Question 1

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter

Accepted Answer

A)  7. 
B)  11. 
C)  13. 
D)  17. 
A)  7. 
B)  11. 
C)  13. 
D)  17.

Question 2

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 3

McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children.

Accepted Answer

A) True 
 B)False

Question 4

The St. Louis County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in St. Louis County, Missouri.

Accepted Answer

A) True 
 B)False

Question 5

Real property is real estate owned by individuals and businesses.

Accepted Answer

A) True 
 B)False

Question 6

________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.

Accepted Answer

A)  Uniform 
B)  Contract 
C)  Express 
D)  Negotiable 
A)  Uniform 
B)  Contract 
C)  Express 
D)  Negotiable

Question 7

The number of personal bankruptcies has

Accepted Answer

A)  significantly decreased as a result of the Bankruptcy Reform Act. 
B)  increased. 
C)  nearly reached the level of business bankruptcies. 
D)  remained unchanged. 
A)  significantly decreased as a result of the Bankruptcy Reform Act. 
B)  increased. 
C)  nearly reached the level of business bankruptcies. 
D)  remained unchanged.

Question 8

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

Accepted Answer

A)  competent parties 
B)  mutual acceptance 
C)  consideration 
D)  legal purpose 
A)  competent parties 
B)  mutual acceptance 
C)  consideration 
D)  legal purpose

Question 9

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

Question 10

A(n) ________ occurs when one party fails to follow the terms of a contract.

Accepted Answer

A)  breach of contract 
B)  discharge of obligation 
C)  obligation failure of enforcement 
D)  infringement of contract 
A)  breach of contract 
B)  discharge of obligation 
C)  obligation failure of enforcement 
D)  infringement of contract

Question 11

A full warranty limits the defects or mechanical problems that are covered in a product.

Accepted Answer

A) True 
 B)False

Question 12

The Nike swoosh and the McDonald's golden arches are examples of corporate trademarks.

Accepted Answer

A) True 
 B)False

Question 13

Contract law is a set of laws that covers sales laws and other commercial laws.

Accepted Answer

A) True 
 B)False

Question 14

Criminal law defines crimes, establishes punishments, and includes payment for personal injury.

Accepted Answer

A) True 
 B)False

Question 15

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

Accepted Answer

A)  employee who created the cartoon character 
B)  employer of the cartoon character's creator 
C)  cartoon characters are not covered by copyright protection 
D)  union that represents the employee 
A)  employee who created the cartoon character 
B)  employer of the cartoon character's creator 
C)  cartoon characters are not covered by copyright protection 
D)  union that represents the employee

Question 16

________ law establishes punishments, and regulates the investigation of people accused of committing crimes.

Accepted Answer

A)  Civil law 
B)  Criminal law 
C)  Appellate law 
D)  Business law 
A)  Civil law 
B)  Criminal law 
C)  Appellate law 
D)  Business law

Question 17

Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.

Accepted Answer

A) True 
 B)False

Question 18

The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act.

Accepted Answer

A) True 
 B)False

Question 19

A(n) ________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Accepted Answer

A)  underground 
B)  substandard 
C)  submarine 
D)  under-the-table 
A)  underground 
B)  substandard 
C)  submarine 
D)  under-the-table

Question 20

Explain two of the major U.S. antitrust laws.

Accepted Answer

Students should choose two from among th

Exam 21: Appendix: Working Within the Legal Environment

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter

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

McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children.

The St. Louis County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in St. Louis County, Missouri.

Real property is real estate owned by individuals and businesses.

________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.

The number of personal bankruptcies has

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

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

A(n) ________ occurs when one party fails to follow the terms of a contract.

A full warranty limits the defects or mechanical problems that are covered in a product.

The Nike swoosh and the McDonald's golden arches are examples of corporate trademarks.

Contract law is a set of laws that covers sales laws and other commercial laws.

Criminal law defines crimes, establishes punishments, and includes payment for personal injury.

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

________ law establishes punishments, and regulates the investigation of people accused of committing crimes.

Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.

The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act.

A(n) ________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Explain two of the major U.S. antitrust laws.

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

Appendix: Using Technology to Manage Information

Appendix: Managing Risk

Appendix: Managing Personal Finances

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