Business and Society
Chapter Exam Questions
Course Introduction
Business and Society explores the dynamic relationship between businesses and the broader social environment in which they operate. The course examines the ethical, legal, and social responsibilities of organizations, analyzing how business decisions impact stakeholders such as employees, consumers, communities, and the environment. Students will discuss corporate social responsibility, sustainability, global citizenship, and the role of regulation, developing critical thinking skills to evaluate the challenges and opportunities businesses face in contributing to a just and sustainable society.
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Business Law Today Comprehensive 11th Edition by Roger LeRoy Miller
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Chapter 1: The Legal Environment
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Q1) Reba is a state court judge. In her court,legal and equitable remedies have merged.In these circumstances,distinguishing between these types of remedies is
A)notimportant because legal remedies cannot be granted today.
B)not important because equitable remedies cannot be granted today.
C)importantso that statistical data on the remedies can be compiled.
D)important so that the proper remedy can be requested.
Answer: D
Q2) Uniform laws apply in all states,including those in which the laws have not been adopted.
A)True
B)False
Answer: False
Q3) Statutes are laws enacted by Congress and the state legislatures and comprise one of the sources of American law.
A)True
B)False
Answer: True
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Chapter 2: Constitutional Law
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Q1) The Constitution permits Congress to regulate interstate commerce.
A)True
B)False
Answer: True
Q2) Don,a U.S. citizen,is the owner of Egrets Unlimited,Inc. Egret's competitors include Feathered Friends Company (FFC). The Bill of Rights embodies a series of protections for Don against types of conduct by A)FFC only.
B)FFC and the government.
C)none of the choices.
D)the government only.
Answer: D
Q3) The Constitution sets out the authority and the limits of the branches of the government. The term checks and balances means that
A)Congress writes checks and the other branches balance the budget.
B)each branch has some power to limit the actions of the others.
C)the courts balance their authority to the other branches' checklists.
D)the president "checks" the courts,which "balance" the laws.
Answer: B
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Millie and Noble dispute the quality of a set of patio furniture sold over the Internet. They agree to resolve their dispute in Come2Terms.com,an on-line forum. Like most online forums,Come2Terms.com applies
A)general,universal legal principles.
B)the provisions of the Federal Arbitration Act.
C)jurisprudence developed by the United Nations.
D)the law of California (or another specific U.S. jurisdiction).
Answer: A
Q2) The United States Supreme Court can review any case decided by any of the federal courts of appeals.
A)True
B)False
Answer: True
Q3) No court offers mediation as an option before a case goes to trial.
A)True
B)False
Answer: False
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Chapter 4: Tort Law
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Q1) Failure to live up to a standard of care may be an act or an omission.
A)True
B)False
Q2) Conversion is limited to theft.
A)True
B)False
Q3) For fraud to occur,seller's talk must be involved.
A)True
B)False
Q4) Under the doctrine of strict liability,if there is no fault,there is no liability.
A)True
B)False
Q5) Under the doctrine of strict liability,liability is imposed only if a person fails to use all reasonable care.
A)True
B)False
Q6) If no harm results from an allegedly negligent act,there is no liability.
A)True
B)False
Page 6
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Chapter 5: Product Liability
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Q1) A manufacturer's duty of care extends to the inspection and test-ing of products bought to incorporate in the final product.
A)True
B)False
Q2) Island Breeze Company designs and makes desk,window,and ceiling fans. In a product liability suit based on negligence,Island Breeze could be liable for vio-lating its duty of care with respect to all of the following except
A)the design of the fans.
B)the production process used to make the fans.
C)the warnings on the labels of the fans.
D)a consumer's unforeseeable misuse of a fan.
Q3) Custom Ceramics Corporation makes ceramic products for commercial uses,including heat-resistant tiles for industrial ovens. When damage occurs in an oven at Duramold Plastics,Inc.,liability may be imposed on Custom Ceramics if the tiles sold to Duramold were
A)in perfect condition at the time of their sale.
B)damaged by their use.
C)substantially changed after their sale.
D)in a defective condition that was the proximate cause of the damage.
