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True/False and multiple choice for business law questions.

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1. Although the Occupational Safety and Health Act regulates workplace safety, OSHA is not empowered to inspect businesses to enforce those regulations. Rather, it can enforce them only after an employee is injured.

True False

False

2. The Employee Retirement Income Security Act requires certain employers to provide pension plans for their employees.

True False

True

3. The Fair Labor Standards Act requires double-time pay for all working hours in excess of 40 per week.

True False

True

4. The Age Discrimination in Employment Act protects people age 40 and over from age discrimination.

True False

False

5. The federal Polygraph Protection Act recognizes employers' need to administer lie detector tests to their employees, and permits most such tests.

True False

True

6. Drug and alcohol testing of public employees is per se unconstitutional.

True False

False

7. The Fair Labor Standards Act:
A) Forbids the employment of all people below the age of 17.
B) Requires that hourly employees be paid at a double-time rate for weekend work.
C) Applies only to employers with 25 or more employees.
D) None of the above.

Answer: C

8. Which of the following entities is not covered by Title VII? Assume that the entity in question discriminates on one of the bases forbidden by Title VII.
A) An individual who employs 100 people.
B) A corporation employing five people.
C) A 50-member union that discriminates against its members.
D) A private college with 500 employees.
E) An employment agency with three employees that discriminates in its referrals to the IBM Corporation.

Answer: D

9. Pat is an assembly line worker who has developed carpal tunnel syndrome. She has asked for equipment that will allow her to stay on the assembly line. The employer has declined her request. If Pat sues her employer under the ADA, which of the following could be the employer's defense?
A) Pat is able to brush her teeth, garden, and care for her young children.
B) Pat is no longer a "qualified individual" for the job because she has carpal tunnel syndrome.
C) Pat is only entitled to workers' compensation.
D) There are no mitigating measures available to Pat.

Answer: B

10. Jack is a new attorney for Day and Knight, a law firm in New York City. He is told by Jill, Managing Partner, that retention and promotion depends on whether he is seen as a "team player" who is "loyal" and "subordinate." Jill has asked out Jack every day for the past week. Jack firmly refuses her invitation each time. After four months, Jill terminates Jack after she criticizes him for being disloyal and insubordinate. Jack asks Jill why, and she replies, "you know why." Which of the following statements regarding Jack's termination is most accurate?
A) Jack cannot sue the law firm because he failed to complain about Jill's conduct.
B) Jack cannot sue under Title VII because its protections regarding gender do not include men.
C) The law firm is strictly liable for Jack's termination.
D) If Jill is now required to attend a seminar on workplace harassment, then the firm is not liable under Title VII.

Answer: D

11. The Clean Air Act's permit system contains monitoring and reporting requirements.

True False

True

12. One defect in federal regulation of hazardous waste sites under CERCLA is that the federal and state governments must bear the sole financial burden for cleaning up the sites.

True False

True

13. The federal government does not regulate the dumping of materials into the oceans; international bodies have the sole responsibility for such regulation.

True False

False

14. The EPA regulates underground storage tanks such as those for gasoline.

True False

True
15. Under the Clean Water Act, the states have the main responsibility for regulating water pollution.

True False

True

16. The regulation of automobile pollution is primarily a state matter.

True False

True

17. Which of the following government actions may be taken under the Clean Air Act?
A) A factory may be required to limit its emissions of substances that contribute to smog.
B) A power plant may be required to limit its emissions of sulfur oxides to a certain number of pounds per Btu of energy produced.
C) Bakeries in certain areas may be required to further control its emissions from baking.
D) A and B.
E) All of the above

Answer: E

18. The 1990 amendments to the Clean Air Act address the problem of acid rain by:
A) Ordering the drainage of all lakes in which it is present.
B) Ordering the chemical treatment of all lakes in which it is present.
C) Banning the burning of coal in electric utilities by the year 2000.
D) None of the above.

