Regulatory Compliance
Midterm Exam
Course Introduction
Regulatory Compliance is a foundational course that explores the principles, frameworks, and best practices necessary for organizations to adhere to relevant laws, regulations, and industry standards. Students will examine the roles and responsibilities of compliance professionals, understand the processes of implementing compliance programs, and analyze case studies on regulatory breaches and enforcement actions. Key topics include risk assessment, internal controls, reporting obligations, and the impact of global regulatory environments on various industries. The course prepares students to assess compliance risks and develop effective strategies to promote legal and ethical organizational conduct.
Recommended Textbook
The Legal and Regulatory Environment of Business 17th Edition by Marisa Anne Pagnattaro
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2527 Verified Questions
2527 Flashcards
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Page 2
Chapter 1: Law As a Foundation for Business
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Sample Questions
Q1) Briefly explain the rule of law.
Answer: Under the rule of law,laws that are made are generally and equally applicable.They apply to all or most members of society,and they apply to various groups in the same way.Under the rule of law,law applies to lawmakers as well as to the rest of society.Thus,lawmakers have an incentive to make laws that benefit everyone.Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest,including the lawmakers'.
Q2) _____ stands for the idea that courts should interpret the Constitution only according to the intentions of those who wrote it.
A) Constitutional relativity
B) Originalism
C) Legal realism
D) Dicta
E) Constitutional holding
Answer: B
Q3) What are acts,statutes,and codes?
Answer: In federal law,the legislations passed by the Congress are called acts or statutes.Codes are collections of legislation,often on the same subject.
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Chapter 2: The Role of Ethics in Decision Making
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Sample Questions
Q1) Plato wrote that immoral behavior often flows from _____.
A) apathy
B) ignorance
C) thoughtlessness
D) boredom
E) anger
Answer: B
Q2) Opponents of the Civil Rights Act of 1964 inserted the prohibition against _____ in employment in hopes of preventing its passage,thinking that such discrimination was acceptable and that many others agreed with them.
A) age discrimination
B) religious discrimination
C) sex discrimination
D) race discrimination
E) ethnic discrimination
Answer: C
Q3) Due care usually promotes individual rights and self-worth.
A)True
B)False
Answer: False
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Chapter 3: The Court System
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Sample Questions
Q1) Those who believe in judicial restraint believe that social,political,and economic change in society should result from the political process rather than from court action.
A)True
B)False
Answer: True
Q2) A lawyer's first duty is __________.
A) to protect his or her reputation
B) to make money.
C) to defeat the opposing lawyer
D) to apply the law to the facts of a case
E) to the administration of justice
Answer: E
Q3) Judges who identify with _____ give great deference to the political process.
A) judicial restraint
B) judicial activists
C) judicial realists
D) judicial conservatives
E) strict activists
Answer: A
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Page 5
Chapter 4: Litigation
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Sample Questions
Q1) Only a defendant can challenge or excuse a prospective juror for a specific cause or reason.
A)True
B)False
Q2) What is the meaning of res judicata,and what is its effect?
Q3) When a petition for certiorari is filed to the Supreme Court,the party initiating the petition is the petitioner and the other party is known as the _____.
A) plaintiff
B) respondent
C) appellant
D) counterplaintiff
E) defendant
Q4) In a deposition,a lawyer orally asks questions of the possible witness and an oral response is given.
A)True
B)False
Q5) What is the purpose of discovery procedures?
Q6) Briefly explain the deference given to trial courts by courts of appeal.
Q7) What are the disadvantages of discovery procedures,and how can they be avoided?
Page 6
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Chapter 5: Alternative Dispute Resolution
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Sample Questions
Q1) Briefly discuss the approach to negotiation described in the book Getting to Yes by Roger Fisher,William Ury,and Bruce Patton,which discusses the seven elements of negotiation.What is the focus of the book,and how do the authors hope to change the focus of negotiation through it?
