Question 1

The United States is a federalist system,meaning ________.

Accepted Answer

A)  the national government has complete authority 
B)  the fifty states have no autonomy 
C)  only the U.S. government is divided into executive, legislative, and judicial branches 
D)  states don't have written constitutions 
E)  there is government authority at both the national and state levels 
A)  the national government has complete authority 
B)  the fifty states have no autonomy 
C)  only the U.S. government is divided into executive, legislative, and judicial branches 
D)  states don't have written constitutions 
E)  there is government authority at both the national and state levels

Question 2

Regulatory bodies like the SEC and the FTC have the power to pass ________ law.

Accepted Answer

A)  constitutional 
B)  statutory 
C)  administrative 
D)  common 
E)  case 
A)  constitutional 
B)  statutory 
C)  administrative 
D)  common 
E)  case

Question 3

________ form the basis for much personal and business interaction,including when a company hires another company or individual to do work for them or when property is bought and sold.

Accepted Answer

A)  Contracts 
B)  Precedents 
C)  Principles 
D)  Codes 
E)  Courts 
A)  Contracts 
B)  Precedents 
C)  Principles 
D)  Codes 
E)  Courts

Question 4

Why did the FTC block the merger of Staples and Office Depot?

Accepted Answer

A)  The merger would have resulted in new efficiencies by combining operations. 
B)  The merger would have increased the number of competing stores in some parts of the country. 
C)  The merger would have allowed for higher pricing, costing consumers millions of dollars. 
D)  The merger would have resulted in a decrease in the variety and quality of products offered to consumers. 
E)  The merger would have made it easier for other competitors to enter the market. 
A)  The merger would have resulted in new efficiencies by combining operations. 
B)  The merger would have increased the number of competing stores in some parts of the country. 
C)  The merger would have allowed for higher pricing, costing consumers millions of dollars. 
D)  The merger would have resulted in a decrease in the variety and quality of products offered to consumers. 
E)  The merger would have made it easier for other competitors to enter the market.

Question 5

Which of the following does NOT apply to intellectual property law?

Accepted Answer

A)  patents 
B)  trademarks 
C)  copyrights 
D)  trade secrets 
E)  negotiable instruments 
A)  patents 
B)  trademarks 
C)  copyrights 
D)  trade secrets 
E)  negotiable instruments

Question 6

The Fair Labor Standards Act regulates standards for wages and overtime pay.

Accepted Answer

A) True 
 B)False

Question 7

If McDonald's and Burger King were planning a merger,the Federal Trade Commission (FTC)would monitor this activity.

Accepted Answer

A) True 
 B)False

Question 8

What government body was established in 1970 to "protect human health and the environment?"

Accepted Answer

A)  FTC 
B)  EPA 
C)  UCC 
D)  DMCA 
E)  OSHA 
A)  FTC 
B)  EPA 
C)  UCC 
D)  DMCA 
E)  OSHA

Question 9

Truth-in-advertising rules include laws that mandate that food products have specific nutritional and product information.

Accepted Answer

A) True 
 B)False

Question 10

What is the FTC's interest in mergers?

Accepted Answer

The FTC monitors mergers to ensure that

Question 11

Common law ________.

Accepted Answer

A)  is the highest law in the land 
B)  is the written text of the Bill of Rights 
C)  falls under the jurisdiction of the President 
D)  is created by the judicial branch 
E)  is also known as statutory law 
A)  is the highest law in the land 
B)  is the written text of the Bill of Rights 
C)  falls under the jurisdiction of the President 
D)  is created by the judicial branch 
E)  is also known as statutory law

Question 12

The legal framework in which business is conducted is called business law.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is NOT one of the sources of law?

Accepted Answer

A)  executive 
B)  constitutional 
C)  statutory 
D)  administrative 
E)  case 
A)  executive 
B)  constitutional 
C)  statutory 
D)  administrative 
E)  case

Question 14

What was the first American antitrust law?

Accepted Answer

A)  the UCC 
B)  the Federal Trade Commission Act 
C)  the Clayton Antitrust Act 
D)  the Sherman Act 
E)  the Bureau of Competition Act 
A)  the UCC 
B)  the Federal Trade Commission Act 
C)  the Clayton Antitrust Act 
D)  the Sherman Act 
E)  the Bureau of Competition Act

Question 15

Which of the following regulates the fiduciary responsibilities of unions to its members?

