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WGU D432 STUDY GUIDE FOR
OBJECTIVE ASSESSMENT 2ND
ATTEMPT.
Question :Most Common type of business entity
CORRECT ANSWER :Sole Proprietorship
Question :Where can a Corporation be sued?
CORRECT ANSWER :Place of incorporation and
primary place of business
Question :What are 3 components of corporations?
CORRECT ANSWER :Stockholders, Directors, and
Officers
Question :What is the role of Board of Directors?
CORRECT ANSWER :Set goals, hire officers, oversee
operations and finances
Question :What are some advantages of Corporations?
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CORRECT ANSWER :Limited liability from owners,
ease of transferring ownership, certain tax deductions, ability to attract financing
Question :What is the purpose of Joint Ventures?
CORRECT ANSWER :2 or more companies that form
an alliance for specific period of time.
Question :What does FTC oversee?
CORRECT ANSWER :Oversees unfair business
practices.
Question :What major case involves the commerce clause
and what does it mean?
CORRECT ANSWER :Regulates state and international
business and limits the states powers. "NLRB vs. Steel Corp."
Question :What are some circumstances that revolve
around the 14th amendment?
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CORRECT ANSWER :Warrantless searches
Question :What was the purpose for the UN
CORRECT ANSWER :Developed as a multilateral
treaty to create peace and equality for women and children
Question :What is a Ponzi/Scheme?
CORRECT ANSWER :A payment of investment into a
non existent firm from new investors to older investors; and the process repeats
Question :What are the 2x types of defamation and
explain them?
CORRECT ANSWER :Slander-spoken negative remarks
about and individual or business; Libel- written negative remarks about and individual or business
Question :What is promissory estoppel?
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CORRECT ANSWER :Within contract law, promissory
estoppel refers to the doctrine that a party may recover on the basis of a promise made when the party's reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the promise.
Question :What is a material breach of contract?
CORRECT ANSWER :When something is promised and
the complete opposite is done.
Question :What is the purpose of the NLRB?
CORRECT ANSWER :independent federal agency that
protects the rights of private sector employees to join together, with or without a union, to improve their wages and working conditions.
Question :What is a closed shop?
CORRECT ANSWER :When you can't gain
employment if you are not apart of the union