Accounting Law Practice Questions
Course Introduction
Accounting Law explores the intersection of accounting principles and legal regulations, providing students with an understanding of how law influences accounting practices and decision-making. The course covers fundamental legal concepts affecting financial reporting, auditing, ethics, regulatory compliance, contract law, and the legal responsibilities of accountants and auditors. Students will analyze key statutes, case law, and governance frameworks relevant to the accounting profession, and examine the legal implications of financial disclosure, fraud, and corporate conduct. This knowledge equips future accountants with the tools to navigate legal challenges, uphold ethical standards, and minimize legal risks in professional practice.
Recommended Textbook
Business Law Text and Exercises 7th Edition by
Roger LeRoy Miller
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3094 Verified Questions
3094 Flashcards
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Chapter 1: Introduction to the Law and Our Legal System
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Sample Questions
Q1) International law is the law of a foreign nation and varies from country to country.
A)True
B)False Answer: False
Q2) Businesspersons are expected to make decisions that are ethically sound.
A)True
B)False Answer: True
Q3) Criminal law focuses on duties that exist between persons.
A)True
B)False Answer: False
Q4) Damages are never paid in money.
A)True
B)False Answer: False
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Page 3
Chapter 2: Ethics in Business
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Sample Questions
Q1) MeatMen,Inc.spends a great deal of money and effort to ensure that all employees are safe on the job,that all products are safe for consumers,and that the environmental impact of the corporation is minimal.MeatMen appears to strongly believe in the concept of
A)the moral minimum.
B)corporate social responsibility.
C)"grey areas" in the law.
D)government oversight.
Answer: B
Q2) Ethical codes of conduct can set the ethi?cal tone of a firm.
A)True
B)False
Answer: True
Q3) In ethical terms,a cost-benefit analysis is an assessment of the negative and positive effects of alternative actions on individuals.
A)True
B)False
Answer: True
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Chapter 3: The Courts and Alternative Dispute Resolution
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Sample Questions
Q1) ADR proceedings are always strictly regulated by federal statutes.
A)True
B)False
Answer: False
Q2) Emil wants to initiate a suit against Fast Credit Company by filing a com?plaint.The complaint should include
A)an explanation of the proof to be offered at trial.
B)a motion for judgment on the pleadings.
C)a writ of certiorari.
D)a statement of the grounds for the court to exercise jurisdiction.
Answer: D
Q3) During a trial between Laramie and Mikayla over a sale of allegedly dis?eased livestock,Mikayla's attorney asks questions of the plaintiff's witness Nilson.This is A)a cross-examination.
B)a deposition.
C)a direct examination.
D)an interrogatory.
Answer: A
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Chapter 4: Constitutional Law
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Sample Questions
Q1) When there is a direct conflict between a federal and a state law,the state law is rendered invalid.
A)True
B)False
Q2) Marie claims that a Nebraska state statute infringes on her "procedural due process" rights.This claim focuses on A)procedures used in making decisions to take life,liberty,or property.
B)the content of the statute.
C)the similarity of the treatment of similarly situated individuals.
D)the steps to be taken to protect Marie's privacy.
Q3) All powers not specifically delegated to the federal government are reserved to the states.
A)True B)False
Q4) Article I,Section 8,of the United States Constitution permits Congress to regulate interstate commerce.
A)True
B)False
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Chapter 5: Torts and Cyber Torts
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Sample Questions
Q1) Caleb is driving a car in which Duffy is a passenger when an accident occurs.Caleb and Duffy are emotionally rattled,but neither is physically hurt.Caleb is not liable to Dufy on a negligence theory because
A)both parties were emotionally rattled.
B)Caleb did not apparently intend to cause an accident.
C)Duffy must have been comparatively negligent.
D)Duffy was not injured.
Q2) Jackie distributes a handbill among her neighbors accusing one of them-Ked-of being a convicted sex offender.The statement is defamatory if
A)a neighbor repeats it.
