WGU - D432 SECTION 1 STUDY GUIDE
Case Law - Answer -used by judges to inform their own rulings
Precedent - Answer -previous court rulings on similar cases, when determining the
ruling in their own cases
Wheeler-Lea Act - Answer -Law grants the Federal Trade Commission the authority to
stop false food- and drug-related advertising
Lanham Act - Answer -
Section 12(g) of Securities Exchange Act of 1934 - Answer -Companies with more than
$10 million in assets whose securities are held by more than 500 owners must file
annual and other periodic reports with the SEC
Form 8-K - Answer -the report that companies must file with the SEC to announce
major events that shareholders should know about
Dodd-Frank Act - Answer -Law gives whistleblowers security when they report alleged
Foreign Corrupt Practices Act violations
Partnership - Answer -involving two or more individuals who agree to operate a
business together for profit, can be both advantageous and risky
Sole Proprietorship - Answer -business established, owned, operated, and often
financed by one person
General Partnership - Answer -all partners share in the management and profits
Limited Partnership - Answer -Has two types of partners; one or more general or limited
partners
General Partner - Answer -have unlimited liability; maintain operational control
Limited Partner - Answer -liability is limited to the amount of their investment; do not
take part in the day-to-day management of the firm, help finance the business
Limited Liability Partnerships (LLP) - Answer -like general partnership except that
partners are not held responsible for the business debt and liabilities
Limited Liability Limited Partnership (LLLP) - Answer -a limited partnership with the
addition of limited liability, hence protecting the general partner from the debt and
liabilities of the partnership
Case Law - Answer -used by judges to inform their own rulings
Precedent - Answer -previous court rulings on similar cases, when determining the
ruling in their own cases
Wheeler-Lea Act - Answer -Law grants the Federal Trade Commission the authority to
stop false food- and drug-related advertising
Lanham Act - Answer -
Section 12(g) of Securities Exchange Act of 1934 - Answer -Companies with more than
$10 million in assets whose securities are held by more than 500 owners must file
annual and other periodic reports with the SEC
Form 8-K - Answer -the report that companies must file with the SEC to announce
major events that shareholders should know about
Dodd-Frank Act - Answer -Law gives whistleblowers security when they report alleged
Foreign Corrupt Practices Act violations
Partnership - Answer -involving two or more individuals who agree to operate a
business together for profit, can be both advantageous and risky
Sole Proprietorship - Answer -business established, owned, operated, and often
financed by one person
General Partnership - Answer -all partners share in the management and profits
Limited Partnership - Answer -Has two types of partners; one or more general or limited
partners
General Partner - Answer -have unlimited liability; maintain operational control
Limited Partner - Answer -liability is limited to the amount of their investment; do not
take part in the day-to-day management of the firm, help finance the business
Limited Liability Partnerships (LLP) - Answer -like general partnership except that
partners are not held responsible for the business debt and liabilities
Limited Liability Limited Partnership (LLLP) - Answer -a limited partnership with the
addition of limited liability, hence protecting the general partner from the debt and
liabilities of the partnership
