bolen test 2 ent
which of the following information should be obtained in the application/interview
process - CORRECT ANSWER-work history, education and training, social security
number
job advertisements written for a new hire should - CORRECT ANSWER-be kept concise
and should communicate the culture of the firm
which of the following is true of the fair labor standards act (FLSA) - CORRECT
ANSWER-it requires that all nonexempt employees who work over 40 hours a week
should be paid at the rate of time and a half
which of the following statements is true of worker's compensation - CORRECT
ANSWER-once an employee accepts workers' compensation, he or she cannot sue the
entrepreneur for the injury caused due to unsafe working conditions, it is limited to
partial wage replacement and medical bills acquired while treating the injury caused at
the workplace, it is given to an employee who qualifies for the compensation, regardless
of the fault of the owner
Trilane Systems is a small business. Its owner, Myra, is also its only employee. She
handles the business's operations herself and is responsible for all of the business's
income and losses. In the context of the legal forms of business, Trilane Systems is a -
CORRECT ANSWER-sole proprietorship
Carla and John enter into a partnership and form a business. Under the partnership
agreement, Carla is directly responsible for the management of the firm and its
liabilities. John has a minor financial stake in the firm and works there, but he is not held
responsible for the taxes and debts owed by the firm. In the context of the legal forms of
business, Carla and John have formed a ________, - CORRECT ANSWER-limited
liability partnership
in the context of business designs, one of the advantages of a corporation is that when
it suffers losses, the founders will - CORRECT ANSWER-lose only their investment in
the business rather than their life's savings
The Americans with Disabilities Act (ADA) applies fully to any firms with more than 15
employees - CORRECT ANSWER-true
, a copyright can only be claimed on creative works if they are published or made
available for public consumption - CORRECT ANSWER-false
boards of advisors are composed of key employees who advise a firm - CORRECT
ANSWER-false
a business that chooses to form a corporation must have a board of directors. in new
small corporations, the board of directors and shareholders must be different individuals
- CORRECT ANSWER-false
a lease need not specify a length of validity as it is assumed to remain in effect as long
as a tenant is able to pay for it - CORRECT ANSWER-false
In the context of legal forms of business, identify an accurate statement about a general
partnership. - CORRECT ANSWER-established partners can bring in new equity
partners by surrendering a portion of their ownership position
in the context of legal forms of business, identify a true statement about sole
proprietorship firms - CORRECT ANSWER-laws governing business practices do not
recognize other equity investors, which limits the growth potential of such firms
in the context of legal forms of business, a subchapter S corporation - CORRECT
ANSWER-allows the owners to treat the income of the firm as part of their personal
incomes.
in the context of legal forms of business, a general partner in a limited liability
partnership - CORRECT ANSWER-has unlimited liability for any debts or judgements
against the firm
all of the following are benefits of a subchapter C corporation EXCEPT - CORRECT
ANSWER-fringe benefits being treated as income
In a lease, a landowner can enter a business premises for all the following reasons
EXCEPT - CORRECT ANSWER-whenever the landowner wants to
in the context of legal forms of business, which of the following is an area in which
proprietorships differ from general partnerships - CORRECT ANSWER-the possibility of
bringing in new equity partners
James and Mary own a business. When they pay themselves an advance in salary or a
bonus, it is called a(n) ________. - CORRECT ANSWER-draw
title VII of the civil rights act currently applies to firms with more than 10 employees -
CORRECT ANSWER-false, more than 25
which of the following information should be obtained in the application/interview
process - CORRECT ANSWER-work history, education and training, social security
number
job advertisements written for a new hire should - CORRECT ANSWER-be kept concise
and should communicate the culture of the firm
which of the following is true of the fair labor standards act (FLSA) - CORRECT
ANSWER-it requires that all nonexempt employees who work over 40 hours a week
should be paid at the rate of time and a half
which of the following statements is true of worker's compensation - CORRECT
ANSWER-once an employee accepts workers' compensation, he or she cannot sue the
entrepreneur for the injury caused due to unsafe working conditions, it is limited to
partial wage replacement and medical bills acquired while treating the injury caused at
the workplace, it is given to an employee who qualifies for the compensation, regardless
of the fault of the owner
Trilane Systems is a small business. Its owner, Myra, is also its only employee. She
handles the business's operations herself and is responsible for all of the business's
income and losses. In the context of the legal forms of business, Trilane Systems is a -
CORRECT ANSWER-sole proprietorship
Carla and John enter into a partnership and form a business. Under the partnership
agreement, Carla is directly responsible for the management of the firm and its
liabilities. John has a minor financial stake in the firm and works there, but he is not held
responsible for the taxes and debts owed by the firm. In the context of the legal forms of
business, Carla and John have formed a ________, - CORRECT ANSWER-limited
liability partnership
in the context of business designs, one of the advantages of a corporation is that when
it suffers losses, the founders will - CORRECT ANSWER-lose only their investment in
the business rather than their life's savings
The Americans with Disabilities Act (ADA) applies fully to any firms with more than 15
employees - CORRECT ANSWER-true
, a copyright can only be claimed on creative works if they are published or made
available for public consumption - CORRECT ANSWER-false
boards of advisors are composed of key employees who advise a firm - CORRECT
ANSWER-false
a business that chooses to form a corporation must have a board of directors. in new
small corporations, the board of directors and shareholders must be different individuals
- CORRECT ANSWER-false
a lease need not specify a length of validity as it is assumed to remain in effect as long
as a tenant is able to pay for it - CORRECT ANSWER-false
In the context of legal forms of business, identify an accurate statement about a general
partnership. - CORRECT ANSWER-established partners can bring in new equity
partners by surrendering a portion of their ownership position
in the context of legal forms of business, identify a true statement about sole
proprietorship firms - CORRECT ANSWER-laws governing business practices do not
recognize other equity investors, which limits the growth potential of such firms
in the context of legal forms of business, a subchapter S corporation - CORRECT
ANSWER-allows the owners to treat the income of the firm as part of their personal
incomes.
in the context of legal forms of business, a general partner in a limited liability
partnership - CORRECT ANSWER-has unlimited liability for any debts or judgements
against the firm
all of the following are benefits of a subchapter C corporation EXCEPT - CORRECT
ANSWER-fringe benefits being treated as income
In a lease, a landowner can enter a business premises for all the following reasons
EXCEPT - CORRECT ANSWER-whenever the landowner wants to
in the context of legal forms of business, which of the following is an area in which
proprietorships differ from general partnerships - CORRECT ANSWER-the possibility of
bringing in new equity partners
James and Mary own a business. When they pay themselves an advance in salary or a
bonus, it is called a(n) ________. - CORRECT ANSWER-draw
title VII of the civil rights act currently applies to firms with more than 10 employees -
CORRECT ANSWER-false, more than 25
