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Multiple Choice Quiz
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1
The federal government proposes allowing a private developer to construct a ski resort in a national forest. What requirement is triggered by this proposal?
A)An environmental impact statement must be prepared.
B)An antitrust analysis must be conducted.
C)The Department of Labor must be informed of the workplace consequences.
D)The Federal Trade Commission must review any proposed advertising.
2
Big Co. plans to close a plant that employs 250 employees in Smallville. Big must give a _____ notice before the plant closing.
A)30 day
B)45 day
C)60 day
D)75 day
3
Steve, a majority shareholder in Small Co., brings a court action to dissolve Small Co. because Small management is using Small Co. assets for their personal benefit. What action may the court take?
A)The court may not take any action.
B)The court may liquidate the assets of Small.
C)The court may transfer Small's assets to the state.
D)The court may give Steve all the assets of Small and deny other shareholders any of the assets.
4
Which of the following actions effectively put an LLC out of business?
A)Dissolution
B)Expulsion of a member
C)Bankruptcy of a member
D)Winding up
5
If a judge deviates too much from _____ justice, she risks a political upheaval.
A)individual
B)regulatory
C)distributive
D)preemptive
6
The primary purpose of the two major federal securities acts is to protect business investors by making certain that they _____.
A)are informed
B)have a neutral party reviewing their investments
C)have a right to sue for fraud
D)have the means to collect a judgment
7
On January 1, Charles, an officer of Titan Co., buys one hundred shares of Titan, and on May 1, Charles sells these one hundred shares at a profit. Who is entitled to the profit?
A)Charles.
B)All Titan Co. shareholders.
C)Titan Co.
D)The state.
8
Bigger Co. and Smaller Co. agree to set a fair price for their competing products in Smallville so that each may keep their store open in Smallville. Their agreement is _____.
A)judged by the rule-of-reason
B)judged by the likelihood of being unfair to consumers
C)judged by the full faith and credit standard
D)judged to be a per se violation
9
The Wheeler-Lea Act authorizes the FTC to act against deceptive acts _____.
A)only if it is anti-competitive
B)in any event
C)only if it is tending to create a monopoly
D)in all cases of domestic or foreign commerce where the amount exceeds $500,000
10
Greenmail benefits _____.
A)the target's shareholders
B)the bidder
C)the white knight
D)the business community in general





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