Course Introduction
Business Administration
Final Exam Questions
Business Administration is an interdisciplinary course designed to provide students with a comprehensive understanding of the principles, practices, and functions of modern organizations. This course covers essential topics such as management, marketing, finance, operations, and human resources, equipping students with the skills necessary to analyze business environments and solve complex organizational problems. Emphasizing both theoretical frameworks and practical applications, the course prepares students to assume leadership roles, make informed decisions, and effectively contribute to the success and growth of various types of businesses in a dynamic and competitive global market.
Recommended Textbook Essentials of Business Law 5th Edition by
Jeffrey F. Beatty
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34 Chapters
1589 Verified Questions
1589 Flashcards
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Page 2
Chapter 1: Introduction to Law
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Q1) Congress can create a statute only on topics that are suggested by the President.
A)True
B)False
Answer: False
Q2) Common law refers to:
A)law that is the same or similar in all the states.
B)law made when judges decide cases and then follow those decisions in later cases.
C)law made by legislatures in the form of statutes.
D)the legal systems of France,Germany,and Italy.
Answer: B
Q3) Contemporary law's principle of collective responsibility,such as all partners being personally responsible for the debts of the partnership,had its roots in:
A)the Anglo-Saxon method of ensuring public order through tithing.
B)the Anglo-Saxon practice of using "oath helpers."
C)the English use of "shire reeves."
D)the English system of feudalism.
Answer: A
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Chapter 2: Business Ethics and Social Responsibility
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Sample Questions
Q1) The behavior of top executives regarding ethical issues has little effect on the behavior of the employees of the organization.
A)True
B)False
Answer: False
Q2) Chelvam is the director of quality control.Chelvam rejected some parts as non-conforming to the specifications.Chelvam's supervisor directs him to accept the parts.Which value might give Chelvam the strength to oppose his supervisor?
A)Consideration.
B)Courage.
C)Fairness.
D)Ambition.
Answer: B
Q3) Unethical behavior is a bar to financial success.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Dispute Resolution
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Sample Questions
Q1) Emails and their attachments are not subject to pretrial discovery.
A)True
B)False
Answer: False
Q2) Advantages of Alternative Dispute Resolution (ADR)include:
A)ADR is faster than litigation.
B)ADR keeps the parties talking rather than fighting.
C)ADR is less expensive than litigation.
D)All of these are advantages of ADR.
Answer: D
Q3) When an appellate court hears a case,it may:
A)affirm the decision.
B)reverse the decision.
C)modify the decision.
D)All of these are correct.
Answer: D
Q4) Generally,mandatory arbitration provisions in a contract are valid.
A)True
B)False
Answer: True
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Chapter 4: Common Law, Statutory Law, and Administrative Law
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Q1) The largest source of new law is court decisions.
A)True
B)False
Q2) The Civil Rights Act of 1964,a federal statute,forbids discrimination on the basis of national origin in employment.The Equal Employment Opportunity Commission (EEOC)is the administrative agency that oversees the law.The EEOC issued Guidelines on Discrimination because of National Origin.According to one of the guidelines,the EEOC will presume a violation of the law if an employer sets a work requirement that employees must speak only English in the workplace.This is an interpretive rule because it interprets the Civil Rights Act.
A)True
B)False
Q3) The doctrine of stare decisis,though vital to the creation of the common law when this country was settled,is not important to our modern,complex society.
A)True
B)False
Q4) Define the common law.Discuss its conflicting goals and the doctrine created to serve one of these goals.
Page 6
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Chapter 5: Constitutional Law
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Sample Questions
Q1) Generally,constitutional protections do NOT apply to:
A)acts of the federal government.
B)acts of state government.
C)acts of administrative agencies.
D)acts of privately owned businesses.
Q2) Assume that the state of Ohio passed a hazardous waste statute,seeking to protect the general public and workers.The state statute did not violate the Commerce Clause because it imposed no restriction on interstate commerce.Both the state statute and the federal Occupational Safety and Health Act established job safety standards and specified worker training and employer licensing,but the requirements differed.Discuss which statute(s)Ohio corporations had to obey,and identify the source of the answer.
Q3) The Bill of Rights refers to:
A)the inalienable rights found at the beginning of the Constitution.
B)the first ten amendments to the Constitution.
