Business and Society
Exam Solutions
Course Introduction
Business and Society explores the dynamic relationship between organizations and the broader social environment in which they operate. The course examines how business decisions impact society and how societal expectations shape business practices, with a focus on ethical, legal, and environmental considerations. Through case studies and theoretical frameworks, students analyze issues such as corporate social responsibility, stakeholder management, sustainable development, and the evolving role of business in addressing global challenges. The course prepares students to think critically about the responsibilities and opportunities facing modern businesses in creating value for both shareholders and society at large.
Recommended Textbook
Business Law Text and Cases Commercial Law for Accountants 14th Edition by Roger
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Page 2
LeRoy Miller
Chapter 1: Business Ethics
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Sample Questions
Q1) Ethical standards would most likely be considered violated if Team Logos Merchandising Corporation deals with a company in a developing nation that
A) agrees to produce goods at Team Logos's desired price.
B) goes unnoticed by "corporate watch" groups.
C) routinely violates labor and environmental standards.
D) pays its workers less than the U.S. minimum wage.
Answer: C
Q2) Management's behavior sets the ethical tone of a firm.
A)True
B)False
Answer: True
Q3) Some provisions of U.S. bribery laws are directed toward accountants.
A)True
B)False
Answer: True
Q4) The concept of corporate social responsibility is imposed on corporations by law.
A)True
B)False Answer: False
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Chapter 2: Small Businesses and Franchises
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Sample Questions
Q1) The franchise agreement is likely to set out standards for the franchise.
A)True
B)False
Answer: True
Q2) A sole proprietor pays personal and business income taxes on the business's profits.
A)True
B)False
Answer: False
Q3) Instead of setting up a business to market her own products, Rita considers entering into a distributorship franchise with Sports Equipment Corporation. This involves the transfer of
A) a license.
B) a trade name.
C) the formula to make a certain product.
D) the ownership of the business.
Answer: A
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Chapter 3: All Forms of Partnerships
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Sample Questions
Q1) The intent to associate is irrelevant in terms of the elements of a partnership.
A)True
B)False
Answer: False
Q2) Cherry Creek Development, LP, is a limited partnership that invests in residential real estate projects. Its limited partners include more than 150 sophisticated investors and investment professionals. A Cherry Creek limited partner loses his or her limited liability if he or she
A) participates in the firm's management.
B) does not participate in the firm's management.
C) invests in a project that Cherry Creek has declined.
D) votes to sell or dissolve the firm.
Answer: A
Q3) On dissolution, the creditors of the partnership and the creditors of the individual partners can make claims on the partnership's assets.
A)True
B)False
Answer: True
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Chapter 4: Limited Liability Companies and Special
Business
Forms
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Q1) Phone Apps, LLC, is a limited liability company. Among its members, a dispute arises that the operating agreement does not cover. The dispute is governed by A) the applicable state LLC statute.
B) the Uniform Limited Liability Company Act.
C) the principles of partnership law.
D) the federal LLC statutes.
Q2) Limited liability company operating agreements can provide whether formal members' meetings will be held.
A)True
B)False
Q3) A syndicate may be organized as a corporation or a partnership, or in some situations as no recognizable form of business organization.
A)True
B)False
Q4) Limited liability companies cannot enter into contracts or hold title to property. A)True
B)False
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Chapter 5: Corporate Formation and Financing
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Sample Questions
Q1) A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate.
A)True
B)False
Q2) Flo and Glen form Health Food Inc. to coordinate the purchase, sale, and delivery of food products from organic farms to hospitals and other institutions. The stated purpose is to make a profit and to have a material positive impact on society and the environment. Health Food is
A) a nonprofit corporation.
B) not a corporation.
C) a benefit corporation.
D) a private corporation.
Q3) Rita and Susan want to form and do business as Trips & Travel, Inc. They will serve as the firm's directors and officers, and will initially hold all of the stock in the company. A corporation is owned by
A) the board of directors.
B) the officers.
C) the employees.
D) the shareholders.