B)Ked suffers emotional distress.
C)the statement is true.
D)the statement is false.
Q3) Cook's Pantry Appliances,a retail store,must use reasonable care on its premises to warn its patrons of
A)all risks.
B)hidden risks.
C)obvious risks.
D)no risks.
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Page 7
Chapter 6: Intellectual Property and Internet Law
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Sample Questions
Q1) The owner of intellectual property may put restrictions on the use of the intellectual property in a license agreement.
A)True
B)False
Q2) E-Shopping Corporation inserts Fiesta Mall,Inc.'s trademark as a meta tag in E-Shopping's Web site's key-words field without Fiesta's permission in a manner that suggests Fiesta authorized the use.This is
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)no infringement.
Q3) Canada and the United States are signatories of the Berne Convention. Doug,a citizen of Canada,publishes a book first in Canada and then in the United States.Doug's copyright must be recognized by A)all of the signatories of the Berne Convention.
B)Canada and the United States only.
C)Canada only.
D)none of the signatories of the Berne Convention.
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Torts are considered crimes.
A)True
B)False
Q2) Hackers often commit cyber theft.
A)True
B)False
Q3) The crime of bribery occurs when the bribe is offered even if it is not accepted.
A)True
B)False
Q4) Mary enters a gas station and points a gun at the clerk.She then forces the clerk to open the cash register and give her all the money.Mary can be charged with A)robbery.
B)forgery.
C)larceny.
D)embezzlement.
Q5) Identity theft occurs when a wrongdoer steals another's form of identification.
A)True
B)False
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Chapter 8: Introduction to Contracts
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Sample Questions
Q1) A contract is valid only if both of the parties entering into it have the capacity to do so.
A)True
B)False
Q2) Lana applies for a firefighter's job with Metro City,which responds with a letter setting an appointment for a medical exam.The letter also states that it is "an employment offer conditioned on the applicant passing the exam." This letter is
A)a bilateral contract that Lana accepted by applying for the job.
B)a quasi contract on which Lana can rely for employment.
C)a unilateral contract that Lana can accept by passing the exam.
D)no contract.
Q3) Some promises create moral,but not legal,obligations.
A)True
B)False
Q4) The intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.
A)True
B)False
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Chapter 9: Offer and Acceptance
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Sample Questions
Q1) An expression of opinion is an effective offer as long as it is not made in jest.
A)True
B)False
Q2) Signe offers to sell Thomas her textbook but conditions the sale on Thomas ac?cepting the offer by March 1.Signe may revoke the offer
A)before Thomas accepts the offer.
B)before March 1,whether or not Thomas has accepted the offer.
C)only after Thomas accepts the offer.
D)only after March 1.
Q3) In most cases,an offeror can revoke an offer as long as the revocation is communicated before the offeree accepts.
A)True
B)False
Q4) An offer does NOT need to be communicated to the offeree to become effective.
A)True
B)False
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Chapter 10: Consideration
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Sample Questions
Q1) Consideration is the value given in return for a promise.
A)True
B)False
Q2) An illusory promise is unenforceable.
A)True
B)False
Q3) There are exceptions to the preexisting duty rule.
A)True
B)False
Q4) Consideration is always money.
A)True
B)False
Q5) Windshield Repair Shop (WRS) promises to pay Vincent $1,000 a week to work for WRS.Vincent accepts and quits his job with Ultra Glass.WRS fails to provide a job for Vincent.Vincent has a cause of action based on
A)an illusory promise.
B)a release.
C)past consideration.
D)promissory estoppel.
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Chapter 11: Capacity
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Sample Questions
Q1) A person who enters into a contract when he or she is intoxicated can void the contract if he or she did not comprehend the legal consequences.
A)True
B)False
Q2) When a minor disaffirms a contract,he or she CANNOT keep whatever he or she has received as a result of the contract without paying for it.