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Page 7
Chapter 6: Intellectual Property Rights
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Q1) Metro Movers Miami Corporation allows Metro Movers Milwaukee Company to use Metro Movers' trademark as part of its company advertising. This is
A)a license.
B)likely to confuse consumers.
C)trademark infringement.
D)trademark dilution.
Q2) By using another's trademark,a business could lead consumers to believe that its goods were made by the other business.
A)True
B)False
Q3) The process behind the production of"AccountForIt," a suite of business accounting and inventory software,is protected by
A)copyright law.
B)patent law.
C)none of the choices.
D)trade secrets law.
Q4) It is not possible to copyright an idea.
A)True
B)False
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Chapter 7: Internet Law, social Media, and Privacy
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Q1) Employers cannot monitor employees' electronic communications made in the ordinary course of business.
A)True
B)False
Q2) Refer to Fact Pattern 7-2. CallTalk wants to sue Call&Talk for its unauthorized use of the domain name "callltalk" on a theory of trademark dilution. This claim requires proof that
A)none of the choices.
B)consumers are likely to be confused by the names.
C)the products involved are similar.
D)CallTalk ahs registered all variations of the name "calltalk."
Q3) A claim of trademark dilution requires proof that consumers are likely to be confused by a connection between the unauthorized use and the mark.
A)True
B)False
Q4) When you download an application on your smartphone,you are typically entering into a license agreement.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Q1) Edith works for Fast Trades,Inc.,a brokerage that facilitates frequent,quick securities transactions for investors. Edith steals her employer's computer program to start up her own competing business,Get Rich Quick,Inc. This is A)obtaining goods by false pretenses.
B)robbery.
C)larceny.
D)no crime.
Q2) Public officials prosecute criminal defendants. A)True
B)False
Q3) Ordinarily,"ignorance of the law" or a mistaken idea about what the law requires is a valid defense to criminal liability.
A)True B)False
Q4) A kickback for a special favor or service is a form of bribery in some situations. A)True B)False
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Chapter 9: Business Ethics
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Q1) In studying the legal environment of business,students also review ethics in a business context. Ethics includes the study of what constitutes
A)fair or just behavior.
B)financially rewarding behavior.
C)legal behavior.
D)religious behavior.
Q2) Peak & Vale Accountants provides other firms with accounting services.Questions of what is ethical involve the extent to which Peak & Vale has
A)a legal duty beyond those duties mandated by ethics.
B)an ethical duty beyond those duties mandated by law.
C)any duty beyond those mandated by both ethics and the law.
D)any duty when it is uncertain whether a legal duty exists.
Q3) Ridgeline Excavation & Construction,LLC,creates an internal code of ethics. Like the codes of other firms,Ridgeline's company code is not A)law.
B)a set of rules that the company can enforce.
C)an outline of the company's policies.
D)a guide for decision makers facing ethical questions.
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Chapter 10: Nature and Classification
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Q1) Sunny enters into a contract with Trey to act as his personal sports trainer. If a dispute later arises and the contract contains un-clear terms,the rules of contract interpretation will give effect to
A)the parties' intent as expressed in their contract.
B)what the promisor claims was the parties' intent.
C)what the promisee claims was the parties' intent.
D)what the parties now agree they intended.
Q2) Mallory promises to buy illegal digital copies of movies from Nick,who promises to deliver on October 31. These promises are most likely
A)enforceable.
B)valid.
C)void.
D)voidable.
Q3) Jana tells Levi she will give him an Xbox if Levi does Jana's chores for a month. Levi promises to do the chores. Jana and Levi have formed
A)abilateral contract.
B)aunilateral contract.
C)avoid contract.
D)anunenforceable contract.
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Page 12
Chapter 11: Agreement
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Q1) Crafted Iron Works,Inc.,offers to design,make,and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication,but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is A)in transit.
B)received.
C)sent.
D)written.
Q2) Fresh Fast Service,Inc.,offers to deliver produceto Growers' Market's customers for a certain price. Fresh's intent to extend a serious offer to Growers' Market is determined by reference to Fresh's A)assumptions. B)beliefs.