Answer: D

19. The term "Superfund" refers to:
A) The fund the states require each disposer of solid waste to maintain.
B) The pool of money collected to compensate victims of nuclear reactor disasters.
C) The Comprehensive Environmental Response Compensation and Liability Act (CERCLA).
D) The fund that the automobile industry must maintain to develop alternative-fuel vehicles.

Answer: C

20. The Clean Water Act and its amendments do not regulate:
A) Industrial wastes.
B) Wetlands.
C) Discharges of pollutants.
D) Drinking water.

Answer: A

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Solution Summary

Although the Occupational Safety and Health Act regulates workplace safety, OSHA is not empowered to inspect businesses to enforce those regulations. Rather, it can enforce them only after an employee is injured.

The Employee Retirement Income Security Act requires certain employers to provide pension plans for their employees.

The Fair Labor Standards Act requires double-time pay for all working hours in excess of 40 per week.

The Age Discrimination in Employment Act protects people age 40 and over from age discrimination.

The federal Polygraph Protection Act recognizes employers' need to administer lie detector tests to their employees, and permits most such tests.

Drug and alcohol testing of public employees is per se unconstitutional.

The Fair Labor Standards Act:
A) Forbids the employment of all people below the age of 17.
B) Requires that hourly employees be paid at a double-time rate for weekend work.
C) Applies only to employers with 25 or more employees.
D) None of the above.

Which of the following entities is not covered by Title VII? Assume that the entity in question discriminates on one of the bases forbidden by Title VII.
A) An individual who employs 100 people.
B) A corporation employing five people.
C) A 50-member union that discriminates against its members.
D) A private college with 500 employees.
E) An employment agency with three employees that discriminates in its referrals to the IBM Corporation.

Pat is an assembly line worker who has developed carpal tunnel syndrome. She has asked for equipment that will allow her to stay on the assembly line. The employer has declined her request. If Pat sues her employer under the ADA, which of the following could be the employer's defense?
A) Pat is able to brush her teeth, garden, and care for her young children.
B) Pat is no longer a "qualified individual" for the job because she has carpal tunnel syndrome.
C) Pat is only entitled to workers' compensation.
D) There are no mitigating measures available to Pat.

Jack is a new attorney for Day and Knight, a law firm in New York City. He is told by Jill, Managing Partner, that retention and promotion depends on whether he is seen as a "team player" who is "loyal" and "subordinate." Jill has asked out Jack every day for the past week. Jack firmly refuses her invitation each time. After four months, Jill terminates Jack after she criticizes him for being disloyal and insubordinate. Jack asks Jill why, and she replies, "you know why." Which of the following statements regarding Jack's termination is most accurate?
A) Jack cannot sue the law firm because he failed to complain about Jill's conduct.
B) Jack cannot sue under Title VII because its protections regarding gender do not include men.
C) The law firm is strictly liable for Jack's termination.
D) If Jill is now required to attend a seminar on workplace harassment, then the firm is not liable under Title VII.

The Clean Air Act's permit system contains monitoring and reporting requirements.

True False

One defect in federal regulation of hazardous waste sites under CERCLA is that the federal and state governments must bear the sole financial burden for cleaning up the sites.

True False

The federal government does not regulate the dumping of materials into the oceans; international bodies have the sole responsibility for such regulation.

True False

The EPA regulates underground storage tanks such as those for gasoline.

True False

Under the Clean Water Act, the states have the main responsibility for regulating water pollution.

True False

The regulation of automobile pollution is primarily a state matter.

True False

Which of the following government actions may be taken under the Clean Air Act?
A) A factory may be required to limit its emissions of substances that contribute to smog.
B) A power plant may be required to limit its emissions of sulfur oxides to a certain number of pounds per Btu of energy produced.
C) Bakeries in certain areas may be required to further control its emissions from baking.
D) A and B.
E) All of the above

The 1990 amendments to the Clean Air Act address the problem of acid rain by:
A) Ordering the drainage of all lakes in which it is present.
B) Ordering the chemical treatment of all lakes in which it is present.
C) Banning the burning of coal in electric utilities by the year 2000.
D) None of the above.