A)True
B)False
Q3) Katie buys a car when she is seventeen.When she is twenty-five,Katie tries to disaffirm the contract and recover all her car payments.A court will likely find that the contract was
A)ratified and Katie cannot recover her payments.
B)not ratified and Katie can recover her payments.
C)not a valid contract because Katie was a minor when she entered into it and she can recover her payments.
D)ratified,but Katie can still recover her payments because she was a minor when she entered into the contract.
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13
Chapter 12: The Legality of Agreements
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Sample Questions
Q1) Derrick is forced,under duress,to enter into an illegal bargain.Derrick
A)can enforce the contract only.
B)can recover for the value of the contract only.
C)can enforce the contract or recover for the value of the contract.
D)cannot enforce the contract or recover for the value of the contract.
Q2) Blue sky laws are state laws that regulate and supervise investment companies for the protection of the public.
A)True
B)False
Q3) Oklahoma charges Dewey,a design engineer and the owner of Windfarm Energy Corp.,a fee to practice his profession in the state.This is A)usurious.
B)unconscionable.
C)a license.
D)an adhesion contract.
Q4) Gambling involves the distribution of property by chance.
A)True
B)False
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Chapter 13: Mistakes and Other Contract Defects
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Sample Questions
Q1) A unilateral mistake is a mistake made by both parties to a contract.
A)True
B)False
Q2) A contract is sometimes voidable if one party is aware that the other party made a mistake of fact.
A)True
B)False
Q3) Kayla wants to rent an apartment from QualityLiving,Inc.The QualityLiving agent knows that many of the QualityLiving apartments have leaky roofs.When Kayla asks the QualityLiving agent if roof of the apartment ever leaks,the agent assures her that there have never been any leaks in any of the apartments.When Kayla moves in,she discovers a large leak in the kitchen and water stains on all the ceilings.Kayla
A)can rescind the contract on the ground of unilateral mistake.
B)can rescind the contract on the ground of misrepresentation.
C)can rescind the contract on the ground of bilateral mistake.
D)was not defrauded.
Q4) A contract entered into under undue influence is voidable.
A)True
B)False
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Chapter 14: Written Contracts
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Sample Questions
Q1) Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods.To be enforceable,the contract should be in writing if the goods are valued at more than
A)$5.
B)$15.
C)$50.
D)$500.
Q2) To be enforceable,a contract for a sale of goods priced at $500 or more should be in writing.
A)True
B)False
Q3) A party's oral agreement to pay another's debt is NOT enforceable if the party's main purpose is to derive a benefit for himself or herself.
A)True
B)False
Q4) To be enforceable,a writing evidencing an oral contract must have been signed by the party who is to be held liable.
A)True
B)False
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Chapter 15: Third Party Rights
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Sample Questions
Q1) Musica Production Company and Nora enter into a contract for Nora to write six songs for which Musica agrees to pay her.Nora transfers her right to payment under the contract to Omni Entertainment Agency.Nora is
A)a delegator.
B)an assignor.
C)a payor.
D)a third party beneficiary.
Q2) Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the loan or return the car,Quality wants to transfers the right to the payment to Rapid Collection Agency.Rapid agrees to pay Quality for this right,but for a price that is less than the amount owed.Can Quality transfer this right to Rapid without Pam's consent? If so,and Quality committed fraud in the deal with Pam,could Pam legiti?mately refuse to pay Rapid? Explain.
Q3) It is legally necessary to notify the obligor of any assignment of rights to a third party.
A)True
B)False
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Page 17
Chapter 16: Contract Discharge and Remedies
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Sample Questions
Q1) Contracts that are executory on both sides can be rescinded by agreement.
A)True
B)False
Q2) Lon enters into a contract to mine limestone in Mica's quarry,sell it,and share the profits on its sale with Mica.If the duties under this contract are discharged like those under most contracts,the duties will be
A)conditioned.
B)breached.
C)performed.
D)rescinded.
