Business and Society
Textbook Exam Questions
Course Introduction
Business and Society explores the dynamic relationship between commercial enterprises and the wider social environment in which they operate. The course examines how businesses both influence and are influenced by societal norms, ethical considerations, public policies, and stakeholder interests. Key topics include corporate social responsibility, ethical decision-making, sustainability, regulatory frameworks, and the impact of globalization on business practices. Students will analyze real-world cases to understand the challenges and opportunities organizations face in balancing profitability with their responsibilities to society, and will develop critical thinking skills for evaluating the intersection of business strategies and societal expectations.
Recommended Textbook
Fundamentals of Business Law Today Summarized Cases 10th Edition by Roger LeRoy Miller
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Chapter 1: The Legal and Constitutional Environment of Business
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Q1) Individuals have a right to obtain access to information about them collected in government files.
A)True
B)False
Answer: True
Q2) Substantive due process limits what the government may do in its legislative capacity.
A)True
B)False
Answer: True
Q3) Congress enacts a statute,the Federal Deposit Insurance Corporation (an administrative agency) issues rules,the Southeast Financial Institutions Association (a private organizations) issues instructions,South Valley Bank posts a memo with orders for its employees,and Tina tells her co-worker about a recent news story.Sources of law include
A)the instructions issued by private associations.
B)the orders posted by employers.
C)the rules issued by federal administrative agencies.
D)the stories released by news agencies.
Answer: C
Page 3
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Chapter 2: Courts and Alternative Dispute Resolution
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Q1) Milo files a suit against Nick in an Ohio state court,noting that Nick op-erates a Web site through which Ohio residents have done substan-tial business with him.The court is most likely to have jurisdiction over Nick if Milo's claim arises from A)anything an Ohio resident has done.
B)Nick's Web site activities.
C)nothing an Ohio resident has done.
D)something other than Nick's Web site.
Answer: B
Q2) Ben files a suit in a federal district court against Cathy.Cathy loses the suit,appeals to the U.S.Court of Appeals for the Second Circuit,and loses again.Cathy asks the United States Supreme Court to hear the case.The Court agrees to hear the case.This means that
A)at least four justices approve of hearing the case.
B)Cathy's petition does not raise a possibility of an important constitutional question. C)the amount in controversy in Cathy's suit is greater than $100,000.
D)the Court feels that the lower courts' judgments were erroneous.
Answer: A
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Page 4
Chapter 3: Ethics and Business Decision Making
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Q1) Destiny and Eduardo,investors in Competitive Acquisitions Corporation,are dissatisfied with the profit-maximization theory of corporate objectives.These investors and others who look beyond profits and dividends may consider the triple bottom line,which does not include a corporation's
A)impact on people.
B)profits.
C)impact on the planet.
D)congressional lobbying activities.
Answer: D
Q2) With respect to the potential for American Discount Stores,Inc.,and any other major corporation to suffer damage to its reputation or loss of profits through negative publicity,the Internet has
A)increased the potential.
B)decreased the potential.
C)had no impact.
D)allowed a company to keep negative information or opinions hidden.
Answer: A
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Chapter 4: Tort Law
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Q1) False imprisonment occurs when a person restrains another intentionally and without justification.
A)True
B)False
Q2) Some risks are obvious but that does not necessarily excuse a business owner from the duty to protect customers from foreseeable harm.
A)True
B)False
Q3) Roger wants Andy to work late on a project.He tells Andy that the morally correct thing to do is to stay late at the office and work on the project.Andy feels obligated to stay and work late due to the moral pressure from Roger.Andy stays late at the office,even though he does not want to.Andy can sue Roger for A)false imprisonment.
B)battery.
C)defamation.
D)no tort.
Q4) Disparagement of property is another term for slander of quality.
A)True
B)False
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Chapter 5: Intellectual Property
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Q1) Creation Worx,Inc.,develops,makes,and markets new computer programs for businesses and consumers.Generally,copyright protection extends to A)all aspects of the software.
B)the "look and feel" of the software.
C)those parts of the software that can be read by humans.
D)all of the choices.
Q2) Paula develops a new espresso machine that she names "Sure Shot." She also writes an operating manual for the machine.Paula can obtain trademark protection for A)the espresso machine.
B)the "newness" of the espresso machine.
C)the name "Sure Shot."
D)the operating manual.
Q3) Wendy works as a weather announcer for a TV station under the character name Weather Wendy.Wendy can register her name as a A)a certification mark.
B)a collective mark.
C)a service mark.
D)atrade name.