C)a specific listing of individual rights found in the original text of the Constitution.
D)a grouping of individual rights set forth by the United States Supreme Court shortly after the Constitution was ratified by the states.
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Chapter 6: Torts and Product Liability
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Q1) Adam decided to play a practical joke on Linda,a co-worker.As Linda was leaving the office one night,Adam,wearing a mask,stepped out from behind some bushes.He pointed a handgun made out of licorice at her and demanded her purse.He then pushed the candy gun to her head and told her if she told anybody he'd kill her.Linda was very scared during the whole incident.She did not think it was funny when Adam pulled the mask off and took a bite out of the gun as he gave her the purse back.Which statement is correct?
A)Adam committed an assault but not a battery.
B)Adam committed a battery but not an assault.
C)Adam committed an assault and a battery.
D)Adam committed neither an assault nor a battery since he used a candy gun and was only playing a joke on Linda.
Q2) While hunting,Roger enters Adele's property without permission and is injured by falling into a ditch that was obscured by the underbrush.Under the common law,Adele is liable for Roger's injuries.
A)True
B)False
Q3) List and discuss the elements necessary to establish negligence.
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8
Chapter 7: Crime
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Q1) Miguel reprogrammed a cellular telephone so that it intercepted electronic funds transfers and rerouted them to Miguel's bank account.What crime has he committed?
A)Insurance fraud,since the bank's insurance will have to cover the misdirected funds.
B)Wire fraud.
C)Mail fraud.
D)Embezzlement
Q2) A successful insanity defense:
A)results in the defendant's being back on the streets within a much shorter time than if the defendant were convicted and sent to prison.
B)is used in about ten percent of all criminal cases.
C)is a favorite outcome for juries since they ordinarily dislike convicting felons and sending them to prison.
D)results in a "not guilty" verdict,even if the prosecution proves the defendant committed the criminal act.
Q3) List and discuss the protections afforded criminal defendants by the Bill of Rights.
Q4) Compare and contrast money laundering and embezzlement.Give an example of each.
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Chapter 8: International Law
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Sample Questions
Q1) When considering both imports and exports,the country trading the most goods with the United States is:
A)Canada.
B)China.
C)Japan.
D)Mexico.
Q2) If a foreign company "dumps" goods on the United States market:
A)the goods will be considered illegal goods and not be allowed to be sold in the United States.
B)the United States will issue trade sanctions against the country that allowed the dumping.
C)a "dumping duty" will be imposed on the dumped goods if the Commerce Department determines the goods are being sold at less than fair value and that this harms an American industry.
D)All the above are correct.
Q3) Explain what the General Agreement on Tariffs and Trade (GATT)is and give pro and con arguments concerning this agreement.
Q4) Explain the origin and purpose of the World Trade Organization.
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Chapter 9: Introduction to Contracts
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Q1) One of the factors leading courts away from a laissez-faire approach to contract law was:
A)the movement away from requiring a writing and a seal on contracts.
B)a change in relative bargaining power between parties to contracts.
C)the assumption that promises are not legally significant.
D)the assumption that parties had freedom to contract and would have to live with the consequences.
Q2) Courts may award damages called "quantum meruit":
A)which means "as much as he deserved."
B)which is money the court believes the plaintiff morally ought to have.
C)even though there was no valid contract entitling the plaintiff to it.
D)All of the above.
Q3) Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.
A)True
B)False
Q4) One purpose of contract law is to make business matters more predictable.
A)True
B)False
Q5) List and briefly describe the basic elements of a contract.
Page 11
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Chapter 10: Agreement
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Q1) Candy,Inc.signed an agreement with Sweet Plantation.Under the contract,Candy,Inc.agreed to purchase all the sugar cane Sweet Plantation grew during the coming season.This contract will be unenforceable due to its vagueness.
A)True
B)False
Q2) McCann Construction purchased a poured concrete form from Advance Concrete Forms,Inc.McCann purchased the concrete form by placing a phone call to Advance in Madison,Wisconsin.Advance delivered the concrete form with an invoice stating the terms of the sale required payment within 30 days and a 1 1/2 % interest per month finance charge would be charged on accounts over 30 days.When McCann failed to pay the invoice on time,interest was charged according to this rate.Later,McCann refused to pay the accumulated interest charge,claiming there was not a meeting of the minds regarding the finance charge in any conversation prior to the sale.The trial court concluded that the finance charge was in fact an additional term added by Advance when it accepted McCann's purchase order.Discuss Uniform Commercial Code Section 2-207 in general and with regard to this situation.Does McCann owe the interest accrued?
