Business Regulation
Question Bank
Course Introduction
Business Regulation explores the legal framework and governmental policies that shape the conduct of businesses in both domestic and international contexts. The course examines the rationale, objectives, and methods of regulation, including antitrust laws, consumer protection, environmental standards, financial regulations, and labor laws. Students will analyze the impacts of regulatory bodies, compliance obligations, and the balance between fostering economic growth and safeguarding public interests. Through case studies and real-world examples, the course equips students to understand the complexities of operating within a regulated business environment and to anticipate the challenges and opportunities created by evolving regulatory landscapes.
Recommended Textbook
The Legal Environment Today 7th Edition by
Roger LeRoy Miller
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27 Chapters
1810 Verified Questions
1810 Flashcards
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Chapter 1: Business and Its Legal Environment
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Sample Questions
Q1) As a judge,Potter applies common law rules.These rules develop from
A)administrative regulations.
B)court decisions.
C)federal and state statutes.
D)proposed uniform laws.
Answer: B
Q2) Refer to Fact Pattern 1-1.The opinion joined by the four justices who favor Power is known as
A)a concurring opinion.
B)a dissenting opinion.
C)a majority opinion.
D)a per curiam opinion.
Answer: B
Q3) A court may depart from a precedent if the court decides that the precedent should no longer be followed.
A)True
B)False
Answer: True
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Chapter 1: A: Online Developments:
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Sample Questions
Q1) Lyman,Inc.,a U.S.firm,and Montcalm,Ltd.,a Canadian firm,include an arbitration clause in their contract,under which the two parties arbitrate a dispute that results in an award.This award will most likely be
A)as difficult or as easy to enforce as a court judgment.
B)easier to enforce than a court judgment.
C)more difficult to enforce than a court judgment.
D)unenforceable.
Answer: B
Q2) Leilani,a high school student,gains unauthorized access to a plagiarism service's database to which she and other students had been asked to submit their assignments.A federal court is most likely to find that this access violates
A)the Computer Fraud and Abuse Act.
B)the Virginia Computer Crimes Act.
C)federal copyright law.
D)no federal or state law.
Answer: A
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Chapter 2: Ethics and Business Decision Making
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Sample Questions
Q1) In making business decisions,Glenda,personnel manager for HVAC Maintenance,Inc.,applies his belief that all persons have fundamental rights.This is A)a religious rule.
B)the categorical imperative.
C)the principle of rights.
D)utilitarianism.
Answer: C
Q2) Ethical standards would most likely be considered violated if Retail Mart Corporation deals with a company in a developing nation that A)agrees to produce goods at Retail Mart's desired price.
B)goes unnoticed by "corporate watch" groups.
C)exploits its workers.
D)pays its workers less than the U.S.minimum wage.
Answer: C
Q3) A business organization and its actions cannot be based on trust.
A)True
B)False
Answer: False
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5
Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Concurrent jurisdiction exists when both federal and state courts have the power to hear a particular case.
A)True
B)False
Q2) Mediation is adversarial in nature.
A)True
B)False
Q3) The courts can decide whether the other branches of government have acted within the scope of their constitutional authority.
A)True
B)False
Q4) Betty files a suit against Carl.Before going to trial,the parties meet,with their attorneys to represent them,to try to resolve their dispute without involving a third party.This is
A)arbitration.
B)litigation.
C)mediation.
D)negotiation.
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Chapter 4: Constitutional Authority to Regulate Business
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Q1) Expendable Energy Corporation regularly expresses opinions on political issues.Under the First Amendment,corporate political speech is given
A)little protection.
B)no protection.
C)significant protection.
D)total protection.
Q2) Congress enacts a law that sets out a rigorous medical-device premarket approval process for the U.S.Food and Drug Administration to follow.The law includes a preemption provision.Joe is injured by a device that underwent the process and files a claim under New Hampshire state law to recover for the injury.The court will most likely rule that
A)Joe's state law claim preempts the federal law.
B)the federal law and state law claim are concurrent.
C)the federal and state law claim cancel each other out.
D)the federal law preempts Joe's state law claim.
