prior to a stock holder meeting? -
Answers - Proxy Statement
AND ANSWERS
Most Common type of business entity - Answers - Sole Proprietorship
Where can a Corporation be sued? - Answers - Place of incorporation and primary
place of business
What are 3 components of corporations? - Answers - Stockholders, Directors, and
Officers
What is the role of Board of Directors? - Answers - Set goals, hire officers, oversee
operations and finances
What are some advantages of Corporations? - Answers - Limited liability from owners,
ease of transferring ownership, certain tax deductions, ability to attract financing
What is the purpose of Joint Ventures? - Answers - 2 or more companies that form an
alliance for specific period of time.
What does FTC oversee? - Answers - Oversees unfair business practices.
What major case involves the commerce clause and what does it mean? - Answers -
Regulates state and international business and limits the states powers. "NLRB vs.
Steel Corp."
What are some circumstances that revolve around the 14th amendment? - Answers -
Warrantless searches
What was the purpose for the UN - Answers - Developed as a multilateral treaty to
create peace and equality for women and children
What is a Ponzi/Scheme? - Answers - 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? - Answers - Slander-spoken
negative remarks about and individual or business; Libel- written negative remarks
about and individual or business
What is promissory estoppel? - Answers - 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? - Answers - When something is promised and the
complete opposite is done.
What is the purpose of the NLRB? - Answers - 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? - Answers - When you can't gain employment if you are not
apart of the union
What is the difference between disparate treatment and disparate impact? - Answers -
Disparate is unintentionally discrimination
FTC mainly focuses on? - Answers - Regulating business competition; fair and
misleading practices
Triple Bottom line refers to? - Answers - How a company uses social responsibility to
assist people, planet, and profits.
Who protects against unfair/deceptive business practices? - Answers - Consumer
Protection Agency
What is the main contribution of the Wheeler-Lea Act? - Answers - Gave FTC power to
regulate and mission against anti trust
What does safe harbor accomplish for insider training ? - Answers - The defense
creates a "safe harbor" for insiders who execute trades while in possession of material
nonpublic.
When must a 13D be filed? - Answers - 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? - Answers - 10-K
What is the purpose of a 8K? - Answers - Form filed with the change in events of a
company: Merger, change of officers, or bankrupts filed within 4 days.
What are statements send to stockholders 40 days prior to a stock holder meeting? -
Answers - Proxy Statement