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Chapter 6: Internet Law,social Media,and Privacy
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Q1) Interactive Entertainment Corporation markets its products online.Through the use of cookies,Interactive Entertainment and other online marketers can A)track individuals' Web browsing activities.
B)gain access to competitors' servers.
C)"sweet talk" consumers into buying certain products.
D)attack competitors' Web sites.
Q2) ConnectWeb,Inc.,an Internet service provider (ISP),supplies information to the Federal Trade Commission concerning possible unfair or deceptive conduct in foreign jurisdictions.For this disclosure,federal law gives ConnectWeb and other ISPs immunity from liability.This is A)goodwill.
B)fair use.
C)a safe harbor.
D)a license.
Q3) Much of the material on the Internet,including software and database information,is not copyrighted.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Q1) All persons who are arrested have the constitutional right to remain silent.
A)True
B)False
Q2) A suspect cannot be tried twice in the same court for the same crime.
A)True
B)False
Q3) A hacker is someone who uses one computer to break into another.
A)True
B)False
Q4) Ordinarily,"ignorance of the law" is a valid defense to criminal liability.
A)True
B)False
Q5) Jackson is accused of a crime.Jackson can refuse to provide information about his allegedly criminal activities
A)if he suspects the information will be used to prosecute him.
B)if the police do not promise to keep the information confidential.
C)if the information is "fruit of the poisonous tree."
D)under no circumstances.
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Chapter 8: Nature and Classification
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Questions
Q1) Bobbie claims that Carly breached their contract.Carly responds that she never intended to enter into a contract with Bobbie.The intent to enter into a contract is determined with reference to A)the conscious theory of contracts.
B)the objective theory of contracts.
C)the personal theory of contracts.
D)the subjective theory of contracts.
Q2) InTown Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,it may be required to A)do nothing.
B)make another promise.
C)pay monetary damages.
D)perform a different service.
Q3) An agreement is NOT one of the requirements of a valid contract.
A)True
B)False
Q4) An express contract doesnotneed to be in writing.
A)True
B)False
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Chapter 9: Agreement in Traditional and E-Contracts
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Q1) For an offer to be effective,the offeror must have a serious intention to become bound by the offer.
A)True
B)False
Q2) Jared downloads some video games from the Internet.There is a page indicating the terms of use,but nothing that requires Jared to affirmatively indicate his consent before downloading the games.These terms are
A)a click-on agreement.
B)browse-wrap terms.
C)an attribution agreement.
D)a shrink-wrap agreement.
Q3) Standard Purchasing Corporation and Total Sales,Inc.,enter into a part-nering agreement.Under a partnering agreement,parties agree
A)in advance to terms that apply to their future e-transactions.
B)to become partners.
C)to conduct transactions solely in electronic form.
D)to resolve all disputes without involving a third party.
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Chapter 10: Consideration, capacity, and Legality
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Q1) For a minor to disaffirm a contract,he or she must present the contract to a court.
A)True
B)False
Q2) After an accident with a driver for Onyx Security Company,Paul signs a covenant not to sue Onyx for damages in a tort action if it pays for the damage to his car. This covenant
A)bars recovery only if Onyx pays.
B)is an illusory contract.
C)is barred by the preexisting duty rule.
D)is unconscionable.
Q3) If a minor disaffirms a contract,he or she must disaffirm the entire contract.
A)True
B)False
Q4) If a contract is fully performed by all parties to it,then it is pre-sumed to have been ratified.
A)True
B)False
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Chapter 11: Defenses to Contract Enforceability
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Q1) Under the Statute of Frauds,an oral contract for the transfer of a mortgage is enforceable.
A)True
B)False
Q2) A prenuptial agreement must be in writing to be enforceable.
A)True
B)False
Q3) Dixie May enters into a contract to buy one hundred pounds of pecans from Margaret.The contract must be in writing if the pecans cost
A)$100.
B)$150.
C)$250.
D)$500.
Q4) An oral contract for a sale of goods for more than $5,000 is not enforceable even if the parties to it admit to its existence in court.
A)True
B)False
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Chapter 12: Third Party Rights and Discharge
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Q1) In an assignment,the party receiving the rights is known as the assignor.
A)True
B)False
Q2) Leonardo contracts to install automatic watering troughs in Kendall's dairy barn.Leonardo then becomes seriously ill and contracts with Jake to install the troughs.Jake is unreliable and never shows up to install the troughs.Kendall can sue
A)no one.
B)Jake only.
C)Leonardo only.
D)Jake or Leonardo.
