Business and Society
Mock Exam
Course Introduction
Business and Society explores the dynamic relationship between businesses and the broader social environment in which they operate. The course examines how companies influence and are influenced by societal values, ethical norms, governmental regulations, and public policy. Key topics include corporate social responsibility, stakeholder management, ethical decision-making, and sustainable business practices. Students will analyze real-world cases to understand the impact of business decisions on employees, communities, the environment, and global markets, developing skills to navigate complex social and ethical challenges in the modern business landscape.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) A state statute mandates that the statute of limitations for a negligence law suit is two years and the plaintiff is barred from filing the suit if they file after that time.This statute is an example of a:
A) private law.
B) procedural law.
C) criminal law.
D) substantive law
Answer: B
Q2) Philip believes that moral values inherent in mankind should form the basis of law and that these principles are a higher authority than man made law.Philip is a proponent of:
A) natural law.
B) legal realism.
C) legal positivism.
D) social law
Answer: A
Q3) Measures of judicial action intended to compensate an injured party in a civil law suit are called _______.
Answer: remedies
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Page 3
Chapter 2: Business and the Constitution
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Sample Questions
Q1) Federal legislation or regulation must be authorized by a specific enumerated power in the Constitution.
A)True
B)False
Answer: True
Q2) Typically,political speech by corporations is fully protected by the First Amendment.
A)True
B)False
Answer: True
Q3) The power to impeach and remove is a check and balance power of the:
A) executive branch
B) legislative branch
C) judicial branch
D) it is a power shared by all three governmental branches
Answer: B
Q4) Commerce which is wholly contained within a state and which has no effect on other states or foreign countries is called ________ commerce.
Answer: Intrastate
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Page 4
Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Sample Questions
Q1) Federal court judges are:
A) selected by the President without outside confirmation.
B) nominated by the President and subject to full Congressional confirmation.
C) nominated by the President and subject to Senate confirmation.
D) nominated by the President and subject to House of Representative confirmation
Answer: C
Q2) Which of the following involves the analysis of personal jurisdiction?
A) application of a long-arm statute
B) diversity jurisdiction
C) federal question jurisdiction
D) enforcement of a state or federal criminal law
Answer: A
Q3) Because it is not a state,cases arising in Washington
A) a specially appointed court that reports directly to the U.S. Supreme Court.
B) courts from the Virginia state system because Virginia is the closest state.
C) the Federal Circuit Court of Appeals.
D) the Court of Appeals for the District of Columbia
E)C. are heard by:
Answer: D
Page 5
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Sample Questions
Q1) In Brower v.Gateway Computer,the issue involved the enforcement of a mandatory and binding arbitration agreement pertaining to disputes between Gateway and its customers.With regard to the agreements enforcement,the court determined that:
A) because the Standard Terms and Agreements document made the arbitration agreement enforceable after the customer retained the computer for thirty days and over thirty days had elapsed, the agreement was considered accepted and enforceable.
B) because Congress had indicated in the Federal Arbitration Act that arbitration agreements were the preferred method of dispute resolution, the courts were bound and preempted by Congress's stated policy so the agreement had to be enforced.
C) because the parties could not agree on a suitable arbitrator, the clause was useless and only litigation before a court could adequately and fairly resolve the dispute.
D) because the mandatory fee required by the arbitration forum exceeded the cost of most of Gateway's products, the prohibitive cost of arbitration made the arbitration unfair and biased toward Gateway and therefore nullified the arbitration clause
Q2) What is a pretrial conference,when does it occur,and what are its purposes?
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Page 6
Chapter 5: Business,Societal,and Ethical Contexts of Law
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Sample Questions
Q1) The ________ based standard requires that the majority good be placed ahead of the individual good when faced with a moral dilemma.
Q2) Name the five step process that a manager should use for ethical decision making.
Q3) Enron Corporation was a multinational conglomerate with a core business of:
A) oil and gas exploration and production.
B) energy trading.
C) insurance and stock speculation.
D) banking and mortgage lending
Q4) What were the reasons offered to defend the fact that AIG had paid $165 million in bonuses to certain employees?
Q5) Each of the following is a key component in the creation and implementation of a company's value management program except:
A) identifying the values that the company should promote.
B) identifying the values that the company's peer competitors promote.