Q2) A party involved in arbitration can withdraw from the arbitration process and resort to litigation if the members of that party think the process is not going well.
A)True
B)False
Q3) In the context of alternative dispute resolution,briefly discuss the two forms of agreements to voluntarily arbitrate disputes.
Q4) The _____ of the U.S.Constitution are often used to set aside state laws that deny arbitration of a certain dispute.
A) Takings Clause and the Establishment Clause
B) Bill of Rights and the Twelfth Amendment
C) Commerce Clause and the Supremacy Clause
D) Third and the Fourth Amendments
E) Due Process Clause and the Takings Clause
Q5) What are the functions of experts in an arbitration?
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Chapter 6: The Constitution
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Sample Questions
Q1) Briefly describe the two clauses included in the concept of freedom of religion.
Q2) Constitutional guarantees exist in order to remove certain issues from the political process and the ballot box.
A)True
B)False
Q3) Briefly explain the strict scrutiny approach.
Q4) Which of the following statements is true of preemption?
A) When the federal government preempts laws in an area, state laws are given preference over the federal law in that area.
B) If a federal law preempts a subject, then any state law that attempts to regulate the same activity is unconstitutional.
C) Preemption does not apply to federal statutes and rules of federal administrative agencies.
D) The concept of preemption arises from the contract clause of the Constitution.
E) Preemption grants the federal government the power to regulate foreign commerce.
Q5) Briefly explain the quasi-strict scrutiny approach.
Q6) What is meant by eminent domain?
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Page 8
Chapter 7: The Property System
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Sample Questions
Q1) Ruth is visiting her granddaughter Marcy and decides to give Marcy her very expensive cameo brooch.The brooch,an heirloom,has been in the family for over 100 years and is the only item in a safe in Ruth's home.Ruth offers the brooch to Marcy who accepts it.Ruth then gives Marcy the only key to the safe.According to the information given,which of the following statements is true?
A) This is not a valid gift because there has been no delivery.
B) This is a valid gift because the gift is a physical entity.
C) This is a testamentary gift, and Marcy can claim the gift only after Ruth's death.
D) This is a valid gift because there has been a constructive delivery.
E) This is not a valid gift because Ruth must provide a document for chain of custody.
Q2) Which of the following statements is true about concurrent ownership?
A) The property interest is divided in joint tenancy.
B) The joint tenants can have unequal ownership of shares.
C) The tenants in common can own different shares of the resource.
D) The tenants in common can have the right of survivorship.
E) The ownership is divided such that each concurrent owner owns a specific piece of the resource.
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Page 9
Chapter 8: Contract Formation
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Sample Questions
Q1) Smith Inc.sends a letter dated August 1 to Cervaille Stores,offering to sell 20 table lamps to Cervaille Stores at $80 each.Cervaille Stores provides a consideration of $160 to Smith Inc.to keep the offer open for at least two weeks.In the second week of August,Smith Inc.receives an offer from Shine Retailers Inc.to purchase the table lamps at a price of $85 each.Can Smith withdraw its offer made to Cervaille Stores?
A) Smith cannot withdraw its offer as the agreement is in the form of an option.
B) Smith cannot withdraw its offer since the doctrine of promissory estoppel is applicable.
C) Smith can withdraw its offer as the offer was simply an invitation to negotiate.
D) Smith cannot withdraw its offer as this is a firm offer.
E) Smith can withdraw its offer as the consideration makes it enforceable as a property transfer.
Q2) A collateral promise is a secondary or conditional promise.
A)True
B)False
Q3) A unilateral contract is an agreement containing mutual promises.
A)True
B)False
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Chapter 9: Contractual Performance and Breach
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Sample Questions
Q1) What are liquidated damages? When will courts not enforce liquidated damages?
Q2) Briefly discuss substantial performance.
Q3) Mere increased difficulty or reduced profitability will constitute impossibility of performance.
A)True
B)False
Q4) Most of our everyday purchases involve ______ of performance.
