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Accounting

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PART A: TRUE or FALSE 1. A corporation formed in New Jersey and doing business in New Jersey is referred to as a domestic corporation. 2. A deed must be notarized and recorded in the County Clerk's office for the deed to be effective. 3. In New York a will must be witnessed by two witnesses and notarized. 4. A bank check is drawn on the banks funds and is guaranteed by the bank. 5. A contract for insurance is called a policy. 6. When a landlord purposely makes the tenant move by creating an apartment which is uninhabitable it is called a constructive eviction. 7. Only an attorney can issue a valid warrant of eviction. 8. Eminent domain is the government's right to take private property for a public purpose upon payment of a fair price. 9. All partners in a partnership are liable for all the debts of the partnership 10. An administrator is the person whose duty it is to carry out the instruction of a valid will. 11. The business judgement rule protects people from making poor business decisions. 12. Workers compensation plans are run by the Federal government and only apply to employees injured while at their place of employment. 13. In order to prove a claim of discrimination under the 1964 Civil Rights Act a plaintiff must first establish a Prima facie case. 14. A sign that a corporation is being mismanaged is when an officer is commingling funds. 15. State laws designed to prevent securities fraud are called blue sky laws. 16. Insider trading occurs when a person with undisclosed information uses that information to manipulate the stock market. 17. Insider trading is illegal according to the 1934 Securities Exchange Act. 18. Gender preference is a protected class under the 1964 Civil Rights Act. 19. The 1933 Securities Act is designed to prevent fraud in the sale of Federal and State land. 20. The Sarbanes Oxley Act forbids retaliation against whistleblowers

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