MT211_FinalExam_Unit 10

MT211_FinalExam_Unit 10 - Unit 10: - Final Exam 1 .

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Unit 10: - Final Exam 1.    Collateral is  not  the subject of a security interest. (Points: 4)        True         False  2.    To create an enforceable security interest, the secured party must give value. (Points: 4)        True         False  3.    For a  creditor  to have an enforceable security interest, the  debtor  must have rights in the collateral. (Points: 4)        True         False  4.    If a principal does not ratify an otherwise  unauthorized  contract, the principal is not bound. (Points: 4)        True         False  5.    If an agent acts within the scope of authority, an  undisclosed  principal is liable to a third party for contracts made by the  agent. (Points: 4)        True         False  6.    There are criminal penalties for violations of employee health and safety regulations. (Points: 4)        True         False  7.    Employers are required to establish retirement plans for their employees. (Points: 4)        True         False 
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8.    The income of a sole proprietor is taxed as his personal income. (Points: 4)        True         False  9.    A general partnership is not usually considered a legal entity apart from its owners. (Points: 4)        True         False  10.    In a limited liability partnership, a partner can be exempt from personal liability for partnership obligations. (Points: 4)        True         False  11.    A corporation is liable for the torts of its agents and officers committed within the course and scope of their employment. (Points: 4)        True         False  12.    A close corporation may restrict the right of a shareholder to transfer stock by means of a shareholder agreement. (Points: 4)        True         False  13.    Every corporation must identify a specific person as an agent to receive legal documents on behalf of a corporation. (Points: 4)        True         False  14.    The articles of incorporation commence the corporation. (Points: 4)        True         False  15.    The approval of shareholders is required to authorize amendments to articles of incorporation. (Points: 4)        True         False 
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16.    A board of directors cannot delegate any of its functions to corporate officers. (Points: 4)
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This note was uploaded on 12/29/2010 for the course MT 211 taught by Professor Markskipper during the Spring '09 term at Kaplan University.

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MT211_FinalExam_Unit 10 - Unit 10: - Final Exam 1 .

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