Management Entrepreneurship

Business

Quiz 10 :

The Legal Environment

Quiz 10 :

The Legal Environment

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According to the text,laws ensure fair competition,allow contracts to be enforced,and protect consumer rights.
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True False
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True

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The Americans with Disabilities Act of 1990 considers recovering drug addicts,alcoholics,and individuals with HIV or AIDS as those covered by the employment discrimination provision.
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True False
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True

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With a minimal education,the wording of most laws and regulations is easy to understand.
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True False
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False

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Other businesses that declare bankruptcy may provide an opportunity for you.
True False
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The best time for a small business to get a lawyer is when the business is in trouble.
True False
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To be considered sexual harassment,only those directly affected by the actions can file a suit.
True False
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Bankruptcy is a remedy for becoming solvent.
True False
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A contract is a promise that is enforceable by law.
True False
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If a business involves the sale or preparation of food,a business owner will need to obtain Health Department permits and also be subject to regular inspections.
True False
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More and more,U.S.laws are becoming increasingly based on the rule of caveat emptor: "Let the buyer beware."
True False
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Executive workers and professional employees may be exempt from the minimum wage and overtime pay requirements of the Fair Labor Standards Act.
True False
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Antitrust laws were written to prevent large businesses from forming trusts.
True False
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Chapter 11 bankruptcy provides a second chance for a business that is in financial trouble but still has potential to succeed.
True False
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Chapter 7 bankruptcy means that the business will be liquidated.
True False
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Chapter 13 bankruptcy allows individuals,including small business owners,who owe less than $250,000 in unsecured debts and secured debts of less than $750,000 to pay back creditors over a three- to five-year period.
True False
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About three our of every four bankruptcy filings take place under Chapter 11.
True False
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The beginning point for determining small business compliance with the ACA (Obamacare)is the number of full-time employees.
True False
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Competition decreases the need for government intervention in the market.
True False
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Under Chapter 13 bankruptcy,a plan must be submitted to a bankruptcy judge that shows how most types of the debt will be paid in full.
True False
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In most cases,declaring bankruptcy for a failed business will leave the business owner penniless and homeless.
True False
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