A+ ANSWERS OF THE FOLLOWING QUESTIONS

Question 1

Ann and Burt are partners in Delta Associates. Burt takes advantage of a partnership opportunity for personal gain that causes Deltas business to suffer. A court orders Burt to hold the profits in trust for the partnership. This is
a. a constructive trust.
b. an inter vivos trust.
c. a resulting trust.
d. a testamentary trust.

Question 2
Benny dies without a will, with no surviving spouse or child. Bennys survivors include his granddaughter Callie, his nephew Doug, and his cousin Earl. In most states, his estate would pass to
a. Callie.
b. Doug.
c. Earl.
d. the state.

Question 3
Bob lists his assets in writing and then makes a will, referring to the list in a way that makes the list necessary to carry out the terms of the will. This
a. does not invalidate or revoke the will.
b. makes the will entirely invalid.
c. revokes the will only to the extent of the assets in the list.
d. revokes the will only to the extent of the assets not in the list.

Question 1
Clayton dies without a will. The distribution of Claytons property, including his farm near Lincoln, Nebraska, is prescribed by
a. a court-appointed executor.
b. federal probate statutes.
c. state intestacy laws.
d. the degree of consanguinity between Clayton and his next of kin.

Question 2
Cliff dies without a will. His survivors include his spouse Dana and his two children, Efrem and Fay. Under applicable laws, Dana will probably receive
a. all of Cliffs estate.
b. none of Cliffs estate.
c. one-half of Cliffs estate.
d. one-third of Cliffs estate.

Question 3
Don executes a will leaving half of his farm to his spouse Eva and the rest to his sons, Frank and Greg, in equal shares. The will disinherits a third son, Hal. Don and Eva divorce, but Don dies before changing his will. In these circumstances
a. Eva receives half of the farm, and Frank and Greg share the rest.
b. Eva receives half of the farm, and Frank, Greg, and Hal share the rest.
c. Frank and Greg receive the entire estate in equal shares.
d. the state inherits the entire estate.

Question 1
Dyan executes her will to give “to my nephew Esau my stock in Fargo, Inc.” Later, Dyan writes separately, with the same formalities required for a will, to leave the stock to her niece Ginny and cash to Esau. This writing
a. does not affect the wills gift of the stock to Esau.
b. requires a gift of the stock in equal shares to Esau and Ginny.
c. revokes the whole will, which must be redrafted.
d. revokes the wills gift of the stock to Esau.

Question 2
After notice-and-comment rulemaking, the U.S. Bureau of Land Management (BLM) issues a new rule and applies it to Longhorn Cattle Company. Longhorn appeals the application to a federal court. The court will most likely defer to the BLMs interpretation of
a. the facts.
b. its authority.
c. procedural requirements.
d. the Constitution.

Question 3
Before adopting new regulations to govern broadband communication services, the Federal Communications Commission may not
a. hold hearings to acquire facts pertinent to the proposed rules.
b. ignore the Administrative Procedure Act to streamline proceedings.
c. order communications companies to provide certain documents.
d. solicit testimony from interest groups and consumers.

1. Congress leaves it to the Bureau of Prisons to oversee the promulgation of detailed regulations in areas under the agencys jurisdiction. This is
a. divine right.
b. a delegation of tasks.
c. gap-filling power.
d. unconstitutional conduct.

2. Which of the following statements accurately describes a project management plan? (Points : 5)
a. A formal document that defines how the project is initiated and planned.
b. A formal document that defines how the project is executed, monitored and controlled.
c. A formal document that defines how the project is terminated and closed.
d. A formal document that is the legal contract for the project.

3. Which of the following statements accurately describes the approach that project managers should take to develop relationships with key stakeholders? (Points : 5)
a. The project manager should defer building relationships with external stakeholders until after the core team is on sound footing.
b. It is better to ignore an unhappy stakeholder than to let him or her disrupt a project.
c. Project managers should seek to understand what motivates each stakeholder.
d. Stakeholders should be involved at the completion of the project.

 

1. Which of the following responses most accurately depicts the correct sequence of activities in the strategic planning process? (Points : 5)
strategic objectives – strategic analysis – guiding principles – flow-down objectives
guiding principles – strategic analysis – strategic objectives – flow-down objectives
strategic analysis – guiding principles – strategic objectives – flow-down objectives
guiding principles – strategic objectives – flow-down objectives – strategic analysis

2. Which of the following items best depicts the scope definition process? (Points : 5)
It begins by clarifying project objectives and culminates in a baseline scope statement.
It begins by establishing a scope baseline and culminates in scope verification.
It begins with user requirements and culminates in a product specification.
It begins with identifying resource levels and a timetable.

3. Which of the following items best describes a project Work Breakdown Structure (WBS)? (Points : 5)
An organizational chart depicting who will perform project work.
A schedule depicting when project work will be performed.
A framework that identifies project deliverables.
A budget for project costs.

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