Question 1

In which of the following does the creditor start legal procedures?

Accepted Answer

A)  debtor initiatives 
B)  voluntary bankruptcy 
C)  involuntary bankruptcy 
D)  creditor restructuring 
A)  debtor initiatives 
B)  voluntary bankruptcy 
C)  involuntary bankruptcy 
D)  creditor restructuring

Question 2

Describe bankruptcy and three sections of the Bankruptcy Code.

Accepted Answer

Bankruptcy refers to the legal process b

Question 3

A breach of contract occurs when one party fails to follow the terms of the contract.

Accepted Answer

A) True 
 B)False

Question 4

If I agree to sing at your wedding for free and then don't show up,you may sue me for breach of contract.

Accepted Answer

A) True 
 B)False

Question 5

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

Accepted Answer

A)  required retailers to use false and misleading advertising. 
B)  required retailers to purchase unwanted items in order to purchase desired items. 
C)  forced households to buy wanted products in order to buy a desired product. 
D)  forced competitors into price discrimination agreements. 
A)  required retailers to use false and misleading advertising. 
B)  required retailers to purchase unwanted items in order to purchase desired items. 
C)  forced households to buy wanted products in order to buy a desired product. 
D)  forced competitors into price discrimination agreements.

Question 6

The Dodd-Frank Wallstreet Reform and Consumer Protection Act evolved from the mortgage industry meltdown,which was the consequence of deceptive behavior of professionals on Wall Street and uninformed consumers who risked too much and purchased homes whose future monthly payments were more than they could afford.The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as ____________________.

Accepted Answer

A)  Consumer Financial Protection Bureau (CFP
B) . 
B)  Federal Trade Commission (FT
C) . 
C)  Due Diligence Agency (DD
A) . 
D)  Financial Fairness Consortium (FF
C) . 
A)  Consumer Financial Protection Bureau (CFP
B) . 
B)  Federal Trade Commission (FT
C) . 
C)  Due Diligence Agency (DD
A) . 
D)  Financial Fairness Consortium (FF
C) .

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

Accepted Answer

A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code 
A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code

Question 10

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

Accepted Answer

A) True 
 B)False

Question 11

Under contract law,"duress" means the presence of coercion through force or threat of force.

Accepted Answer

A) True 
 B)False

Question 12

Michael opened a new bakery.He had always admired the cute,friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury,he decided to use it as his company's logo.Not long after Pillsbury sued him for:

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 13

If State University violates its housing contract with a student,the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following do school districts utilize to generate needed funding?

Accepted Answer

A)  sin tax 
B)  sales tax 
C)  property tax 
D)  income tax 
A)  sin tax 
B)  sales tax 
C)  property tax 
D)  income tax

Question 15

The Robinson-Patman Act applies only to business-to-business transactions.

Accepted Answer

A) True 
 B)False

Question 16

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

Accepted Answer

A) True 
 B)False

Question 17

A patent protects an inventor's right to a product or process.

Accepted Answer

A) True 
 B)False

Question 18

The number of personal bankruptcies has:

Accepted Answer

A)  significantly decreased as a result of the Bankruptcy Reform Act. 
B)  increased. 
C)  nearly reached the level of business bankruptcies. 
D)  remained unchangeD. 
A)  significantly decreased as a result of the Bankruptcy Reform Act. 
B)  increased. 
C)  nearly reached the level of business bankruptcies. 
D)  remained unchangeD.

Question 19

Income taxes include taxes paid on real and personal property.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 21: Appendix A: Using Technology to Manage Information

In which of the following does the creditor start legal procedures?

Describe bankruptcy and three sections of the Bankruptcy Code.

A breach of contract occurs when one party fails to follow the terms of the contract.

If I agree to sing at your wedding for free and then don't show up,you may sue me for breach of contract.

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

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

An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising.

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

Under contract law,"duress" means the presence of coercion through force or threat of force.

Michael opened a new bakery.He had always admired the cute,friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury,he decided to use it as his company's logo.Not long after Pillsbury sued him for:

If State University violates its housing contract with a student,the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods.

Which of the following do school districts utilize to generate needed funding?

The Robinson-Patman Act applies only to business-to-business transactions.

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

A patent protects an inventor's right to a product or process.

The number of personal bankruptcies has:

Income taxes include taxes paid on real and personal property.

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

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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