Q3) Equal protection means that the government must treat similarly situated individuals in a similar manner.
A)True
B)False
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Page 7
Chapter 5: Torts,cyber Torts,and Strict Liabiity
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Q1) A failure to return personal property is conversion even if the rightful owner consented to the initial taking.
A)True
B)False
Q2) Clyde enters Desert Decathlon,an athletic competition in which Clyde has often competed.Regarding the risk of injury,Clyde assumes the risks
A)attributable to the Decathlon in any way.
B)different from the risks normally associated with the Decathlon.
C)greater than the risks normally associated with the Decathlon.
D)normally associated with the Decathlon.
Q3) To commit an intentional tort,one person must intend to harm a certain other person.
A)True
B)False
Q4) To avoid liability for negligence,a business owner must protect its patrons against all risks.
A)True
B)False
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Chapter 6: Criminal Law and Cyber Crime
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Q1) Posing as Platinum Bank,Oswald e-mails Nadia,asking her to update her personal banking information through a link in the e-mail.She clicks on the link and types in the data,which Oswald promptly sells to Moe.This is
A)no crime.
B)employment fraud.
C)phishing.
D)vishing.
Q2) Only blue-collar crimes are prosecuted under RICO.
A)True
B)False
Q3) Mae is granted immunity after she agrees to testify about a crime.Mae has an absolute privilege against self-incrimination and
A)can be prosecuted only for a crime about which she agreed to testify.
B)cannot be prosecuted for any crime.
C)cannot refuse to testify on Fifth Amendment grounds.
D)can refuse to testify on Fifth Amendment grounds.
Q4) A bribe must consist of money to be a crime.
A)True
B)False
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Chapter 7: International Law in a Global Economy
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Q1) Suisse Internationale,a Swiss maker of athletic equipment,enters into a price fixing agreement with Total World Sports,a U.S.wholesaler of Suisse's products.U.S.courts will apply U.S.antitrust laws if
A)the agreement was made in Switzerland.
B)the agreement was made in the United States.
C)the price fixing has a substantial effect on U.S.commerce.
D)the Swiss government agrees to be sued in the United States.
Q2) Mountain Mining Company,a U.S.firm,owns property in Bolivia.The government of Bolivia seizes the property for an illegal purpose without paying just compensation.This is
A)confiscation.
B)defalcation.
C)dumping.
D)expropriation.
Q3) Congress cannot impose any restrictions on exports except taxes.
A)True
B)False
Q4) Restrictions on exports may include tariffs.
A)True
B)False
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Chapter 8: Intellectual Property and Internet Law
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Q1) Phil invents "PhutureNow," new Web site design software,and applies for a patent.If Phil is granted a patent,his invention will be protected
A)for ten years.
B)for twenty years.
C)for the life of the inventor plus seventy years.
D)forever.
Q2) Copyright protection is automatic-registration is not required.
A)True
B)False
Q3) The process behind the production of "Fast Pace," a racecar video game,is protected by
A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q4) A fanciful use of ordinary words may be trademarked.
A)True
B)False
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Chapter 8: A: Online Developments:
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Sample Questions
Q1) Dale's debts are discharged in a liquidation bankruptcy.With respect to Dale's prebankruptcy debt,Even Stevens Credit Reporting Agency must automatically report A)nothing.
B)the debt as "discharged," except the nondischargeable debt.
C)the debt as "discharged," including the nondischargeable debt.
D)the debt as "unpaid."
Q2) In Hadley v.Baxendale,the Hadleys did not communicate adequately to Baxendale that the crankshaft they were sending to him for repair was the only one they had.The court held,with respect to the profit lost while the mill was closed,that the Hadleys were
A)not entitled to this amount from Baxendale.
B)entitled to this amount from Baxendale.
C)required to pay this amount to Baxendale.
D)required to pay this amount to the court.
Q3) The Anti-Counterfeiting Trade Agreement applies to A)pirated copyrighted works distributed via the Internet.
B)personal financial information on its owner's laptop.
C)legally downloaded recordings on a user's iPod.
D)a business firm's trade secrets cached on the firm's server.