C)intentions.
D)words and conduct.
Q3) One necessary element for an effective offer is a reasonable price related to market value.
A)True B)False
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Chapter 12: Consideration
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Q1) A promise to do what one already has a legal duty to do constitutes legally sufficient consideration.
A)True
B)False
Q2) Applied Methods Corporation promises to give stock options to Belden,a production designer,for processes he has already designed. This promise is
A)enforceable because it is a new contract.
B)enforceable because it is an illusory promise.
C)enforceable because it is supported by past consideration.
D)unenforceable.
Q3) Digital Enterprise,Inc.,promises to pay its employees a year-end bonus "if profits continue to be high and management agrees at the time." This is
A)an enforceable contract.
B)an illusory promise.
C)anliquidated debt.
D)anaccord and satisfaction.
Q4) The element of bargained-for exchange distinguishes contracts from gifts.
A)True
B)False
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Chapter 13: Capacity and Legality
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Q1) Stella is fifteen. In most states,for contractual purposes,Stella would be considered a minor until she is
A)sixteen.
B)eighteen.
C)seventeen.
D)twenty-one.
Q2) In an employment contract,a covenant not to compete is unenforceable.
A)True
B)False
Q3) Boz runs an illegal gambling business and pays Colin,a police officer,not to interfere. The payments are discovered. Boz and Colin are sent to prison. With respect to the amount of the payments,Boz can recover
A)all of it.
B)none of it.
C)only as much as Colin has not spent.
D)only as much as Colin has spent.
Q4) Contracts entered into by persons lacking the capacity to do so may be voidable.
A)True
B)False
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Chapter 14: Voluntary Consent
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Q1) When the dominant party in a fiduciary relationship benefits from that relationship,a presumption of undue influence arises.
A)True
B)False
Q2) Carlos and Alvaro contract for the sale of five hundred head of Carlos's cattle for $95 per head. Unknown to either party,an unforeseen storm has struck the herd and many of the cattle have died. Alvaro is
A)entitled to recover the value of the lost cattle.
B)not required to pay due to the mutual mistake.
C)not required to pay due to the unilateral mistake.
D)required to pay because he assumed the risk the cattle might die.
Q3) Duress is a defense to the enforcement of a contract,but not a ground for rescission of a contract.
A)True
B)False
Q4) A party to a contract can choose to carry it out even if he or she did not genuinely agree to the terms.
A)True
B)False
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Chapter 15: The Statute of Fraudswriting Requirement
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Q1) Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.
A)True
B)False
Q2) There are exceptions to the Statute of Frauds.
A)True
B)False
Q3) All collateral promises must be in writing to be enforceable.
A)True
B)False
Q4) An oral contract for a sale of land can sometimesbe enforced if partial performance has taken place.
A)True
B)False
Q5) An integrated contract is the final embodiment of the terms of an agreement. A)True
B)False
Q6) A contract involving property of any kind must be in writing to be enforceable. A)True
B)False
Page 17
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Chapter 16: Performance and Discharge
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Q1) Hilton enters into a contract to erect a fence around Irene's cattle pasture. When the fence is built,Hilton's performance will be
A)absolute.
B)complete.
C)conditional.
D)substantial.
Q2) A novation occurs when there is a substitution,by agreement,of a new contract for an old one,with the rights under the old one being terminated.
A)True
B)False
Q3) If one party's performance is substantial,the other party's duty to perform remains absolute.
A)True
B)False
Q4) When an anticipatory repudiation occurs,it is treated as a material breach of a contract.
A)True
B)False
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Page 18
Chapter 17: Breach and Remedies
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Q1) Excavate n' Fill,Inc.,enters into a contract with Fred to fill and landscape an abandoned quarry on Fred's land. Fred advances Excavate n' Fill10 percent of its cost. The parties rescind the contract. Excavate n' Fill's refund of the payment is A)a penalty.
B)liquidated damages.
C)restitution.
D)reformation.
