Business Law and Society Exam Preparation Guide
Course Introduction
This course explores the intricate relationship between law, business, and society, examining how legal principles influence and shape business practices within a broader social context. Students will gain an understanding of key areas such as contracts, torts, agency, and regulatory frameworks, while also considering ethical issues, corporate social responsibility, and the impact of governmental policies on business operations. Through case studies and real-world examples, the course encourages critical analysis of the ways legal environments affect businesses and, in turn, how businesses engage with legal and societal challenges.
Recommended Textbook
Business Government and Society 13th Edition by
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18 Chapters
1434 Verified Questions
1434 Flashcards
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John F. Steiner
Page 2
Chapter 1: The Study of Business, Government, and Society
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) A concern with the stakeholder theory is that it is not always clear who or what a legitimate stakeholder is.
A)True
B)False
Answer: True
Q2) Governments are secondary stakeholders to corporations.
A)True
B)False
Answer: False
Q3) The business-government-society (BGS)field is the study of this environment and its importance for managers.
A)True
B)False
Answer: True
Q4) Define the term "stakeholders".
Answer: A stakeholder is an entity that is benefited or burdened by the actions of a corporation or whose actions may benefit or burden the corporation.The corporation has an ethical duty toward these entities.
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Chapter 2: The Dynamic Environment
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Sample Questions
Q1) _____ is the belief that sacred authority called for hard work,saving,thrift,and honesty as necessary for salvation.
A) Positivism
B) Protestant ethic
C) Functionalism
D) Confucian ethic
Answer: B
Q2) Which of the following is true regarding the waves of innovation that have taken place since the beginning of the Industrial Revolution?
A) The first wave of innovation started in 1685.
B) In the first wave of innovation,electricity came into general use.
C) The second wave of innovation began in 1845 and ended in 1900.
D) The second wave of innovation was powered by aviation.
Answer: C
Q3) A Web site open to collaborative editing by multiple individuals is known as a blog.
A)True
B)False
Answer: False
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4
Chapter 3: Business Power
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76 Flashcards
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Sample Questions
Q1) The force to act or to compel another person or entity to act is called:
A) power.
B) regulation.
C) justice.
D) management.
Answer: A
Q2) On which of the following levels does corporate power shape society over time through the aggregate changes of industrial growth?
A) Deep level
B) Apparent level
C) Exterior level
D) Surface level
Answer: A
Q3) Predictable and strong forces in a pluralistic,free market society limit business power.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Critics of Business
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80 Flashcards
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Sample Questions
Q1) Discuss Plato's and Aristotle's views on commercial activity.
Q2) According to Plato:
A) when people engaged in trade they inevitably succumbed to the temptation of excess.
B) happiness is the ultimate goal of life.
C) the amount of happiness a person gained in life was equal to the amount of virtue accumulated in the soul.
D) profit motive was to be supported.
Q3) Unlike European peasants,American farmers owned their land and this turned them into little capitalists.
A)True
B)False
Q4) The progressive movement was a turn-of-the-nineteenth-century social movement that associated moderate social reform with progress.
A)True
B)False
Q5) What is an agrarian society?
Q6) Discuss the ancient agrarian societies of Greece and Rome.
Q7) What is meant by liberalism,economic liberalism,Keynesianism,and neoliberalism?
Page 6
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Chapter 5: Corporate Social Responsibility
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Sample Questions
Q1) According to ____,corporate social responsibility creates administrative expenses,distracts executives,confuses economic goals with other goals,and subtracts from social welfare when the corporation is less efficient.
A) radical Progressives
B) progressive civil societies
C) conservative economists
D) moderate Progressives
Q2) Discuss the three elements of social responsibility.
Q3) According to conservative economists:
A) businesses are reservoirs of skill and energy for improving civic life.
B) business is most responsible when it makes money efficiently.
C) business is most accountable when it applies its energy on social projects.
D) managers have an ethical duty to consider the broad social impact of their decisions.
Q4) How did the concept of corporate social responsibility evolve from 1950 to 1970?
Q5) Who were corporate trustees?
Q6) Milton Friedman believes that the sole objective of managers should be maximization of profit.
A)True
B)False
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Chapter 6: Implementing Corporate Social Responsibility
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80 Flashcards
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Sample Questions
Q1) Which of the following is a variant of strategic philanthropy in which charitable contributions are based on purchases of a product?
A) Altruism
B) Checkbook philanthropy
C) Venture philanthropy
D) Cause-related marketing
Q2) Corporate philanthropy is a large part of overall private philanthropy in the U.S.every year.
A)True
B)False
Q3) The basic purpose of a company that defines the type of business in which the company is engaged in and explains how it differs from its competitors is called a:
A) GRI.