Q3) Quasi contracts allow the courts to act as if a contract exists when there is no contract.
A)True
B)False
Q4) A contract for medical work is not a personal contract.
A)True
B)False
Q5) A novation does NOT require the extinguishing of the old obligation.
A)True
B)False
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Chapter 17: E-Contracts
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Sample Questions
Q1) A partnering agreement reduces the likelihood that a dispute will arise under a contract.
A)True
B)False
Q2) The primary purpose of the Uniform Electronic Transactions Act is to remove barriers to e-commerce by giving the same legal effect to electronic records and e-signatures as is given to paper documents and signatures.
A)True
B)False
Q3) Deb buys a song through eSongs,an online music vendor.Before completing the purchase and downloading the song,Deb must agree to a provision not to sell copies of the song.This provision is
A)a browse-wrap term.
B)a click-on agreement.
C)a shrink-wrap agreement.
D)a wrap-on agreement.
Q4) NOT all of the terms presented in shrink-wrap agreements have been enforced.
A)True
B)False
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Chapter 18: Introduction to Sales and Lease Contracts
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Sample Questions
Q1) No oral contract is enforceable under the UCC.
A)True
B)False
Q2) A course of performance is the conduct that occurs under the terms of a particular agreement.
A)True
B)False
Q3) Perfect Potato Chip Company makes an offer that Snack Foods Corporation would like to accept.Under the "mirror image rule" relating to offer and acceptance,an acceptance
A)may include additional terms not contained in the offer so long as they do not materially alter the agreement.
B)may include additional terms not contained in the offer that will be?come part of the agreement if the offeror does not object within a reasonable period of time.
C)must include only those terms and conditions contained in the offer.
D)may contain additional terms as long as all parties agree to the additional terms.
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Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) Unless a contract provides otherwise,it is assumed to be a shipment contract.
A)True
B)False
Q2) Twyla buys an HD TV from Viewpoint Electronics store,which agrees to keep the TV for Twyla until she picks it up.Before she gets the TV,a fire destroys the store and the set.The loss is suffered by
A)neither Twyla nor Viewpoint
B)Twyla and Viewpoint.
C)Twyla only.
D)Viewpoint only.
Q3) When a document of title is required,title passes to a buyer when and where the document is delivered.
A)True
B)False
Q4) If a lessor is a merchant,the risk of loss passes to a lessee when the lessee takes physical possession of the goods.
A)True
B)False
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Chapter 20: Performance and Breach
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Sample Questions
Q1) An installment contract is breached if a buyer accepts any nonconforming goods.
A)True
B)False
Q2) If a seller discovers that the buyer has received goods on credit and is insolvent,the seller can only demand the return of the goods if he or she does so on the same day that the buyer received the goods.
A)True
B)False
Q3) Until the time for performance under a contract expires,the seller has a right to cure.
A)True
B)False
Q4) If a buyer repudiates a contract,the seller cannot re?cover damages.
A)True
B)False
Q5) Tender must occur at a reasonable hour and in a reasonable manner.
A)True
B)False
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Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) In sales law,failing to examine the goods and refusing to examine the goods are considered the same thing.
A)True
B)False
Q2) Regional Wood Products Company and Sylvia enter into a contract for a sale of lumber.Regional knows the purpose for which Sylvia will use the goods.Under the UCC,an implied warranty of fitness of a particular purpose arises
A)if the buyer is relying on the seller to select suitable goods.
B)if the buyer asks for it.
C)if the seller is a merchant who deals in goods of the kind sold.
D)in conjunction with lease contracts,not sales contracts.
Q3) In sales law,product liability is assurance by one party of the existence of a fact on which the other party can rely.
A)True
B)False
Q4) Goods must be of the highest quality possible to be merchantable.
A)True
B)False
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Chapter 22: Consumer Protection
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Sample Questions
Q1) Credit protection is an area of consumer law that is NOT regulated by federal statutes.
