Business Law Questions 51-100

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51. Preemptive rights entitle shareholders to bring a derivative suit against the corporation. (Points: 2)

        True

       False

52. Damages awarded in a shareholder's derivative suit go to the shareholder personally. (Points: 2)

        True

        False

53. Before filing a registration statement, an issuer must attempt to sell, or at least offer to sell, the securities. (Points: 2)

        True

        False

54. A corporation whose security does not qualify for an exemption can dispense with the requirement of a registration statement. (Points: 2)

        True

        False

55. State securities laws apply only to interstate transactions. (Points: 2)

        True

        False

56. The U.S. Congress enacts a new federal statute that sets different standards for the liability of businesses selling defective products. This statute applies (Points: 2)

        only to matters not covered by state law.

        only to those states that adopt the statute.

        to all of the states.

       to none of the states.

57. A Massachusetts state statute imposes a prison term, without a trial, on all street vendors who operate in certain areas. A court would likely hold this statute to be (Points: 2)

        constitutional.

        unconstitutional under the commerce clause.

        unconstitutional under the due process clause.

        unconstitutional under the free exercise clause.

58. Inferior Company sells products that are poorly made. Jack, who has never bought an Inferior product, files a suit against Inferior, alleging that its products are defective. The firm's best ground for dismissal of the suit is that Jack does not have (Points: 2)

        certiorari.

        jurisdiction.

        standing.

        sufficient minimum contacts.

Business Law 1-50

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1. Common law is a term for social manners and customs that are familiar to most of us. (Points: 2)

        True

        False

2. The state governments retain all powers not specifically delegated to the federal government. (Points: 2)

        True

        False

3. A reference to "28 U.S.C. Section 1332" means that a federal court’s decision can be found on Page 28 of Section 1332 of the United States Cases. (Points: 2)

        True

        False

4. A state court can exercise jurisdiction over anyone within the boundaries of the state. (Points: 2)

        True

        False

5. A state court can exercise jurisdiction over a nonresident by showing that he or she had minimum contacts with the state. (Points: 2)

        True

        False

6. To have standing to sue, a party must have been harmed or have been threatened with harm by the action about which he or she complains. (Points: 2)

        True

        False

7. Voir dire is a process for presenting evidence in a case. (Points: 2)

        True

        False

8. Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior. (Points: 2)

        True

        False

Business Law

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7.       The major aim of antitrust laws is to:

A)     Restrict foreign investment in U.S. businesses.

B)      Keep individual business small.

C)      Preserve competition and prevent economic coercion.

D)     None of the above

8.       Given the following information and assuming that John Doe is treated as an hourly employee, his gross pay for the week is _______, the total deduction from his weekly wages is _______, and his weekly net pay is _________.

Employee	John Doe
Hours worked in a 40-hour week	50
Hourly pay rate	$10.00
FICA rate	7.65%
Maximum taxable FICA wages	$80,400
Federal income tax rate	14%
Voluntary weekly deduction	$50

A)     $400; $77.00; $330.92

B)      $500; $119.08; $430.92

C)      $550; $169.08; $380.92

D)     $750; cannot be determined; $580.92