Q2) Global Enterprise Corporation enters into a contract with HealthCare Insurance Company to obtain insurance for Global employees. If HealthCare breaches the contract and Global is awarded compensatory damages,the purpose would be to
A)establish,as a matter of principle,that HealthCare acted wrongfully.
B)provideGlobal with funds for a foreseeable loss beyond the contract.
C)provideGlobal with funds for its loss of the bargain.
D)punishHealthCare and deter others from similar acts.
Q3) A contract may include a clause stating that damages will be limited to a maximum amount.
A)True
B)False
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Chapter 18: Third Party Rights
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Q1) In a bilateral contract,a party who makes a promise that benefits a third party is a promisor.
A)True B)False
Q2) An assignee's rights are subject to any defenses that the obligor has against the assignor.
A)True B)False
Q3) John enters into a contract with Katie's Coin-op Laundry to move a suite of dryers from one of Katie's locations to another. John subsequently transfers this duty to Loren. Loren is
A)a delegatee.
B)an obligee.
C)an obligor.
D)an assignee.
Q4) An assignee has a right to demand performance from the obligor. A)True B)False
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Chapter 19: International Law in a Global Economy
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Q1) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
Q2) Firms overseas have almost total legal protection against government acts in the countries in which they operate,under the act of state doctrine.
A)True
B)False
Q3) Mountain Mining Company,a U.S. firm,owns property in Bolivia. The government of Bolivia seizes the property for an illegal purpose without paying just compensation. This is
A)confiscation.
B)defalcation.
C)dumping.
D)expropriation.
Q4) Quotas are limits on the amounts of goods that can be exported.
A)True
B)False
Q5) Restrictions on imports may not include quotas.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) Refer to Fact Pattern 20-1. Under the UCC,the court can evaluate the contract to determine whether it was unreasonably unfair and one sided
A)at the time it was made.
B)at the end of its term.
C)in the middle of its performance.
D)at the time of Olga's suit.
Q2) TheUCC allows parties to form sales and lease contracts without observing the same degree of formality used n forming other types of contracts.
A)True
B)False
Q3) Omni Metals Company and Piecework Fabrication,Inc.,enter into a contract under which Omni agrees to deliver a certain quantity of sheet metal to Piecework each month. The contract does not include a price term. In a suit between the parties over the price,a court will
A)determine a reasonable price.
B)impose the lowest market price.
C)impose the highest market price.
D)return the parties to the positions they held before the contract.
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Chapter 21: Title and Risk of Loss
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Q1) Ralph,a representative for Statewide Truck & Transport Company,delivers a receipt issued by Thelma,the owner of United Storage Warehouse,for goods held in the warehouse to Vicky,the buyer for Wattage,Inc. This is
A)a bill of lading.
B)a destination contract.
C)a shipment contract.
D)a warehouse receipt.
Q2) Pam buys from Midtown Motors a used sport utility vehicle (SUV). The SUV was manufactured by Gem Vehicles,Inc.,and previously owned by Ron. Regarding title to the SUV,Pam acquires
A)whatever title Midtown had.
B)whatever title Gem had.
C)whatever title Ron had.
D)no title.
Q3) 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 22: Performance and Breach of Sales and Lease Contracts
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Q1) Precision Parts,Inc.,and QuikFix Auto stores enter into a contract for a sale of specific auto parts. Precision Partsships parts that do not meet the specifications. QuikFix Auto
A)cannot reject the entire shipment.
B)can reject the entire shipment.
C)must accept the entire shipment.
D)must reject the entire shipment.
Q2) In the absence of any specific agreements,the buyer or lessee must make payment after receipt of the goods.
A)True
B)False
Q3) Statements of opinion and value usually create express warranties.
A)True
B)False
Q4) If,before the time for performance,a buyer communicates an intent not to perform,the seller can consider the buyer in breach and pursue a remedy.
A)True
B)False
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Chapter 23: Negotiable Instruments
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Q1) A holder takes an instrument for value by promising to perform in the future.
A)True
B)False
Q2) To be negotiable,an instrument must be payable in money.
