WGU - D432 SECTION 1 STUDY GUIDE
WITH COMPLETE SOLUTIONS
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
WITH COMPLETE SOLUTIONS
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
