Acct 468 Final - Ch 12

Determining economic damages can be used for which of the following issues? 
A. Wrongful contract termination  
B. Wrongful discharge  
C. Personal injury  
D. Wrongful death  
E. All of the above

Why should sick pay, holiday and vacation NOT be included as components of the employee’s fringe benefit package when calculating economic damages? 
A. These items do not qualify as lost benefits   
B. They are already included in the employee’s gross wages and payroll data  
C. Both a and b are correct  
D. None of the above

Which is not an example of lost earnings? 
A. Fringe benefits 
B. Job-related expenses 
C. Lost household services 
D. All of above are lost earnings

Which is not a fringe benefit? 
A. Vacation pay 
B. Cafeteria subsidies 
C. Educational programs 
D. Recreational programs

In general, the approach an expert will use to calculate the salary damages is to: 
A. Determine the earning history for the plaintiff during time of employment. 
B. Determine any appropriate growth rate for the plaintiff’s earnings during the time period covered by the complainant. 
C. Take those future lost salary amounts and discount them to a present value. 
D. All of the above are correct.

The present value of the damages in a wrongful death case:
A. Will always be less than the total value of the damages
B. Can be more or less than the total value of the damages
C. Are always the same as the total value of the damages.
D. Will always be more than the total value of the damages.

Which of the following are components included in the measurement of economic damages? 
A. Lost wages 
B. Lost profits 
C. Tax payments that would have been paid by the employer 
D. Health insurance premiums that would have been paid by the employer 
E. All of the above

Which of the following is a difference between calculating commercial damages and personal injury damages?                 
A. You only discount amounts to their present value in commercial damage calculations, not in personal injury damage calculations 
B. An expert report is only required to be written for commercial damages, not personal injury damage calculations.  
C. There are no differences in the calculations
D. In calculating personal injury damages, there may be a component of lost household services, which is not included in commercial damage calculations 
E. Fringe benefits are calculated for personal injury damages only, not commercial damages 

Damage calculations that require additional knowledge and skills (other than those used in commercial damages), Exclude: 
A) -Wrongful discharge. 
B) -Divorces. 
C) -Changing Job.
D) -Complete or partial disabilities. 
E) -Wrongful death. 

2- Which question is not Issues that Impact Amount of Damages in a Personal Injury Case: 
A)  How the injuries happened? 
B) How long will the person live? 
C) What is the impact of those injuries on the employee’s remaining work effort and abilities to perform services outside of the workplace?
D) What level of injuries was sustained? 

Wrongful death damage calculations do not require additional knowledge or skills other than those used in commercial damages. (T/F)
True False

Damages will depend upon what the law will allow (T/F)
True False

Thoughts about testifying in economic damages case should include all of the following except:
A. Make the facts sound appealing to your case
B. Know the facts about the case well  
C. Be truthful
D. Be accurate and complete 

The general theory of economic damages includes all of the following except:
A. The wrongful act of the tortfeaser has caused the plaintiff to be in a different position that he/she otherwise would be 
B. Ideally the compensable damages will restore the injured party to his/her previous position 
C. Measures of damages are uniform across the states
D. All of the above are included in the theory of economic damages

Common components of Fringe Benefits are: 
A. Paid health care 
B. Life Insurance 
C. Education programs 
D. All of the above.

As with any civil litigation case it is necessary to prove __________ in order to win an economic damages case. 
A. Negligence
B. Liability
C. Conspiracy 
D. Collaboration 

The time value of money refers to the concept that: 
A. a dollar is worth more in the future than it is today.
B. a dollar is worth more today than it is in the future.  
C. dollar has no intrinsic value and we must assign value to it.
D. None of the above is correct.

If a person got accident and he became disabled,the time period used in the analysis of lost wages is:
A. The victim's stated time to expected retirement.
B. Age 55.
C. The victim's expected worklife.  
D. Age 67.
E. None of the above.