Ethics and Law in Business Final Exam Questions
Course Introduction
This course provides an in-depth exploration of the ethical principles and legal frameworks that guide decision-making in the business world. Students will examine key concepts such as corporate social responsibility, stakeholder theory, and ethical leadership while analyzing contemporary legal issues affecting various industries. The curriculum integrates case studies and real-world scenarios to highlight the complexities of applying ethical reasoning and legal standards in business operations, contracts, employment law, intellectual property, and international business practices. By the end of the course, students will be equipped to identify, assess, and resolve ethical and legal challenges in professional contexts.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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Chapter 1: Legal Foundations
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Q1) Jurisprudence is defined as:
A) adjudication of law suits.
B) the enactment of laws by a government body.
C) the science and philosophy of law.
D) the duties and obligations owed by a citizen
Answer: C
Q2) Law today is crucial to business by creating some degree of reliability to be used in business planning and commercial transactions.
A)True
B)False
Answer: True
Q3) Iowa has just passed a law mandating a 30 day jail sentence for those convicted of harassing a bicyclist on any Iowa road.This law would be best described as:
A) an ordinance.
B) a public law.
C) a common law.
D) a private law
Answer: B
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Chapter 2: Business and the Constitution
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Q1) Explain the structure of the U.S.government and how the checks and balance system operates to maintain equalization of power between the different parts of the government.
Answer: The U.S.government consists of three independent parts.The Executive branch (the president)enforces federal law and the president enters treaties,appoints judges and federal officials and functions as the Commander-in-Chief of the Armed Forces.The president may exercise veto power over act of the legislature.The legislature (Congress)enacts federal law and maintains impeachment and removal power over the president and judiciary.Should the judiciary establish a common law precedent,Congress may pass a statute which would preempt the common law decision.The judiciary (the federal courts)interprets the law and through judicial review may declare a federal or state law unconstitutional and thus invalid.
Q2) States may never regulate commerce that crosses state borders as this is an exclusive federal power.
A)True
B)False
Answer: False
Q3) The government's system of checks and balances is called the _______.
Answer: separation of powers
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Page 4
Chapter 3: The American Judicial System,Jurisdiction,and Venue
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Q1) State long-arm statutes are used to establish subject matter jurisdiction over out-of-state defendants.
A)True
B)False
Answer: False
Q2) An Oregon Corporation and a New Hampshire Corporation have entered into a contract and agreed that any legal disputes will be conducted using New Hampshire law.This agreement is called a:
A) state selection clause.
B) venue selection clause.
C) site selection clause.
D) forum selection clause
Answer: D
Q3) The United States has adopted the country of origin principle to determine the application of law in international on-line disputes.
A)True
B)False
Answer: True
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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Q1) During the pleadings stage,a third party may be brought into the trial by a defendant by filing a/an:
A) supplementary answer.
B) counterclaim.
C) cross-claim.
D) additional complaint
Q2) Each of the following is a pretrial motion except:
A) to dismiss for mistrial.
B) to compel discovery.
C) to dismiss.
D) for summary judgment
Q3) When disputing parties submit blind bids to an automated service stating what they are willing to pay or receive to resolve the dispute and the software evaluates the bids and produces a fair price based on the party's input,the form of ODR being utilized is:
A) online negotiation.
B) online mediation.
C) online arbitration.
D) med-arb
Q4) Evidence that proves innocence or nonliability is called ________ evidence.
6
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Q1) After numerous threats from the federal government to enact laws and taxes to recoup bonus money paid to executive employees at AIG,of the reported $165 million paid out,how much was returned by those receiving bonuses?
A) approximately $50 million
B) approximately $75 million
C) approximately $100 million
D) approximately $120 million
Q2) Modern Corporation operates a steel mill.They have never contributed anything to the local community and they knowingly pollute both the air and river that runs by their mill.Their reasoning is that the cost to install pollution control devices would diminish their profits and they don't support the community because they provide jobs and don't think they owe anything else to the citizens in their area.Donating to the community would also diminish profits.Which theory of corporate social responsibility are they exhibiting?