The term "Superfund" refers to:
A) The fund the states require each disposer of solid waste to maintain.
B) The pool of money collected to compensate victims of nuclear reactor disasters.
C) The Comprehensive Environmental Response Compensation and Liability Act (CERCLA).
D) The fund that the automobile industry must maintain to develop alternative-fuel vehicles.

The Clean Water Act and its amendments do not regulate:
A) Industrial wastes.
B) Wetlands.
C) Discharges of pollutants.
D) Drinking water.

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See Also This Related BrainMass Solution

A Survey of Multiple Choice and True/False Questions Related to Business

1. Two companies are contemplating a merger. In the new entity is expected to require an initial investment of $20 million which will then result in expense savings of $2.7 million for 15 years. The weighted average cost of capital is 8%. The firm just issued bonds at 6.5%. The company would expect the following financial results from the new company:
a. IRR=10.5%, NPV=$5.4 MILLION
b. IRR=10.5%, NPV=$3.1 MILLION
c. IRR=8.0%, NPV=$20.5 MILLION
d. Not enough information to tell

2. Which of the following statements is correct about a company's balance sheet?
a. It displays sources and uses of cash for the period.
b. It is an expansion of the basic accounting equation: Assets = Liabilities + Owners' Equity.
c. It provides a detailed list of revenues and expenses including income tax for a given period.
d. It is unnecessary if both an income statement and statement of cash flows are available.

3. A firm had on its balance sheet the following items: Cash $0.75 million, Accounts Receivable $2.25 million, Inventories $3.00 million, Fixed Assets $4.00 million, Owner's Equity $4.50 million, Accounts Payable $2.00 million, Long-Term Debt $2.00 million and Accrued Liabilities $1.50 million. The company's Working Capital Ratio (Current Ratio) was:
a. .86
b. 1.7
c. 3
d. 1.1

4. Lizpaz Inc. is a levered firm with a debt-to-equity ratio of 0.25. The beta of the common stock is 1.15, while the beta of the debt is 0.3.The market-risk premium is 10 percent and the risk-free rate is 6 percent.The corporate tax rate is 35 percent.
If a new company project has the same risk as the overall firm, what is the weighted average cost of capital for the project?
Choose from the following:
A. 9%
B. 15.2%
C. 15.4%
D. 15.8%

Answer the following true or false:
5. There is unlimited liability in a general partnership.

6. A limited partnership limits the profits partners may receive.

7. Capital Stock refers to high quality beef based broth.

8. The three types of acquisition are: Horizontal Acquisition, Vertical Acquisition and Progressive Acquisition.

9. There are three basic legal procedures that one firm can use to acquire another firm: (1) merger or consolidation, (2) acquisition of stock, and (3) acquisition of assets.

10. You purchased the Microsoft July $85 Call Option in April when the stock was trading at 29.75. On July 24 of the same year the stock shot up to $69.75. Your payoff was $40 per contract.

11. Indus Limousine Company has $1,000 par value bonds outstanding at 10 percent interest. The bonds will mature in 50 years. The percent yield to maturity is 5 percent and the current price of the bonds is $986.24.

12. If a company has promised to pay interest on debt, it must pay the interest even if it shows no profit for the year.

13. The general rule for using the weighted average cost of capital (WACC) in capital budgeting decisions is to accept all projects with rates of return greater than or equal to the WACC.

14. The interests of the key managers should be superior to the interests of the shareholders and employees of two merging companies.

15. An heir will receive $175,000 in 50 years from an estate. If the funds are discounted back at a rate of 14 percent, the present value of this gift is $101,376.

16. A company's Net Cash Flow from Operations must be reported quarterly on the Income Statement and is a component of the stock PE ratio.

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