A) implied concurrent conditions
B) subsequent conditions
C) express conditions
D) implied conditions precedent
E) explicit conditions
Q5) An injunction is a court order for a party to a contract to A) do something agreed to under an original contract.
B) pay compensatory damages to the nonbreaching party of the contract.
C) pay consequential damages to the nonbreaching party of the contract.
D) release the nonbreaching party from its contractual obligations.
E) relinquish its right to enforce the contract.
Q6) What is a condition subsequent? Briefly explain with examples.
Q7) Briefly discuss concurrent condition of performance with an example.
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Chapter 10: Torts Affecting Business
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Sample Questions
Q1) Injurious falsehood,a common business tort,is sometimes called ______.
A) false imprisonment
B) duress
C) trade disparagement
D) trade discouragement
E) battery
Q2) Juries frequently use state-adopted life expectancy tables and present-value discount tables to help them determine the amount of compensatory damages to award.
A)True
B)False
Q3) Jake borrowed Adam's book,but he lost the book before he could return it to Adam.In this case,Jake has committed a battery.
A)True
B)False
Q4) Purchasing,even innocently,something that has been stolen is considered conversion.
A)True
B)False
Q5) Briefly explain the two affirmative defenses to a negligence claim.
Page 12
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Chapter 11: Intellectual Property
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Sample Questions
Q1) Civil violation of a trademark or a patent is termed ______.
A) breach
B) infringement
C) repudiation
D) copy
E) injunction
Q2) ______ refers to a colored design or shape associated with a product or service.
A) Patent
B) Trade dress
C) Copyright
D) Trademark
E) Blurring
Q3) Which of the following is actually intended to be used by someone other than the owner?
A) certification marks
B) collective marks
C) service marks
D) trademarks
E) brand marks
Q4) Discuss the Federal Trademark Dilution Act.
Page 13
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Chapter 12: International Law
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Sample Questions
Q1) Which of the following statements is true of the Commission of the European Union?
A) It coordinates the policies of the member states in a variety of areas from economics to foreign affairs.
B) It is composed of elected representatives from the five most powerful member states.
C) It plays an active role in drafting legislation that has an impact on the daily lives of its citizens.
D) It is the only institution of the EU that has control over the annual budget of the EU.
E) It consists of individuals who represent the will and interests of the entire European Union.
Q2) ______,as used in the context of international law,is the seizure of foreign-owned property by a government.
A) Nationalization
B) Possession
C) Mandatory arbitration
D) Export control
E) Expropriation
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Chapter 13: Criminal Law and Business
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Sample Questions
Q1) The jury's perspective on facts is used in preference to the professional,or perhaps biased,response of a judge.
A)True
B)False
Q2) Which of the following is true of the double jeopardy clause?
A) It states that a person can be tried twice for the same offense under criminal and civil law.
B) It states that a person cannot be tried twice even if the same crime violates both federal and state laws.
C) It states that a federal and state governmental prosecutor cannot cooperate for one conviction.
D) It states that if the factual evidence is the same, an individual can be tried twice under different sections of law.
E) It allows for two trials, one in federal court and the other in a state court, if an individual violates both federal and state laws.
Q3) Discuss embezzlement and money laundering.
Q4) On what basis can a court issue a search warrant to a police officer?
Q5) What is aiding and abetting?
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Chapter 14: Business Organizations
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Sample Questions
Q1) Briefly explain the degree of control held by a sole proprietor.
Q2) Mention two advantages and two disadvantages of a partnership.
Q3) All partners in a general partnership have unlimited liability for their organization's debts.
A)True
B)False
Q4) The Internal Revenue Service treats limited liability companies as taxable entities.
A)True
B)False
Q5) Ownership of a sole proprietorship can be transferred.
A)True
B)False
Q6) Even though a corporation is treated the same as an individual under most aspects of the law,there are some rights that only individuals can possess.