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Chapter 6: Corporate Directors, Officers, and Shareholders
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Sample Questions
Q1) The board of Management Consultants, Inc., can delegate some of its responsibilities to
A) the firm's incorporators.
B) the firm's officers.
C) the firm's shareholders.
D) no one.
Q2) Elise is a director for Fro-Yo Inc. Elise is also a director for Gelato Ice, Inc. When Fro-Yo's board considers a contract with Gelato, Elise must A) resign from Fro-Yo or Gelato.
B) resign from Fro-Yo and Gelato.
C) make a full disclosure of any conflict of interest.
D) use her business judgment to rule on the deal.
Q3) Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's A) board.
B) minority shareholders. C) officers.
D) majority shareholders.
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8
Chapter 7: Securities Law and Corporate Governance
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Sample Questions
Q1) While the Securities and Exchange Commission reviews a registration statement for completeness, the securities can be offered for sale but not sold.
A)True
B)False
Q2) Trail Bike Corporation is a public company whose shares are traded in the public securities markets. Under the Securities Act of 1933, Trail Bike is required to A) contribute to the operations of national stock exchanges.
B) disclose financial and other information about its securities.
C) engage in market surveillance to deter undesirable practices.
D) all of the choices.
Q3) Refer to Fact Pattern 7-3. 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) Online crowdfunding can be exempt from the registration requirements.
A)True
B)False
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Chapter 8: Tort Law
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Sample Questions
Q1) A successful defense releases the defendant from liability for a tortious act.
A)True
B)False
Q2) Specifically targeting the customers of a competitor is always a legitimate business practice.
A)True
B)False
Q3) An individual's privacy is invaded if his or her likeness is used for commercial purposes without permission.
A)True
B)False
Q4) Failure to live up to a standard of care may be an act or an omission.
A)True
B)False
Q5) Proximate cause exists when the connection between an act and an injury is strong enough to justify imposing liability.
A)True
B)False
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Chapter 9: Agency Formation and Duties
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Sample Questions
Q1) A principal owes an agent a duty of estoppel.
A)True
B)False
Q2) The agent has the right to a safe working environment.
A)True
B)False
Q3) Denny, a certified public accountant and an investor, and Ethel, an insurance salesperson and a realtor, may create an agency relationship for A) a legal business purpose only.
B) any legal purpose.
C) any purpose.
D) no purpose.
Q4) Employers cannot avoid any tax liabilities by hiring independent contractors instead of employees.
A)True
B)False
Q5) The term fiduciary is at the heart of agency law.
A)True B)False
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Chapter 10: Agency Liability and Termination
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Sample Questions
Q1) Based on Oona's conduct, Porcio reasonably believes that Qasim has the authority to act on Oona's behalf even though Qasim does not have the actual authority to do so. In this circumstance, Qasim has A) apparent authority.
B) express authority.
C) implied authority.
D) no authority.
Q2) The equal dignity rule requires that if a contract entered into by an agent is or must be in writing, the agent's authority must also be in writing.
A)True
B)False
Q3) If an agent has no authority but nevertheless contracts with a third party, the principal cannot normally be held liable on the contract.
A)True
B)False
Q4) An agency relationship terminates only when both parties consent to end it. A)True
B)False
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Chapter 11: Employment, Immigration, and Labor Law
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Sample Questions
Q1) Service Employees International Union represents the employees of Therapy Rehabilitation Corporation. Potential subjects of collective bargaining between the union and the corporation do not include
A) hiring more workers than necessary to do a certain project.
B) employee wages.
C) employment benefits.
D) working conditions.
Q2) Children aged fourteen and fifteen are allowed to work in hazardous occupations. A)True
B)False
Q3) Flo is seventeen years old. Under the Fair Labor Standards Act, she cannot work A) in the entertainment industry.
B) in a hazardous occupation.
C) for her parents.
D) in the agriculture industry.
Q4) Medicare is funded by contributions from the employer and the employee. A)True
B)False
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Chapter 12: Employment Discrimination
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Sample Questions
Q1) Women affected by pregnancy must be treated the same as other persons not so affected but similar in ability to work.
