Question 1

You verbally promise to pay your sister tomorrow the $25 that you owe her.This promise however,is not a negotiable instrument because:

Accepted Answer

A)  it is not in writing. 
B)  it is not payable at a specific time. 
C)  it is not a promise to pay a specific amount. 
D)  it does not contain an unconditional promise.

Question 2

The most popular form of bankruptcy among individuals is Chapter 11.

Accepted Answer

A) True 
 B)False

Question 3

__________ 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 4

A "tying contract" requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

Accepted Answer

A) True 
 B)False

Question 5

Though high-profile business bankruptcies such as Borders and Blockbuster dominate the news,over 90 percent of bankruptcy filings each year are by individuals.

Accepted Answer

A) True 
 B)False

Question 6

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Accepted Answer

A) True 
 B)False

Question 7

You and your boss agree to terminate your employment contract because you want to devote more time to school.This breach of contract would likely be resolved by:

Accepted Answer

A)  a specific performance requirement. 
B)  the payment of damages. 
C)  a judge. 
D)  a discharge of obligation.

Question 8

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 9

Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must:

Accepted Answer

A)  be signed in approval by a third party. 
B)  contain a conditional promise to pay. 
C)  be a promise to pay a specified amount of money. 
D)  be an oral agreement between two or more parties.

Question 10

Money collected from excise taxes goes toward a specific purpose.

Accepted Answer

A) True 
 B)False

Question 11

Negotiable instruments provide a conditional promise to pay a specified amount of money.

Accepted Answer

A) True 
 B)False

Question 12

The intent of a patent is to:

Accepted Answer

A)  increase competition in the marketplace. 
B)  reward innovation and hard work of inventors. 
C)  slow the growth of monopolies. 
D)  encourage copycat inventions.

Question 13

Big Buxx National Bank has decided to change its advertising campaign.In the new campaign it will announce that the bank has the lowest bank fees in the country even though it has not done research to discover whether this is,in fact,true.Business law is the framework within which a competitor could take Big Buxx to court in the event its claims are not true.

Accepted Answer

A) True 
 B)False

Question 14

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.

Accepted Answer

A) True 
 B)False

Question 15

Lower courts must abide by the precedents set by higher courts.

Accepted Answer

A) True 
 B)False

Question 16

In order for a contract to be legal,mutual acceptance is achieved when one party is under duress.

Accepted Answer

A) True 
 B)False

Question 17

Regulations covering sales,checks,bank deposits and bills of lading are contained in the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 18

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed a(n):

Accepted Answer

A)  obligation violation. 
B)  breach of contract. 
C)  termination by association. 
D)  nonperformance endorsement.

Exam 21: Appendix A: Using Technology to Manage Information

You verbally promise to pay your sister tomorrow the $25 that you owe her.This promise however,is not a negotiable instrument because:

The most popular form of bankruptcy among individuals is Chapter 11.

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

A "tying contract" requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

Though high-profile business bankruptcies such as Borders and Blockbuster dominate the news,over 90 percent of bankruptcy filings each year are by individuals.

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

You and your boss agree to terminate your employment contract because you want to devote more time to school.This breach of contract would likely be resolved by:

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.

Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must:

Money collected from excise taxes goes toward a specific purpose.

Negotiable instruments provide a conditional promise to pay a specified amount of money.

The intent of a patent is to:

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.

Lower courts must abide by the precedents set by higher courts.

In order for a contract to be legal,mutual acceptance is achieved when one party is under duress.

Regulations covering sales,checks,bank deposits and bills of lading are contained in the Uniform Commercial Code.

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

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

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed a(n) :