Q3) Discuss the effect of the Uniform Commercial Code on the law of sales contracts in the area of open terms.
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Page 12
Chapter 11: Consideration
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Q1) Section 2-306 of the UCC expressly disallows output contracts in the sale of goods.
A)True
B)False
Q2) What phrase explains how a requirements contract can be valid?
A)"will buy 100 percent of output"
B)"willing to accept the entire quantity"
C)"no consideration needed"
D)"in good faith"
Q3) An unliquidated debt can be described as:
A)a debt in which both its existence and amount is in dispute.
B)a debt in which the existence or amount is in dispute.
C)a debt disputed by the creditor but not the debtor.
D)a debt undisputed by either party.
Q4) The UCC requires consideration for agreements modifying contracts for the sale of goods.
A)True
B)False
Q5) What two exceptions did the UCC create for accord and satisfaction check cases?
Q6) Discuss the concept of consideration.
13
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Chapter 12: Legality
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Q1) Mark works as a bartender at The Little Nipper,a local bar.Under state law,bartenders are required to be licensed.The licensing requires filling out an application and submitting a $50 application fee.The application does not require any special education or experience,just the $50 fee.Craig enters Mark's bar,orders a round of drinks for the house,then notices that Mark's license is not on display behind the bar.Craig learns that Mark is not licensed and refuses to pay for the round of drinks.The Little Nipper sues.What result?
A)Since this is an illegal contract,the courts will not enforce it.
B)Since Mark violated a regulatory statute,the contract is unenforceable.
C)Since this is a revenue-raising statute,The Little Nipper wins.
D)Since this is a revenue-raising statute,the licensing law is unconstitutional.Craig wins.
Q2) If a court finds as a matter of law that a clause of a contract was unconscionable at the time the contract was made,the court must refuse to enforce the contract.
A)True B)False
Q3) Discuss the pros and cons of gambling and whether there might be any reason for a court or legislature to treat gambling on credit any differently from gambling itself.
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Page 14
Chapter 13: Capacity and Consent
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Q1) Ryan,a minor,contracted to sell his auto to Ed,a 28-year-old.Ryan later refused to complete the sale.If Ed sues to enforce the contract,Ed will:
A)win because Ryan was the seller.
B)win because minors can only avoid contracts for the sale of land.
C)lose,as the contract is void.
D)lose,because the contract is voidable by Ryan.
Q2) Pamela is planning to sell her home decorating store to her daughter.Pamela has:
A)a greater duty to reveal problems in the business because her daughter assumes she will be honest.
B)no duty to disclose hidden defects in the business.
C)a lesser duty to reveal problems in the business because she has a relationship of trust with the buyer.
D)a duty to report only any latent defects she knows about that her daughter should not be expected to discover herself.
Q3) Reed,a 15-year-old,has run out of money while on a trip away from home.Martha gives him food,a place to sleep,and his bus fare home,in exchange for Reed's promise to pay $200 after he got home.Is Reed's promise enforceable?
Q4) Discuss the concept of a "material fact" in fraud situations.
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Chapter 14: Written Contracts
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Q1) Under the UCC,which of the following contracts may be enforceable,even without a written memorandum?
A)The seller is specially manufacturing the goods for the buyer.
B)The seller admits in court that there was a contract.
C)The seller has delivered the goods.
D)All of the above.
Q2) When a contract falls within the statute of frauds but is not reduced to a writing,the contract is:
A)illegal.
B)unenforceable.
C)void.
D)voidable.
Q3) The Uniform Commercial Code provides that,under certain circumstances,a merchant may be liable on a written contract,even though that merchant has NOT signed it.
A)True
B)False
Q4) Explain the reason behind having a statute of frauds and give arguments for and against having such a statute.
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Chapter 15: Third parties
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Q1) Contract prohibitions against assignments are invalid as a matter of public policy.
A)True
B)False
Q2) Jerry purchased a laptop computer for his personal use from Computer City on an installment loan contract.The sales contract stated that in the event the contract is assigned to a third party,the purchaser (Jerry)promises he will not assert any claim or defense against the assignee which he might have against Computer City.Computer City immediately assigns the contract rights to Finance USA.The computer stops working within two weeks of the purchase.