A)True
B)False
Q2) A plaintiff who sues on the basis of disparate-treatment discrimination does not need to make out a prima facie case.
A)True
B)False
Q3) Ellen and Fred work on the loading dock for Grange Storage. Ellen, who has a disability, requests a transfer, which would represent an accommodation for her disability. But when an opening occurs, Grange transfers Fred on the basis of seniority. In Ellen's suit against Grange for discrimination, most likely
A) Fred's seniority is a good defense.
B) Ellen's disability is a sufficient basis for relief.
C) Grange's action was a business necessity.
D) Grange's action was a reasonable accommodation.
Q4) Federal law does not prohibit employers from classifying jobs as male or female.
A)True
B)False
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Chapter 13: The Formation of Sales and Lease Contracts
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Sample Questions
Q1) Intangible property has conceptual existence and thus comes under Article 2.
A)True
B)False
Q2) Clean Mouth Clinic offers to buy from Dental Supplies Company a certain quantity of floss and other items for a certain price. Dental can accept the offer by
A) a material alteration of the terms within a reasonable time.
B) a promise to ship or a prompt shipment of the goods.
C) a prompt shipment of the goods only.
D) a shipment of nonconforming goods with a notice of accommodation.
Q3) Generally, acceptance of an offer to lease goods may be made in any reasonable manner and by any reasonable means.
A)True
B)False
Q4) When no delivery terms are specified in a contract for a sale of goods, there is no basis for determining a remedy.
A)True
B)False
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15
Chapter 14: Performance and Breach of Sales and Lease Contracts
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Sample Questions
Q1) In the absence of any specific agreements, the buyer or lessee must make payment after receipt of the goods.
A)True
B)False
Q2) Acceptance of goods precludes the buyer or lessee from exercising the right of rejection.
A)True
B)False
Q3) Field Farms and Gourmet Restaurant enter into a contract for a sale of produce. After Field Farms ships the lettuce but before the restaurant receives it, the buyer declares bankruptcy. The seller can stop delivery of the goods in transit
A) only if the quantity is at least 50 percent of the contract amount.
B) only if the quantity is in a single "unit."
C) only if the quantity is at least a truckload.
D) regardless of the quantity.
Q4) Until the time for performance under a contract expires, the seller has a right to cure.
A)True
B)False
16
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Chapter 15: Negotiable Instruments
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Sample Questions
Q1) To be negotiable, an instrument must be on material that lends itself to permanence.
A)True
B)False
Q2) Gail owes $5,000 in unpaid taxes. Using the back of an old t-shirt, she executes an instrument for $5,000 that otherwise meets the requirements for negotiability. This instrument is likely
A) negotiable.
B) nonnegotiable, because an instrument must be on paper.
C) nonnegotiable, because a t-shirt is not sufficiently permanent.
D) nonnegotiable, because the government does not appreciate it.
Q3) Refer to Fact Pattern 15-3.With respect to this instrument, Country Bank is A) the drawee.
B) the indorser.
C) the maker.
D) the payee.
Q4) With respect to negotiability, a mere reference to another writing or record makes a promise conditional.
A)True
B)False
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Chapter 16: Transferability and Holder in Due Course
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Sample Questions
Q1) A holder takes an instrument for value if he or she accepts the instrument in payment of a preexisting obligation.
A)True
B)False
Q2) A holder takes an instrument for value if he or she inherits an instrument.
A)True
B)False
Q3) Gwen signs a check payable to Hart and gives it to him. Hart indorses the back, and transfers the check to Ingrid. To negotiate the check to Jaime, Ingrid must
A) write "Ingrid" on the back.
B) write "pay to the order of Jaime [signed] Ingrid" on the back.
C) deliver the check to Jaime.
D) obtain Jaime's signature on the back.
Q4) Refer to Fact Pattern 16-1.When Patricia writes "Pay to Patricia" above Nina's signature, Nina's signature becomes
A) a blank indorsement.
B) a qualified indorsement.
C) a special indorsement.
D) a forgery.