Q3) Even-Bilt Construction contracts to build a warehouse for Discount E-Sales Company.Even-Bilt completely performs.Discount E-Sales is entitled to A)an accord.
B)rescission.
C)novation.
D)nothing more.
Q4) An assignment of rights in real estate often cannot be prohibited.
A)True
B)False
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Chapter 13: Breach and Remedies
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Q1) Office Accounting,Inc.,hires Perry to repair a computer on site for $400,but Perry does not show up as agreed.Office Accounting hires Raul to do the job for $350.Office Accounting may recover from Perry
A)compensatory damages.
B)consequential damages.
C)nominal damages.
D)punitive damages.
Q2) The measurement of compensatory damages for breach of contract is the same for all types of contracts.
A)True
B)False
Q3) Sonny agrees to buy a unique collection of Olympics memorabilia for $7,000 from Jana and sends $1,500 as a down payment.When Sonny sends Jana the rest of the price,she refuses to ship the collection.Sonny should seek A)a penalty.
B)liquidated damages.
C)restitution.
D)specific performance.
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Chapter 14: The Formation of Sales and Lease Contracts
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Q1) Rita,the manager of the State University (SU) soccer team,orally agrees to lease a certain number of specially made SU banners from Top Banners,Inc.This lease is enforceable only if Top has made a substan-tial start on making the banners and A)Rita agreed to the lease on behalf of the SU soccer team.
B)SU does not have other,similar banners available.
C)the banners are not suitable for others in the course of Top's business.
D)the soccer season has not ended and SU goes to the finals.
Q2) Peter,an agent for Zippy Cars,Inc.,writes a letter to Cassandra on March 1 stating that he will sell her a 2011 Suburu Outback for $20,000 between March 1 and April 30.Peter's letter to Cassandra is
A)a firm offer.
B)an acceptance.
C)a bilateral contract.
D)a breach.
Q3) Entrusting goods to a merchant who deals in goods of the kind gives the merchant the power to transfer all rights to a buyer in the ordinary course of business.
A)True
B)False
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Chapter 15: Performance and Breach of Sales and Lease Contracts
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Q1) A buyer may reject a seller's goods under any circumstances.
A)True
B)False
Q2) The seller's or lessor's major obligation under a sales contract is to tender conforming goods to the buyer or lessee.
A)True
B)False
Q3) Screen Perfect,Inc.,and TV Stores enter into a contract for a sale of high-definition television sets.Screen Perfect ships goods that do not exactly conform to the contract in some details.TV Stores
A)cannot reject the entire shipment.
B)can reject the entire shipment.
C)must accept the entire shipment.
D)must reject the entire shipment.
Q4) Under the UCC,there are no exceptions to the perfect tender rule.
A)True
B)False
Q5) Tender must occur at a reasonable hour and in a reasonable manner.
A)True
B)False
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Chapter 16: Warranties and Product Liability
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Q1) Merchant Supply Company and National Discount Stores enter into a contract for a lease of cash registers.Merchant assures National that it has valid title to the goods.Under the UCC,a warranty of title arises
A)automatically in most lease contracts.
B)only if the lessee asks for such a warranty.
C)only if the lessor expresses such a warranty.
D)only in conjunction with sales contracts,not lease contracts.
Q2) To support the imposition of strict product liability,a product must be substantially changed from the time it is sold to the time an injury occurs.
A)True
B)False
Q3) Only a statement made after a contract is entered into can be an express warranty. A)True
B)False
Q4) Strict liability depends on privity of contract between an injured party and a seller.
A)True
B)False
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Chapter 17: Negotiability, transferability, and Liability
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Q1) A promise to give value in the future is sufficient to confer the rights of an HDC on one in possession of a negotiable instrument.
A)True
B)False
Q2) Stature Loan Company has notice that a promissory note is overdue if the note is a demand instrument and Stature takes it
A)an unreasonable time after its due date.
B)before its due date.
C)on its due date.
D)without noticing its due date.
Q3) Wilson buys a promissory note from Oli.The note is due on December 5.December 5 is a Sunday.The note is
A)payable anytime the week of December 6.
B)payable December 6.
C)payable on December 5 only.
D)defective.
Q4) Primary liability is unconditional.
A)True
B)False
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Chapter 18: Checks and Banking in the Digital Age
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Q1) A forged signature is effective as the signature of a drawer to the extent that is resembles the drawer's actual signature.
A)True
B)False
Q2) Jon writes a check to LocoMotion,Inc.,as payment for a golf cart but soon discov-ers the cart is broken.He goes to Fairway Bank,the drawee,and orally author-izes Lolly,a bank officer,to stop payment on the check.This order is valid for A)fourteen days.