A)True
B)False
Q3) With respect to negotiability,a mere reference to another writing or record makes a promise conditional.
A)True
B)False
Q4) For an instrument to be negotiable,it must be in writing.
A)True
B)False
Q5) Warranty liability arises only from a transferor's signature.
A)True
B)False
Q6) Discharge in bankruptcy is no defense on any instrument regardless of the status of the holder.
A)True
B)False
Page 25
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Chapter 24: Banking in the Digital Age
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Q1) Drew signs a check "pay to the order of Eastern State University" drawn on Drew's account in Fidelity Bank to pay her tuition. Drew is A)none of the choices.
B)the drawee.
C)the drawer.
D)the payee.
Q2) Foster forges Greta's signature on a check "payable to the order of Foster" drawn on Greta's account in Hearthside Bank. Most likely,if the bank pays the check
A)the Federal Reserve will reimburse all parties for their costs.
B)the loss will be apportioned among all of Hearthside's customers.
C)Greta will be liable for the amount.
D)Hearthside will have to recredit Greta's account.
Q3) Franco buys a sound system from Georg at Georg's garage sale. Franco writes Georg a check for $250 to pay for the system. Georg is A)none of the choices.
B)the drawee.
C)the drawer.
D)the payee.
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26
Chapter 25: Security Interests and Creditors Rights
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Q1) Sara needs $1,500 to buy textbooks and other school supplies. Tomas agrees to loan Sara $1,500,accepting as collateral Sara's car. They put their agreement in writing and sign it. Sara keeps possession of the car. Does Tomas have an enforceable security interest? How can Tomas let other creditors know of his interest in the car?
Q2) A purchase-money security interest in consumer goods is created when a person buys goods on credit.
A)True B)False
Q3) Sasha's debt to Tully is past due. Tully brings a legal action against Sasha to collect the debt. To ensure that a judgment in Tully's favor will be collectible,he asks the court to order the seizure of Sasha's property. This is a request for A)a contract of suretyship.
B)an order that would violate most state laws. C)a writ of attachment.
D)an order of receivership.
Q4) A surety is primarily liable for the debt of a principal.
A)True B)False
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Chapter 26: Bankruptcy
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Q1) Kofi files a petition for bankruptcy. Kofi must include with the petition
A)a plan to turn over his future income to the trustee.
B)a certificate proving attendance at a credit-counseling briefing.
C)a provision of adequate means for the petition's execution.
D)a statement of preference for one creditor over another.
Q2) The clerk of a bankruptcy court must provide consumer-debtors with information on the types of services available from credit counseling agencies.
A)True
B)False
Q3) Shippers Dispatch Corporation orders office equipment from Office Outfitters,Inc.,which has an unperfected security interest in the equipment until it is paid for. Meanwhile,Shippers Dispatch takes out a loan from Capital Credit,Inc.,subject to a security interest in Shippers Dispatch's building and equip-ment,which Capital perfects. Shippers Dispatch files a bankruptcy petition underChapter 7. If the petition is granted,in what or-der will Shippers Dispatch's creditors be paid?
Q4) Bankruptcy proceedings are held in state courts.
A)True
B)False
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Page 28
Chapter 27: Agency Relationships in Business
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Q1) Orina hires Padget,a real estate broker,to sell her oceanfront house. The house is destroyed in a hurricane be-fore being sold. Padgetis
A)Orina's agent until Orina's insurer pays Padget'scommission.
B)Orina's agent until the destroyed house is sold.
C)Orina's agent until the destroyed house is rebuilt and sold.
D)no longer Orina's agent.
Q2) Jim agrees to act on Kit's behalf,subject to Kit's control,and Kit trusts Jim to so act. This describes a relationship between
A)a business and its competitors.
B)a government and its governed.
C)a parent and a child.
D)a principal and an agent.
Q3) An agent has a duty to keep and make available to the principal an account of all property and funds received and paid out on the principal's behalf.
A)True
B)False
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Chapter 28: Employment, immigration, and Labor Law
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Q1) FasTite Tool Company employs workers,including Gina,at six locations in two states. FasTite's discharge of Gina outside the terms of an implied employment contract may result in
A)FasTite's liability for breach of contract.
