Question 1

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 2

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 3

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

Accepted Answer

A) True 
 B)False

Question 4

Sales taxes are the largest source of tax income received by the federal government.

Accepted Answer

A) True 
 B)False

Question 5

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 6

Chicago's mayor has just signed legislation requiring fire sprinklers in every public school.This is an example of:

Accepted Answer

A) common law. 
B) statutory law. 
C) administrative law. 
D) unwritten law. 
A) common law. 
B) statutory law. 
C) administrative law. 
D) unwritten law.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

"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 9

Over __________ percent of patent applications are approved.

Accepted Answer

A) 40 
B) 50 
C) 60 
D) 70 
A) 40 
B) 50 
C) 60 
D) 70

Question 10

The European Union currently levies certain Internet taxes.

Accepted Answer

A) True 
 B)False

Question 11

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 12

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 13

The Sarbanes-Oxley Act was passed to help allay consumer fears concerning falsified corporate financial statements.

Accepted Answer

A) True 
 B)False

Question 14

A patent gives inventors exclusive rights to their inventions for:

Accepted Answer

A) 20 months. 
B) 17 years. 
C) 20 years. 
D) the lifetime of the inventor plus 50 years. 
A) 20 months. 
B) 17 years. 
C) 20 years. 
D) the lifetime of the inventor plus 50 years.

Question 15

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 16

Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following can review and,when necessary,overturn decisions made at the trial court level?

Accepted Answer

A) administrative agencies 
B) appellate courts 
C) arbitration judges 
D) statutory agencies 
A) administrative agencies 
B) appellate courts 
C) arbitration judges 
D) statutory agencies

Question 18

The number of Americans filing for bankruptcy each year has increased since the late 1980s.

Accepted Answer

A) True 
 B)False

Question 19

When the California electric power industry was deregulated in the late 1990s customers were able to shop for electricity in a market packed with power suppliers competing for business.

Accepted Answer

A) True 
 B)False

Question 20

One purpose of the Robinson-Patman Act is to outlaw price differences that "substantially" weaken competition.

Accepted Answer

A) True 
 B)False

Exam 24: Appendix: Working Within the Legal Environment

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

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

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

Sales taxes are the largest source of tax income received by the federal government.

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

Chicago's mayor has just signed legislation requiring fire sprinklers in every public school.This is an example of:

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

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

Over __________ percent of patent applications are approved.

The European Union currently levies certain Internet taxes.

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

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

The Sarbanes-Oxley Act was passed to help allay consumer fears concerning falsified corporate financial statements.

A patent gives inventors exclusive rights to their inventions for:

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

Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years.

Which of the following can review and,when necessary,overturn decisions made at the trial court level?

The number of Americans filing for bankruptcy each year has increased since the late 1980s.

When the California electric power industry was deregulated in the late 1990s customers were able to shop for electricity in a market packed with power suppliers competing for business.

One purpose of the Robinson-Patman Act is to outlaw price differences that "substantially" weaken competition.

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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