Explain the priority of law in the United States
What will be an ideal response?
The U.S. Constitution and treaties take precedence over all other laws in the United States. Federal statutes take precedence over federal regulations. Valid federal law takes precedence over any conflicting state or local law. State constitutions rank as the highest state law. State statutes take precedence over state regulations. Valid state law takes precedence over local laws.
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Which of the following is true of Section 11 of the Securities Act of 1933?
A) It permits injured private parties to bring criminal action against fraudulent registration statements filed by issuers. B) It imposes liability on those who are negligent in not discovering the fraud. C) It allows an issuer to assert a due diligence defense against the imposition of Section 11 liability. D) It cannot be imposed on cases involving negligent omission of a material fact in a registration statement.
If a franchise is properly organized, the franchisee is an agent of the franchisor
Indicate whether the statement is true or false
For most U.S. retail stores, losses from employee theft exceed those from shoplifting
Indicate whether the statement is true or false
Exchange traded funds (ETFs) have which of the following features?
A) They are listed and traded as individual stocks on a stock exchange. B) They are indexed rather than actively managed. C) Their value is based on the underlying net asset value of the stocks held in the index basket. D) All of the above.