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Chapter 9: Formation in Traditional and E-Contracts
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Sample Questions
Q1) Scot and Tiffany enter into an implied contract.The parties' conduct
A)defines the contract's terms.
B)finds the contract's facts.
C)terminates any unintended consequences.
D)undercuts any terms based on the facts.
Q2) Contractual capacity refers to the size or volume of a contract.
A)True
B)False
Q3) Inadequate consideration may reflect a lack of bargained-for exchange.
A)True
B)False
Q4) U-Can-Own-It Corporation sells appliances to less educated consumers,including Viv,on installment plans.U-Can-Own-It files a suit against Viv when she stops making payments.Viv claims that the deal is unconscionable.The court will most likely consider A)the geographic area of the relevant market.
B)the parties' relative bargaining power.
C)the quality of related products in the general market.
D)the relation of this deal to those of other customers.
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Page 13
Chapter 10: Contract Performance,breach,and Remedies
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Q1) Maya is a stockbroker.Nora believes that the price of OK Goods,Inc.(OKGI),a widely traded stock,is going to increase substantially.Through Maya,Nora buys 500 shares of OKGI at $10 per share,but the price soon drops to $2.Nora can successfully recover from Maya
A)nothing.
B)the amount of the purchase price.
C)the amount of the purchase price plus the expected increase.
D)the amount of the purchase price plus the unexpected decrease.
Q2) SFX Paintball Games,Inc.,and Truck & Trailer Delivery Corporation sign an agreement that provides for the payment of "$1,000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approximately $1,000." This is
A)a liquidated damages clause.
B)a mitigation of damages clause.
C)a nominal damages clause.
D)a penalty clause.
Q3) In most contracts,promises of performance are not expressly conditioned.
A)True
B)False
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Page 14
Chapter 11: Sales,leases,and Product Liability
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Sample Questions
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,this type of title warranty 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) Parker,a salesperson for Quality Textiles,Inc.,shows Rosa,a fabric buyer for Style Clothing Company,samples of cloth,stating that any shipment will match the samples.This statement is
A)an express warranty.
B)an implied warranty.
C)a warranty of title.
D)puffery.
Q3) One requirement for a product liability suit based on negligence is a failure to exercise due care.
A)True
B)False
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Chapter 12: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) Brie is a student at Collegiate University.In need of funds to pay for tuition and books,Brie asks Dependable Bank for a short-term loan.The bank agrees to make a loan if Brie will have someone who is financially responsible guarantee the loan payments.Esperanza,a well-known businessperson and a friend of Brie's family,calls the bank and agrees to pay the loan if Brie cannot.Because of Esperanza's reputation,the loan is made.Brie is making the payments,but because of illness she is unable to work for one month.She asks Dependable extend the loan for three months.The bank agrees,raising the interest rate for the extended period.Esperanza is not notified of the extension (and thus does not consent to it).One month later,Brie drops out of school.All attempts to collect the remainder of the loan from Brie fail.Can Dependable assert a claim against Esperanza on the debt
Q2) Payment of the principal obligation will not discharge the surety from the obligation.
A)True
B)False
Q3) The same principles that govern the filing of a liquidation petition apply to reorganization proceedings.
A)True
B)False
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Chapter 13: Mortgages Foreclosures After the Recession
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Q1) A lender's failure to comply with federal mortgage disclosure requirements extends the borrower's right to rescind the loan to no more than seven days.
A)True
B)False
Q2) Gena borrows $350,000 from Fish Island Bank to buy a home,which secures the mortgage.In the seventh year of the loan,Gena stops making payments.After the bank repossesses the property but before it is sold,Gena may buy it by paying
A)an amount that equals the potential proceeds from the property's sale.
B) an amount that exceeds the potential proceeds from the property's sale.
C)the amount of the missed payments,but not more.
D)the full amount of the debt,plus any interest and costs.
Q3) Lenders can require balloon payments for loans with terms of five years or less.
A)True
B)False
Q4) In a judicial foreclosure,the lender is allowed to foreclose on and sell the property without judicial supervision.
A)True
B)False
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Page 17
Chapter 14: Small Business Organizations
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Q1) In a limited partnership,a limited partner is personally liable to the partnership's creditors.