C) developing written policies and procedures to align behaviors with the company's preferred values.
D) training personnel about the policies and procedures implemented
Q6) What is the difference between ethics and morals?
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Chapter 6: Overview and Formation of Contracts
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Sample Questions
Q1) In which of the following situations will the court enforce a contract?
A) Tinker offers to sell his car to Evers. Evers asks for some time to decide and Tinker gives him until 6:00 pm. At 4:00 pm Evers sees Chance driving the car and is told that Tinker sold it to him. Evers calls Tinker at 4:30 pm and says "I accept".
B) Jan offers to sell his boat to Dean. Dean asks for 24 hours to decide and Jan agrees. At midnight, the boat sinks although neither Jan nor Dean knows it's sunk. Dean calls Jan before the 24 hours is over and says, "I accept".
C) Martin offers to sell his horse to Lewis for $1,000. Lewis replies that $1,000 is too much and says "I'll give you $850 for her". Martin says no and Lewis replies, "Okay, I'll give you $1,000.
D) Fred offers to sell his car to Wilma. Wilma asks for more time and Fred says you may have until 10:00 am the next morning. Wilma gives Fred $50 for him to keep the offer open to her that is nonrefundable. Fred dies during the night and after hearing that Fred died, Wilma calls Fred's heirs at 9:00 am the next morning and accepts Fred's offer
Q2) Contracts that involve goods and services are known as ________ contracts.
Q3) Use of unfair coercion to force another into a contract constitutes _______.
Q4) What does the parole evidence rule say and how does it affect contracts?
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8
Chapter 7: Contract Performance: Conditions, Breach, and Remedies
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80 Flashcards
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Sample Questions
Q1) Incidental beneficiaries are known about when the contract is entered into.
A)True
B)False
Q2) Harry sees an AK-47 automatic assault rifle in a gun shop window.He inquires about the price and is told that it is $2,500.Harry signs a contract promising to pay the $2,500 on Friday,taking possession of the rifle when payment is made.On Thursday,a law is enacted making the ownership,sale or possession of an automatic rifle illegal.This contract:
A) automatically terminates due to impossibility.
B) automatically terminates due to impracticability.
C) automatically terminates due to frustration of purpose.
D) is enforceable and not affected by the new law because it was entered into before the law took effect
Q3) When an assignment is made,the assignee has the right to reform the contract and change the obligor's rights and duties as they wish.
A)True
B)False
Q4) Damages agreed to when the contract is written and prior to any actual breach are called ________ damages.
Page 9
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Chapter 8: Contracts for the Sale of Goods
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Sample Questions
Q1) Veggy Time,Inc.is a distributor of canned vegetables.They have been dealing with Fred Farmer for 10 years purchasing Fred's entire corn crop.Fred's farm is so large and productive that Veggy Time has exclusively bought all of their corn from Fred alone.Once again they have entered into a contract with Fred to purchase his entire 2011 crop and have no other corn sellers under contract.For the entire ten years,Fred has delivered 100,000 bushels of corn to Veggy Time.Unfortunately,due to an extraordinary amount of rain,Fred's fields are flooded and his crop is destroyed.In 2011,Fred can deliver only 10,000 bushels and Veggy Time is about to suffer a huge loss.Does Veggy Time have any rights against Fred to recover for their losses? What could Veggy Time do to mitigate their damages?
Q2) UCC gap fillers will not be used and are not applicable to contracts when the contract clearly specifies a contract term or condition.
A)True
B)False
Q3) Normally,the buyer's offer in a commercial transaction takes the form of:
A) a personal letter.
B) a purchase order.
C) an acknowledgement form.
D) a phone call with the parties directly speaking with each other
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Page 10
Chapter 9: Torts and Product Liability
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80 Flashcards
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Sample Questions
Q1) Sally is walking her 6 month old baby in a stroller.Mark,a stranger,looks into the stroller and says,"Wow,that's one ugly baby." Sally is furious and sues Mark for intentional infliction of emotional distress.She will likely lose.
A)True
B)False
Q2) You have just purchased a new car.After driving the car for a few days without incident,you then go through a puddle of water while turning through an intersection.The water splashes up and your power steering momentarily stops operating.You lose control running into a car parked along the road.You read in the paper the next day that this has occurred with this model car before and a recall is being considered.If you sue the manufacturer,what are the three theories of product liability you may sue under and how do they differ?
