Question 1 4 pts A conditional promise to pay is not a negotiable instrument. True False Question 2 4 pts An instrument payable “with interest” must specify a particular rate to be negotiable. True False Question 3 4 pts On May 1, Dooley signs a check that is payable to the order of Extra Credit Corporation and that is dated July 1. This check is negotiable. nonnegotiable, because it is payable to Extra Credit Corporation. nonnegotiable, because it is postdated. nonnegotiable, because it is signed by Dooley. Question 4 4 pts Financial institutions that exchange digital images of checks do not have to exchange the original paper checks. True False Question 5 4 pts The Federal Reserve System acts as a clearinghouse where banks exchange checks. True False Question 6 4 pts Each bank in a collection chain must pass a check on before midnight of the day of its receipt. True False Question 7 4 pts Filing a financing statement with the appropriate public office is the only way to perfect a purchase-money security interest in consumer goods. True False Question 8 4 pts A security agreement must be filed in person to be valid and enforceable. True False Question 9 4 pts The first security interest to be perfected is the last in priority over any other perfected security interests. True False Question 10 4 pts Mike owes $12,000 to Nora, $6,000 to Owen, and $6,000 to Pat. The three creditors enter into an agreement with Mike to discharge the debts on payment of a sum of $12,000 to them, to be divided proportionately. This is a. a composition agreement. b. a guaranty agreement. c. a judicial lien. d. a suretyship agreement. Question 11 4 pts Ronaldo agrees to pay Simplex Cash Store a debt that is otherwise dischargeable in bankruptcy. This is a reaffirmation. a liquidation. a reorganization. a petition Question 13 4 pts A power of attorney is a written document. True False Question 14 4 pts Before a principal can ratify a contract, the agent must withdraw from the deal. True False Question 15 4 pts Sonia manages a Tasty Pastry store for United Food Company. To manage the business, Sonia’s authority can be implied by an inference from the position Sonia occupies. any inference a reasonable customer or supplier would make. any inference Sonia chooses to make. no inference Question 16 4 pts All employees are entitled to overtime pay. True False Question 17 4 pts Lew, a member of a protected class, applies for a job with Mit-E Construction Company, but fails Mit-E’s employment test and is not hired. Lew believes that the test has an unintentionally discriminatory effect. If so, this is desperate-measure discrimination. disparate-impact discrimination. disparate-treatment discrimination. not discrimination Question 18 4 pts Under the Equal Pay Act of 1963, all of the women on an employer’s staff must be paid the same as all of the men. True False Question 19 4 pts Coco is considering forms of business organization for her confections businessï‚¾Coco’s Cupcakes. Most states require that a limited liability company have no minimum number of members. at least one member. at least two members. at least three members, including at least one general partner Question 20 4 pts Jim organized, and owns and operates, Jim’s Landscaping Service in the simplest form of business organization. This is a corporation. a limited liability company a partnership a sole proprietorship Question 21 4 pts Greta is a member of Hovercraft LLC. As a member, Greta is a manager or officer, but not an owner an investor, but not a manager, officer, or owner an owner a participant, but not an investor, manager, officer, or owner Question 22 4 pts Stocks represent the borrowing of funds by firms. True False Que
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