Question 1

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

Accepted Answer

A)   cigarettes and liquor.
B)   sports cars.
C)   white bread.
D)   diet soft drinks.E) All of the above
F) B) and C)

Question 2

Exclusive dealing means selling goods with the condition that the buyer will not buy goods from a competitor.

Accepted Answer

A) True 
 B)False

Question 3

Describe bankruptcy and three sections of the Bankruptcy Code.

Accepted Answer

Bankruptcy refers to the legal process b...

Question 4

The remedy for a tort is

Accepted Answer

A)   imprisonment.
B)   a breach of contract.
C)   bankruptcy.
D)   monetary compensation.E) A) and D)
F) All of the above

Question 5

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

Accepted Answer

A) True 
 B)False

Question 6

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe.

Accepted Answer

A) True 
 B)False

Question 7

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following established a government agency to enforce the laws regulating unfair competition?

Accepted Answer

A)   Clayton Act
B)   Sherman Act
C)   Federal Trade Commission Act
D)   Robinson-Patman ActE) A) and B)
F) C) and D)

Question 9

Which of the following is considered as a cause for the significant increase in bankruptcies?

Accepted Answer

A)   a decrease in the understanding of bankruptcy law
B)   a decrease in the price to complete the process by bankruptcy lawyers
C)   an increase in the number of involuntary bankruptcy cases initiated by creditors
D)   an increase in the ease with which some consumers can get creditE) A) and B)
F) All of the above

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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.E) None of the above
F) B) and D)

Question 15

When the airline industry was deregulated, consumers benefited because airlines established new routes and charged lower fares.

Accepted Answer

A) True 
 B)False

Question 16

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.E) B) and D)
F) A) and B)

Question 17

When a person's or company's behavior causes unintentional harm or injury to others they are said to be ________ in tort law.

Accepted Answer

A)   out-of-control
B)   liable
C)   negligent
D)   purposefulE) A) and B)
F) A) and C)

Question 18

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

Accepted Answer

Statutory law includes state and federal...

Question 19

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

Accepted Answer

A) True 
 B)False

Question 20

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.E) B) and C)
F) All of the above

Exam 21: Working Within the Legal Environment

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

Correct AnswerverifiedShow Answer

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following established a government agency to enforce the laws regulating unfair competition?

Correct AnswerverifiedShow Answer

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedStatutory law includes state and federal...View AnswerShow Answer

The two main purposes of taxes are

Correct AnswerverifiedShow Answer

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

Correct AnswerverifiedShow Answer

When the airline industry was deregulated, consumers benefited because airlines established new routes and charged lower fares.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

Correct AnswerverifiedShow Answer

Describe bankruptcy and three sections of the Bankruptcy Code.

Correct AnswerverifiedBankruptcy refers to the legal process b...View AnswerShow Answer

Which of the following is considered as a cause for the significant increase in bankruptcies?

Correct AnswerverifiedShow Answer

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Exclusive dealing means selling goods with the condition that the buyer will not buy goods from a competitor.

Correct AnswerverifiedShow Answer

When a person's or company's behavior causes unintentional harm or injury to others they are said to be ________ in tort law.

Correct AnswerverifiedShow Answer

The remedy for a tort is

Correct AnswerverifiedShow Answer

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Statutory law includes state and federal...
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Bankruptcy refers to the legal process b...
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