Question 1

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

Accepted Answer

A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code 
A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code

Question 2

The warranty you receive in the box with your new Bluray is a(n):

Accepted Answer

A)  implied warranty. 
B)  express warranty. 
C)  uniform warranty. 
D)  commercial warranty. 
A)  implied warranty. 
B)  express warranty. 
C)  uniform warranty. 
D)  commercial warranty.

Question 3

One of the benefits that deregulation is supposed to provide to customers is:

Accepted Answer

A)  fewer choices. 
B)  reduced prices. 
C)  less quality. 
D)  improved government oversight. 
A)  fewer choices. 
B)  reduced prices. 
C)  less quality. 
D)  improved government oversight.

Question 4

A(n) __________ tort is a willful act that results in injury.

Accepted Answer

A)  negligent 
B)  intentional 
C)  common 
D)  statutory 
A)  negligent 
B)  intentional 
C)  common 
D)  statutory

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

Accepted Answer

A) True 
 B)False

Question 7

Statutory law refers to written legislation.

Accepted Answer

A) True 
 B)False

Question 8

Under contract law, an agreement for the sale of goods worth $50 or more must be in writing.

Accepted Answer

A) True 
 B)False

Question 9

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 10

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

Accepted Answer

A) True 
 B)False

Question 11

A tying contract requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

Accepted Answer

A) True 
 B)False

Question 12

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 13

James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In this case:

Accepted Answer

A)  the two parties have created a legally enforceable contract. 
B)  Eric's offer represents an acceptance of the original terms. 
C)  there is no agreement and no contract. 
D)  there is no agreement, but there is a valid contract. 
A)  the two parties have created a legally enforceable contract. 
B)  Eric's offer represents an acceptance of the original terms. 
C)  there is no agreement and no contract. 
D)  there is no agreement, but there is a valid contract.

Question 14

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

Accepted Answer

A)  required retailers to use false and misleading advertising. 
B)  required retailers to purchase unwanted items in order to purchase desired items. 
C)  forced households to buy wanted products in order to buy a desired product. 
D)  forced competitors into price discrimination agreements. 
A)  required retailers to use false and misleading advertising. 
B)  required retailers to purchase unwanted items in order to purchase desired items. 
C)  forced households to buy wanted products in order to buy a desired product. 
D)  forced competitors into price discrimination agreements.

Question 15

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Accepted Answer

A) True 
 B)False

Question 16

Describe bankruptcy and three sections of the Bankruptcy Code.

Accepted Answer

Bankruptcy refers to the legal process b

Question 17

The Robinson-Patman Act applies only to business-to-business transactions.

Accepted Answer

A) True 
 B)False

Question 18

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

Accepted Answer

A) True 
 B)False

Question 19

A contract is a legally enforceable agreement between two or more parties.

Accepted Answer

A) True 
 B)False

Question 20

Laws regulating marriage and personal injury liability are part of our body of criminal law.

Accepted Answer

A) True 
 B)False

Exam 22: Extension: Working Within the Legal Environment

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

The warranty you receive in the box with your new Bluray is a(n):

One of the benefits that deregulation is supposed to provide to customers is:

A(n) __________ tort is a willful act that results in injury.

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

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

Statutory law refers to written legislation.

Under contract law, an agreement for the sale of goods worth $50 or more must be in writing.

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

A tying contract requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

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

James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In this case:

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Describe bankruptcy and three sections of the Bankruptcy Code.

The Robinson-Patman Act applies only to business-to-business transactions.

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

A contract is a legally enforceable agreement between two or more parties.

Laws regulating marriage and personal injury liability are part of our body of criminal 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

Managing the Marketing Mix: Product, Price, Place and Promotion

Extension: Using Technology to Manage Information

Extension: Managing Risk

Extension: Managing Personal Finances

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