B) mission statement.
C) social issue.
D) corporate social reporting method.
Q4) Explain what is meant by corporate philanthropy and how it is expressed.
Q5) What is philanthrocapitalism?
Q6) Explain what the Global Reporting Initiative (GRI)is intended to accomplish.
Page 8
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Chapter 7: Business Ethics
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80 Flashcards
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Sample Questions
Q1) When a company signs a DPA or NPA it is indicted.
A)True
B)False
Q2) The study of good and evil,right and wrong,and just and unjust actions in business is called:
A) moral free space.
B) corporate culture.
C) business ethics.
D) moral muteness.
Q3) Most U.S.companies have a written code of ethical conduct.
A)True
B)False
Q4) What are the factors that influence managerial ethics? Why is the example of company leaders considered perhaps the strongest influence on integrity in a corporate culture?
Q5) All variations of ethical principle should conform to which of the following?
A) Hypernorms
B) Externalities
C) Moral muteness
D) Master morality
Page 9
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Chapter 8: Making Ethical Decisions in Business
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Sample Questions
Q1) Identify the principle that admonishes a manager to treat employees as ends in themselves and not to manipulate them simply as factors of production for the self-interested ends of the company.
A) The disclosure rule
B) The Doctrine of the Mean
C) The practical imperative
D) The organization ethic
Q2) Moral intuition is a form of social intuition that is adaptive to the social environment and predominates in individual ethical decisions,more so when they are:
A) immediate.
B) abstract.
C) less emotionally loaded.
D) amenable to decision regimes.
Q3) The saying,"Your right to swing your fist ends where my nose begins" is a colloquial version of the:
A) conventionalist ethic.
B) organization ethic.
C) principle of equal freedom.
D) principle of proportionality.
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Page 10
Chapter 9: Business in Politics
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Sample Questions
Q1) Define peak associations,trade associations,Washington offices,and coalitions.
Q2) Which amendment to the U.S.Constitution gave women the right to vote in elections?
A) The First Amendment
B) The Seventeenth Amendment
C) The Nineteenth Amendment
D) The Tenth Amendment
Q3) _____ advocacy suggests the election or defeat of a candidate using specific words like "vote for," "defeat," or "support."
A) Ideological
B) Express
C) Bureaucratic
D) Issue
Q4) Much New Deal legislation was profoundly unequal and uncompassionate and reasserted the tradition of industrial idealism.
A)True
B)False
Q5) Define lobbying.
Q6) What is a peak association?
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Chapter 10: Regulating Business
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Sample Questions
Q1) Some regulations stop firms from making products in harmful ways,such as,by exposing workers to danger or by releasing pollutants.This is an example of the government trying to:
A) provide information.
B) resolve national and global problems.
C) regulate socially desirable production methods.
D) regulate special customers.
Q2) Define the Commerce Clause.
Q3) Government activity that guides the behavior of citizens,groups,and corporations to reach economic or social goals is known as:
A) autarky.
B) national treatment.
C) regulation.
D) liberalization.
Q4) What is deregulation?
Q5) How is the cost of regulation calculated?
Q6) List some of the market failures that justify regulation.
Q7) What was the scenario during the first wave of federal regulation of business?
Q9) What is an independent regulatory commission? Page 12
Q8) What are some of the objectives that justify social and political regulations?
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Chapter 11: Multinational Corporations
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80 Flashcards
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Sample Questions
Q1) Define bluewashing.
Q2) The OECD Guidelines for Multinational Enterprises:
A) are a set of 16 broadly worded principles about protecting and conserving the natural environment.
B) reinforces capitalism by making it moral.
C) are global guidelines for socially responsible and ethical behavior based on ethical ideas in the great religions.
D) is the only comprehensive global code of corporate conduct endorsed by governments.
Q3) Bluewashing is a report from a corporation about its actions in support of the 10 Global Compact principles.
A)True
B)False
Q4) Almost all FDI comes from:
A) hedge funds.
B) sovereign wealth funds.
C) multinational corporations.
D) private equity.
Q5) What is the Rio Declaration?
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Chapter 12: Globalization, Trade, and Corruption
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Sample Questions
Q1) When networks of economic,political,social,and scientific interdependence span worldwide distances,this is called globalization.
A)True
B)False
Q2) The "Buy American" laws seek to influence governments and agencies to purchase U.S.-made goods and services rather than foreign-made goods and services.
A)True
B)False
Q3) All of the following countries are part of NAFTA except:
A) Argentina.
B) Canada.
C) the United States.
D) Mexico.
Q4) The uniform currency used by the European Union (EU)is called the: A) euro.
B) dollar.
C) yen.
D) pound.
Q5) Discuss the free trade responses to protectionism.
