BUS 223: Exam 3 Review (Practice Problems)

In a partnership, if there is no other agreement to the contrary, what is needed to make a major decision?

Unanimous vote of all partners

Which of the following is a pro of owning your own business?

Having all of the control and decision-making power

Which of the following is NOT a reason for which an employer may be justified in discharging an employee?

The employer told the employee to fire all of their staff over the age of 50 years old because the company didn’t have enough money to pay for their retirement and the employee refused to follow the employer’s instructions

Which of the following federal laws provides for a federal minimum wage for employees who work for businesses engaged in interstate commerce?

The Fair Labor Standards Act (FLSA)

When an individual gets unemployment compensation from the government, where does the money come from?

Taxes the employer pays based on how much employee turnover they typically have

How many weeks may an employee take off work unpaid for their own serious health reason, or that of a parent or child, under The Family and Medical Leave Act (FMLA) in a 12 month time span?

12 weeks

What is it called when one company or corporation absorbs another and they form a new company?

Consolidation

Which one of the following is NOT a requirement for the business judgement rule to protect management / director from being personally liable when making a decision?

Saving money

Which of the following ways to organize has perpetual life?

Corporation

How many toxic substances are there?

200

Which of the following employers would be exempt from OSHA?

City of Fulton

What is compensation called when someone is injured on the job?

Workers’ Compensation

Which of the following would not be covered by FMLA?

Nursing my grandma during her dying days

How many employees must an employer employ to be covered under FMLA?

50

What is an I-9 form for?

Immigration

Who are the owners of a corporation?

Shareholders

Does a Franchisor grant a license for the use of intellectual property?

Yes, in exchange for payments from the franchisee

How many department head cabinet members does the President of the United States have?

15

Which Act allows access to the public to agency meetings?

Sunshine Act

Which Agency oversees menu labeling / calories on menus?

Food and Drug Administration

Extra Credit: Food must be ___% organice to be able to use an organic label

95

Extra Credit: Which Agency requires Environmental Impact Statements (EIS)?

EPA