Q3) Courts are bound by the Restatement of Torts once published.
A)True
B)False
Q4) Store management may detain a suspected shoplifter without liability for false imprisonment based on the concept of ______.
Q5) Violations of safety statutes are sometimes referred to as negligence ______.
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Chapter 10: Agency and Employment Relationships
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80 Flashcards
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Sample Questions
Q1) If an agent acts in a disloyal manner and realizes a personal profit from their acts,the court may order a return of the funds which is called:
A) replenishment.
B) disgorgement.
C) restoration.
D) reinstatement
Q2) If an agent is acting within the scope of her employment,should she commit an intentional tort harming a third party the principal may be liable for the injuries sustained.
A)True
B)False
Q3) Why is it important for an agent to accurately define their role when signing contracts on behalf of a principal?
Q4) Courts will apply a subjective standard when examining the existence of offer and acceptance by the parties when creating an agency relationship.
A)True
B)False
Q5) Expressly firing someone for whistle-blowing constitutes the act of ______.
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Chapter 11: Employment Regulation and Labor Law
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Sample Questions
Q1) The process of having the NLRB certify a union based on 50% of the authorization cards indicating the employees want a union without an election is called _______.
Q2) Contributory and comparative negligence are generally not valid defenses to workers' compensation claims.
A)True
B)False
Q3) The Employee Retirement Income Security Act authorizes the Department of Labor to monitor both pensions and retirement savings plan administration.
A)True
B)False
Q4) The shift from an agricultural society toward industrial production began almost immediately after the end of the U.S.Revolution.
A)True
B)False
Q5) The Fair Labor Standards Act requires that all workers be paid a minimum wage. A)True
B)False
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Chapter 12: Employment Discrimination
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80 Flashcards
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Sample Questions
Q1) The business necessity defense is a defense to:
A) disparate treatment cases.
B) sexual harassment cases.
C) unequal pay cases.
D) disparate impact cases
Q2) The Equal Employment Opportunity Commission enjoys rule making as well as enforcement powers.
A)True
B)False
Q3) A disability,as defined in the Americans with Disabilities Act,is an impairment that significantly limits a person's ability to participate in a ________ activity.
Q4) What are the four defenses available to an employer under the Equal Pay Act that will permit different levels of pay between men and women?
Q5) Mike is Kathy's employer.Mike tells her that she will not get a raise or promotion unless she has sex with him.Mike has committed ________ sexual harassment.
Q6) Mixed motives discrimination is analyzed using the ________ standard.
Q7) Disparate treatment is analyzed using the ________ standard.
Q8) Disparate impact is analyzed using the ________ standard.
Page 14
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Chapter 13: Choice of Business Entity, Sole Proprietorships, and
Partnerships
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Sample Questions
Q1) Jonathan has graduated and wants to start a business.Which business entity gives him the most complete and exclusive control over the business and any business decisions?
A) sole proprietorship
B) limited liability company
C) corporation
D) general partnership
Q2) Roger is a limited partner in a business.To retain his limited liability protection he must not:
A) participate in the approval of new partners.
B) participate in the removal of existing partners.
C) consult or be paid by the business.
D) assume management responsibilities
Q3) One disadvantage of a sole proprietorship business entity is that it is restricted to a single location and cannot expand.
A)True
B)False
Q4) A "Doing Business As" certificate is also known as a ________ certificate.
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Q5) Limited partnerships are required to file a/an ________ return with the IRS each year.
Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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80 Flashcards
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Sample
Questions
Q1) When completing the certificate of organization,the organizers of an LLC are not required to disclose how the business is to be managed.
A)True
B)False
Q2) Which of the following is not true regarding a business trust?
A) when a business trust is entered into, no public filing is required
B) business trusts do not have officers or directors
C) business trusts are nonstatutory business arrangements
D) business trust beneficiaries are issued stock as evidence of their ownership rights in trust assets
Q3) The first LLP legislation was enacted in:
A) New York.
B) Texas.
C) Florida.
D) Iowa
Q4) The procedure for collecting additional capital contributions from partners as necessary is called _______.
Q5) LLCs are frequently governed by agreement of the parties called an LLC agreement or _______.
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Chapter 15: Corporations
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Sample Questions
Q1) A corporation is considered formed the moment the articles of incorporation are filed by the principals.
A)True
B)False
Q2) All publicly held corporations are also classified as public corporations.
A)True
B)False
Q3) Which of the following gives a person the right to vote at an annual meeting?
A) a debenture
B) a share of stock
C) a bond
D) a promissory note
Q4) Robert Hill Corp.is incorporated in the state of Delaware.If they transact business in Iowa,in Iowa Robert Hill would be characterized as a/an:
A) domestic corporation.
B) foreign corporation.
C) alien corporation.
D) native corporation
Q5) A corporate bond issued in the amount of $500,000 is called a ________ bond.
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Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Q1) A person who receives non-public confidential information regarding a company and uses that information to realize a profit is called a _______.
Q2) An ________ investor is one who has experience,business savvy,and knowledge of the market to the extent that the law imputes a certain cognizance of investment risk and the ability to protect their own interests.
Q3) The primary market consists of securities sales in public markets while the secondary market consists of security sales in private placements.
A)True B)False
Q4) When a corporation issues securities under a nonpublic offering or safe harbor exemption from SEC regulations,they are free of the burden of supplying any disclosures to the investor due to the investors experience and knowledge of the process. A)True B)False
Q5) The promissory note securing a home mortgage is a security instrument. A)True B)False
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Chapter 17: Administrative Law
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Sample Questions
Q1) Administrative agencies exercise their policymaking function through _____.
Q2) ________ is a body of law that defines,regulates,and limits the exercise of authority by federal regulatory agencies.
Q3) Where are hearings on matters under an agency's jurisdictions adjudicated?
A) administrative law hearings
B) state court
C) federal court
D) licensing boards
Q4) Agencies are frequently charged by Congress to study potential solutions to a problem and then exercise legislative function by creating legally enforceable rules.
A)True
B)False
Q5) Agencies can monitor compliance with their regulations through inspection of business facilities under their jurisdiction.
A)True
B)False
Q6) Some agencies monitor compliance with regulations by conducting ________ of a business.
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Chapter 18: Environmental Law
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Sample Questions
Q1) The oil spill that resulted in Congress creating the Oil Pollution Act was the:
A) Deepwater Horizon.
B) Gulf Oil Spill.
C) Kirsk.
D) Exxon Valdez
Q2) The National Environmental Policy Act (NEPA)applies to interstate highway construction.
A)True
B)False
Q3) Car performance standards are regulated by the EPA.
A)True
B)False
Q4) The EPA may enforce its rules and regulations through criminal prosecutions.
A)True
B)False
Q5) Name and discuss the three different categories that federal agency actions are classified as under the National Environmental Policy Act? Provide an example for each.
Q6) The Clean Air Act (CAA)requires that ________ determine how to achieve the National Ambient Air Quality Standards (NAAQS).
Page 20
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Chapter 19: Antitrust and Regulation of Competition
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Sample Questions
Q1) A _______ is a concerted refusal to deal with a third party.
Q2) Horizontal restraints are restrictions on trade through an agreement with a _______ company.
Q3) Every buyer boycotting a supplier that uses child labor to produce their raw materials is committing a per se violation of the Sherman Act.
A)True
B)False
Q4) The court order for Microsoft to break apart into multiple entities in U.S.v.Microsoft was overturned on appeal.
A)True
B)False
Q5) John owns a company that makes televisions.The company makes high quality TVs and has a large share of the market.Recently John's company decided to expand their business into surround sound systems.If the company requires its distributors to buy the surround sound system as a condition of sale for the TVs would there be an illegal restraint? Why or why not?
Q6) Discuss the early motivations for enacting antitrust laws.
Q7) Vertical restraints are restrictions where one company colludes with a ________ company.
Page 21
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Chapter 20: Creditors Rights and Bankruptcy
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Sample Questions
Q1) What is not a major change to bankruptcy law in the Bankruptcy Abuse Prevention and Consumer Protection Act?
A) credit counseling
B) means test
C) proof of income
D) lowering the priority of alimony payments
Q2) Even if a debtor's salary is more than the median income for their state,they are still eligible for Chapter 7.