A) the narrow view a/k/a invisible hand theory
B) the moderate view a/k/a government's hand theory
C) the hybrid view a/k/a citizen's hand theory
D) the broad view a/k/a management's hand theory
Q3) The notion of ________ is a central theme in Immanuel Kant's work.
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Chapter 6: Overview and Formation of Contracts
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Q1) Helen's cat Fluffy has run away and she places reward posters throughout her neighborhood.Mark sees the reward poster and spends the next six hours searching for Fluffy.While Mark is searching the neighborhood,Fluffy gets hungry and comes home. A) this was a bilateral contract and Mark is entitled to be compensated for his efforts B) this is a bilateral contract and Mark is entitled to nothing because he didn't perform C) this was a unilateral contract and Mark is entitled to be compensated for his efforts D) this is a unilateral contract and Mark is entitled to nothing because he didn't perform
Q2) Ike has orally agreed to paint Tina's portrait.The oral agreement is for the portrait to be completed in nine months.Even if the portrait actually takes thirteen months to complete,the agreement will be enforceable. A)True B)False
Q3) Why is it so important that the law of contracts be so ordered and strong with regard particularly to the business world?
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Chapter 7: Contract Performance: Conditions, Breach, and
Remedies
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Q1) A rescission of a contract may occur when either party chooses to end the agreement.
A)True
B)False
Q2) Language such as "provided that" or "unless" in a contract which triggers a performance obligation is called a _______.
Q3) Impossibility of performance is subjective meaning that one of the parties may unilaterally decide that performance is impossible,thus discharging the contract.
A)True
B)False
Q4) Lisa is doing some landscaping around her house and ordered a delivery of top soil.Her agreement says that the delivery will be made on Wednesday and payment for the soil will be due when the truck arrives at her house.This is an example of a concurrent condition.
A)True
B)False
Q5) Assignments require the consent and agreement of all parties to the contract.
A)True
B)False
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Chapter 8: Contracts for the Sale of Goods
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Q1) While the common law recognizes commercial impracticability as a means to terminate a contract,the UCC rejects and does not recognize commercial impracticability.
A)True
B)False
Q2) Acme Rocket Company is shipping 500 toy rockets to Rockets R Us.Acme is located in Miami and Rockets R Us is located in Boston.If goods are shipped FOB Miami:
A) Rockets R Us bears the risk of loss if the boat sinks on its way to Boston.
B) Rockets R Us bears the risk of loss once the shipment arrives in Boston.
C) Acme bears the risk of loss if the boat sinks on its way to Boston.
D) Acme bears the risk of loss until the goods are accepted by Rockets R Us
Q3) Goods that exactly meet the specifications of a contract are called ________ goods.
Q4) If one party to a contract has reasonable grounds to believe that the other party will not or cannot perform the contract,they have the right to demand ________ from the other party concerning performance.
Q5) In what ways does the United Nations Convention on Contracts for the International Sale of Goods differ from the UCC in terms of coverage and application?
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Chapter 9: Torts and Product Liability
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Q1) Lost revenue or profits,whether actual or potential is called ________ harm.
Q2) Fred has a toothache and is driving to the dentist.He's in a lot of pain so he speeds down the road 20 mile over the speed limit.If he has an accident,it is an intentional tort and not negligence because he knowingly was speeding.
A)True
B)False
Q3) Professor Smith announces to his dean that the students in his noon class are the worst students that he has ever had and that they should never have been admitted to the school.The students are actually as qualified as any other students admitted to the school.The students may sue Professor Smith for slander.
A)True
B)False
Q4) Assumption of risk is a defense to:
A) conversion.
B) negligence.
C) defamation.
D) battery
Q5) Laws that impose liability on liquor stores and bars are called ________ laws.
Q6) Violations of safety statutes are sometimes referred to as negligence ______.
Page 11
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Chapter 10: Agency and Employment Relationships
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Q1) Young has just fired Kathy who was her agent.Young places an ad in the classified section of the various local newspapers stating that "Kathy no longer works for or represents Young in any way".Young would place this ad:
A) to eliminate any possible liability resulting from actual authority.