A)True
B)False
Q2) Limited liability companies (LLCs)are governed by state LLC statutes.
A)True
B)False
Q3) A sharing of profits from the ownership of property creates a presumption that a partnership exists.
A)True
B)False
Q4) Some states require franchisors to provide disclosure of information to prospective franchisees.
A)True
B)False
Q5) The franchise relationship is defined by a contract.
A)True
B)False
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Chapter 14: A: Landmark in the Legal Environment:
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Q1) Dingo Bangles Company wants to present information in "disclosure documents" via the Internet to prospective franchisees.Among other legal requirements with which Dingo must comply,prospective franchisees must
A)agree to settle any lawsuits that may arise over the documents.
B)be able to download or save all electronic documents.
C)provide e-mail addresses for Dingo to verify users' authenticity.
D)register with the Federal Trade Commission via Dingo's Web site.
Q2) Simone is a manager of Rolling Hills Resort LLC,a limited liability company.Rolling Hills is formed in a state that does not explicitly create fiduciary duties for LLC managers but does require the exercise of good business judgment.Unless a court rules otherwise,Simone owes fiduciary duties to
A)Rolling Hills's members.
B)Rolling Hills's suppliers.
C)Rolling Hills's customers.
D)none of the choices.
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19
Chapter 15: Corporations
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Q1) Shareholders' meetings need not occur at any certain interval.
A)True
B)False
Q2) Odell is a director of Price Rite,Inc.As a director,with respect to the corporation,Odell is
A)a fiduciary.
B)a forum.
C)a proxy.
D)a quorum.
Q3) Reba is a director of Quantum Mechanix Corporation.Reba's rights,as a director,do not include a right to A)indemnification.
B)inspection.
C)participation.
D)self-dealing.
Q4) Every shareholder is entitled to examine specified corporate records. A)True
B)False
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Page 20
Chapter 16: Agency
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Q1) Kady,an agent for Lebron,enters into a contract on Lebron's behalf with Madge that must be in writing to be enforceable under the Statute of Frauds.Kady's authority to enter into this contract is not in writing.Under the equal dignity rule,this contract is A)enforceable.
B)void.
C)voidable at Lebron's option.
D)voidable at Madge's option.
Q2) Clu serves in a representative capacity for Digger.Elmo is injured through Clu's negligence.Digger may be liable to Elmo if Clu's conduct occurred
A)due to a propensity Digger was not and could not have been aware of.
B)during normal working hours.
C)in the course and scope of Clu's employment.
D)outside the parties' employment relationship.
Q3) A power of attorney can be given only to an actual attorney.
A)True
B)False
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Chapter 17: Employment,immigration,and Labor Law
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Q1) During a union election campaign at Skyscraper Construction Corporation,the employer can,without monitoring or regulating by the National Labor Relations Board,threaten employees with A)a layoff only.
B)a layoff or a reduction in benefits and wages.
C)a reduction in benefits and wages only.
D)neither a layoff nor a reduction in benefits and wages.
Q2) There are no exceptions to the employment-at-will doctrine.
A)True
B)False
Q3) Emma,Frick,Glenda,and Huey are employees of different-sized employers in different industries.A minimum wage must be paid to employees in A)all industries.
B)covered industries only.
C)no industries.
D)small-business industries only.
Q4) The employment-at-will doctrine is little used today.
A)True
B)False
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Chapter 18: Employment Discrimination
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Q1) At least one court has held that an affirmative action program violated the U.S.Constitution.
A)True
B)False
Q2) An employer who hires and fires workers according to a fair seniority system may have a good defense to an employment discrimination suit.
A)True
B)False
Q3) Gender can be a determining factor in an employer's decision to hire,fire,or promote an employee.
A)True
B)False
Q4) Olly applies for a job with Petro Company.Petro does not hire Olly because of his ethnicity,or national origin.This is
A)desperate-measure discrimination.
B)disparate-impact discrimination.
C)disparate-treatment discrimination.
D)not discrimination.