A)This is a valid waiver of defense clause.Jerry signed the contract,so he can't raise a defense to Finance USA.
B)Finance USA is an intended third party beneficiary and may therefore enforce the contract.
C)In general,this type of waiver is not permitted in consumer contracts,so Jerry can raise his claim against Finance USA.
D)This is a delegation of Jerry's duties and the delegator remains liable on the contract unless a novation agreement is made.
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Page 17
Chapter 16: Performance and Discharge
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Q1) Harry agreed to pay $100 to rent a rooftop spot in downtown Seattle to watch the New Year's Eve festivities.The festivities were unexpectedly canceled because of concern over a terrorist attack.Harry is:
A)obligated to pay the $100.
B)not obligated to pay under the commercial impracticability doctrine.
C)not obligated to pay under the force majeure doctrine.
D)not obligated to pay under the frustration of purpose doctrine.
Q2) Linda agrees to buy Missy's Greyhound race dog for $2,000.Linda is to deliver the money and take possession of the dog the next morning.That night,running his best race ever,the dog runs away from Missy,never to be seen again.
A)Linda must give $2000 for the dog,but only if the dog was insured.
B)Linda must give $2000 for the dog,but only if Missy can find a replacement dog within a reasonable time.
C)Linda must give $2000 for the dog.
D)None of the above;the contract duties are discharged.
Q3) Concurrent conditions arise when there is both a condition precedent and a condition subsequent.
A)True
B)False
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Page 18
Chapter 17: Remedies
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Q1) In a construction contract,there is a $1000 per day estimate of damages for each day that the contract runs over the completion date.The contractor is 30 days late when the job is completed,resulting in a prospective damage award of $30,000.What is this type of clause,and when will it be enforced?
Q2) Marvin contracts with House Painters R Us to paint the interior of his house lemon yellow throughout.The total contract price is $7,000.House Painters R Us's anticipated profit on the job is $4500.If Marvin breaches the contract before House Painters R Us has begun work on the job and has not incurred any expenses,then its damages will be $7000.
A)True
B)False
Q3) Which of the following is an example of incidental damages you might be awarded if you are wrongfully terminated from your job?
A)The costs of psychological counseling.
B)The costs of mailing resumes to prospective employers.
C)The costs of a new wardrobe for future interviews.
D)The costs of cosmetic surgery.
Q4) Discuss the purpose of an injunction and how the two types of injunctions covered in the textbook are used.
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Chapter 18: practical Contracts
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Q1) Ralph is a professional football player.He signs a valid contract with the Jets.Later,he claims that he was also promised free use of the Jets' private jet,but this was not in the contract.What type of clause in his contract would prevent him from flying away with this claim?
A)A complete agreement clause.
B)A "no additional terms" clause.
C)An integration clause.
D)A severability clause.
Q2) "Scrivener's error" is another (fancier)name for a typo.
A)True B)False
Q3) Typos are almost always detrimental to the validity of a contract because they cause the contract to not reflect the true agreement of the parties.
A)True
B)False
Q4) If you have an established relationship with a buyer,you can sell small tracts of land without a written contract.
A)True B)False
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Chapter 19: Introduction to Sales
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Q1) Which of the following is true regarding an open price term?
A)It makes the contract unenforceable.
B)The price may be fixed by the seller.
C)The price is the "reasonable" price at the time of delivery.
D)The price is set by the buyer.
Q2) Jones contracts to buy a computer from Martin for $1500.The contract calls for Martin to service the computer quarterly for the first year and to tutor Jones on how to use the software.Is this contract covered by the UCC or common law?
Q3) If Edmund and Kaylin have a writing mistakenly showing a sale and purchase of goods for $10,000 when the price should have been $1,000,a court will most likely:
A)enforce the agreement,relying on oral testimony to determine the correct price.
B)only enforce the agreement as written.
C)not hear the case unless both parties are merchants.
D)not enforce the agreement since the writing did not reflect a meeting of the minds of the parties.
Q4) Discuss the importance of the UCC to the law of sales.Include who created the UCC,how it becomes law,and the stated purposes of the statute.