B) to eliminate any possible liability resulting from apparent authority.
C) to eliminate any possible liability resulting from ratification.
D) to eliminate any possible liability resulting from respondeat superior
Q2) Actual authority is the authority that the third party may reasonably assume that the agent possesses.
A)True B)False
Q3) One significant benefit of an employer completing an IRS Form SS-8 is that even if the employer does in fact misclassify a worker,the proper completion of the form may evidence a good faith effort by the employer reducing or even eliminating IRS penalties for misclassification.
A)True B)False
Q4) Explain the difference between a frolic and a detour and how they affect or not affect the principal's liability.
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Chapter 11: Employment Regulation and Labor Law
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Q1) If a union chooses not to bring a grievance to arbitration,the individual union member always has the right to pursue the matter through a law suit to enforce union provisions.
A)True
B)False
Q2) Let us assume that you have just graduated and you're employed doing the job you have trained for and hoped and expected to have.State what that job is (if you're undecided choose something)and explain whether the position makes you exempt or nonexempt from standards and regulations under the Fair Labor Standards Act and how the FLSA will or will not apply to you.
Q3) Stella has asked her employer for leave pursuant to the Family Medical Leave Act.What must she evidence to be eligible for leave?
Q4) Employees classified as key employees who take leave,are not automatically entitled to Family Medical Leave Act reinstatement protections and guarantees.
A)True
B)False
Q5) Explain how the Electronic Communications Privacy Act applies to employee privacy and protections.
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Chapter 12: Employment Discrimination
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Q1) The Equal Pay Act is an amendment to:
A) the Civil Rights Act of 1964.
B) the Fair Labor Standards Act.
C) the National Labor Relations Act.
D) the Social Security Act
Q2) A successful Age Discrimination in Employment Act suit required that the plaintiff affirmatively prove that age was the direct reason for the adverse employment action suffered.
A)True
B)False
Q3) Which of the following would likely not be considered a major life activity supporting a disability claim?
A) being able to sit for long periods
B) thinking and reasoning
C) proficiency in typing
D) speaking
Q4) Disparate impact is analyzed using the ________ standard.
Q5) Most employers are not subject to affirmative action requirements.
A)True
B)False
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Chapter 13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) One disadvantage of a sole proprietorship business entity is that it is restricted to a single location and cannot expand.
A)True
B)False
Q2) If a limited partner actively participates in day to day management of the business they may forfeit their limited partner status and lose their limited liability for debts and liabilities.
A)True
B)False
Q3) An advantage of operating as a sole proprietorship is that personal liability for any business losses is limited to the owner's investment in the business.
A)True
B)False
Q4) How is the Revised Uniform Partnership Act similar to the Uniform Commercial Code in terms of gap filling?
Q5) Limited partnerships are required to file a/an ________ return with the IRS each year.
Page 15
Q6) Business entities are sometimes referred to as business _______.
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Q1) The origins of LLPs were rooted in protection of:
A) private service firm partnerships.
B) private service firm sole proprietorships.
C) professional service firm partnerships.
D) professional service firm sole proprietorships
Q2) Which of the following requires the most disclosures and is the most lengthy and complex to create?
A) an LLC
B) an LLP
C) a limited partnership
D) franchise
Q3) The management structure of a member-managed LLC is similar to that of a general partnership.
A)True
B)False
Q4) Every state in the U.S.recognizes the existence of LLCs.
A)True
B)False
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Q5) What is meant by the term "capital call"? Under what circumstances might it occur and how does it affect partners?
Chapter 15: Corporations
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Q1) A corporation is considered formed the moment the articles of incorporation are filed by the principals.
A)True
B)False
Q2) Artisan Tools,Inc.manufactures and sells quality hand tools to commercial and consumer users.Due to an excellent marketing campaign,their business is growing quickly.After careful consideration the board decides that a new factory needs to be built to accommodate current and future business.This factory will cost millions of dollars.In order to fund this project the board has decided to issue and sell bonds and debentures.What is the difference between a bond and a debenture and why might they be more advantageous than simply obtaining a commercial bank loan to finance the factory?
Q3) Kathy is the president of a corporation.She has just made the news by being discovered with a male prostitute while at a conference.Mike,a shareholder,may successfully present a proposal at the next shareholder meeting calling for a shareholder vote to have her removed from office.
A)True
B)False
Q4) What does it mean when it is said that corporations are double taxed?
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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) Whether a dividend is paid depends on:
A) the officers agreeing to pay the dividend.
B) the board of directors agreeing to pay the dividend.
C) the shareholders voting to award themselves the dividend.
D) the applicable state law which mandates whether dividends must be paid
Q3) Which of the following is not a component in the definition of a security?
A) an investment
B) an expectation of profit
C) secured by tangible collateral
D) efforts of a third party create expected profit
Q4) Which of the following is not a required preregistration document?
A) the prospectus
B) letters of intent
C) an underwriting agreement
D) comfort letters
Q5) Evidence of specific intent to deceive,manipulate or defraud is called _______.
Q6) On a bond,the face amount is also called the _______.
Q7) State security laws are generally referred to as ________ laws. Page 18
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Chapter 17: Administrative Law
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Q1) Informal rulemaking is not permitted under the Administrative Procedures Act.
A)True
B)False
Q2) Where does the president get authority to exercise power over administrative agencies?
A) federal law
B) judicial decisions
C) the Constitution
D) Congressional delegations
Q3) Once a business is licensed an agency may fine them for any violation of agency regulations.
A)True
B)False
Q4) Final effective ________ are published in the Code of Federal Regulations.
Q5) Administrative agencies exercise their policymaking function through _____.
Q6) Public comment on proposed rules generally comes from which one of these?
A) other agencies
B) an ordinary citizen
C) public advocacy groups
D) members of Congress
Page 20
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Chapter 18: Environmental Law
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Q1) Nuisance suits allow an individual to sue a polluter to protect the community from environmental damage.
A)True
B)False
Q2) The Environmental Defense Fund,an environmental watchdog group,files a lawsuit to prevent future open pit coal mining in West Virginia.This type of lawsuit is known as a:
A) wrongful damage suit.
B) citizen suit.
C) nuisance suit.
D) negligence suit
Q3) In addition to the EPA,the Clean Water Act (CWA)is also enforced by the U.S.Army Corp of Engineers.
A)True
B)False
Q4) The Superfund requires that all states have emergency procedures in place in the event of a chemical spill.
A)True
B)False
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Chapter 19: Antitrust and Regulation of Competition
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Q1) The Robinson-Patman Act requires businesses who are considering mergers that are over a certain dollar amount to give advanced notice to the FTC and Department of Justice.
A)True
B)False
Q2) Rockefeller's Standard Oil Trust is an example of a company that participated in antitrust behavior.
A)True
B)False
Q3) Vertical price-fixing occurs when a seller attempts to control the resale price at a _______ in the supply chain.
Q4) The Sherman Act prohibits ________ by a business to gain monopoly power.
Q5) Horizontal restraints are agreements between:
A) business and government
B) noncompetitors
C) competitors
D) consumers and government
Q6) Horizontal restraints are restrictions on trade through an agreement with a _______ company.
Q7) A _______ is a concerted refusal to deal with a third party.
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) If a person cosigns a loan as a guarantor they become primarily liable for the debt.
A)True
B)False
Q2) Give four examples of nondischargeable debt in bankruptcy.
Q3) Bankruptcy is the only option for businesses who want to not be liable for their debts.
A)True
B)False
Q4) Bankruptcy is primarily governed by what type of law?
A) federal statutes
B) state statutes
C) blend of state and federal statutes
D) administrative regulations
Q5) A creditor with an interest in real property is called a/an:
A) surety.
B) unsecured creditor.
C) mortgagee.
D) mortgagor
Q6) Chapter 13 repayment plans are limited to ________ filing for bankruptcy.
