A+ Answers of the following Questions

1  An employee who exceeds his authority under his employment agreement may still bind his principle if the employee has the apparent authority to do so to the third party.
True
False

2 To avoid liability for patent infringement, a software developer who uses another's software in creating new software need not obtain a license to do so.
True
False

3 To be legally enforceable a contract is formed by two or more parties who promise to perform or to refrain from performing some act now or in the future and is enforceable in a court of law.
True
False

4  A unilateral contract is formed when the one receiving the offer responds in the same manner as the offer to accept.
True
False

5 Under the doctrine of unjust enrichment, people can normally be forced to pay for benefits that are thrust upon them, but never used.
True
False

6  A sole proprietor may incorporate their business.
True
False

 7 Any promise made with respect to a past event is enforceable because the event is certain and it has already occurred.
True
False

8 In general a court of law will not question the adequacy of consideration if the consideration is legally sufficient.
True
False

 9 All contracts must be in writing.
True
False

10 A general contractor who knows that a subcontractor’s bid is a mistake can still enforce the bid.
True
False

 11 An advertisement is a binding offer that may be accepted by a customer of a vendor.
True
False

12 If the subject matter of a contract turns out to be more valuable that one of the parties believed to would be, the party can rescind the contract.
True
False

13 If two parties decide to operate a business as a partnership, they must always share the profits and losses equally.
True
False

14  A corporate officer who has a financial interest in a competing company has not breached their fiduciary duties to their corporation.
True
False

15 The parol evidence rule permits the introduction at trial of evidence of the parties' prior negotiation even if they differ from the terms of the party’s written agreement.
True
False

16 When the terms of a written agreement are clear, and there is fraud or deceit, the parol evidence rule bars oral evidence that contradicts those terms.
True
False

17  An assignee of a right to receive money acquires any rights to the money held by the assignor.
True
False

18  Banks may assign their loan contracts to other firms.
True
False

19 The rights under a contract for personal services, if the services are unique, normally can be assigned.
True
False

20 With some exceptions, a party may delegate freely his or her duties under a contract.
True
False

21  A condition that must occur before a party’s performance can be required is called a condition precedent.
True
False

22  In the event of a material breach of contract, the non-breaching party is excused from further per True
False
formance of his or her contractual duties and has a cause of action to sue

23 An agreement to agree on a contract is not binding.
True
False

24 Puffery, or sales talk, is fraud.
True
False

 25 A bilateral contract is the same as a quasi-contract.
True
False

26 A unilateral contract means that the offeree need not do anything in order to be bound by an offer.
True
False

27   An assault may be committed when a person acts in a way so as to create an apprehension of receiving offensive conduct.
True
False

28  The statute of frauds requires an agreement to be in writing when it involves a lease for property for a six month period.
True
False

 29 Partners in a limited partnership have the same potential liability as partners in a general partnership.
True
False

 30 Shareholders are charged with running the day to day business of a corporation.
True
False

31 In Florida a minor who obtains medical treatment is not legally obligated to pay for the said lodging.
True
False

32 If you are taking a business law course and want to copy material from your text book to sell to your classmate who lost their book right before the final exam, you do not need not obtain the author’s permission first.
True
False

33 When a party delegates their duties to a third party, they are thereafter released from liability.
True
False

 34 Trade secrets include anything that makes an individual company unique and would have value to the competitor.
True
False

35 In a quasi contract it is not always necessary to specify the price or time of delivery if there are other means to determine the price and time of delivery.
True
False

 36 The use of force or intimidation is necessary for an act of theft to be considered a theft.
True
False

37 The unauthorized use of computer data or services is robbery.
True
False

38  A person who accesses a computer online, without the permission of the owner to obtain protected data is subject to criminal prosecution.
True
False

Penn Foster Exam: 501757RR  ETHICS AND LAW ENFORCEMENT PRACTICES

1. The most scholarly viewpoint on how criminal justice professionals learn ethical and unethical behavior is the _______ approach.
A. differential
B. rational-choice

C. values-added

D. values-learned

2. With the passage of _______, community police departments were allocated money by Congress.

A. Neighborhood Watch
B. Alternative Policing Strategy
C. the Violent Crime Control and Law Enforcement Act of 1994
D. the President's Crime Commission of 1965

3. The _______ theory of leadership emphasizes the relationship between the leader and his or her subordinates.
A. learning
B. contingency

C. train
D. objective

4. Which of the following is universally agreed upon as part of a police officer's domain?

A. Discretion
B. Acceptance of gratuities
C. Differential treatment of special groups
D. Public service

5. Which of the following statements about police officer loyalty is true?

A. The blue curtain of secrecy is breaking down.
B. Loyalty is extended in a rational way.
C. The code of silence is mostly a myth.
D. Departmental loyalty is mostly a negative factor because it leads to corruption and cover-ups.

6. _______ justice is associated with the determination of and methods of punishment.