B)Gina's ineligibility for unemployment compensation.
C)the two states' joint assumption of control over FasTite's operations.
D)none of the choices.
Q2) Under the employment-at-will doctrine,either party may terminate the employment relationship at any time and for any reason.
A)True
B)False
Q3) Healthy Harvest Company runs a candy and fruit processing and packaging plant. Most of Healthy Harvest's business is done during holiday seasons,especially between Halloween and New Year's Day,and in the spring. The company hires a large temporary workforce during its busiest times. Can Healthy Harvest hire noncitizens for its temporary,seasonal work? If so,what procedures must the employer follow to do this hiring? If not,how can Healthy Harvest be assured that it is hiring only citizens?
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Page 30
Chapter 29: Employment Discrimination
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Q1) Under Title VII of the Civil Rights Act,most private firms are required to adopt affirmative action policies.
A)True
B)False
Q2) To successfully defend against Artur's claim,Banquet will have to show that
A)Artur consistently failed to meet the essential requirements of his job.
B)Banquet cannot make changes to the doors without undue hardship.
C)Carter is qualified for Artur's position.
D)the doors were not installed as an act of intentional discrimination.
Q3) Free-Flo Pipes & Plumbing Corporation is a private employer involved in an employment discrimination suit under the Civil Rights Act. Punitive damages may be recovered against Free-Flo only if the employer
A)acted with malice or reckless indifference.
B)can easily afford to pay the amount.
C)has one hundred or more employees.
D)consents.
Q4) Title VII of the Civil Rights Act prohibits job discrimination on the basis of merit.
A)True
B)False
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Chapter 30: Sole Proprietorships and Franchises
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Q1) Without creating a separate business organization,Reynold starts up,and assumes the financial risk of,Sole Savers,a new,pre-owned auto sales enterprise. Reynold is
A)a franchisee.
B)a franchisor.
C)a partner.
D)a sole proprietor.
Q2) A franchisee ordinarily does not pay a fee for a franchise license (the privilege of being granted a franchise).
A)True
B)False
Q3) Bob is the sole proprietor of ClamBooks,an electronic book subscription service. As a sole proprietor,on the business's profits,Bob pays
A)no income taxes.
B)only personal income taxes.
C)only business income taxes.
D)both personal and business income taxes.
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Chapter 31: All Forms of Partnership
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Q1) Ralph and Simone do business as Tech Troubleshooters,a partnership. In most states,for the purposes of collecting judgments and having accounting performed,Tech Troubleshooters would be treated as
A)an aggregate of individuals.
B)a person.
C)an entity.
D)a non-entity.
Q2) The death of a limited partner dissolves a limited partnership.
A)True
B)False
Q3) Blythe and Cali do business as Diamond Investments. In acting on the firm's behalf,Blythe makes an honest error in overestimating the value of a particular stock purchase. To her firm,Blythe is
A)liable for breach of the duty of care.
B)liable for breach of the duty of accounting.
C)not liable.
Q4) A partner's profit from a partnership is taxed as income to the firm.
A)True
B)False
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Chapter 32: Limited Liability Companies and Special Business Forms
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Q1) A joint stock company is usually treated like a partnership.
A)True
B)False
Q2) Transworld Import Company and USA Export,Inc.,form a business organization to engage in importing and exporting. Its property is held in the names of the members and its shareholders have personal liability. This organization is
A)a business trust.
B)a joint stock company.
C)a joint venture.
D)a syndicate.
Q3) Most states apply to a limited liability company (LLC)formed in another state the law of the state where the LLC was formed.
A)True
B)False
Q4) When a limited liability company is dissolved,any member,including those who wrongfully dissociated,may participate in the winding up process.
A)True
B)False
Page 34
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Chapter 33: Corporate Formation and Financing
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Q1) A foreign corporation normally does not need a certificate of authority to sell goods or services via the Internet or by mail.
A)True
B)False
Q2) An alien corporation is a corporation formed in another country.
A)True
B)False
Q3) The shares of Home Mortgage Corporation are publicly traded in securities markets. Home Mortgage Corporation is
A)a close corporation.
B)a privately held corporation.
C)a public corporation.
D)a publicly held corporation.
Q4) Integrated Mobile Devices,Inc.,is a private,for-profit corporation that is owned by five shareholders who are members of the same family. Integrated Mobile is A)an S corporation.
B)a close corporation.
C)a nonprofit corporation.
D)none of the choices.
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Chapter 34: Corporate Directors, officers, and Shareholders
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Q1) Karen and Laura are officers of Marketing Wizards Inc. As corporate officers,the rights of Karen and Laura are
A)determined by their employment contracts.
B)specified in state corporation statutes.
C)the same as those of the directors.
D)the same as those of the shareholders.
Q2) Ally is a shareholder of Bank of Trade Inc. As a shareholder,Ally does not have inspection rights.
A)a right to compensation.
B)dividend rights.
C)inspection rights.
D)preemptive rights.
Q3) The board of Management Consultants,Inc. (MCI),can delegate work to A)MCI's incorporators.
B)MCI's officers.
C)MCI's shareholders.
D)no one.
Q4) Any individual director can act as an agent to bind the corporation.
A)True
B)False
36
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Chapter 35: Corporate Mergers, takeovers, and Termination
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Q1) The formation of United Resources is
A)a consolidation.
B)a merger.
C)a purchase of assets.
D)a share exchange.
Q2) The results of a consolidation are the same as those of a merger.
A)True
B)False
Q3) Broncobuster BarBQ Company and Cowpuncher Cuisine,Inc. decide to combine. Deanna,a Cowpuncher shareholder,is dissatisfied with the price that she will receive for her stock. In the absence of fraud or other illegal conduct,Deanna's exclusive remedy is to
A)exercise an appraisal right.
B)file a suit to delay the process.
C)refuse to agree to the deal,which cannot then proceed.
D)acquire stock from the other shareholders and thereby obtain corporate control.
Q4) The board of directors of each corporation involved must approve a merger.
A)True
B)False
Page 37
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Chapter 36: Investor Protection, insider Trading, and Corporate Governance
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Q1) Securities offerings in unlimited amounts can be exempt from the registration requirements in certain circumstances.
A)True
B)False
Q2) For a defendant to be convicted in a criminal prosecution under the securities laws,there can be no reasonable doubt that the defendant knew he or she was acting wrongfully.
A)True
B)False
Q3) Under the Securities Exchange Act of 1934,Geoff is most likely
A)liable for insider trading.
B)not liable because Geoff is only a tippee,not a tipper.
C)not liable because Geoff is too far down the chain of disclosure.
D)not liable because Geoff traded on the basis of a material fact.
Q4) Private parties may sue violators of Section 10(b)and Rule 10b-5.
A)True
B)False
Q5) Exemptions from federal securities law are not exemptions from state laws.
A)True
B)False
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Chapter 37: Administrative Law
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Q1) The Merit Systems Protection Board issues a rule. Like other administrative agencies' rules,this rule is as
A)binding as a law passed by Congress.
B)persuasive as an expert's opinion.
C)suggestive as a newspaper's editorial.
D)unenforceable as a salesperson's puffery.
Q2) All federal agencies are subject to the requirements of the Administrative Procedure Act.
A)True
B)False
Q3) The Internal Revenue Service (IRS)wants to seize certain documents of Monetary Propriety,Inc. Whether it is permissible for the IRS to request or seize the documents depends on whether the documents are
A)incriminating.
B)relevant.
C)technical.
D)valuable.
Q4) An administrative law judge makes determinations of facts.
A)True
B)False
Page 39
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Chapter 38: Antitrust Law and Promoting Competition
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Q1) Any agreement among competitors to fix prices is subject to evaluation under the rule of reason.
A)True
B)False
Q2) A restraint of trade is an agreement between firms that has the effect of reducing anticompetitive business practices.