A)True
B)False
Q7) How is the taxation aspect of a partnership both an advantage and a disadvantage?
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Chapter 15: The Regulatory Process
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Sample Questions
Q1) Which of the following statements is true of factors influencing agency decisions?
A) It is ideal that a rule or a regulation be adopted without having to follow the due process of law.
B) Agencies are predominantly politically responsible for their decisions.
C) At public hearings, interested parties are allowed to present evidence in support of, or in opposition to, a proposed rule or regulation.
D) An ineffective means of influencing a quasi-legislative decision of an administrative agency is to participate in the adoption process as such participation is time-consuming and expensive.
E) The advantage of the administrative agencies is that it is free from any control from any branch of the government.
Q2) What are the basic functions of administrative agencies?
Q3) As the member of an agency,a secretary
A) signs orders and official correspondence.
B) is the presiding officer at agency meetings.
C) makes the decision to file suit or pursue other remedies.
D) supervises usual administrative functions.
E) provides for interaction between regulators and those being regulated.
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Chapter 16: Regulating Competitionantitrust Laws
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Q1) What are the exceptions recognized by the Robinson-Patman amendment?
Q2) Private parties may bring criminal suits seeking monetary damages or injunction as a means of enforcing antitrust laws.
A)True
B)False
Q3) Which of the following is a violation of the Sherman Act?
A) market extension mergers between companies from different fields
B) conglomerate mergers between small companies
C) price fixing agreements between large companies
D) gaining monopoly through the use of franchising agreements
E) gaining monopoly due to the use of patent technology
Q4) In ______,a form of tying arrangement,a seller compels a buyer or lessee to take a complete product range from the seller.
A) reciprocal agreement
B) med-arb forcing
C) rescission contract
D) restitution agreement
E) full-line forcing
Q5) What is the primary function of the Federal Trade Commission?
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Chapter 17: Financial and Securities Regulations
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Sample Questions
Q1) Which of the following Acts created the Securities and Exchange Commission?
A) the Securities Act of 1933
B) the Securities Exchange Act of 1934
C) the Securities Enforcement Remedies Act of 1990
D) the Sarbanes-Oxley Act of 2002
E) the Insider Trading and Securities Fraud Enforcement Act of 1988
Q2) Title II of the Jumpstart Our Business Startups (JOBS)Act of 2012 prohibits companies to advertise or share publicly that they are seeking investments.
A)True
B)False
Q3) The Consumer Financial Protection Board was established under the Dodd-Frank Act.
A)True
B)False
Q4) An insider is a person who owns at least 75 percent of a security.
A)True
B)False
Q5) What is the misappropriation theory?
Q6) What is the statute of limitations under Securities Act of 1934?
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Q7) What must an expert prove to successfully present the defense of due diligence?
Chapter 18: Regulations Protecting Consumer Purchases, privacy,
and Financial Activities
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Q1) What are the alternatives possible in a bankruptcy proceeding?
Q2) Among the costs frequently paid by debtors that are not included in the finance charge are recording fees and taxes.
A)True
B)False
Q3) The Federal Trade Commission is the primary federal agency that protects consumers.
A)True
B)False
Q4) The basic penalty for trade practice violations under the Federal Trade Commission Act is a civil fine of not more than ______.
A) $16,000 per violation
B) $36,000 per violation
C) $90,000 per violation
D) $200,000 per violation
E) $500,000 per violation
Q5) What information should a financing statement contain apart from the finance charge and annual percentage rate?
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Q6) How does the Federal Trade Commission determine deception in an advertisement?
Chapter 19: Environmental Regulation
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Q1) Under the 1990 Clean Air Act amendments,Congress specifically allows utility companies to
A) engage in emissions reduction banking and trading.
B) indulge in cap and trade.
C) use marketable rights to pollution control.
D) avoid cost-benefit analysis in its approach to pollution control.
E) focus on secondary air quality standards rather than primary air quality standards.
Q2) