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NEW QUESTION: 1
What MUST each information owner do when a system contains data from multiple information owners?
A. Develop and maintain the System Security Plan (SSP) for the Information System (IS) containing the data
B. Move the data to an Information System (IS) that does not contain data owned by other information owners
C. Provide input to the Information System (IS) owner regarding the security requirements of the data
D. Review the Security Assessment report (SAR) for the Information System (IS) and authorize the IS to operate.
Answer: C
NEW QUESTION: 2
While Presenting items for payment:
A. A Reserve Bank or a subsequent collecting bank may present an item for payment but doesn't send the item for presentment and payment
B. A Reserve Bank may send an item to a collecting bank with authority to present it for payment or send it for presentment and payment
C. Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable
D. A Reserve Bank may present an item for payment at the place requested by the paying bank, at a place requested by the nonbank payor, through a clearinghouse, or under a special collection agreement
Answer: B,D
NEW QUESTION: 3
In 1992, Anchor, Chain, and Hook created ACH Associates, a general partnership. The partners orally
agreed that they would work full time for the partnership and would distribute profits based on their capital
contributions. Anchor contributed $5,000; Chain $10,000; and Hook $15,000. For the year ended
December 31, 1993, ACH Associates had profits of $60,000 that were distributed to the partners. During
1 994, ACH Associates was operating at a loss. In September 1994, the partnership dissolved.
In October 1994, Hook contracted in writing with Ace Automobile Co. to purchase a car for the partnership.
Hook had previously purchased cars from Ace Automobile Co. for use by ACH Associates partners. ACH
Associates did not honor the contract with Ace Automobile Co. and Ace Automobile Co. sued the
partnership and the individual partners.
A. The ACH Associates oral partnership agreement was invalid because the partnership lasted for more
than one year.
B. The ACH Associates oral partnership agreement was valid.
Answer: B
Explanation:
Choice "a" is correct. A partnership agreement does not have to be in writing to be valid. If the partners
want to enforce an agreement to be partners for more than one year, that agreement must be in writing,
but merely having the partnership last for more than one year does not make an oral partnership
agreement invalid.