B)fourteen months.
C)fourteen attempts to cash it.
D)fourteen subsequent "on-us" items.
Q3) A bank is not responsible for determining whether a signature on a customer's check is genuine.
A)True
B)False
Q4) Today,most checks are processed manually.
A)True
B)False
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Chapter 19: Secured Transactions
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Q1) 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.
Q2) The person who owes the payment of a secured obligation is the secured party.
A)True
B)False
Q3) The method of perfecting a security interest does not depend on the classification of the collateral.
A)True
B)False
Q4) Olaf is the creditor in a transaction with Phil.Once certain require-ments are met,Olaf's rights will attach,which means that Olaf will have
A)indivisible ownership right to Phil's property.
B)an enforceable security interest in Phil's property.
C)a notice affixed to Phil's property.
D)the permission of a court to seize Phil's property.
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) A petition for a discharge in bankruptcy under Chapter 13 may be filed by A)Gracie,the sole proprietor of Home Net Services.
B)Internet Portals &
Q2) William is a surety for Jeannie's loan from Richard.Richard knows of William's existence.When the loan comes due,Jeannie tries to pay Richard,but Richard rejects the payment.William is
A)released from any obligation on the debt.
B)required to pay the amount of the debt to Richard.
C)required to pay up to half of the amount of the debt to Richard.
D)required to pay the amount of the debt to Jeannie.
Q3) In most states,state law determines the amount of a debtor's property that is exempt from dis-tribution on bankruptcy.
A)True B)False
Q4) A writ of execution is a writ that puts in force a court decree or judgment. A)True B)False
Q5) Concealing assets from a bankruptcy court is a crime.
A)True
B)False
Page 22
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Chapter 21: Agency Relationships
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Q1) If a principal ratifies a contract without knowing all of the facts,the principal can rescind the contract.
A)True
B)False
Q2) Rangle contracts with Siena to buy a certain horse for her.Rangle makes a deal with Timberline Stables,the owner of the horse,and makes a down payment.Siena fails to pay the rest of the price.Timberline sues Rangle for breach of contract.His right to hold Siena liable for any damages that he has to pay is the right of A)avoidance.
B)cooperation.
C)indemnification. D)reimbursement.
Q3) An agency relationship can only be formed with a written agreement. A)True B)False
Q4) The relationship between a principal and an independent contractor always involves an agency relationship.
A)True
B)False
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Chapter 22: Employment Law
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Q1) Nimble Numbers Accounting Corporation,a private employer,handles bookkeeping for small employers.In most circumstances,with exceptions,federal law clearly pro-hibits Nimble from subjecting its employees to A)job-skills tests.
B)monitoring of business communications. C)drug tests.
D)lie-detector tests.
Q2) An employer may nothire an illegal immigrant under any circumstances. A)True B)False
Q3) During a union election campaign,Autowerks Repair,Inc.,prohibits on-site solicitations by any party,including Mechanics Union,which is seeking the workers' unionization.This violates A)federal labor law.
B)federal elections law.
C)federal employment discrimination law.
D)no federal law.
Q4) There is federal regulation of employers' retirement plans for employees. A)True B)False
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Chapter 23: Sole Proprietorships, partnerships, and Limited Liability Companies
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Q1) Jody owns KuppaJava Kiosks,a sole proprietorship.Jody's liability is A)limited by state statute and varies from state to state.
B)limited to the extent of capital expenditures.
C)limited to the extent of her original investment.
D)unlimited.
Q2) For most purposes,the law recognizes a partnership as an independent entity. A)True
B)False
Q3) Hollister and Gladys do business as partners in Frothy Confections.For federal income tax purposes,Frothy Confections would be treated as A)a pass-through entity.
B)a natural person.
C)a tax-paying entity.
D)a partnership by estoppel.
Q4) A sharing of both profits and losses is the only requirement of a partnership. A)True B)False
Q5) A partner is a co-owner of partnership property. A)True B)False
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Chapter 24: Corporate Formation, financing, and Termination
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Q1) Selecting the state in which to incorporate is an important step in the incorporation procedure.
A)True
B)False
Q2) The U.S.Postal Service is a public corporation.
A)True
B)False
Q3) A partnership cannot be a shareholder in an S corporation.
A)True
B)False
Q4) Any person who buys preferred stock has priority over a holder of common stock to payment on the corporation's dissolution.
A)True
B)False
Q5) A state constitution may resolve a conflict among documents involving a corporation.