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Chapter 20: Ownership and Warranties
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Q1) Which of the following would be a breach of the implied warranty of merchantability?
A)A knife that cuts its user when slicing a bagel.
B)A radio that does not pick up FM signals.
C)A match that burns a spot in the carpet when accidentally dropped.
D)A watch that does not keep accurate time after getting wet.
Q2) The statute of limitations for breach of warranty under the UCC is?
A)one year.
B)two years.
C)three years.
D)four years.
Q3) In January,Eddie contracts to sell 100 bushels of soybeans that fall.This contract:
A)is void.He cannot contract to sell a crop before it is even planted;the goods must be in existence.
B)is void.The soybeans must be identified to the contract at the time he contracts to sell them.
C)can be valid;but title to the soybeans cannot pass until the soybeans exist.
D)can be valid,and title to the soybeans passes when the contract is signed.
Q4) Discuss the concept of insurable interests.
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Page 22
Chapter 21: Performance and Remedies
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Q1) A buyer may revoke an acceptance of goods if:
A)the nonconformity does not impair the value of the goods.
B)the buyer had a legitimate reason for the initial acceptance.
C)the buyer knew the nonconformity could not be cured.
D)the buyer thought they could easily cover.
Q2) Turtle World orders 200 small sea turtles from Reptile World.After the sea turtles had been identified to the contract but before the risk of loss had passed to Turtle World,the turtles were released into the ocean by a militant animal rights group who broke into Reptile World to set the animals free.Under this scenario:
A)Turtle World cannot successfully sue because the contract is void.
B)Turtle World can cover,then win a judgment against Reptile World for the difference between the contract price and the cover price,plus incidental and consequential damages,minus expenses saved.
C)Turtle World can successfully sue for specific performance because sea turtles are everywhere.
D)Turtle World is entitled to a judgment for compensatory damages,but not consequential damages.
Q3) Identify seven possible remedies for a buyer when the seller breaches a contract.
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Chapter 22: Negotiable Instruments
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Q1) An accommodation party on a negotiable instrument:
A)must receive consideration.
B)is secondarily liable on the instrument.
C)is the same as a "guarantor" under the UCC.
D)has the same liability to a holder as the person for whom he signed.
Q2) Grace signed a check in the lower right-hand corner and Hannah signed on the back.The presumption is that:
A)Grace is the issuer.
B)Grace is the acceptor.
C)Hannah is the drawer.
D)Hannah is the maker and Grace is an indorser.
Q3) Lance indorses a promissory note to Connie in exchange for consideration.Unknown to Lance,the note is not good because the maker's signature was forged.Connie later attempts to present the instrument for payment to the original alleged maker,Lilly,who is able to deny liability for payment due to the forged signature.Connie may later sue Lance for breach of a transfer warranty.
A)True
B)False
Q4) List the warranties a transferor of a negotiable instrument makes.
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Chapter 23: Secured Transactions
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Q1) Bagsby owns a business selling insects for organic gardening.Bagsby is seeking a loan from First Natural Bank.The loan officer is asking that the loan be secured by Bagsby's inventory of insects,now owned or hereafter acquired.In order to do this,a new security agreement will need to be signed each time Bagsby gets new insects or sells his insects.
A)True
B)False
Q2) A security interest in money may be perfected by:
A)filing a financing statement.
B)creating a PMSI.
C)possession only.
D)redemption.
Q3) Explain the difference between attachment and perfection.
Q4) Revised Article 9 of the UCC only applies to goods and does not include intangibles such as accounts or chattel paper.
A)True
B)False
Q5) There is no way to attach a security interest in electronic chattel paper.
A)True
B)False
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Chapter 24: Bankruptcy
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Q1) Creditors of Northern Hydraulics file an involuntary bankruptcy petition against it.Northern continues to operate its business until the court officially acknowledges that Northern is under the jurisdiction of the court.Any expenses Northern incurs in the ordinary course of business during this gap period are:
A)priority claims.
B)administrative expenses of the bankruptcy.
C)unsecured claims.
D)secured claims.
Q2) A Chapter 7 debtor's agreement to pay a creditor on a debt after receiving a discharge in bankruptcy is called a:
A)voidable preference.
B)reaffirmation.
C)fresh start.
D)redemption.
Q3) Chapter 13 bankruptcy:
A)is used by businesses to reorganize their financial situations.
