Reference no: EM132275232
1. How does a merchant use the Six-month Merchandising Plan to address the figures found on an Open to Buy Form?
Buyers use the figures to determine what they have to buy each month to keep the stocks balanced.
Buyers use the figures to calculate seasonal profits.
Buyers use the figures to determine the amount of stock to be returned to the vendor each month.
Buyers use the figures to estimate markup and markdown prices on stock.
2. Identify two different types of sales reports.
Sales Productivity Report, Purchase Order Report.
Sales Productivity Report, Sales Year to Year.
Sales Year to Year, Six Month Plan.
Purchase Order, Expense Report.
3. Which of the following is a false statement?
An option is irrevocable during the option period.
An offer made in jest or as a joke where a reasonable person would conclude that it was made in jest or as a joke cannot result in a contract.
The offeror is the party to decide whether to accept the offer and thus make a contract.
A contract remains executor as long as any party to the contract has not fully performed.
4. Which of the following is a false statement?
A voidable contract is a valid contract that can still be avoided by at least one of the parties to it.
A quasi-contract has no legal efficacy since it is a “pretend” contract.
Pursuant to the common law “mirror-image” rule, an offer must be accepted in its entirety without modification or conditions or else no contract can be formed.
An advertisement is generally not treated as an offer to enter into a contract pursuant to U.S. law
5. Which of the following is the most accurate statement?
A sole proprietorship is a separate legal entity for U.S. tax purposes and thus the entity must file its own tax return.
A franchise is an association of members comparable to a partnership organized to provide an information sharing exchange among the members about economic issues.
Franchisors that firmly set and fix the prices at which the franchisees can resell products or perform services may violate antitrust laws.
A franchisor can always establish an additional franchisee in a territory allotted to a franchisee if the franchisee agreement is silent as to exclusivity of the territory
6. Which of the following is a true statement?
A partner cannot dissolve and disassociate from a partnership unless the other partners agree.
A general partner is personally and unlimitedly liable for partnership debts if the assets of the partnership are insufficient to pay its creditors.
A partner owes to the partnership but not the other partners a duty of loyalty and good faith.
Each partner has the right to sell any partnership property as if he or she was the exclusive owner thereof.
7. Under Rule l0b-5, an insider with material nonpublic information usually:
May sue the corporation to make a profit by buying or selling that company’s stock.
Must disclose the information.
Must either abstain from trading in that company's stock or disclose the information to the person she is trading with.
Must abstain from trading in any and all stock
8. Which of the following is a true statement?
The trier of fact in a jury trial is the judge.
In most trials, the defendant bears the burden of proof.
Voir dire
is the process by which the judge informs the jury about what law to apply when they decide the case.
An appellate court reviews the record of the trial cour
9. In determining the lawfulness of a merger, which of the following factors need not be shown?
An actual lessening of competition.
The relevant product market.
The relevant geographic market.
The likelihood of a substantially lessening of competition or the tendency to create a monopoly.