A)True
B)False
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Chapter 25: Corporate Directors, officers, and Shareholders
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Q1) A director does not need to disclose any conflict of interest before voting on a proposal.
A)True B)False
Q2) Directors can use corporate funds and confidential information for personal advantage as long as they disclose that they are doing so.
A)True B)False
Q3) A director is a fiduciary of a corporation. A)True B)False
Q4) The articles of corporation cannot exclude or limit shareholders' voting rights. A)True B)False
Q5) Corporate officers can usually be removed by the board of directors without cause. A)True B)False
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Chapter 26: Investor Protection, insider Trading, and Corporate Governance
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Q1) Securities of nonprofit,educational,and charitable organizations are not exempt from the registration requirement of the 1933 Securities Act.
A)True
B)False
Q2) Catalina promises high returns to Darby and other investors,who then agree to trust their funds to Catalina.She uses these funds to pay previous investors.This is
A)a Ponzi scheme.
B)a stock option.
C)an accredited investor.
D)a tombstone ad.
Q3) Readmore Bookstore Corporation files a registration statement with the Securities and Exchange Commission and provides a prospectus describing the securities to investors.These items are intended to provide sufficient information so that the financial risks involved can be evaluated by
A)market professionals to explain to all investors.
B)government regulators to disclose to the general public.
C)sophisticated investors only.
D)unsophisticated investors.
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Chapter 27: Personal Property and Bailments
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Q1) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
Q2) Edna and Flavia buy a boat that they dock in a marina near Gulfport,Mississippi.On the death of either owner,that owner's interest in the boat passes to her heirs.This is A)ajoint tenancy.
B)community property.
C)a tenancy in common.
D)ownership in fee simple.
Q3) Delivery of intangible personal property is never accomplished by constructive delivery.
A)True
B)False
Q4) A finder of abandoned property acquires title to it,and the title is good against the whole world,including the original owner.
A)True
B)False
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Chapter 28: Real Property and Landlord-Tenant Law
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Q1) Cow Country Corporation (CCC) sells half of its land to the Double R Ranch.On the land is a reservoir.In the deed,CCC retains the right to remove a lim-ited amount of water per day from the res-ervoir.This right is
A)a leasehold estate.
B)a license.
C)an easement.
D)a profit.
Q2) Region Construction Company has a right to drive its trucks across Staple Business,Inc.'s property,which is adjacent to Region's office.This right is
A)a leasehold estate.
B)a license.
C)an easement.
D)a profit.
Q3) Plant life is not considered to be real property.
A)True
B)False
Q4) An easement can be created by prescription.
A)True
B)False
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Chapter 29: Insurance, wills, and Trusts
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Q1) Gigi,a twenty-year-old,wants to execute a will before she undertakes a moun-tain-climbing trip on a peak in the Himalaya Mountains.In most states,the legal age for executing a will is
A)sixteen years of age.
B)eighteen years of age.
C)twenty-one years of age.
D)twenty-five years of age.
Q2) Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company.Kerin can cancel the policy
A)at any time.
B)only at the end of a period for which a premium has been paid.
C)only if Kerin no longer has an insurable interest in the property.
D)only on advance written notice.
Q3) A will must normally be attested to by two or three witnesses.
A)True
B)False
Q4) An insurer has a duty to avoid the payment of claims.
A)True
B)False
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Chapter 30: Liability of Accountants and Other Professionals
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Q1) An accountant is not liable for a misleading statement that affects the price of a security if the accountant acted in good faith.
A)True
B)False
Q2) Bryce's accountant is Caleb and his attorney is Delilah.All states protect,as privileged information,Bryce's communications with
A)Caleb and Delilah.
B)Caleb only.
C)Delilah only.
D)neither Caleb nor Delilah.
Q3) An accountant's working papers are the documents that are used and developed during an audit.
A)True
B)False
Q4) A professional's gross negligence in performing a duty constitutes actual fraud.
A)True
B)False
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Chapter 31: International Law in a Global Economy
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Sample Questions
Q1) The government of Japan sets a limit on the amount of rice that can be imported from the United States.This is
A)a dumping duty.
B)an antidumping duty.
C)a quota.
D)a tariff.
Q2) US Cars,a U.S.firm,owns property in Argentina.The government of Argentina seizes the property.US Cars claims that this is confiscation.The government of Argentina claims that it is expropriation.The burden of proof lies with
A)the U.S.government.
B)the government of Argentina.
C)US Cars.
D)the U.S.Supreme Court.
Q3) In a joint venture,the parent company in the United States retains complete ownership and authority over all phases of the operation.
A)True
B)False
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