Labor management reporting and disclosure act

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Reference no: EM132192477

1. Which of the following is a reporting requirement for unions under the Labor Management Reporting and Disclosure Act?

A) Unions are required to disclose the salaries and reimbursement paid to members.

B) Unions are required to disclose the reason for which any member was barred in the past.

C) Unions are required to disclose the full extent of their assets and liabilities.

D) Union members are required to disclose the full extent of their personal assets.

2. If a partner acts as an agent for the partnership, the resulting contract:

A) cannot be refuted by the other partners.

B) would not be binding on the other partners.

C) would not be enforceable by law.

D) can be canceled by the other partners.

3. Zen Distilleries, a tobacco wholesaler, operates in a state where individual sales are prohibited for wholesalers. However, if one of the partners sells two cartons of cigarettes to an individual, the contract is likely to be:

A) null and void.

B) enforceable on the selling partner.

C) binding on the firm.

D) enforceable in a court of law.

4. Which of the following is true of nominal partners?

A) They are responsible for the day to day upkeep of the business.

B) They are held liable as full partners in some cases.

C) They have an equal say in the management of the business.

D) They contribute financially to the partnership.

5. Which of the following are justifiable reasons for a court to decree a partnership as dissolved?

A) One partner receives profits from external interests.

B) One partner becomes incapable of performing his functions.

C) A firm is sued by a third-party for non-payment of dues.

D) A firm incurs losses in two successive years.

6. A stock corporation is an example of a _____ corporation.

A) for-profit

B) public-benefit

C) public

D) shell

Reference no: EM132192477

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