Question 1

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

Accepted Answer

A) warranty 
B) negotiable instrument 
C) contract 
D) combination 
A) warranty 
B) negotiable instrument 
C) contract 
D) combination

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The Clayton Act prohibits interlocking directorates.

Accepted Answer

A) True 
 B)False

Question 4

An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations.

Accepted Answer

A) True 
 B)False

Question 5

The purpose of the Sherman Antitrust Act was to:

Accepted Answer

A) encourage competition by restraining the growth of monopolies. 
B) standardize the level of competition. 
C) encourage the growth of large-scale efficiency found in big businesses. 
D) minimize the inconsistency of multiple dealers of a single product. 
A) encourage competition by restraining the growth of monopolies. 
B) standardize the level of competition. 
C) encourage the growth of large-scale efficiency found in big businesses. 
D) minimize the inconsistency of multiple dealers of a single product.

Question 6

The Class Action Fairness Act is a first step toward setting limits on the amount of damages for which companies are liable should their products harm consumers.

Accepted Answer

A) True 
 B)False

Question 7

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 8

Requiring a retailer to carry Performance Tires in order to sell Performance Batteries is prohibited by the Robinson-Patman Act.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is the most likely response to the corporate scandals of firms like Enron?

Accepted Answer

A) The government will continue to deregulate businesses. 
B) New laws will be passed to protect investors and workers. 
C) Competition will increase providing greater value for consumers. 
D) There will be a decrease in the number of lawyers nationwide. 
A) The government will continue to deregulate businesses. 
B) New laws will be passed to protect investors and workers. 
C) Competition will increase providing greater value for consumers. 
D) There will be a decrease in the number of lawyers nationwide.

Question 10

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 11

John Fielder is a renowned photographer of the Colorado Rocky Mountain region.Each of his works is copyrighted.This means that anyone can use his photos so long as they give Mr.Fielder notice.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor.

Accepted Answer

A) True 
 B)False

Question 14

The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price.

Accepted Answer

A) True 
 B)False

Question 15

In order to be legally binding,a contract must be a written agreement between two or more parties.

Accepted Answer

A) True 
 B)False

Question 16

With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

Accepted Answer

A) True 
 B)False

Question 17

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Accepted Answer

Tort law is an example of common law.A t

Exam 24: Appendix: Working Within the Legal Environment

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

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

The Clayton Act prohibits interlocking directorates.

An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations.

The purpose of the Sherman Antitrust Act was to:

The Class Action Fairness Act is a first step toward setting limits on the amount of damages for which companies are liable should their products harm consumers.

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

Requiring a retailer to carry Performance Tires in order to sell Performance Batteries is prohibited by the Robinson-Patman Act.

Which of the following is the most likely response to the corporate scandals of firms like Enron?

The two main purposes of taxes are:

John Fielder is a renowned photographer of the Colorado Rocky Mountain region.Each of his works is copyrighted.This means that anyone can use his photos so long as they give Mr.Fielder notice.

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

In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor.

The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price.

In order to be legally binding,a contract must be a written agreement between two or more parties.

With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding How Economics 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

Adapting Organizations to Todays Markets

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employee-Management Issues and Relationships

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

Bonus A: Using Technology to Manage Information

Bonus B: Managing Risk

Bonus C: Managing Your Personal Finances

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