B)is an involuntary bankruptcy.
C)can be used only by individuals with a regular source of income.
D)is used by businesses to liquidate their debts.
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Chapter 25: Agency
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Q1) Factors influencing whether a servant is acting within the scope of employment include all but which of the following?
A)The act is similar to the one the principal authorized.
B)The act is not seriously criminal.
C)The act took place during hours that the servant is generally employed.
D)All of the answer choices are factors in determining if an act is "within the scope of employment."
Q2) Circus Pizza contracted with Art to run its birthday parties.Art's responsibilities included supervising the children and organizing the games.Circus did not investigate Art's background,which included a history of assaulting children.Art assaulted a 7-year-old girl in the restaurant's kitchen during a birthday party.Circus Pizza:
A)cannot be liable for the damages because Art committed an unforeseeable intentional tort.
B)cannot be held liable for the damages because Art's conduct was not in the scope of employment.
C)may be held liable on the basis of negligent hiring.
D)may be held liable only if Circus actually knew of Art's background.
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Chapter 26: Employment and Labor Law
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Q1) Megan was employed by a large company.Her supervisor told her to falsify government reports.She refused and was fired.She sued for wrongful discharge.Her employer claimed that,since Megan was an at-will employee,she had no legal right to claim the company was liable for damages.Is the employer right?
A)Yes.An at-will employee does not have a legal right to claim wrongful discharge of employment.
B)Yes.As an employee,Megan owes a duty of loyalty to her employer.If the company was found to have acted illegally by falsifying the reports,it (not Megan)would be liable.
C)No.Even though Megan was an at-will employee,such employees may not be fired without just cause.
D)No.Though at-will employees do not have extensive rights relative to job security,they may not be legally fired for refusing to perform an illegal act.
Q2) Discuss the requirements of the Family and Medical Leave Act.
Q3) Firing an employee for her refusal to violate the law would raise a claim of wrongful discharge.
A)True
B)False
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Chapter 27: Employment and Discrimination
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Q1) Which of the following is TRUE in cases based on claims of disparate treatment?
A)The plaintiff must prove that the defendant intentionally discriminated.
B)The defendant must have made a disparaging remark about the plaintiff.
C)The defendant must prove that the plaintiff is not qualified for the position.
D)The plaintiff must prove that he or she was discriminated against because of his or her education level.
Q2) In order to be considered sexual harassment,behavior must be so severe that it interferes with an employee's ability to work.
A)True
B)False
Q3) Generally speaking,an employer does not have to give workers a day off on their religious Sabbath if doing so would cause an undue hardship for the employer.
A)True
B)False
Q4) Race may be a bona fide occupational qualification when the employee will be working with children of a different race.
A)True
B)False
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Chapter 28: Starting a Business
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Q1) Daniel,his parents,and three brothers own all the stock of their family farm corporation.This corporation,which is taxed as a corporation,is probably:
A)an S corporation.
B)a C corporation.
C)a closely held corporation.
D)an LLC.
Q2) Andy wants to start his own business.He has decided to rent space in a "strip mall" and open a pet shop.Additionally,he will provide dog grooming services.He figures he can do almost everything himself,though he will need to hire a part-time employee on an "as needed" basis.His friend,Lacy,has agreed to work when needed.??Andy is considering operating his business as a sole proprietorship.What are the primary legal advantages and disadvantages to this form of business ownership for Andy's pet shop?
Q3) To form an LLC,a charter and an operating agreement must be filed with the Secretary of State in the jurisdiction where the business will operate.
A)True
B)False
Q4) Briefly discuss the limitations on a corporation electing Subchapter "S" status.
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Chapter 29: Corporations
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Q1) For the business judgment rule to apply:
A)there must be a conflict of interest.
B)the director must exercise extraordinary care.
C)the director must act in the best interests of the corporation.
D)All of the above.
Q2) In either a derivative lawsuit or a direct shareholder lawsuit,any proceeds awarded by the court must be paid to the corporation,not the shareholders themselves.
A)True
B)False
Q3) A director violates the corporate opportunity doctrine if he or she competes with the corporation,unless the disinterested directors approve of the director's actions.
A)True
B)False
Q4) The officers of a corporation are:
A)chosen by the board of directors.
B)appointed by the president of the company.