Accepted Answer

A)  Fair Labor Standards Act 
B)  Labor-Management Reporting and Disclosure Act 
C)  Workers Compensation 
D)  Employee Retirement Income Security Act 
E)  Occupational Safety and Health Act 
A)  Fair Labor Standards Act 
B)  Labor-Management Reporting and Disclosure Act 
C)  Workers Compensation 
D)  Employee Retirement Income Security Act 
E)  Occupational Safety and Health Act

Question 16

Which of the following is an example of the acceptance of an offer?

Accepted Answer

A)  a handshake 
B)  a price 
C)  an advertisement 
D)  a trade 
E)  capacity 
A)  a handshake 
B)  a price 
C)  an advertisement 
D)  a trade 
E)  capacity

Question 17

Which of the following is NOT covered under copyright law?

Accepted Answer

A)  a song 
B)  a poem 
C)  a painting 
D)  a logo 
E)  a play 
A)  a song 
B)  a poem 
C)  a painting 
D)  a logo 
E)  a play

Question 18

________ is most often associated with manufacturing defects,design or marketing defects,and a failure to warn.

Accepted Answer

A)  Intentional tort 
B)  Negligence 
C)  Product liability 
D)  Uniform commercial code 
E)  Patents 
A)  Intentional tort 
B)  Negligence 
C)  Product liability 
D)  Uniform commercial code 
E)  Patents

Question 19

In 2010,U.S.businesses spent ________ on advertising.

Accepted Answer

A)  $279 million 
B)  $27.9 billion 
C)  $279 billion 
D)  $2.79 trillion 
E)  $27.9 trillion 
A)  $279 million 
B)  $27.9 billion 
C)  $279 billion 
D)  $2.79 trillion 
E)  $27.9 trillion

Question 20

Statutory law is ________.

Accepted Answer

A)  the written text of the U.S. Constitution 
B)  written law determined by the legislative branch of the government 
C)  the written text of the Bill of Rights 
D)  unwritten but applied law 
E)  written by judges who try important cases 
A)  the written text of the U.S. Constitution 
B)  written law determined by the legislative branch of the government 
C)  the written text of the Bill of Rights 
D)  unwritten but applied law 
E)  written by judges who try important cases

Exam 17: Business Law

The United States is a federalist system,meaning ________.

Regulatory bodies like the SEC and the FTC have the power to pass ________ law.

________ form the basis for much personal and business interaction,including when a company hires another company or individual to do work for them or when property is bought and sold.

Why did the FTC block the merger of Staples and Office Depot?

Which of the following does NOT apply to intellectual property law?

The Fair Labor Standards Act regulates standards for wages and overtime pay.

If McDonald's and Burger King were planning a merger,the Federal Trade Commission (FTC)would monitor this activity.

What government body was established in 1970 to "protect human health and the environment?"

Truth-in-advertising rules include laws that mandate that food products have specific nutritional and product information.

What is the FTC's interest in mergers?

Common law ________.

The legal framework in which business is conducted is called business law.

Which of the following is NOT one of the sources of law?

What was the first American antitrust law?

Which of the following regulates the fiduciary responsibilities of unions to its members?

Which of the following is an example of the acceptance of an offer?

Which of the following is NOT covered under copyright law?

________ is most often associated with manufacturing defects,design or marketing defects,and a failure to warn.

In 2010,U.S.businesses spent ________ on advertising.

Statutory law is ________.

Business Basics

Economics and Banking

Ethics in Business

Business in a Global Economy

Small Business and the Entrepreneur

Forms of Business Ownership

Business Management and Organization

Motivation, Leadership, and Teamwork

Human Resource Management

Online Business and Technology

Production, operations, and the Supply Chain

Marketing and Consumer Behavior

Product Development and Pricing Strategies

Promotion and Distribution

Financing and Tracking Business Operations

Investment Opportunities in the Securities Market

Constructing an Effective Business Plan

Business Communications

Finding a Job

Personal Finance

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