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Ch 10 Quiz w Answers Revised

Ch 10 Quiz w Answers Revised

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Published by Fred Flinstone

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Published by: Fred Flinstone on Jun 25, 2012
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ACC-4800
Quizzes
Chapter 10
Chapter 10
Instructions:
QuestionsLimitsPointsDue DateAvailability64 QuestionsNo Time LimitUnlimited Attempts64 pts possibleJun 5 at 11amAlways available
Take the Quiz Again
Score for this attempt: 23 out of 64Submitted Jun 17 at 7:25pmThis attempt took about 2 hours.Question 1: 1 ptsEnron case.0% of pointsWorldCom case.0% of pointsDaubert case.100% of points All of the above.0% of points1 / 1Question 2: 1 ptsWhether the expert's theories in the case have been tested.0% of pointsWhether the techniques used by the expert in the case are subject to peer review.0% of pointsThe expert's skills and background.0% of pointsWhether the expert's testimony in the case represents "scientific knowledge."0% of points All of the above.100% of points1 / 1Question 3: 1 pts AICPA challenges.0% of pointsJust plain mean challenges.0% of pointsInternet challenges.0% of pointsVoir dire challenges.100% of pointsGatekeeper rules.0% of points1 / 1Question 4: 1 ptsNone of the above is correct.0% of pointsBoth a and c.100% of pointsCourts are expected to provide an important "gatekeeper" function in determining who may provide expert advice to the court. The United States Supreme Court case thatgave rise to this function is the:Under Daubert, attorneys may challenge prospective expert witnesses about:In addition to Daubert case challenges to an expert's testimony, another concept under which experts can be questioned about their skills, education, and competence iscalled:In order for damages to be assessed, the court must find:
Chapter 10: ACC-4800-001https://uvu.instructure.com/courses/67279/quizzes/1336351 of 156/17/2012 7:26 PM
 
One of the parties is really bad.0% of pointsThere is liability in the case.0% of pointsCriminal violations have occurred.0% of points1 / 1Question 5: 1 ptsTort and breach of contract.100% of pointsGood and bad.0% of pointsHigh and low.0% of pointsShort-term damages and long-term damages.0% of pointsRestitution and reliability.0% of points1 / 1Question 6: 1 pts$1,700,000.0% of points$400,000.100% of points$700,000.0% of pointsNone of the above is correct.0% of points$2,400,000.0% of points1 / 1Question 7: 1 pts$2,400,000.0% of pointsNone of the above is correct.0% of points$1,700,000.0% of points$400,000.0% of points$700,000.100% of points1 / 1Question 8: 1 ptsProve that fraud was involved in the case.0% of pointsShow that the defendant's actions clearly call for punitive damages.0% of points Attempt to mitigate its damages.100% of pointsProve that there was no liability in the case.0% of points1 / 1Question 9: 1 ptsThe two types of harm that are the focus of damage cases are:Beth Company sold assets to Karen Company with an alleged value of $2,400,000. Beth Company paid $2,100,000 for the assets. The actual value of the assets was$1,700,000. Using the "out-of-pocket" damage loss rule, the fraud damages would be:Beth Company sold assets to Karen Company with an alleged value of $2,400,000. Beth Company paid $2,100,000 for the assets. The actual value of the assets was$1,700,000. Using the "benefit-of-the-bargain" damage loss rule, the fraud damages would be:When measuring lost profits or other damages, it is necessary for the plaintiff to:
Chapter 10: ACC-4800-001https://uvu.instructure.com/courses/67279/quizzes/1336352 of 156/17/2012 7:26 PM
 
$1,240,000.0% of points$2,480,000.100% of points$400,000.0% of points$4,000,000.0% of pointsNone of the above is correct.0% of points0 / 1Question 10: 1 ptsNone of the above is correct.100% of points$400,000.0% of points$760,000.0% of points$4,000,000.0% of points$1,240,000.0% of points0 / 1Question 11: 1 ptsNone of the above is correct.0% of points$480,000.0% of points$760,000.0% of points$600,000.0% of points$300,000.100% of points0 / 1Question 12: 1 ptsTrial stage of the case.0% of pointsDiscovery phase of the case.100% of pointsClosing arguments in the case.0% of pointsInitial pleadings in the case.0% of points1 / 1Question 13: 1 ptsBoth a and c.100% of pointsJones Lumber had an exclusive three-year supply agreement with Wood Construction. The contract called for lumber sales of $4,000,000 per year. After one year, WoodConstruction canceled the contract without cause. The court found Wood Construction liable under the contract. Jones Lumber had average gross margins of 40 percentand average net income of 10 percent of sales. Jones Lumber's operating expenses average 70 percent fixed. The damages from the loss of this contract would be:Jones Lumber had an exclusive three-year supply agreement with Wood Construction. The contract called for lumber sales of $4,000,000 per year. After one year, WoodConstruction canceled the contract without cause. The court found Wood Construction liable under the contract. Jones Lumber had average gross margins of 40 percentand average net income of 10 percent of sales. Jones Lumber's operating expenses average 70 percent fixed. The damages from the loss of this contract would be:Jones Lumber had an exclusive three-year supply agreement with Wood Construction. The contract called for lumber sales of $4,000,000 per year. After one year, WoodConstruction canceled the contract without cause. The court found Wood Construction liable under the contract. Jones Lumber had average gross margins of 40 percentand average net income of 10 percent of sales. Jones Lumber's operating expenses average 70 percent fixed. Because of the lost contract, Jones Lumber carried$2,500,000 more in lumber inventory than it would have absent the contract. Storage, handling, and carrying cost of lumber inventory averages 12 percent at JonesLumber. What if any amount would this fact add to your damage estimate in this case?Deposition testimony occurs during the:Deposition testimony:
Chapter 10: ACC-4800-001https://uvu.instructure.com/courses/67279/quizzes/1336353 of 156/17/2012 7:26 PM

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