A)True
B)False
Q3) Unsecured creditors give loans based on ________ without collateral.
Q4) Secured creditors must ________ their security interests before they are protected under the UCC.
Q5) If the creditor may keep the property used as collateral in his possession if the debtor defaults,the UCC does not require a lawsuit if there is a security agreement.
A)True
B)False
Q6) What is the means test? Provide an example of how it would be applied.
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Chapter 21: Consumer Protection Law
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Sample Questions
Q1) What are some of the ways that the Credit Card Accountability Responsibility and Disclosure Act attempts to protect college students from deceptive practices by credit card companies?
Q2) If Annie borrows money to pay for her kitchen upgrades from her aunt Bethany,Bethany does not need to provide required disclosures under the Truth in Lending Act.
A)True
B)False
Q3) What is the name of the legislation enacted in response to injuries and death from products being sold to consumers?
A) Federal Product Act
B) Food, Drug and Cosmetic Act
C) Product Liability and Safety Reform Act
D) Consumer Product Safety Act
Q4) The source of warranty law is:
A) the UCC.
B) FTC regulations.
C) the Consumer Protection Act.
D) the TILA
Q5) What is the primary purpose of the Truth in Lending Act?
Page 23
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Chapter 22: Criminal Law and Procedure in Business
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Q1) A fact that does not excuse a crime but may be considered to lessen punishment is called a ________ circumstance.
Q2) If a jury is deadlocked and cannot come to a decision at the end of a trial,the prosecutor may not bring charges to retry the defendant due to the defendant's double jeopardy protection under the Constitution.
A)True
B)False
Q3) If business records can be proven to be private papers the records may be protected from seizure under the Fifth Amendment right against self incrimination by sole proprietors.
A)True
B)False
Q4) From least to most serious,crimes are classified as follows:
A) misdemeanors/infractions/felonies.
B) felonies/misdemeanors/ infractions.
C) infractions/misdemeanors/felonies.
D) infractions/felonies/misdemeanors
Q5) Criminal ________ deals with the limits set on the government's authority when applying or enforcing criminal law.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Water rights are also known as ________ rights.
Q2) Howard has fulfilled his residential lease and has moved out of his apartment.The landlord,depending on the state,has between ________ to act on Howard's security deposit.
A) 15 and 15 days
B) 15 and 30 days
C) 15 and 45 days
D) 15 and 60 days
Q3) An exception to zoning ordinances is called a ______.
Q4) Mia has written a deed that says,"To Chelsea for life and upon her death,the property shall go back to me." What kind of interest does Mia have in the property upon Chelsea's death?
A) a repudiation
B) a redemption
C) a reversion
D) a retention
Q5) An easement is a nonpossessory interest in land.
A)True
B)False
Q6) Structures erected on real estate are called ______. Page 25
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Chapter 24: Intellectual Property
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Sample Questions
Q1) A utility or business method patent will last for:
A) 14 years from the date of the filing of the application with the United States Patent and Trademark Office.
B) 14 years from the date of the approval of the application granted by the United States Patent and Trademark Office.
C) 20 years from the date of the filing of the application with the United States Patent and Trademark Office.
D) 20 years from the date of the approval of the application granted by the United States Patent and Trademark Office
Q2) One significant benefit of obtaining a patent is that the cost to defend a patent is relatively minimal when compared to typical law suits.
A)True
B)False
Q3) If a written work has been completed but has not been published or otherwise put into the public domain,fair use can never be used as a defense if the work is copied or used by another.
A)True
B)False
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Chapter 25: International Law and Global Commerce
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Sample Questions
Q1) Intellectual property rights protection come from several multilateral agreements.
A)True
B)False
Q2) ________ international law addresses relations between individual countries and international organizations.
Q3) The common law system is based on what country's legal concepts and organization?
A) United States
B) ancient Rome
C) England
D) France
Q4) Platkos Inc.applies for a permit to import their goods to Russia.A Russian official denies their permit.Platkos hires a Russian consultant,a very low level official to act as a lobbyist.The consultant is paid a very large fee.When the permit is approved,Platkos sends the consultant a thank you gift.Is this scenario permissible under the FCPA?
Q5) There are no exemptions to the doctrine of sovereign immunity.
A)True
B)False
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