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Chapter 17: Liability, Defenses, and Discharge
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Sample Questions
Q1) Hilltop Bank is an HDC of a note for $1,000 on which there is the forged signature of "Rob." If sued on the note by Hilltop, Rob's best defense would be A) illegality.
B) fraud in the execution.
C) material alteration.
D) forgery.
Q2) The completion of an originally incomplete instrument in an unauthorized manner is not a defense against payment on the instrument to an HDC.
A)True
B)False
Q3) If delivery of goods becomes impossible, a party who has issued a draft or note on the contract has a defense for not paying it.
A)True
B)False
Q4) An indorser is secondarily liable on an instrument.
A)True
B)False
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19
Chapter 18: Banking in the Digital Age
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Q1) An agency relationship arises between the customer and the bank when the customer writes a check on his or her account.
A)True
B)False
Q2) Joni writes Keizer an uncertified check for $500 drawn on Joni's account at Labor Employees Credit Union. Seven months later, Keizer presents the check for payment. The credit union pays the check in good faith without consulting Joni. The credit union
A) cannot charge Joni's account for any amount.
B) can charge Joni's account for $250 only.
C) can charge Joni's account for $500.
D) is liable for breach of contract.
Q3) Each bank in a collection chain must pass a check on before midnight of the day of its receipt.
A)True
B)False
Q4) A written stop payment order is only valid for thirty days.
A)True
B)False
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20
Chapter 19: Creditors Rights and Remedies
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Q1) Jay is a surety for Karen's loan from Little Bank. Jay's right to be reimbursed by Karen after having paid her debt is the right of A) contribution.
B) redemption.
C) reimbursement.
D) subrogation.
Q2) Countryside Bank provides Dhani with a standard mortgage with an unchanging rate of interest to buy a home. Payments on the loan remain the same for the duration of the mortgage. This is
A) a fixed-rate mortgage.
B) an adjustable-rate mortgage.
C) a workout agreement.
D) a violation of the law.
Q3) The roof in Rosalyn's house springs a leak. She contracts with Shelter Roofing & Restoration Company to repair the roof and fix the damage to the house. Rosalyn pays 10 percent of the price in advance. Shelter Roofing does the work, but Rosalyn refuses to pay the rest of the price. What can Shelter Roofing do, and how is it done?
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Chapter 20: Secured Transactions
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Sample Questions
Q1) Angie borrows $20,000 from Credit Line Company using a stand of timber as collateral. To perfect its security interest, Credit Line must file its financing statement with A) the county clerk.
B) the mayor.
C) the state lumbermen's association.
D) the secretary of state.
Q2) Attachment gives the creditor an enforceable security interest in the collateral.
A)True
B)False
Q3) The payment of John's debt to Kirsten is guaranteed by John's personal property. Kirsten is most likely to perfect her interest by
A) attaching a bright label to John's property.
B) calculating the precise amount of John's debt.
C) correcting grammatical errors in the parties' written agreement.
D) filing a financing statement with the appropriate authority.
Q4) A financing statement is effective for five years from the date of filing.
A)True
B)False
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22
Chapter 21: Bankruptcy Law
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Q1) Leo files a petition in bankruptcy. Among his debts are unpaid taxes, fines owed to the government, student loans owed to Metro University, and support owed to his ex-wife Nadia. Most likely to be discharged are
A) back taxes accrued within the previous three years.
B) fines outstanding less than eight years.
C) student loans whose payment would impose undue hardship.
D) spousal-support debts unpaid for more than eighteen months.
Q2) Lindsay operates a sole proprietorship, a corporation, and a partnership. She wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, she may file a petition in bankruptcy for relief through A) a liquidation.
B) a reorganization.
C) a repayment plan.
D) any of the choices.
Q3) A trustee has the power to avoid preferences.
A)True
B)False
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23
Chapter 22: Professional Liability and Accountability
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Q1) Accountants must surrender possession of working papers relating to an audit or review to the party for whom the work was performed.