A)True
B)False
Q2) Major credit reporting agencies must provide consumers with free copies of their credit reports every twelve months.
A)True
B)False
Q3) The Consumer Product Safety Commission prohibits manufacturers from mar?keting products that are not marked with its "seal of approval."
A)True
B)False
Q4) Those who lease or arrange to lease consumer goods in the ordinary course of their business are subject to the Truth-in-Lending Act.
A)True B)False
Q5) Federal law governs the use of terms such as low fat on food labels. A)True B)False
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Chapter 23: The Essentials of Negotiability
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Sample Questions
Q1) Instruments that say nothing about when payment is due are payable on demand.
A)True
B)False
Q2) A signature must be the full name of a party.
A)True
B)False
Q3) USA Gasoline Corporation signs an instrument that states it is being exe?cuted "in accord with a contract for the sale of 4,000 barrels of oil dated May 1." This instrument is A)negotiable.
B)nonnegotiable,because information about the sale must be ob?tained from another source.
C)nonnegotiable,because it states an express condition to payment.
D)nonnegotiable,because the terms of the sale are not clear.
Q4) Efron transfers an instrument to First Citizens Bank.This is not a negotiation unless A)the parties bargained over the amount paid for the instrument.
B)the transfer is an assignment.
C)the instrument is a negotiable instrument.
D)the transfer includes rights under a contract.
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Page 25
Chapter 24: Transferability and Liability
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Q1) The concept of value in the law of negotiable instruments is the same as the concept of consideration in the law of contracts.
A)True
B)False
Q2) Don writes a check to Eve drawn on Don's account at First Town Bank.Eve presents the check for payment to the bank,which ac?cepts the check.The bank is
A)not liable for payment.
B)primarily liable for payment.
C)secondarily liable for payment.
D)simultaneously liable for payment.
Q3) Signature liability extends to any person who signs a negotiable instrument except a qualified indorser.
A)True
B)False
Q4) If a note is payable in thirty days,payment is due by noon on the thir?tieth day.
A)True
B)False
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26
Chapter 25: Checks and Banking in the Digital Age
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Q1) Elton presents an uncertified check for payment more than six months after its date.The check was drawn by Dakota on her account in First Community Bank.The usual banking practice in such a case is to
A)cash the check.
B)consult the customer.
C)refuse to cash the check.
D)ask the payee what he or she would prefer.
Q2) Today,most checks are processed manually.
A)True
B)False
Q3) The incompetence of a customer revokes a bank's authority to pay an item.
A)True
B)False
Q4) Refer to Fact Pattern 25-2.Tom's bank is
A)the cashing bank.
B)the depositary bank.
C)the intermediary bank.
D)the payor bank.
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Chapter 26: Agency
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Q1) Miklos employs Nathalie to handle a list of financial transactions on Miklos's behalf.This power will terminate on
A)any transaction causing a loss to Miklos.
B)Miklos's death or incapacity.
C)Miklos's sixty-fifth birthday.
D)Nathalie's handling of one of each stipulated transaction.
Q2) Lenore is the sole proprietor of Mall Kiosks.With respect to contracting for her own business interests,Lenore is
A)an agent and has the authority.
B)an agent but does not have the authority.
C)not an agent and does not have the authority.
D)not an agent but does have the authority.
Q3) Ozzy is an officer of Prudent Financial Corporation.Ozzy serves in a representative capacity for Prudent Financial's owners.With respect to binding Prudent Financial to contracts,Ozzy is
A)an agent and has the authority.
B)an agent but does not have the authority.
C)not an agent and does not have the authority.
D)not an agent but does have the authority.
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Page 28
Chapter 27: Employment and Immigration Law
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Q1) Over a forty-year period,Ellen worked in a variety of jobs. She was also occasionally unemployed,briefly hospitalized,and suffered a temporary disability. She retired last year. The key federal law on all of these sub?jects is
A)the Consolidated Omnibus Budget Reconciliation Act.