A. Corrective
B. Natural
C. Distributive
D. Commutative

7. If an officer is found negligent, his or her supervisor can be sued in civil court. This is called

A. criminal culpability.
B. ethical liability.
C. vicarious liability.
D. guilt by association.

8. Which of the following drives police actions the most?

A. Police subculture
B. Code of ethics
C. Rule book
D. Political pressure

9. The primary mission of policing established by Sir Robert Peel was to

A. prevent crime and disorder.
B. control riots.
C. implement a police hierarchy.
D. investigate crimes.

10. Abuse-of-authority rules are found in

A. the Police Code of Conduct.
B. each state's penal code.
C. the Bill of Rights.
D. Title 42 of the U.S. Code.

11. Which of the following actions is consistent with the police subculture?

A. Respect for individual rights
B. Use of illegal investigation tactics
C. Restraint in the use of force
D. Consistent truth-telling

12. The watchman style of policing evolved due to

A. urbanization.
B. the Gold Rush of 1849.
C. the Boston Tea Party.
D. railroad construction.

13. "Hostile environment" and "quid pro quo sexual harassment" were defined in

A. Miranda v. Arizona.
B. Katz v. Dole.
C. Katz v. Siempre.
D. Dole v. Ward.

14. The idea that an employee's attitude toward work is largely influenced by his or her individual characteristics comes from the _______ model.
A. importation

B. trait
C. environmental

D. ethics

15. The Wickersham Commission was established by President

A. Nixon.
B. Eisenhower.
C. Kennedy.
D. Hoover.

16. The tendency to rationalize one's behavior, avoid pain, gain rewards, and weigh risks and benefits while learning unethical behavior is explained by the _______ theory.
A. noble-cause

B. legitimacy
C. values-learned

D. rational-choice

17. The _______ system was a politician-centered system of policing.

A. progressive
B. alderman
C. Peelian
D. community-policing

18. The alderman system of policing, established during the nineteenth Century, was considered A. the best deterrent to organized crime.
B. highly disorganized and decentralized.
C. organized and efficient.
D. the model that modern police forces should follow.

19. The formal law enforcement code of ethics promoted by the International Association of Chiefs of Police is a code that
A. provides principles or guidelines that relate to the value system of the organization.

B. generally describes the tenets of professional conduct.
C. specifies ideal behavior in an aspirational manner.
D. provides mandatory rules of conduct that can serve as a basis of discipline.

20. Coercive interrogation techniques were declared improper by

A. Roe v. Wade.
B. Mapp v. Ohio.
C. Miranda v. Arizona.
D. Walker v. Katz.

Question 1

Li Corp. had a very successful year in 2013, selling 4,500 units of its product. The product sells for $30.00 each.
Units Cost per Unit inventory Per
total cost unit
Beginning Inventory 1,800 $19 34200 19
Purchases by quarter:
Q1 1,000 $18 18000 18.64
Q2 1,500 $16 24000 17.72
Q3 750 $14 10500 17.17
Q4 1,000 $12 12000 16.314
Required: 
a) Calculate the cost of goods sold and ending inventory for 2013 using the following inventory costing methods:
i) Weighted-average
ii) First in first out

Show all calculations.
b) Which method results in higher net income for Li in 2013?

Question 2 (12 marks)
Fred’s Manufacturing purchased equipment in 2013 and incurred the following costs relating to the equipment during 2013:
a) List price of equipment was $10,000 but Fred received a $500 discount
b) Shipping costs of $250 to ship the equipment to Fred’s plant
c) Taxes that are fully recoverable from the government of $1,200
d) An engineer’s costs to install the equipment of $700
e) Regular monthly maintenance and cleaning of the equipment of $80
Required: Calculate the capitalized cost of the equipment that would be included on the balance sheet of Fred Manufacturing. Show all calculations.

Question 3 (15 marks)
On March 1, 2013, ABC Co. sold a truck in his fleet for $2,500 cash. The truck has an original cost of $20,000 and accumulated depreciation of $15,000 at December 31, 2012. ABC completes adjusting entries annually. Annual depreciation for the truck is $3,600.
Required: Record the journal entries required on March 1 for the disposal of the truck.

Question 4 (30 marks)
Smith Co. purchased a piece of equipment on January 1, 2013 with a cost of $40,000. The equipment will last four years with a residual value of $3,000. The equipment is expected to produce the following number of units for the company:
2013 500 units
2014 800 units
2015 900 units
2016 700 units
Required: Calculation the depreciation expense for 2013, 2014, 2015, and 2016 for each of the following depreciation methods (show all calculations):
a) Straight-line 2013:
b) Units of production (units/total unit)*(cost-salvage): 
c) Double-diminishing balance

Question 5 (13 marks)
On January 1, 2013 XYZ Co. has machinery with a cost of $12,000 and accumulated depreciation of $7,000. On January 1, 2013 XYZ completes a major overhaul of the machinery for $5,500 which increases the life of the machine and its efficiency. The machine will now last 8 more years and then have a residual value of $500.
The company uses the straight-line method of depreciating the machine. 
Required: Calculate the 2013 depreciation expense for the machine. Show all calculations.

1.Which of the following is not a listed document type?
A. diary
B. book review
C. report
D. article

2. Use one of the sources available in the Almanacs and Yearbooks section to identify the approximate time of sunrise in Anchorage, Alaska, on December 25, 2015. (Hint: Check the source's Astronomy section.)
A. 9:45 am
B. 10:15 am
C. 11:30 am
D. 8:10 am

3. Access the Library of Congress library catalog at http://catalog.loc.gov and read the Basic Search Tips. Then, find the information to answer the question. Under the subject headings for Harry Potter and the Goblet of Fire, which is not listed as a subject?
A. Wizards
B. Magic
C. Schools
D. Dark Arts

1. Scholarly journal articles are written by
A. professional writers.
B. reporters.
C. lower division college students.
D. experts in a subject field.

2. In the keyword search on EDSeek's Home Page, enter the following statement: NASA* AND Mars*. Based on the results from this search, choose the best answer to this question. Which of the following is listed under the related subjects list?
A. Space exploration
B. Milky Way
C. Solar system
D. Hubble telescope

3. Under the thesaurus on the Penn Foster Library, what is a synonym for the word impending?
A. Later
B. Never
C. Distant
D. Ominous