A)True
B)False
Q2) Gift Company's liabilities exceed its assets. Gift hires Hill & Dale, an accounting firm, to prepare a balance sheet. Through negligent omissions, the sheet shows a net worth. Invest Bank relies on it to make a loan to Gift. When the firm defaults, the bank files a suit against Hill & Dale. Under the Restatement (Third) of Torts, Hill & Dale is most likely
A) liable because Hill & Dale owed a duty of care to Gift.
B) liable because Hill & Dale owed a duty to any foreseeable user.
C) liable if Hill & Dale knew that the bank would rely on the balance sheet.
D) not liable because Hill & Dale and the bank were not in privity.
Q3) Accountants are exempt from the criminal provisions of federal tax laws.
A)True B)False
Q4) The competency of professionals' service is never an issue.
A)True B)False
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Page 24
Chapter 23: Administrative Agencies
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Q1) Friend2Friend, Inc., a social network provider, is cited by an Internal Revenue Service (IRS) representative for an underpayment of federal income tax. Friend2Friend's accountants believed that the agency overlooked some of the firm's legitimate tax deductions and credits. Erin, Friend2Friend's chief executive officer, wants to challenge the assessment. What are Erin and Friend2Friend's next steps?
Q2) To notify the public of a proposed rule, the Federal Emergency Management Agency, like other federal agencies, publishes the proposal
A) through a broadcast on a public television station.
B) in a trade journal available to members of the industry.
C) in the Federal Register.
D) on its Web site.
Q3) When reviewing an agency's decisions, a court will generally not grant deference to the agency's judgment.
A)True
B)False
Q4) Final administrative rules have binding legal effect.
A)True
B)False
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Page 25
Chapter 24: Consumer Law
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Q1) A sanction known as bait-and-switch advertising requires a company to advertise the products of its competitor to counter its own false claims.
A)True
B)False
Q2) Consumers who are charged more for credit or insurance than others ordinarily would be because of their credit reports must be notified of that fact.
A)True
B)False
Q3) Bea borrows funds from Credit Union to repair her home and to buy a car. She buys a laptop from Discount Store in a transaction financed by the seller. If these parties are subject to the Truth-in-Lending Act, Regulation Z applies to
A) the car loan only.
B) the home repair loan only.
C) the retail installment sale only.
D) the car loan, the home repair loan, and the retail installment sale.
Q4) Obvious exaggerations are not permissible in advertising.
A)True
B)False
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26
Chapter 25: Environmental Protection
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Q1) National effluent (pollution) standards are set by each affected industry.
A)True
B)False
Q2) Under the Clean Water Act, criminal penalties apply whether a violation was intentional or unintentional.
A)True
B)False
Q3) Performance standards for major sources of air pollution require the use of the any available technology, or AAT.
A)True
B)False
Q4) The Environmental Protection Agency has concluded that greenhouse gases, including CO2 emissions, do not constitute a public danger.
A)True
B)False
Q5) The National Pollutant Discharge Elimination System focuses on industrial wastewater and storm water discharges.
A)True
B)False
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Chapter 26: Antitrust Law
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Q1) To prevent its competitors from obtaining sufficient supplies to make their products, Continental Steel, Inc., uses its market power to increase the prices of those supplies. This is
A) price discrimination.
B) business judgment.
C) predatory bidding.
D) predatory pricing.
Q2) Frozen Confections Corporation makes and sells ice cream under a variety of brand names. Frozen Fruit wants to merge with Grocers Iced Products Company, its main competitor. In weighing a challenge to the deal, a court looks at the relevant product market. This most likely includes ice cream and
A) no other products.
B) products that are not identical but are related, such as spin-offs.
C) products that are reasonably interchangeable.
D) products with identical attributes only.
Q3) Any conspiracy-even if it occurs outside the United States-that has a substantial effect on U.S. commerce is within the reach of the Sherman Act.
A)True
B)False
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Page 28
Chapter 27: Personal Property and Bailments
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Q1) Property would have little value if the law did not define the rights of owners to use, sell, dispose of, and control their property.