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Chapter 21: Consumer Protection Law
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Q1) If a credit card is issued to a consumer under the age of 21 the credit card company is required to:
A) obtain the signature of a cosigner who has the means to repay any debt.
B) to give a 60 day notice before making any rate hikes.
C) notify the card holders parents so they can monitor their child.
D) set reasonable spending limits
Q2) Describe how the federal government is protecting consumers online regarding spam.
Q3) Which of the following is not exempt from the Do Not Call registry?
A) charitable organizations
B) certain political organizations
C) businesses seeking commercial contracts
D) businesses with whom the consumer has past commercial contacts
Q4) Which of these is not one of the FDA's powers?
A) ordering mandatory recalls
B) the right to step in and close a business
C) the seizure of contaminated products
D) filing civil enforcement lawsuits
Q5) What is the primary purpose of the Truth in Lending Act?
Q6) Name and discuss the two categories of warranties.
Page 24
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Chapter 22: Criminal Law and Procedure in Business
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Q1) White collar crime almost always consists of nonviolent types of crimes.
A)True
B)False
Q2) The right to confront witnesses through cross examination is contained in the Sixth Amendment.
A)True
B)False
Q3) Fred has been charged with a crime where the maximum punishment is a fine and up to six months in jail.The crime he has been charged with is a misdemeanor.
A)True
B)False
Q4) Courts have been very reluctant to extend reasonable expectations of privacy rights to the workplace.
A)True
B)False
Q5) There are no federal common law crimes.
A)True
B)False
Q6) If a jury is unable to come to a conclusion,a _______ will be declared.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Chuck is renting an apartment and he has a problem.All night he hears the scurrying around of rodents and each morning he finds cereal boxes and other cardboard food containers gnawed at.He has also noticed droppings all over the apartment including in the children's nursery.He has complained to the landlord who simply replies,"Hey,this is center city,everybody has a rat problem." Landlord is breaching Chuck's right to:
A) possession.
B) quiet enjoyment.
C) continuous control.
D) habitability
Q2) A sublease occurs when a tenant transfers the entire remaining term of a lease to a third party.
A)True
B)False
Q3) When an adverse possession of real property occurs,title to land transfers without the delivery of a deed from the former owner to the new owner.
A)True
B)False
Q4) A piece of personal property affixed to real property is called a ______.
Page 26
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Chapter 24: Intellectual Property
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Q1) Illegal acquisition of a company's trade secret constitutes ______.
Q2) Misappropriation is a civil offense punishable by compensatory and punitive damages but is not a criminal offense in any state.
A)True
B)False
Q3) "Coppertone" is an example of a ________ trademark.
Q4) Allen calls PepsiCo,the makers of Pepsi Cola saying that he's an employee of Coca-Cola and he has the Coca-Cola secret recipe.The recipe is legendary as a closely guarded secret supposedly known to only a handful of people in the world.They arrange a meeting.Allen begins the meeting by stating that he acquired the recipe legally and the PepsiCo representative says that they believe him and they will buy it.Allen in fact stole the recipe.Since PepsiCo does not know specifically that the recipe was acquired improperly by Allen,they cannot be guilty of misappropriation.
A)True
B)False
Q5) A process or procedure is not eligible for copyright protection.
A)True
B)False
Q6) "Snapple" is an example of a/an ________ trademark.
Page 27
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Chapter 25: International Law and Global Commerce
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Q1) The ICC,LCIA,and AAA all use the same rules to govern their arbitrations.
A)True
B)False
Q2) The common law legal system allows judges to fill in gaps in the law that are not covered by a statute.
A)True
B)False
Q3) When did the U.S.withdraw from compulsory jurisdiction from the International Court of Justice?
A) 1959
B) it was never under compulsory jurisdiction of the court
C) 1986
D) it never withdrew
Q4) The idea that nations defer to and give effect to laws and court decisions is referred to as ______.
Q5) What is the main problem with international courts?
A) finding judges who understand the complexities of international law
B) creating a body of law that reflects multiple legal systems
C) enforcing a ruling on sovereign nations is difficult
D) lack of recognition from the U.N. and WTO
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