Question 1

The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.

Accepted Answer

A) employees 
B) customers 
C) bankruptcy lawyers 
D) stockholders 
A) employees 
B) customers 
C) bankruptcy lawyers 
D) stockholders C

Question 2

Under contract law,"duress" means the presence of coercion through force or threat of force.

Accepted Answer

A) True 
 B)False  True

Question 3

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Accepted Answer

A) True 
 B)False  False

Question 4

Both the airline and telecommunications industries have been deregulated.

Accepted Answer

A) True 
 B)False

Question 5

The Clayton Act of 1914 prohibits price discrimination.

Accepted Answer

A) True 
 B)False

Question 6

Your 15-year-old brother comes home with the great news that he has decided to buy his first car and has just agreed to give $10,000 to a complete stranger.He signed the contract and just needs to pay the stranger and pick up the car.Your dad is upset and calls the stranger to tell him your brother will not be buying the car.The stranger can:

Accepted Answer

A) sue your brother for breach of contract. 
B) sue your dad for breach of contract. 
C) sue your brother for specific performance. 
D) do nothing. 
A) sue your brother for breach of contract. 
B) sue your dad for breach of contract. 
C) sue your brother for specific performance. 
D) do nothing.

Question 7

Brian and Sondra own a very successful Cajun restaurant.They recently built their own building and own all of the decorations in the restaurant,along with the equipment needed to run the business.They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment.

Accepted Answer

A) True 
 B)False

Question 8

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

Accepted Answer

A) True 
 B)False

Question 9

The recent lawsuits against the tobacco industry are examples of tort law.

Accepted Answer

A) True 
 B)False

Question 10

__________ often help to pay for highway construction or improvements.

Accepted Answer

A) Sin taxes 
B) Property taxes 
C) Income taxes 
D) Facility taxes 
A) Sin taxes 
B) Property taxes 
C) Income taxes 
D) Facility taxes

Question 11

Common law is the body of law established through legislative action by Congress.

Accepted Answer

A) True 
 B)False

Question 12

Affordable healthcare continues to be a hotly debated topic in the United States.At this time,the government has passed legislation known as the Patient Protection and Affordable Care Act.The legislation's purpose is:

Accepted Answer

A) To reduce the cost of health care insurance for employed citizens who receive a healthcare benefits. 
B) To redirect healthcare costs for the uninsured to the social security system. 
C) To provide government mandatory healthcare for approximately 32 million U.S.citizens who are uninsured. 
D) To provide a means for U.S.citizens to sue their insurance providers for sub-standard hospital care. 
A) To reduce the cost of health care insurance for employed citizens who receive a healthcare benefits. 
B) To redirect healthcare costs for the uninsured to the social security system. 
C) To provide government mandatory healthcare for approximately 32 million U.S.citizens who are uninsured. 
D) To provide a means for U.S.citizens to sue their insurance providers for sub-standard hospital care.

Question 13

You agree to sell your car to your neighbor for $5,000.You and your neighbor have provided each other:

Accepted Answer

A) duress. 
B) consideration. 
C) an endorsement. 
D) an expressed warranty. 
A) duress. 
B) consideration. 
C) an endorsement. 
D) an expressed warranty.

Question 14

The Griggs v.Duke Power Company 1971)case established a precedent on the need to use job-related tests in employment practices.Similar court cases have been decided based on this decision.This is an example of:

Accepted Answer

A) common law. 
B) statutory law. 
C) administrative law. 
D) criminal law. 
A) common law. 
B) statutory law. 
C) administrative law. 
D) criminal law.

Question 15

________ is the process of eliminating laws and regulations that hinder competition.

Accepted Answer

A) Downsizing 
B) Restructuring 
C) Deregulation 
D) Reregulation 
A) Downsizing 
B) Restructuring 
C) Deregulation 
D) Reregulation

Question 16

Another name for "sin tax" is "excise tax."

Accepted Answer

A) True 
 B)False

Question 17

One day as Brian was speaking with one of his customers a shriek went up from the other side of the restaurant.When he rushed over,he found that one of his customers had spilled hot tea on her arm.If this customer was so inclined,she could __________ and the court would likely find in her favor.

Accepted Answer

A) sue Brian for breach of contract 
B) sue the restaurant for negligence 
C) sue the restaurant under statutory law 
D) She can do nothing about this except not go to the restaurant ever again. 
A) sue Brian for breach of contract 
B) sue the restaurant for negligence 
C) sue the restaurant under statutory law 
D) She can do nothing about this except not go to the restaurant ever again.

Question 18

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

Accepted Answer

A) True 
 B)False

Question 19

"Specific performance" means that a person who violates a contract is required to live up to the agreement even if money damages are adequate.

Accepted Answer

A) True 
 B)False

Question 20

When a person's or company's behavior causes unintentional harm or injury to others they are said to be __________ in tort law.

Accepted Answer

A) out-of-control 
B) liable 
C) negligent 
D) purposeful 
A) out-of-control 
B) liable 
C) negligent 
D) purposeful

Exam 21 :test Planning Table for Bonus Exam A

The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.

Under contract law,"duress" means the presence of coercion through force or threat of force.

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Both the airline and telecommunications industries have been deregulated.

The Clayton Act of 1914 prohibits price discrimination.

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

The recent lawsuits against the tobacco industry are examples of tort law.

__________ often help to pay for highway construction or improvements.

Common law is the body of law established through legislative action by Congress.

Affordable healthcare continues to be a hotly debated topic in the United States.At this time,the government has passed legislation known as the Patient Protection and Affordable Care Act.The legislation's purpose is:

You agree to sell your car to your neighbor for $5,000.You and your neighbor have provided each other:

The Griggs v.Duke Power Company 1971)case established a precedent on the need to use job-related tests in employment practices.Similar court cases have been decided based on this decision.This is an example of:

________ is the process of eliminating laws and regulations that hinder competition.

Another name for "sin tax" is "excise tax."

One day as Brian was speaking with one of his customers a shriek went up from the other side of the restaurant.When he rushed over,he found that one of his customers had spilled hot tea on her arm.If this customer was so inclined,she could __________ and the court would likely find in her favor.

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

"Specific performance" means that a person who violates a contract is required to live up to the agreement even if money damages are adequate.

When a person's or company's behavior causes unintentional harm or injury to others they are said to be __________ in tort law.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money,financial Institutions,and the Federal Reserve

Using Technology to Manage Information

Managing Risk

Managing Personal Finances

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