financial disclosure
what is the purpose of anti-money laundering laws?
they provide banks/gov a way to track and find reports of theft of money or distribution of illegitimate $
what are some standards that a journalism publication must adhere to?
food regulations, minimum wage, tax obligations, IP
how is a sole propreitorship and partnership different?
one person owns company vs two/more people own company
what are supply & demand?
supply: quantity that suppliers are willing/able to sell at a certain price
demand: quantity that consumers are willing/able to buy at a certain price
what does customer due diligence mean?
verifying the identity of customer before loaning money to them!
what is the consequence for a tort being placed against a company?
going to court (paying damages, court mandates, etc)
what is a corp all about?
owners are shareholders and the business is a legal entity separate from owners.
what are the types of economies and what do they do!
command, free-market, traditional, mixed! (this jeopardy will crash it (and so will i) if i have to write down all the defs but say it out loud and celina will verify :)
what is the full form of SAR's?
suspicious activity reports
how do agency relationships work?
agent works on behalf of principle to carry out certain work. the principle has a sufficient amount of power over agent!
what is the factor that differentiates an sole proprietorship, partnership and corp?
liability sets them apart! both how much liability they take (eg: 100%) AND whether it is a personal or business liability
what is the difference between a business activity and an economic activity?
economic activity: refers to the production, distribution & consumption of goods and services
WHILE
business activity: TYPE of economic activity referring to actions specifically of business to carry these out
gimme an example of a type of case that fincen would take up.
cybercrime, terrorist financing, fraud.
gimme an example of an agency relationship (it must be something that is NOT on the slides!)
real estate agent & homeowner, stockbroker & investor, etc
what is the full form of an LLC and how does it work? what is it inspired from?
one or more ppl BUT owners are not personally liable; inspired by partnerships and corp!
what is a strict liability?
persons are held responsible for crime REGARDLESS of whether they were not intending/negligent.