B)the Employee Retirement Income Security Act.
C)the Federal Insurance Contributions Act.
D)the Social Security Act.
Q2) Superior Sign Company is subject to the Fair Labor Standards Act (FLSA).The FLSA is not concerned with
A)child labor.
B)employees' privacy rights.
C)maximum hours.
D)minimum wages.
Q3) Most employees can continue the group health benefits provided by their employers for a limited period of time after a loss of employment.
A)True
B)False
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Chapter 28: Discrimination and Labor Law
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Q1) Under the Americans with Disabilities Act of 1990,a person with a physi?cal impairment that "substantially limits" everyday activities is disabled.
A)True
B)False
Q2) The Age Discrimination in Employment Act of 1967 prohibits employ?ment discrimi?nation on the basis of age against persons under eighteen.
A)True
B)False
Q3) Elections for union officers are regulated by
A)the Labor-Management Relations Act.
B)the Civil Rights Act.
C)the Labor-Management Reporting and Disclosure Act.
D)no federal law.
Q4) The Norris-LaGuardia Act effectively declared a national policy permitting employees to organize.
A)True
B)False
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Chapter 29: Sole Proprietorships,partnerships, Limited
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Q1) A third party cannot sue one of the partners of a partnership without suing all members of the partnership.
A)True
B)False
Q2) The Uniform Partnership Act governs the operation of partnerships.
A)True
B)False
Q3) The maximum amount of money at risk by a limited partner is the amount of his or her contribution to the limited partnership.
A)True
B)False
Q4) Kathy and John decide to form a partnership to sell fish food to local fish farms for the next five years.To be enforceable under the Statute of Frauds,the partnership agreement
A)must be signed by a notary public.
B)must be in writing.
C)must be oral.
D)cannot involve a third party.
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Chapter 30: Formation and Termination of a Corporation
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Q1) O.K.Oil holds itself out to others as being a corporation but makes no attempt to incorporate.In this circumstance,O.K.is most likely
A)a corporation by estoppel.
B)a de facto corporation.
C)a de jure corporation.
D)ultra vires.
Q2) Legally,a merger and a consolidation are the same thing. A)True B)False
Q3) A sale of all of a corporation's assets requires the approval of its shareholders. A)True B)False
Q4) Salt Corporation wants to acquire or merge with Pepper Corporation.Salt should A)file a plan of merger with the secretary of state.
B)file an article of merger with Pepper.
C)make a tender offer to the shareholders of Pepper.
D)make a tender offer to the shareholders of Salt.
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Chapter 31: Management and Ownership of a Corporation
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Q1) If a corporation fails,the shareholders are all individually liable.
A)True
B)False
Q2) Larry is a shareholder for Custom Colors,Inc.If Custom Colors fails,Larry will
A)be liable for Custom Colors' debts.
B)not be liable for Custom Colors' debts.
C)be able to reclaim his initial investment in Custom Colors.
D)be able to reclaim his initial investment in Custom Colors plus damages.
Q3) Thor Power Products Corporation permits its directors to be elected by cumulative voting.This
A)allows minority shareholders to be represented on the board.
B)assures directors that they will be selected by their peers.
C)guarantees Thor's executive officers of the final choice.
D)ensures against persons who may "cloud" the corporate direction.
Q4) A board of directors govern every corporation.
A)True
B)False
Q5) Corporate directors and officers are insurers of business success.
A)True
B)False
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Chapter 32: Secured Transactions
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Q1) A continuation statement is effective only if it is filed within six months before the expiration of a financing statement.
A)True
B)False
Q2) A financing statement must include a description of the collateral by type or item.
A)True
B)False
Q3) The payment of Eric's debt to Ryan is guaranteed by Eric's 2002 Volkswagen Bug.Ryan filed the financing statement on July 1,2012.If Ryan does nothing else,the financing statement will be effective until
A)July 1,2013.
