ETH/321T Week 2 Apply Assignment Zoey is the CEO of a corporation she organized herself, and the corporation has 15 shareholders
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- Mario and Johnny want to start a business. They have very little capital. They are new partners and largely unfamiliar with each other’s management practices. They are happy, however, to be organizing a business together in order to avoid full liability for the business. Which detail(s) of this situation would be the largest contributor toward Mario and Johnny’s decision to organize a general partnership?
- Unfamiliar with each other’s management practices
- Avoiding full liability
- Little capital
- Sharing profits
- Which of the following roles best fits the situation?
Apol wants to start or join a business but is not sure which business organization would be best. She has a large amount of capital but does not yet have any partners who can invest in or effectively manage the business.
- Limited partner in a limited partnership.
- General partner in a limited partnership.
- Neither a limited or general partner would be a good choice.
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- Zoey is the CEO of a corporation she organized herself, and the corporation has 15 shareholders. The company operates in several states, as well as outside of the U.S. Her business consists mostly of training services for in-home medical care personnel. Her company would be a __________ corporation.
- Domestic
- Subchapter S
- Alien
- Professional
- Closely-held
- What is the appropriate description for a chain-style franchise?
- A franchisee sells a franchisor’s product in a specific geographic area.
- A franchisee produces and sells a franchisor’s product using the franchisor’s name.
- A franchisee makes or sells a franchisor’s product.
- Which of the following roles best fits the situation?
Kevin wants to create a business but is not sure what role is best for him. He has capital to invest. He has several partners with which he can begin a business. He has the most management experience of all his potential partners.
- General partner in a limited partnership.
- Limited partner in a limited partnership.
- Neither a limited or general partner would be a good choice.
- What is the appropriate description for a plant-processing franchise?
- A franchisee makes or sells a franchisor’s product.
- A franchisee produces and sells a franchisor’s product using the franchisor’s name.
- A franchisee sells a franchisor’s product in a specific geographic area.
- Hal and Miranda have a general partnership business for landscaping projects. Hal makes a contract with a customer for a project one day while Miranda is absent and leaves on vacation the next day. Miranda does not feel she has the time to perform the contract for the customer. Which of the following is true?
- Only Hal is obligated to perform the contract.
- Miranda is obligated to perform the contract.
- Indeterminable without more information.
- Miranda may relinquish her obligation to perform the contract since Hal signed it without her knowledge.
- Cadence works for WilderCorp. She meets with a team to make all-encompassing decisions concerning the direction of the business. She also personally supervises managers and conducts training for supervisors and plant managers. Cadence also buys stock in WilderCorp. What is Cadence’s position in the company?
- More than one option
- Shareholder
- Executive
- Director
- Piper is a manager in a corporation that was organized in Canada by one of his former coworkers. The company provides consulting services and training for architects employed by construction companies. The company recently went public, with shares being sold to about 500 investors. Piper’s company would be a __________ corporation.
- Domestic
- Closely-held
- Professional
- Alien
- Subchapter S
- Rita wants to be involved in business. She has a fair amount of money to invest, but she does not want to be involved in management. She wants to form a business in the quickest way possible under her circumstances. Which form of business would be best for Rita?
- Corporation
- Limited partnership
- Sole proprietorship
- LLC
- Koffman Corporation is trying to raise capital. What method would be the least risky to raise capital if it has a less-than-favorable credit rating?
- Bond issuance, since nobody wants to buy shares of a company with a less-than-perfect credit rating.
- Bond issuance, since additional debt can provide the company with more leverage.
- Stock issuance, since a credit rating won’t negatively affect Koffman’s ability to sell stock.
- Stock issuance, since stocks are more valuable as finance instruments.
- Loptech, a technology firm, wants to issue bonds for investment purposes. Loptech has one of the best credit ratings in the industry. Market rates for debt instruments average at .5% interest. Based on its credit rating, Loptech would likely sell bonds that pay _____.
- Indeterminable with current information
- 5%
- 25%
- 75%
- What is the appropriate description for a distributorship?
- A franchisee produces and sells a franchisor’s product using the franchisor’s name.
- A franchisee sells a franchisor’s product in a specific geographic area.
- A franchisee makes or sells a franchisor’s product.
- Kara wants to build a business. She has plenty of capital and potential investors and partners. She wants to avoid the burden of sole liability for her business and wants to be able to close the business when she is no longer interested in it. Which of the following would lead Kara to choose a sole proprietorship organization for her business?
- Plenty of capital
- Ability to close the business easily
- Many potential investors/partners
- Avoidance of sole liability
- Hal organized his business in Canada. Most of his customers are in Montana. In Montana, Hal’s business would be considered a(n) __________ corporation.
- Domestic
- Professional
- Alien
- Closely-held
- Subchapter S
- What is the correct order of events for the formation of a corporation?
- Incorporators select a name for the corporation; Articles of incorporation are filed; Business selects a state of incorporation; Novations are executed
- Novations are executed; Articles of incorporation are filed; Incorporators select a name for the corporation; Business selects a state of incorporation
- Business selects a state of incorporation; Novations are executed; Incorporators select a name for the corporation; Articles of incorporation are filed
- Business selects a state of incorporation; Incorporators select a name for the corporation; Articles of incorporation are filed; Novations are executed
- Lenny organized his business in Delaware. He has customers in Delaware, other states in the U.S., and in foreign countries. Lenny’s business is __________ in Delaware.
- Professional
- Closely-held
- Subchapter S
- Domestic
- Alien
- Juan wants to be involved in business. He has plenty of capital to invest, but he does not want to be involved in management. He also does not want to worry about fluctuations in the market prices of debt and equity instruments. Which form of business would be best for Juan?
- Sole proprietorship
- General partnership
- LLC
- Corporation
- Noodleoo, a struggling restaurant chain, wants to enact a franchise agreement with Stephen to sell its product through a chain-style franchise. Stephen agrees and opens the store, and 6 months later Noodleoo goes bankrupt. Which is most likely true of this situation?
- If Noodleoo was transparent with its financial data, it owes no recompense to Stephen.
- If Noodleoo was not transparent with its financial data, it has broken the franchise rule.
- More than one response is correct.
- If Noodleoo was not transparent with its financial data, Stephen has no recourse.
- Tucker works for a retail distribution company that was recently started. Tucker has invested a lot of his earnings into shares of the company. When quarterly earnings are posted, Tucker receives a check for 8% of the quarterly profit of the company. Tucker belongs to a __________ corporation.
- Subchapter S
- Domestic
- Professional
- Closely-held
- Alien
Course: ETH/321T Ethical and Legal Topics in Business
School: University of Phoenix
- : 03/11/2019
- : 60
