Which of the following is true about the ability of a member of an LLC to bind a
member-managed LLC to a contract?
A) Members of the LLC have authority to bind the LLC, and if this authority is restricted by
agreement, then it will terminate any risk of the member binding the LLC to a contract.
B) Members of the LLC have authority to bind the LLC to contracts only if this authority is
granted in the operating agreement.
C) Members of the LLC have authority to bind the LLC, and this authority cannot be taken
away.
D) Members of the LLC have authority to bind the LLC, and if this authority is restricted by
agreement, there remains a risk that the member retains apparent authority to bind the
LLC unless appropriate steps are taken.
D
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In which of the following conditions should constructive conflict be stimulated?
A. Managers want to achieve work objectives. B. The group seems to be afflicted with inertia and apathy. C. The group is adapting to change. D. Managers are in charge of self-managed teams. E. There is a lot of internal competition.
Layouts ______.
A. once implemented can be easily changed B. may need to be changed to respond more rapidly to market opportunities C. are regulated by the government D. may need to be in compliance with ISO standards
On the statement of cash flows, the cash flows from financing activities section would include
A) receipts from the sale of investments B) payments for the acquisition of investments C) receipts from a note receivable D) receipts from the issuance of capital stock
Although all of the following apply, which one is the primary purpose for establishing professional codes of ethics and standards of performance?
A. Protect the clients D. Support professional privileges B. Maintain the public trust E. Enable a field to become a profession C. Protect the professional franchise