B)July 1,2014.
C)July 1,2017.
D)July 1,2022.
Q4) In most situations,a termination statement must be filed or sent within twenty days after the debt is paid.
A)True
B)False
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Page 34
Chapter 33: Creditors Rights and Remedies
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Q1) A creditor's composition agreement may be entirely enforceable.
A)True
B)False
Q2) A material change in a loan contract between a creditor and a debtor dis?charges a surety only to the extent that the surety suffers a loss.
A)True
B)False
Q3) Loni delivers her Mazda to be repaired at Nile's Body Shop.Loni agrees to pay cash.Nile performs,but Loni does not pay.Nile tells Loni that he will keep the car until she pays.This is
A)a judicial lien.
B)a mechanic's lien.
C)an artisan's lien.
D)a violation of most states' laws.
Q4) A debtor's car may be exempt from satisfaction of a judgment debt.
A)True
B)False
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Chapter 34: Bankruptcy
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Q1) A petition for a discharge in bankruptcy under Chapter 13 may be filed by
A)Gracie,the sole proprietor of Home Net Services.
B)Internet Portals & Pages,a partnership.
C)World Web Services,Inc.,a corporation.
D)Internet Portals & Pages or World Web Services,Inc..
Q2) Current City (CC) is a retail seller of television sets.CC sells Dhani a $3,000 large-screen,high-definition,LED set on a retail installment security agreement in which he pays $100 down and agrees to pay the balance in equal installments.CC retains a security interest in the set,and perfects that interest by filing a financing statement centrally.Two months later,Dhani is in default on the payments to CC and is involun?tarily petitioned into bankruptcy by other creditors.Discuss CC's right to repossess the TV set and whether CC has priority over the trustee in bankruptcy.
Q3) If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors,the debtor is liable for the difference.
A)True
B)False
Q4) A farmer cannot be forced into involuntary bankruptcy.
A)True
B)False
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Chapter 35: Insurance
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Q1) "Major medical" and "marine" insurance are military policies.
A)True
B)False
Q2) An insurance policy that provides for the replacement of a portion of the insured's monthly income from employment in the event that illness or injury causes a short or long-term disability is
A)life insurance.
B)health insurance.
C)disability insurance.
D)credit insurance.
Q3) Land Sales Company insures its real and personal property,as well as the lives of its key employees,to protect its financial interest should some event undermine its security.This is
A)risk management.
B)risk pooling.
C)risky.
D)risqué.
Q4) A business firm may have an insurable interest in the life of a key employee. A)True
B)False
Page 37
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Chapter 36: Morgages and Foreclosures
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Q1) All states allow power of sale foreclosures.
A)True
B)False
Q2) The annual percentage rate of a loan is the actual cost of the loan on a yearly basis.
A)True
B)False
Q3) Tabitha defaults on her mortgage loan and her lender,Top Bank,proceeds to foreclosure.A court supervises the foreclosure process.This is A)forbearance.
B)judicial foreclosure.
C)prepackaged bankruptcy.
D)power of sale foreclosure.
Q4) Forbearance is an agreement between the lender and the borrower to postpone,for a limited time,of part or all of the payments on a loan in jeopardy of foreclosure.
A)True
B)False
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Chapter 37: Personal Property and Bailments
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Q1) Delivery of intangible personal property is never accomplished by constructive delivery.
A)True
B)False
Q2) Edna and Flavia buy a boat that they dock in a marina near Gulfport,Mississippi.On the death of either owner,that owner's interest in the boat passes to her heirs.This is A)a joint tenancy.
B)community property.
C)a tenancy in common.
D)ownership in fee simple.
Q3) A gift to a dying donee is a gift causa mortis.
A)True
B)False
Q4) A gift must be supported by legally sufficient consideration.
A)True
B)False
Q5) One cannot acquire ownership by possession by "capturing" a wild animal. A)True
B)False
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Chapter 38: Real Property
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Q1) A conveyance of property for the life of a specified individual creates a fee simple defeasible.
