Question 1

Describe bankruptcy and three sections of the Bankruptcy Code.

Accepted Answer

The answer of Describe bankruptcy and three sections of the...

Question 2

James advertises in the newspaper to sell his used car for $6,000.Eric test drove the car and then offered James $5,400 for the car.In this case:

Accepted Answer

A) the two parties have created a legally enforceable contract. 
B) Eric's offer represents an acceptance of the original terms. 
C) there is no agreement and no contract. 
D) there is no agreement,but there is a valid contract.

Question 3

Businesses today prefer to have the government set the standards for acceptable behavior.

Accepted Answer

A) True 
 B)False

Question 4

Explain the difference between statutory law,common law,and business law.

Accepted Answer

The answer of Explain the difference between statutory law,common law,and...

Question 5

Compare and contrast the protection offered by patents,copyrights,and trademarks.

Accepted Answer

The answer of Compare and contrast the protection offered by...

Question 6

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

Question 7

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

Question 8

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence.This suit was based on the legal principle of:

Accepted Answer

A) unintentional torts. 
B) statutory consideration. 
C) strict product liability. 
D) common law.

Question 9

__________ refers to rules,statutes,codes,and regulations established to provide a legal framework within which business may be conducted.

Accepted Answer

A) Common law 
B) Statutory law 
C) Bankruptcy law 
D) Business law

Question 10

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 11

Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law.

Accepted Answer

A) True 
 B)False

Question 12

Allison is concerned that she is not getting full disclosure of information from a mortgage broker who is hoping to refinance the mortgage on her house.Having recently studied business law,you suggest to Allison that she contact the ________________________ that was formed after the Dodd-Frank Wallstreet Reform and Consumer Protection Act became law.

Accepted Answer

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

Question 13

We count on companies to provide us with safe products,and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products.Under ______________,if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their French fries,the company is likely to be required to disclose information on this process to its customers.

Accepted Answer

A) strict product liability 
B) patent infringement 
C) statutory law 
D) trademark law

Question 14

Traditionally,taxes have been used as a source of funding for government operations and programs.

Accepted Answer

A) True 
 B)False

Question 15

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.

Question 16

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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 19

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.

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 21 :test Planning Table for Bonus Exam A

Describe bankruptcy and three sections of the Bankruptcy Code.

James advertises in the newspaper to sell his used car for $6,000.Eric test drove the car and then offered James $5,400 for the car.In this case:

Businesses today prefer to have the government set the standards for acceptable behavior.

Explain the difference between statutory law,common law,and business law.

Compare and contrast the protection offered by patents,copyrights,and trademarks.

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

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

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence.This suit was based on the legal principle of:

__________ refers to rules,statutes,codes,and regulations established to provide a legal framework within which business may be conducted.

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law.

Traditionally,taxes have been used as a source of funding for government operations and programs.

A warranty guarantees that:

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

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

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

The two main purposes of taxes are:

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