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Chapter 13: Industrial Pollution and Environmental Regulation
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Sample Questions
Q1) _____ refer to six natural substances that in large quantities cause the degradation of air quality.
A) Point source effluents
B) Greenhouse gases
C) Criteria pollutants
D) Hazardous air pollutants
Q2) Which of the following are used as refrigerants,aerosol propellants,foams,and solvents?
A) Herbicides
B) Placebos
C) Carbon monoxides
D) Chlorofluorocarbons
Q3) Emissions of manufactured gases containing chlorine and bromine,when released into the ____,persist and eventually rise into the ____,they are converted by chemical reactions into more reactive gases that destroy ozone.
A) lower atmosphere;stratosphere
B) higher atmosphere;troposphere
C) lower atmosphere;mesosphere
D) higher atmosphere;mesosphere
Page 16
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Chapter 14: Managing Environmental Quality
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Sample Questions
Q1) A statistical survey of human mortality and morbidity in a sample population is called a(n)_____ study.
A) demographic
B) epidemiological
C) cosmology
D) community
Q2) The Environmental Protection Agency uses the _____ dose-response rate model that assumes that there will be a proportionate decrease in cancers from large exposures to small ones.
A) linear
B) quantal
C) graded
D) indirect
Q3) How are environmental taxes important as policy tools? What is main drawback of these taxes?
Q4) _____ regulations do not require legal compulsions or sanctions.
A) Voluntary
B) Market incentive
C) Required disclosure
D) Command-and-control
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Chapter 15: Consumerism
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Sample Questions
Q1) What are the two kinds of warranties?
A) Express and implied
B) Express and categorical
C) Categorical and allusive
D) Connoted and implied
Q2) A tort solely involves an intentional action that causes injury.
A)True
B)False
Q3) In the late 1800s and early 1900s,manufacturers were well protected from liability suits brought by injured customers because of two formidable obstacles in the law.What were they?
A) The principle of actus reus and the doctrine of laches.
B) The principle of caveat emptor and the doctrine of privity.
C) The principle of caveat emptor and the doctrine of laches.
D) The principle of actus reus and the doctrine of privity.
Q4) Which of the following agencies acts against housing and loan discrimination?
A) The Federal Trade Commission
B) The Bureau of Consumer Financial Protection
C) The Equal Employment Opportunity Commission
D) The Federal Deposit Insurance Corporation
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Chapter 16: The Changing Workplace
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Sample Questions
Q1) What is a business process?
Q2) The _____ contract was traditionally defined as an employment contract that could be ended by either the employer or the employee without notice and for any or no reason.
A) right-to-work
B) individual freedom
C) employment at-will
D) just cause
Q3) Which of the following sectors includes fishing and forestry occupations?
A) Agricultural
B) Goods-producing
C) Service
D) Manufacturing
Q4) The yellow dog contract was a type of employer-employee agreement according to which workers would:
A) not associate themselves with any unions.
B) leave if they behaved unlawfully.
C) remain with the firm.
D) not disclose confidential information.
Q5) Explain structural change.
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Chapter 17: Civil Rights, Women, and Diversity
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Sample Questions
Q1) If an employer gives less favorable treatment to employees because of their race,color,religion,sex,or national origin,he/she is indulging in:
A) disparate treatment.
B) separate but equal treatment.
C) reverse discrimination.
D) diversity management.
Q2) Which of the following abolished slavery?
A) The Emancipation Proclamation
B) Executive Order 13526
C) The Sixteenth Amendment
D) The Thirteenth Amendment
Q3) The Office of Federal Contract Compliance Programs:
A) establishes rigid hiring goals for all companies.
B) has mandated a goal of 10 percent females in the construction industry.
C) conducts zealous compliance reviews.
D) uses qualitative tools to target companies where discrimination is most likely to be uncovered.
Q4) What were the employment discriminations that the Chinese laborers faced in the United States during 1850 to 1885?
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Chapter 18: Corporate Governance
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Sample Questions
Q1) Explain which state has chartered the largest number of U.S.industrial corporations and why this state is so popular for this activity.
Q2) At most companies the chairman of the board is the CEO,giving him/her a dual role.
A)True
B)False
Q3) This is a grant of stock with restrictions on transaction that are removed when a specified condition is met.
A) Performance shares
B) Restricted stock
C) Stock options
D) Perquisites
Q4) List three provisions that were set forth in the Sarbanes-Oxley Act.
Q5) Describe the typical duties of boards of directors for U.S.corporations.
Q6) Most companies now design their compensation discussions to satisfy regulators rather than as a communication to the average shareholder.
A)True
B)False
Q7) What are the major shortcomings of CEO compensation?
Page 21
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