A)True
B)False
Q2) Ownership in fee simple defeasible constitutes absolute ownership.
A)True
B)False
Q3) Mix-It Concrete Company has the right to enter Nim's land and remove the rock from Nim's quarry.This is
A)a fee simple absolute.
B)a license.
C)an easement.
D)a profit.
Q4) For a party to take by adverse possession,the party's possession must not be hostile to the true owner's rights.
A)True
B)False
Q5) Personal property may become real property by attaching it to real property. A)True
B)False
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Chapter 39: Landlord and Tenant
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Q1) A tenant is NOT responsible for damages he or she causes through negligence. A)True
B)False
Q2) Kenneth has a periodic tenancy that requires him to pay rent weekly.Kenneth wishes to terminate his tenancy.He must give his landlord
A)at least one week's notice.
B)at least two weeks' notice.
C)at least thirty days' notice.
D)at least sixty days' notice.
Q3) In every leasehold estate,the tenant has an unqualified right to exclusive possession. A)True
B)False
Q4) A landlord is usually required to give some period of notice to terminate a periodic tenancy.
A)True B)False
Q5) The possession of land without right is a tenancy at will. A)True B)False
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Chapter 40: Wills and Trusts
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Q1) To "publish" a will means to record it in the appropriate county office.
A)True
B)False
Q2) Clayton dies without a will.The distribution of Clayton's property,including his farm near Lincoln,Nebraska,is prescribed by
A)a court-appointed executor.
B)federal probate statutes.
C)state intestacy laws.
D)the degree of consanguinity between Clayton and his next of kin.
Q3) An express trust is created or declared in definite terms.
A)True
B)False
Q4) Once executed,a will cannot be revoked.
A)True
B)False
Q5) Amy does not create a will before she dies.Amy dies with no heirs.Her property
A)escheats.
B)terminates.
C)will be given to charity.
D)abates.
42
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Chapter 41: Administrative Law
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Q1) Independent regulatory agencies are outside the federal executive departments.
A)True
B)False
Q2) To challenge an agency action,a party must have standing to sue the agency.
A)True
B)False
Q3) All federal agencies are subject to the requirements of the Administrative Procedure Act of 1946.
A)True
B)False
Q4) An agency can make rules that are as legally binding as laws passed by Congress.
A)True
B)False
Q5) Federal agencies must prepare guides that explain in "plain English" how small businesses can comply with federal regulations.
A)True
B)False
Q6) Judicial review of administrative agency actions is automatic.
A)True
B)False
Page 43
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Chapter 42: Antitrust Law
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Q1) The Sherman Act,the Clayton Act and the Federal Trade Commission Act are all examples of legislation designed to curb anticompetitive business practices.
A)True
B)False
Q2) Rally Speedboat Corporation refuses to sell its products to Super Weekends,Inc.,a recreational water products dealership.This is
A)an exclusive-dealing contract.
B)a horizontal market division.
C)attempted monopolization.
D)a unilateral refusal to deal.
Q3) Master Manufacturing Corporation has exclusive control over the mar?ket for its product.Under the Sherman Act,this is
A)a per se violation.
B)a violation if it acquired this power through "business acumen."
C)a violation if it acquired this power through "anticompetitive means."
D)not a violation.
Q4) The offense of monopolization does NOT require the intent to monopolize.
A)True B)False
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Chapter 43: International Law
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Q1) The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.
A)True
B)False
Q2) Under the Foreign Sovereign Immunities Act,a foreign state can be a political subdivision of a foreign state.
A)True
B)False
Q3) Foreign exchange markets comprise a worldwide system for buying and selling currency.
A)True
B)False
Q4) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
Q5) U.S.laws that prohibit discrimination in employment apply to U.S.em?ployees working for U.S.firms located abroad.
A)True
B)False
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