BUSI561 Quiz 4 (Liberty University)
Edward leaves Sarah, the cashier, in charge of his gasoline service station while he goes home to have lunch. He tells her not to accept any auto repair jobs. During the lunch break, a customer leaves his car with Sarah to be serviced for a minor engine problem. When Edward returns, he accepts the repair job. Which of the following types of agency relationship is most likely to have been formed here?
A principal's duty to reimburse an agent for losses the agent suffers while acting on behalf of the principal is known as the ________.
If a school district fails to do background checks before employing teachers or school bus drivers when the potential employee's past offensive conduct toward a child could have been discovered, the school is guilty of ________.
Agency agreements that will last up to six months must be in writing according to the statute of frauds.
Apparent authority for an agent to act is created by the words or actions of the agent.
Which of the following is an advantage of a general partnership?
A partnership in which management responsibilities and profits are divided usually equally among the partners, and all partners have unlimited personal liability for the partnership's debts is called as a(n) ________.
Which of the following items is included in the partnership agreement?
The net worth of each partner is one of the items included in a general partnership agreement.
A limited liability limited partnership differs from a limited partnership in that liability is the same for a general partner as for a limited partner.
Which of the following groups is responsible for approving changes in the fundamental structure of the business?
Nick and Jamie own stock in Chronoz Industries, a watch manufacturer. In the year 2008, Nick received dividend at the rate of 2 percent, whereas Jamie received dividend at the rate of 0.5 percent. In this scenario, which type of stock did Nick own?
Wheelz Enterprises, a car manufacturer, is a closely held corporation. Profits are taxed to the owners as ordinary income but not to the corporation as a unit. The owners have mutually agreed that their total number will never exceed 35 and that none of the shareholders can be a non-resident alien. In this scenario, Wheelz is an example of a(n) ________ corporation.
Formal responsibility for management of a corporation is vested in its board of directors, who are elected by the shareholders.
Why is workers' compensation said to be "no fault"?
Eligible employees under the Family and Medical Leave Act are allowed to take ________ of leave in any 12-month period.
Which of the following is true of the Davis-Bacon Act?
The Occupational Safety and Health Administration is charged with enforcing the Occupational Safety and Health Act through inspections announced at least two days in advance.
Which of the following ensures the employees the fullest freedom in exercising the rights guaranteed by the National Labor Relations Act?
A(n) ________ occurs when unionized employees who have a labor dispute with their employer shun another employer to force it to cease doing business with their employer.
Which of the following is a prohibited practice under the Taft-Hartley Act?
A secondary strike occurs when the unionized workers of one employer go on strike to force their employer to exert pressure on another employer with which the union has a dispute.
Reverse discrimination is ________.
Which of the following is used by an employee to support a claim that an implied contract of continued employment was in existence?
The implied covenant of good faith and fair dealing theory holds that every employment contract, except an unwritten one, contains an implicit understanding that the parties will deal fairly with one another.
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