A)True
B)False
Q2) Common carriers can contract away their liability for damaged goods. A)True
B)False
Q3) Someone who finds abandoned property acquires title to it and that title is good against the whole world, except the original owner.
A)True
B)False
Q4) Constructive delivery is not necessary for gifts of intangible personal property. A)True
B)False
Q5) When a passenger boards a plane, he or she becomes the subject of a bailment. A)True
B)False
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Page 29
Chapter 28: Real Property and Landlord-Tenant Law
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Q1) Landscaping Company has the right to enter onto Martin's land and remove topsoil from certain acreage. This is
A) a fee simple absolute.
B) a license.
C) an easement.
D) a profit.
Q2) The exterior boundaries of land extend down to the depth of the deepest hole and up to the height of the tallest structure and no further.
A)True
B)False
Q3) Under the implied warranty of habitability, a tenant impliedly warrants that he or she will "habitate" on the premises during the term of the lease.
A)True
B)False
Q4) A periodic tenancy is created by a lease that does not specify how long it is to last, but does specify that rent is to be paid at certain intervals.
A)True
B)False
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Chapter 29: Intellectual Property
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Q1) Mace copies Nick's book, Off the Road, in its entirety and sells it to Parkland Books, Inc., without Nick's permission. Parkland publishes it under Mace's name. This is
A) copyright infringement.
B) fair use.
C) licensing.
D) protected expression.
Q2) Bubbly Cola features Sparkly Cola's trademark without its owner's permission. Bubbly's use of the mark is actionable provided A) consumers are confused.
B) Bubbly's use is intentional.
C) Bubbly's use reduces the value of Sparkly's mark.
D) Sparkly's mark is registered.
Q3) A marketing technique can be a trade secret.
A)True
B)False
Q4) An applicant cannot register a trademark on the basis of an intention to use the mark in commerce.
A)True
B)False
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Chapter 30: Insurance
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Sample Questions
Q1) Commerce Insurance, Inc., has a valid reason to cancel a policy issued to DIY Auto Parts Company. In most states, Commerce could cancel the policy on
A) advance oral or written notice.
B) oral or written notice but only after arbitration.
C) no notice.
D) advance written-not oral-notice.
Q2) The person who receives the proceeds under an insurance policy is called a beneficiary.
A)True
B)False
Q3) Gus obtains a health insurance policy for his family from Healthway Insurance Company. The policy includes an incontestability clause. Under such a clause, after a policy has been in force for two or three years
A) Gus cannot contest Healthway's insurable interest.
B) Gus cannot contest Healthway's refusal to pay a claim under the policy.
C) Healthways cannot contest Gus's eligibility for continued coverage.
D) Healthways cannot contest Gus's statements in the application.
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Chapter 31: Wills and Trusts
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Q1) The debts of a decedent must be satisfied out of his or her estate.
A)True
B)False
Q2) To "publish" a will means to record it in the appropriate county office.
A)True
B)False
Q3) Meryl's daughter Nixie dies before Meryl, leaving Nixie's son Orman. On Meryl's death, it is learned that her will gives "to my daughter Nixie my farm near Pratt, Kansas." Most likely, the gift of the farm will lapse in part.
A) abate.
B) not lapse.
C) lapse in full.
D) lapse in part.
Q4) Greg dies without a will. His survivors include his spouse Helen and his two children, Irene and John. Under applicable laws, of Greg's estate, Helen will probably receive
A) everything.
B) nothing.
C) one-half.
D) one-third.
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Chapter 32: Digital Update:should Employees Have a Right of Disconnecting
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Sample Questions
Q1) Vera starts World Markets Inc. an online business to advertise and sell goods handcrafted in a variety of countries. The purpose of advertising law generally is to create marketplaces in which businesses can operate free of
A) deceptive and unfair practices.
B) international restrictions on speech.
C) the rules of private Web sites (such as Facebook).
D) competition.
Q2) Rick forms Study Groups Inc. to start a social media site online. He selects Takeaway as the domain name. Responsible for coordinating databases related to namespaces online
A) are the Web hosts of online businesses.
