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CLM Test Questions
N/A
25
Accounting
Professional
03/16/2015

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Cards

Term
Why is it necessary to prepare comprehensive budgets?
Definition
To plan, analyze and control operations.
Term
A candidate for a computer data entry position has an obvious vision impairment as he is wearing a patch over one eye. Under the Americans With Disabilities Act of 1990, which question can be asked during an interview?
Definition
Will an accommodation be necessary?
Term
What is one of the significant financial differences between a law firm organized as a partnership and one which is organized as a professional corporation?
Definition
In professional corporation, the entity is responsible for withholding taxes for shareholders; in partnerships, each partner is personally responsible for filing employment taxes.
Term
Under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) as amended, which one of the following is a qualifying event for coverage?
Definition
Dependent attains the age of 26
Term
An equipment acquisition is necessary. The lawyers would like to find a financing method that would limit the liability of the partners as a group, provide minimal interest cost to the law office, and be easy to administer. Which financing method satisfies these criteria most effectively?
Definition
Equity financing
Term
What characterizes the life cycle of building facilities management?
Definition
Planning, acquisition, operations/maintenance and disposition.
Term
When a quick resolution is needed on an important issue and buy-in is not critical, a manager should use which conflict resolution technique?
Definition
Forcing
Term
Your firm has been asked to represent a client that is in direct economic competition with an existing client. The simultaneous representations would be in unrelated matters. According to the American Bar Association Model Rules of Professional Conduct, your firm:
Definition
is not obligated to do anything.
Term
A firm had 7 years remaining on a 10-year lease when it spent $100,000 on a leasehold improvement. How should the leasehold improvement be amortized?
Definition
Over the remaining life of the lease
Term
The new Human Resource Director finds that there are no job descriptions for any of the employees in the organization. The Director knows that one of the first requirements is conduct a job analysis, because:
Definition
she needs to ensure that employment interview questions are job-related.
Term
A law firm has installed a new computer system at a total cost of $400,000. The firm decides to finance the system through a capital lease over a 5-year period. What would be the effect on the assets section of the firm's balance sheet at the time of acquisition? Assets would:
Definition
increase by $400,000.
Term
Which of the following is not an element in the standard recommended process for establishing an employee training program?
Definition
Estimating the probability of training success.
Term
What is a key factor in determining pay equity?
Definition
How well an individual performs his/her job.
Term
What is an example of an annual plan for updating computer servers?
Definition
A short-term operational plan.
Term
For federal income tax purposes, a Limited Liability Company with two or more individuals, without making additional IRS elections, is treated like a(n):
Definition
partnership.
Term
An employee selection procedure which has been "validated" has been shown to be:
Definition
job related.
Term
How can firm leaders minimize long-term conflicts?
Definition
By discussing common goals with each other.
Term
According to the standard contract form published by the American Institute of Architects (AIA), in order for a contractor to be paid for the work, the contractor must:
Definition
submit an application for payment that is certified by the architect.
Term
In order for a firm to manage client representations effectively, and fulfill its duties to existing and former clients, when should conflict of interest checks on new work be performed?
Definition
As soon as the client and subject matter are identified and before any work is undertaken.
Term
In a Statement of Cash Flows, which is an example of cash flow resulting from investing activities?
Definition
Expenditures for property and equipment.
Term
When being fair and impartial is more important than the specific outcome of a disagreement, how should an administrator settle the conflict?
Definition
By using an objective rule such as a coin flip.
Term
What type of database is used to create matter management systems?
Definition
A relational database
Term
Unless specifically agreed otherwise, what is the extent of liability for newly admitted partners in law partners in law partnerships?
Definition
Liability extends to their personal assets for obligations incurred on or after their date of admission.
Term
The Building Owners and Managers Association (BOMA) computes "Rentable Area" of floor by measuring the:
Definition
inside finished surface of the dominant portion of the permanent outer building walls, excluding any major vertical penetrations of the floor.
Term
Managers who set high expectations for their employees may initiate a process that leads to the fulfillment of those high expectations. What is this known as:
Definition
Pygmalian effect
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