WGU D432 STUDY GUIDE FOR OBJECTIVE ASSESSMENT 2ND
ATTEMPT
Most Common type of business entity - CORRECT ANSWER✅✅✅Sole Proprietorship
Where can a Corporation be sued? - CORRECT ANSWER✅✅✅Place of incorporation and
primary place of business
What are 3 components of corporations? - CORRECT ANSWER✅✅✅Stockholders,
Directors, and Officers
What is the role of Board of Directors? - CORRECT ANSWER✅✅✅Set goals, hire officers,
oversee operations and finances
What are some advantages of Corporations? - CORRECT ANSWER✅✅✅Limited liability
from owners, ease of transferring ownership, certain tax deductions, ability to attract financing
What is the purpose of Joint Ventures? - CORRECT ANSWER✅✅✅2 or more companies
that form an alliance for specific period of time.
What does FTC oversee? - CORRECT ANSWER✅✅✅Oversees unfair business practices.
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."
What are some circumstances that revolve around the 14th amendment? - CORRECT
ANSWER✅✅✅Warrantless searches
What was the purpose for the UN - CORRECT ANSWER✅✅✅Developed as a multilateral
treaty to create peace and equality for women and children
, 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
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
What is promissory estoppel? - 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.
What is a material breach of contract? - CORRECT ANSWER✅✅✅When something is
promised and the complete opposite is done.
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.
What is a closed shop? - CORRECT ANSWER✅✅✅When you can't gain employment if
you are not apart of the union
What is the difference between disparate treatment and disparate impact? - CORRECT
ANSWER✅✅✅Disparate is unintentionally discrimination
FTC mainly focuses on? - CORRECT ANSWER✅✅✅Regulating business competition; fair
and misleading practices
Triple Bottom line refers to? - CORRECT ANSWER✅✅✅How a company uses social
responsibility to assist people, planet, and profits.
ATTEMPT
Most Common type of business entity - CORRECT ANSWER✅✅✅Sole Proprietorship
Where can a Corporation be sued? - CORRECT ANSWER✅✅✅Place of incorporation and
primary place of business
What are 3 components of corporations? - CORRECT ANSWER✅✅✅Stockholders,
Directors, and Officers
What is the role of Board of Directors? - CORRECT ANSWER✅✅✅Set goals, hire officers,
oversee operations and finances
What are some advantages of Corporations? - CORRECT ANSWER✅✅✅Limited liability
from owners, ease of transferring ownership, certain tax deductions, ability to attract financing
What is the purpose of Joint Ventures? - CORRECT ANSWER✅✅✅2 or more companies
that form an alliance for specific period of time.
What does FTC oversee? - CORRECT ANSWER✅✅✅Oversees unfair business practices.
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."
What are some circumstances that revolve around the 14th amendment? - CORRECT
ANSWER✅✅✅Warrantless searches
What was the purpose for the UN - CORRECT ANSWER✅✅✅Developed as a multilateral
treaty to create peace and equality for women and children
, 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
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
What is promissory estoppel? - 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.
What is a material breach of contract? - CORRECT ANSWER✅✅✅When something is
promised and the complete opposite is done.
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.
What is a closed shop? - CORRECT ANSWER✅✅✅When you can't gain employment if
you are not apart of the union
What is the difference between disparate treatment and disparate impact? - CORRECT
ANSWER✅✅✅Disparate is unintentionally discrimination
FTC mainly focuses on? - CORRECT ANSWER✅✅✅Regulating business competition; fair
and misleading practices
Triple Bottom line refers to? - CORRECT ANSWER✅✅✅How a company uses social
responsibility to assist people, planet, and profits.