B) is the U.S. Copyright Office.
C) is the U.S. Patent and Trademark Office.
D) is the Internet Corporation for Assigned Names and Numbers.
Q3) Predictive analytics in the digital realm focuses on
A) predicting certain behavior based on certain data.
B) analyzing certain data to predict digital developments.
C) analyzing certain predictions to monitor certain results.
D) predicting certain digital data based on reasoned analysis.
Page 34
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Chapter 33: Digital Update: Revenge Porn and Invasion of Privacy
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Q1) Business Sales Company and other employers routinely check job applicants' social media posts when deciding whom to hire. According to the results of at least one study, online disclosures of personal traits
A) results in widespread hiring discrimination.
B) may lead to job offers for which the applicants are not qualified.
C) has no meaningful effect on hiring decisions by any employer.
D) can significantly influence the hiring decisions of some employers.
Q2) Machine Making Corporation requires its employees to punch out when they leave their workstations for personal breaks and punch in when they return. Under the Fair Labor Standards Act, Machine
A) must compensate its employees during their breaks.
B) need not compensate its employees during their breaks.
C) must record the breaks for review by the U.S. Department of Labor.
D) must record and report the breaks to the U.S. Department of Labor.
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Chapter 34: Digital Update: Taxing Web Purchases
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Q1) Maria borrows funds through the U.S. Department of Education (DOE) to pay for her education. She defaults on the loan. In some states
A) any of the choices.
B) a lien can be placed on the debtor's real property to pay the debt.
C) the debt can be collected by garnishment of the debtor's bank account.
D) the debtor's professional license can be revoked.
Q2) Robert borrows $15,000 from State College to help pay for his education. He signs a note payable to the school for the amount of the loan plus interest. Robert defaults, and the school transfers the note to a collection agency. This means that
A) additional costs to collect payment can be added to the unpaid principal.
B) additional requirements can be imposed on the borrower to graduate.
C) none of the choices.
D) Robert may have to accept a job offer from a select list of employers.
Q3) A digital invoice is
A) an electronic version of a paper bill that can be paid online.
B) an online view of a paper bill that cannot be paid online.
C) a statement for a subscription service that makes B2B payments.
D) a supplemental record of a transaction payment.
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Chapter 35: Ethics Today:what
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Sample Questions
Q1) Eve is an attorney. With respect to client information, under the American Bar Association's Model Rules of Professional Conduct, Eve, like other attorneys
A) is required to guarantee that a breach of confidentiality will never occur.
B) has an ethical duty to safeguard the information.
C) does not need to be concerned with keeping the information secure.
D) does not own the data.
Q2) The Federal Communications Commission issued proposed rules regulating Internet service providers (ISPs) as "common carriers" under the Communications Act of 1934. Under these rules, ISPs cannot
A) prevent users from accessing "legal content" on the Internet.
B) reduce the speed of data from any particular site or application.
C) charge content providers more for faster service.
D) all of the choices.
Q3) A business that acts to take advantage of the economic and political opportunities offered by the climate change is acting
A) legally and ethically.
B) legally, but unethically.
C) illegally, but not unethically.
D) illegally and unethically.
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Chapter 36: Digital Update:the Exploding World of Digital Property
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Sample Questions
Q1) Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses
A) intangible objects used in virtual worlds like DeepSpace.
B) digital books, music libraries, and movie downloads.
C) all of the choices.
D) domain names and expensively created Web sites.
Q2) Liz starts Modern Roofing, which becomes successful through her efforts. Meanwhile, she marries Nick. To ensure that her business will not break up if her marriage falls apart, Liz should
A) avoid involving Nick in the business.
B) employ Nick in the business in a minor capacity.
C) appoint Nick to be the business's chief executive officer.
D) hire Nick to work for the business on a per-project basis
Q3) According to the United States Supreme Court,
A) Metro City can take a parking lot for a privately owned sports stadium.
B) all of the choices.
C) Laborville can condemn a vacant field for a private manufacturing plant.
D) Sleepyton can take residential property for a private corporate complex.
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