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Chapter 19: Powers and Functions of Administrative Agencies
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Q1) Labor Recruiters,Inc.,has been ordered to appear at a hearing before an administrative law judge of the National Labor Relations Board.A significant difference between a trial and an administrative hearing is that
A)attorneys are not allowed to attend administrative hearings.
B)clients are not allowed to communicate with their attorneys dur?ing adminis?trative hearings.
C)hearsay can be introduced as evidence in an administrative hearing.
D)the burden of proof is on the charged party to prove innocence.
Q2) Like statutory law,administrative law is created by legislatures.
A)True
B)False
Q3) The U.S.Social Security Administration is a federal agency.The Iowa Department of Social Services is a parallel state agency.If these agencies' actions conflict
A)the federal agency's actions will prevail.
B)the state agency's actions will prevail.
C)the two agencies' actions will be given equal weight.
D)the two agencies' actions will cancel each other.
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Page 24
Chapter 20: Consumer Protection
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Q1) Creditors attempting to collect debts are generally considered to be debt-collection agencies.
A)True
B)False
Q2) GR8 Fashion,Inc.,complains to the Federal Trade Commission (FTC)about an ad broadcast by Hott Clothes Company,GR8's competitor.The FTC investigates and concludes that the ad is deceptive.The FTC's next step is to A)conduct negotiations between the competitors.
B)draft a formal complaint.
C)issue a cease-and-desist order.
D)permit GR8 to broadcast similarly deceptive counteradvertising.
Q3) The credit department of Metro-Mart calls Nikki at work about an overdue bill.Nikki's employer objects.Metro-Mart continues to call Nikki at work.This is a violation of A)no federal law.
B)the Fair and Accurate Credit Transactions Act.
C)the Fair Debt Collection Practices Act.
D)the Truth-in-Lending Act.
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Chapter 21: Protecting the Environment
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Q1) Odiferous Waste Company is a subsidiary of Precarious Investments,Inc.Odiferous operates a hazardous waste disposal site.QuikChem Corporation is one of many parties who generate waste disposed of at the site.Odiferous borrows money from Regal Bank,which takes over the site when Odiferous goes bankrupt.The Environmental Protection Agency discovers a leak at the site.Can any of these private parties be forced to pay for the clean up If so,who
Q2) States may not restrict emissions from motor vehicles.
A)True
B)False
Q3) Rural Electric Company submits a bid to build a dam on federal land as part of a federal project.For this action,an environmental impact statement is most likely A)prohibited.
B)required.
C)unnecessary.
D)voluntary.
Q4) States may restrict a business's discharge of chemicals into the air or water. A)True B)False
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Chapter 22: Real Property and Land-Use Control
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Q1) Bakri owns a house.In the house,on a tile floor is a throw rug.Most likely to meet the definition of a fixture is
A)the house.
B)the throw rug.
C)the tile floor.
D)none of these choices.
Q2) A fixed-term tenancy terminates automatically when its terms ends.
A)True
B)False
Q3) Kasper,the owner of Lakeview Farm,and Milt,the tenant of the farmhouse on the property,may create a tenancy for years by A)deed.
B)express contract.
C)implication.
D)sufferance.
Q4) A tenant is not responsible for the ordinary wear and tear of leased premises. A)True
B)False
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Chapter 23: Antitrust Law and Promoting Competition
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Q1) Congress enacts a statute to outlaw a specific type of anticompetitive business agreement.Like other laws that regulate economic competition,this law is referred to as
A)a federal trade commission act.
B)an antitrust law.
C)an interstate commerce act.
D)a suppressive restraint on trade.
Q2) A unilateral refusal to deal with a specific party is never a violation of antitrust law.
A)True
B)False
Q3) A market division by class of customer between rival firms violates antitrust law. A)True
B)False
Q4) Persons in foreign nations cannot be subject to U.S.antitrust law.
A)True
B)False
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Chapter 24: Investor Protection and Corporate Governance
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Q1) A free-writing prospectus may be used before the Securities and Exchange Commission completes its review of a related registration statement.
A)True
B)False
Q2) 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.
Q3) Only outsiders who would ordinarily be deemed fiduciaries of the corporations in whose stock they trade can be liable for insider trading.
A)True
B)False
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