Answer 10 multiple choice questions about business law. will attach questions
1. Which of the following is most likely to fall in the category of intangible personal property? Knowledge Copyrights Annual growing crops Land 1. The unauthorized exercise of ownership rights over another's property is known as a(n) _____. accession rescission bailment conversion 1. Sara visited Ben's, a famous designer jewelry store, to buy herself a necklace. She browsed through the store's product catalogue and chose a particular model of diamond necklace. After she chose it, the manager at Ben's sent an order to the manufacturer to make the necklace. Which of the following statements is true at this point in the scenario? The necklace is an identified good. Ben's holds the title to the diamond necklace. Only a contract to sell has been made between Sara and Ben's. The title to the necklace will pass to Sara as soon as the necklace is made. As per the UCC's definition of sale, in which of the following transactions has a sale taken place? A sublets an apartment for the summer from b. A pays B to repair his car. A buys a spare USB charger for his phone. A purchases the digital license to new software for his computer. 1. Macy's, an auction house, was slated to put up ten paintings for auction. During the course of the auction, the auctioneer announced that three of the paintings could be recalled at the discretion of the auction house. In such a scenario, the seven remaining paintings will be known as goods offered _____. without terms without reserve with terms with reserve 1. Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called _____. nonresellable goods auction goods resellable goods speciality goods Which of the following best describes the term "title"? It is the right of ownership of property or evidence of ownership. It is the temporary transfer of possession of personal property. It is the transfer of possession of goods for the purpose of sale. It is the right to inherit property in the future. 1. Which of the following is an example of a consignment? A sells 10 sacks of wheat to B at the market price. A delivers a motorcycle to B for servicing. A sends a shipment of farm produce to B for sale. A sends one ton of wheat to B's warehouse for storage. 1. Jack, a second-hand dealer of cars, provides his clients with the opportunity to examine them. Jenny test-drove a car and got it checked by her mechanic as well. However, the mechanic missed a broken valve and the car broke down after the purchase. Which of the following is likely to happen in this scenario? Jack is exempt from prosecution as the principle of caveat emptor applies. Jack is responsible for selling a faulty car and can be prosecuted for fraud. Jenny can claim compensation through courts as per the principle of caveat emptor. Jack can be prosecuted by the mechanic for misleading him during purchase. 1. The statement of the seller in which the article sold is warranted or guaranteed is known as an _____. express warranty unconditional warranty universal warranty express guarantee Assignment #1– Examining Financial Statements Due Sunday Week 3 75 Points Students will select a Fortune 500 company to examine (http://fortune.com/fortune500/). Prepare a Word document using information from their Annual Report. (Use the most recent year available.) The Word document must cover ALL of the following: Overview · Describe the content and purpose of the three main financial statements. Balance Sheet · What are the balances at year-end for assets, liabilities, and stockholder’s equity? · Prepare a common-size Balance Sheet. Be sure to properly label and form this financial statement. · Review the Notes to the financial statement: · What Inventory Method does the company use? · What other pertinent information does the company disclose about their inventory · What does the company disclose regarding fixed assets and depreciation? Income Statement · What is revenue, gross profit, and net income for the year? · Prepare a common-size Income Statement. Be sure to properly label and form this financial statement. · Are there any special items on the Income Statement (e.g. Discontinued Operations, Extraordinary items)? If so, describe the event that caused the item and why is this event classified as a special item. · Review the Notes to the financial statement: · Describe the company’s policy on revenue recognition. Statement of Cash Flows · What are the cash flow totals for operating, investing, and financing activities? · What are some of the main investing and financing activities that occurred? If there are negative cash flow totals, describe whether this cash outflow has a positive or negative impact on the company’s sustainability. Why? Management’s Discussion and Analysis (MD&A) · Highlight 3 interesting topics discussed in the MD&A section of the annual report. · How does the information presented impact the financial statements and relevant ratios? Additional Instructions · Make sure to choose a Fortune 500 company that has inventory · Annual Reports (10-k) can be found: · Company website – Usually at the bottom of the main page under a link titled ‘Investor Relations’, ‘Corporate’, (or something similar). · SEC website (https://www.sec.gov/). Click ‘Filings’ tab to search for the company (Make sure to use the 10-k report). · The document should include the same headings listed above (Overview, etc.). · The document should be APA formatted (including title page, APA formatted references, etc.) · You can complete the common size financial statements in Excel then copy and paste into your main Word document. · MUST: Include the direct link to the Annual Report · You must upload your file to Blackboard under Week 3 Assignments. Go to the Assignment, scroll down to “Attach Local File” and click Browse to select YOUR file, then hit SUBMIT. Evaluation Criteria for: Assignment 1 Assignment 1 points WD 68 -75 Points Dev 56 to 67 Points NSW 55 points or lower Overview (10%) 7.5 points Provides a complete overview of the three main financial statements. Clearly states the content and purpose of each. Provides a somewhat complete overview of the three main financial statements. Clearly states the content and purpose of each. Provides no clear overview of the three main financial statements. Does not clearly or fully state the content and purpose of each. Balance Sheet (20%) 15 points Reported balances agree to the linked Annual Report. Common-size balance sheet is computed correctly. Clearly and correctly describes the required information from the Notes to the Financial Statement Reported balances agree to the linked Annual Report. Common-size balance sheet contains some inaccuracies. Somewhat clearly and correctly describes the required information from the Notes to the Financial Statement Reported balances do not agree to the linked Annual Report. Major inaccuracies with the Common-size balance sheet. Description of the required information from the Notes is inaccurate or incomplete. Income Statement (20%) 15 points Reported amounts agree to the linked Annual Report. Common-size income statement is computed correctly. Clearly and correctly describes the required information from the Notes to the Financial Statement Reported amounts agree to the linked Annual Report. Common-size income statement contains some inaccuracies. Somewhat clearly and correctly describes the required information from the Notes to the Financial Statement Reported amounts do not agree to the linked Annual Report. Major inaccuracies with the Common-size income statement. Description of the required information from the Notes is inaccurate or incomplete. Statement of Cash Flows (20%) 15 points Reported amounts agree to the linked Annual Report. Correctly identifies sources of major investing and financing activities Reported amounts agree to the linked Annual Report. Somewhat correctly identifies sources of major investing and financing activities Reported amounts do not agree to the linked Annual Report. Incorrectly identifies sources of major investing and financing activities MD& A (20%) 15 points Highlights 3 topics discussed in the MD&A. Provides a reasonable and logical analysis of how the information may impact the financial statements and ratios. Highlights at least 2 topics discussed in the MD& A. Provides a somewhat reasonable and logical analysis of how the information may impact the financial statements and ratios. Highlights 1 or less topics discussed in the MD& A. Does not provide a reasonable and logical analysis of how the information may impact the financial statements and ratios. Grammar, Speech Patterns, Punctuation and APA (10%) 7.5 points Clearly uses proper grammar, APA for in text citations and for all references. Formatting is clean and reader friendly. Has more than three errors in APA, grammar and or punctuation. Formatting is somewhat clean and reader friendly. Has more than four errors in APA, grammar and or punctuation. Formatting is not clean nor reader friendly. N S W = Needs Significant Work D = Developing WD = Well Developed