Question 1

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is considered as a cause for the significant increase in bankruptcies?

Accepted Answer

A)  a decrease in the understanding of bankruptcy law 
B)  a decrease in the price to complete the process by bankruptcy lawyers 
C)  an increase in the number of involuntary bankruptcy cases initiated by creditors 
D)  an increase in the ease with which some consumers can get credit 
A)  a decrease in the understanding of bankruptcy law 
B)  a decrease in the price to complete the process by bankruptcy lawyers 
C)  an increase in the number of involuntary bankruptcy cases initiated by creditors 
D)  an increase in the ease with which some consumers can get credit

Question 3

The remedy for a tort is

Accepted Answer

A)  imprisonment. 
B)  a breach of contract. 
C)  bankruptcy. 
D)  monetary compensation. 
A)  imprisonment. 
B)  a breach of contract. 
C)  bankruptcy. 
D)  monetary compensation.

Question 4

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 5

The two main purposes of taxes are

Accepted Answer

A)  to raise money for taxpayers and to encourage foreign governments to behave in certain ways. 
B)  to raise money for government funding and to encourage or discourage certain taxpayer behaviors. 
C)  to encourage businesses to make a profit and encourage foreign governments to invest in the U.S. 
D)  to strengthen monetary and fiscal policies. 
A)  to raise money for taxpayers and to encourage foreign governments to behave in certain ways. 
B)  to raise money for government funding and to encourage or discourage certain taxpayer behaviors. 
C)  to encourage businesses to make a profit and encourage foreign governments to invest in the U.S. 
D)  to strengthen monetary and fiscal policies.

Question 6

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

Question 7

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

Accepted Answer

A) True 
 B)False

Question 8

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to

Accepted Answer

A)  cigarettes and liquor. 
B)  sports cars. 
C)  white bread. 
D)  diet soft drinks. 
A)  cigarettes and liquor. 
B)  sports cars. 
C)  white bread. 
D)  diet soft drinks.

Question 9

Businesses today prefer to have the government set the standards for acceptable behavior.

Accepted Answer

A) True 
 B)False

Question 10

Exclusive dealing means selling goods with the condition that the buyer will not buy goods from a competitor.

Accepted Answer

A) True 
 B)False

Question 11

Explain the difference between statutory law, common law, and business law.

Accepted Answer

Statutory law includes state and federal

Question 12

The Federal Trade Commission (FTC) deals with issues such as preventing companies from making misleading "Made in the USA" claims.

Accepted Answer

A) True 
 B)False

Question 13

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

Accepted Answer

A) True 
 B)False

Question 14

When the airline industry was deregulated, consumers benefited because airlines established new routes and charged lower fares.

Accepted Answer

A) True 
 B)False

Question 15

Under the doctrine of strict product liability, a manufacturer can be held liable

Accepted Answer

A)  even if when the product was introduced everyone agreed it was safe. 
B)  only if the firm knowingly sold a hazardous product. 
C)  only if the firm purposefully was negligent in the design or production of the product. 
D)  only if the firm intentionally introduced a defective product. 
A)  even if when the product was introduced everyone agreed it was safe. 
B)  only if the firm knowingly sold a hazardous product. 
C)  only if the firm purposefully was negligent in the design or production of the product. 
D)  only if the firm intentionally introduced a defective product.

Question 16

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

Accepted Answer

A) True 
 B)False

Question 17

Describe bankruptcy and three sections of the Bankruptcy Code.

Accepted Answer

Bankruptcy refers to the legal process b

Question 18

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe.

Accepted Answer

A) True 
 B)False

Question 19

The Environmental Protection Agency is an example of a(n)

Accepted Answer

A)  common law agency. 
B)  statutory judicial agency. 
C)  private placement agency. 
D)  administrative agency. 
A)  common law agency. 
B)  statutory judicial agency. 
C)  private placement agency. 
D)  administrative agency.

Question 20

Which of the following established a government agency to enforce the laws regulating unfair competition?

Accepted Answer

A)  Clayton Act 
B)  Sherman Act 
C)  Federal Trade Commission Act 
D)  Robinson-Patman Act 
A)  Clayton Act 
B)  Sherman Act 
C)  Federal Trade Commission Act 
D)  Robinson-Patman Act

Exam 21: Working Within the Legal Environment

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

Which of the following is considered as a cause for the significant increase in bankruptcies?

The remedy for a tort is

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

The two main purposes of taxes are

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

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to

Businesses today prefer to have the government set the standards for acceptable behavior.

Exclusive dealing means selling goods with the condition that the buyer will not buy goods from a competitor.

Explain the difference between statutory law, common law, and business law.

The Federal Trade Commission (FTC) deals with issues such as preventing companies from making misleading "Made in the USA" claims.

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

When the airline industry was deregulated, consumers benefited because airlines established new routes and charged lower fares.

Under the doctrine of strict product liability, a manufacturer can be held liable

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

Describe bankruptcy and three sections of the Bankruptcy Code.

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe.

The Environmental Protection Agency is an example of a(n)

Which of the following established a government agency to enforce the laws regulating unfair competition?

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 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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