A)True
B)False
Q3) HVAC Parts Company charges different buyers different prices for identical goods. HVAC's prices are subject to evaluation under A)the Clayton Act.
B)the Federal Trade Commission Act.
C)the Sherman Act.
D)no antitrust law.
Q4) An agreement that is deemed a per se violation will be examined by a court to determine whether the agreement actually constitutes a reasonable restraint of trade. A)True
B)False
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Chapter 39: Consumer and Environmental Law
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Q1) HazMat Waste Corporation operates a hazardous waste storage facility. Concerned that there may be a release of chemicals from the site,HazMat sells the property to Investment Holdings,Inc. If there is a release,HazMat is most likely
A)liable.
B)not liable because the site was sold before the release.
C)not liable because HazMat was concerned about the release.
D)not liable because HazMat no longer operates the facility.
Q2) Credit can be denied on the basis of marital status.
A)True
B)False
Q3) The Federal Trade Commission carries out the broadly stated goal of preventing unfair and deceptive trade practices.
A)True
B)False
Q4) Performance standards for new sources of water pollution require the use of any available control technology,or AACT.
A)True
B)False
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Chapter 40: Liability of Accountants and Other Professionals
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Q1) Tyson accuses Ulman,an attorney,of committing malpractice. Malpractice is A)constructive fraud.
B)a defalcation.
C)none of the choices.
D)professional negligence.
Q2) Penalties for aiding or assisting in the preparation of false tax returns are limited to one penalty per taxpayer per tax year.
A)True
B)False
Q3) Negligence cases against professionals often focus on the standard of care exercised by the professional.
A)True
B)False
Q4) Constructive fraud may be found when an accountant is grossly negligent in performing his or her duties.
A)True
B)False
Q5) Miriam is an accountant. Natalie is an attorney. Which professional is most restricted from disclosing her or his client's communication?
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Chapter 41: Personal Property and Bailments
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Q1) Nero and Omar agree to buy natural gas to sell to Power Fuel Company and to share storage costs until Power Fuel can take delivery. The gas is commingled so that Nero's cannot be distinguished from Omar's. This is A)accession.
B)confusion.
C)conversion.
D)a bailment.
Q2) Mallory's sister Naomi gives Mallory a leather working kit. Mallory uses the kit to make a saddle. Mallory's acquisition of the saddle is by A)gift.
B)accession.
C)confusion.
D)production.
Q3) To be effective,a gift causa mortis must meet only two requirements: intent and acceptance.
A)True
B)False
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Chapter 42: Real Property and Landlord-Tenant Law
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Q1) Alexis sells half of her Triple A Ranch land to the Bar B Ranch. On the land is a reservoir. In the deed,Alexis retains the right to remove a limited amount of water per day from the reservoir. This right is
A)a fee simple absolute.
B)a license.
C)an easement.
D)a profit.
Q2) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
Q3) Manhattan Developers,Inc.,pays Northeast Trust Company to release its claim to a strip of waterfront property. Northeast gives Manhattan a deed that conveys only whatever interest Northeast has in the strip. This deed is
A)a grant deed.
B)a quitclaim deed.
C)a special warranty deed.
D)a warranty deed.
Q4) Nora orally agrees to rent an apartment to Owen for a six-month term. Is this lease enforceable if it is not in writing?
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Chapter 43: Insurance, wills, and Trusts
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Q1) Jackie's will states,"I leave my red Corvette to Angela." This is
A)a specific legacy.
B)a devise.
C)an execution.
D)a general legacy.
Q2) Trial Lawyers,P.A.,obtains an insurance policy that protects its members against negligence claims by their clients. This is A)liability insurance.
B)casualty insurance.
C)malpractice insurance.
D)accident insurance.
Q3) Anna obtains a business liability insurance policy for her Brew & Bagels Coffee Shop from ChoiceFirst Insurance Company. When an event occurs that gives rise to a claim,each party has a duty to
A)cooperate in an investigation to determine the facts.
B)file a suit against the other so that a court can settle the claim.
C)find a third party on whom to impose liability.
D)pay any outstanding premium or refund any unearned amount.
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