Question 1

__________ often help to pay for highway construction or improvements.

Accepted Answer

A)  Sin taxes 
B)  Property taxes 
C)  Income taxes 
D)  Facility taxes 
A)  Sin taxes 
B)  Property taxes 
C)  Income taxes 
D)  Facility taxes A

Question 2

When Sears agrees to replace or repair your defective treadmill at no charge to you,Sears is fulfilling a full warranty on your treadmill.

Accepted Answer

A) True 
 B)False  True

Question 3

A tax credit is a document that increases a tax bill.

Accepted Answer

A) True 
 B)False  False

Question 4

One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty.This means that:

Accepted Answer

A)  the mixer is guaranteed to last for 10 years with normal use. 
B)  the mixer will make wonderful baked goods as well as pasta. 
C)  the mixer will be repaired or replaced at no charge if it is defective. 
D)  only the motor is covered by the mixer manufacturer. 
A)  the mixer is guaranteed to last for 10 years with normal use. 
B)  the mixer will make wonderful baked goods as well as pasta. 
C)  the mixer will be repaired or replaced at no charge if it is defective. 
D)  only the motor is covered by the mixer manufacturer.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

What is the Uniform Commercial Code and why is it important?

Accepted Answer

The Uniform Commercial Code (UCC)is a co

Question 8

Which of the following is a condition required for a legally binding contract?

Accepted Answer

A)  discharge of obligation 
B)  warranty 
C)  mutual acceptance 
D)  duress 
A)  discharge of obligation 
B)  warranty 
C)  mutual acceptance 
D)  duress

Question 9

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 10

The warranty you receive in the box with your new DVD is a(n):

Accepted Answer

A)  implied warranty. 
B)  express warranty. 
C)  uniform warranty. 
D)  commercial warranty. 
A)  implied warranty. 
B)  express warranty. 
C)  uniform warranty. 
D)  commercial warranty.

Question 11

Mark and Barry own the Warehouse Liquor Store in town.They are careful to pay all of their taxes in full and on time.Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor.Barry and Mark are upset about this because:

Accepted Answer

A)  they will certainly have to pay more taxes. 
B)  people will likely buy less cigarettes and liquor from them. 
C)  the government has increased the sales tax. 
D)  their personal property tax will now increase. 
A)  they will certainly have to pay more taxes. 
B)  people will likely buy less cigarettes and liquor from them. 
C)  the government has increased the sales tax. 
D)  their personal property tax will now increase.

Question 12

It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

Accepted Answer

A) True 
 B)False

Question 13

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

Accepted Answer

A) True 
 B)False

Question 14

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

Accepted Answer

A) True 
 B)False

Question 15

When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you,he has endorsed the check,and you may deposit it in your checking account.

Accepted Answer

A) True 
 B)False

Question 16

The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following prohibits monopolies,attempts to monopolize,and any restraint of trade?

Accepted Answer

A)  Clayton Act 
B)  Sherman Act 
C)  Robinson-Patman Act 
D)  Wheeler-Lea Amendment 
A)  Clayton Act 
B)  Sherman Act 
C)  Robinson-Patman Act 
D)  Wheeler-Lea Amendment

Question 18

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

Accepted Answer

A) True 
 B)False

Question 19

Submarine patents are primarily designed to generate large patent royalties for their owners.

Accepted Answer

A) True 
 B)False

Question 20

In 2011,NYSE Euronext and ICE Group (one of the largest stock exchanges in the world)was warding off a hostile takeover bid by NASDAQ OMX,another U.S.-based stock exchange.NASDAQ OMX's intention was to break up NYSE Euronext after the acquisition.The NYSE-NASDAQ merger would have created the largest stock exchange in the world.To avoid an acquisition by NASDAQ OMX,the NYSE Euronext could have made a case that:

Accepted Answer

A)  When acquiring a large firm,it is illegal to break up a large conglomerate that has been in business for over a year. 
B)  Combining NYSE with NASDAQ would never survive anti-trust scrutiny. 
C)  After payoff,the acquired firm's stockholders are never permitted to purchase the stock of the newly formed com. 
D)  The acquiring firm never pays the acquired firm stockholders what it promiseD. 
A)  When acquiring a large firm,it is illegal to break up a large conglomerate that has been in business for over a year. 
B)  Combining NYSE with NASDAQ would never survive anti-trust scrutiny. 
C)  After payoff,the acquired firm's stockholders are never permitted to purchase the stock of the newly formed com. 
D)  The acquiring firm never pays the acquired firm stockholders what it promiseD.

Exam 21: Appendix A: Using Technology to Manage Information

__________ often help to pay for highway construction or improvements.

When Sears agrees to replace or repair your defective treadmill at no charge to you,Sears is fulfilling a full warranty on your treadmill.

A tax credit is a document that increases a tax bill.

One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty.This means that:

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

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

What is the Uniform Commercial Code and why is it important?

Which of the following is a condition required for a legally binding contract?

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

The warranty you receive in the box with your new DVD is a(n):

Mark and Barry own the Warehouse Liquor Store in town.They are careful to pay all of their taxes in full and on time.Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor.Barry and Mark are upset about this because:

It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you,he has endorsed the check,and you may deposit it in your checking account.

The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

Which of the following prohibits monopolies,attempts to monopolize,and any restraint of trade?

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

Submarine patents are primarily designed to generate large patent royalties for their owners.

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

Appendix B: Managing Risk

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