Question 1

Under the doctrine of strict product liability,a manufacturer can be held liable:

Accepted Answer

A) even if when the product was introduced everyone agreed it was safe. 
B) only if the firm knowingly sold a hazardous product. 
C) only if the firm purposefully was negligent in the design or production of the product. 
D) only if the firm intentionally introduced a defective product. 
A) even if when the product was introduced everyone agreed it was safe. 
B) only if the firm knowingly sold a hazardous product. 
C) only if the firm purposefully was negligent in the design or production of the product. 
D) only if the firm intentionally introduced a defective product.

Question 2

Real property is real estate owned by individuals and businesses.

Accepted Answer

A) True 
 B)False

Question 3

The regulation of marriages and payments for personal injuries is covered by:

Accepted Answer

A) civil law. 
B) criminal law. 
C) appellate law. 
D) legislative law. 
A) civil law. 
B) criminal law. 
C) appellate law. 
D) legislative law.

Question 4

The warranty you receive in the box with a DVD player is an implied warranty.

Accepted Answer

A) True 
 B)False

Question 5

Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case.

Accepted Answer

A) True 
 B)False

Question 6

The recording industry's legal action against individuals who download music without paying involves the infringement of a copyright.

Accepted Answer

A) True 
 B)False

Question 7

An intentional tort is a willful act that results in injury.

Accepted Answer

A) True 
 B)False

Question 8

Statutory law refers to written legislation.

Accepted Answer

A) True 
 B)False

Question 9

The warranty you receive in the box with an iPod is an express warranty.

Accepted Answer

A) True 
 B)False

Question 10

case established a precedent on the need to use job-related tests in employment practices.Similar court cases have been decided based on this decision.This is an example of:

Accepted Answer

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

Question 11

Without the permission of the inventor,Cheatum Automobile Manufacturing copied the engine design of an innovative competitor.Cheatum is guilty of:

Accepted Answer

A) corporate liability. 
B) trademark infringement. 
C) profit minimization. 
D) patent infringement. 
A) corporate liability. 
B) trademark infringement. 
C) profit minimization. 
D) patent infringement.

Question 12

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to:

Accepted Answer

A) beer. 
B) sports cars. 
C) white bread. 
D) diet soft drinks. 
A) beer. 
B) sports cars. 
C) white bread. 
D) diet soft drinks.

Question 13

The Environmental Protection Agency is an example of a(n):

Accepted Answer

A) common law agency. 
B) statutory judicial agency. 
C) private placement agency. 
D) administrative agency. 
A) common law agency. 
B) statutory judicial agency. 
C) private placement agency. 
D) administrative agency.

Question 14

Decisions made by judges in previous cases are an important part of common law.

Accepted Answer

A) True 
 B)False

Question 15

Both the airline and telecommunications industries have been deregulated.

Accepted Answer

A) True 
 B)False

Question 16

The Bankruptcy Reform Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy.

Accepted Answer

A) True 
 B)False

Question 17

Congress prohibited discrimination against people with physical disabilities when they enacted the Americans with Disabilities Act.This is an example of common law.

Accepted Answer

A) True 
 B)False

Question 18

A warranty guarantees that:

Accepted Answer

A) the seller will replace or repair the product at no charge if the customer finds a cheaper substitute. 
B) the buyer has read and understood the information provided in the owner's manual. 
C) consumers will have access to a customer complaint resolution hot line. 
D) the product sold will be acceptable for the purpose for which the buyer intends to use it. 
A) the seller will replace or repair the product at no charge if the customer finds a cheaper substitute. 
B) the buyer has read and understood the information provided in the owner's manual. 
C) consumers will have access to a customer complaint resolution hot line. 
D) the product sold will be acceptable for the purpose for which the buyer intends to use it.

Question 19

A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors.

Accepted Answer

A) True 
 B)False

Question 20

The recent lawsuits against the tobacco industry are examples of tort law.

Accepted Answer

A) True 
 B)False

Exam 24: Appendix: Working Within the Legal Environment

Under the doctrine of strict product liability,a manufacturer can be held liable:

Real property is real estate owned by individuals and businesses.

The regulation of marriages and payments for personal injuries is covered by:

The warranty you receive in the box with a DVD player is an implied warranty.

Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case.

The recording industry's legal action against individuals who download music without paying involves the infringement of a copyright.

An intentional tort is a willful act that results in injury.

Statutory law refers to written legislation.

The warranty you receive in the box with an iPod is an express warranty.

case established a precedent on the need to use job-related tests in employment practices.Similar court cases have been decided based on this decision.This is an example of:

Without the permission of the inventor,Cheatum Automobile Manufacturing copied the engine design of an innovative competitor.Cheatum is guilty of:

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to:

The Environmental Protection Agency is an example of a(n):

Decisions made by judges in previous cases are an important part of common law.

Both the airline and telecommunications industries have been deregulated.

The Bankruptcy Reform Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy.

Congress prohibited discrimination against people with physical disabilities when they enacted the Americans with Disabilities Act.This is an example of common law.

A warranty guarantees that:

A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors.

The recent lawsuits against the tobacco industry are examples of tort law.

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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