C)elected by shareholders.
D)appointed by the Secretary of State.
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Chapter 30: Government Regulations:Securities and Antitrust
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Q1) Assume that three automobile manufacturers all merged into one car company.Such a merger would be a:
A)vertical merger.
B)vertical cooperative arrangement merger.
C)horizontal merger.
D)intracompetitive merger.
Q2) Per se violations are subject to both civil and criminal penalties.
A)True
B)False
Q3) A marketing representative who is tempted to engage in price-fixing due to heavy competition and similar prices for competitors' products should:
A)emphasize factors of her product that do not involve price.
B)emphasize service,reliability,and other factors of her company.
C)understand the serious criminal and civil penalties of engaging in price-fixing.
D)All the above.
Q4) Explain the overall purposes of the Sherman Antitrust Act,the Clayton Act,and the Robinson-Patman Act.How do each of these Acts relate to each other?
Q5) Discuss when monopoly power is not a violation of Section 2 of the Sherman Act.
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Chapter 31: Consumer Protection
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Q1) In a closed-end credit transaction:
A)the lender makes a series of loans with a maximum amount set before the first loan is made.
B)if the lender is offering a "teaser rate," this must be clearly disclosed.
C)the Federal Reserve Board should be consulted before a lender is chosen.
D)there is only one loan,and the borrower knows the amount and payment schedule in advance.
Q2) Under the Fair Debt Collection Practices Act,a collection company is legally permitted to:
A)call the debtor between 8am and 9am.
B)call acquaintances of the debtor to locate the debtor.
C)contact the debtor at work if not prohibited by the employer.
D)All of the above are permissible.
Q3) The maximum rate of interest for credit transactions is established by:
A)state law.
B)federal law.
C)the Federal Reserve Board.
D)the FTC.
Q4) Explain the difference between a debit and a credit card and discuss the potential liability for a lost or stolen card.
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Chapter 32: Cyberlaw
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Q1) The Identity Theft and Assumption Deterrence Act of 1998 does all but which of the following:
A)prohibits the use of false identification to commit fraud.
B)limits liability on a stolen credit card to $50.
C)permits a victim to seek restitution in court.
D)It does all of the above.
Q2) The privacy of e-mail is regulated by:
A)the federal ECPA.
B)spyware.
C)both a and b
D)neither a nor b.There is currently no regulation of e-mail privacy.
Q3) When you surf the Internet,information,much of which is anonymous,is collected about you.
A)True
B)False
Q4) Explain the difference between an ISP and a Web host,and discuss whether they are treated alike under the Communications Decency Act (CDA).
Q5) Discuss common abuses that occur with auctions on the Internet and how these abuses are being addressed.
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Chapter 33: Intellectual Property
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Q1) Rick wrote a song entitled "Wonderful." At the bottom of the first page of music he wrote "1990 by Rick Reed." Four months later a local band was playing his song at a bar.Rick felt that the bar was an inappropriate setting for his music.What is his remedy?
Q2) If a trademarked name acquires a generic meaning,the owner of the trademark loses protection.
A)True
B)False
Q3) McDonald's famous golden arches and other marks used by the company illustrate a:
A)suggestive mark.
B)service mark.
C)certification mark.
D)collective mark.
Q4) What is the name of the treaty that allows American patents to be recognized and enforced in member countries?
A)The Paris Convention for the Protection of Industrial Property.
B)The International Treaty of Trademarks and Patents.
C)The World Agreement of London.
D)The Berne Convention.
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Chapter 34: Real and Personal Property
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Q1) If the court awards a partition to co-tenants,the court will normally attempt a partition by kind.If partition by kind is impossible because there is no fair way to divide the property,the court will order the real estate sold,and the proceeds equally divided.
A)True
B)False
Q2) Grandpa owns a farm.In a signed writing,Grandpa gave Sue the irrevocable right to use a road on his farm so that Sue could more easily reach her own property.What kind of interest in land did Grandpa give to Sue?
A)Easement
B)Profit
C)License
D)Prescription
Q3) Ed wants to give Howard his old car,but Howard says he doesn't want it.Howard later reconsiders and tells Ed he does want the car.His previous repudiation means there is no gift,and Howard has no rights in the car.
A)True
B)False
Q4) Discuss a bailor's liability for defects in the bailed property.
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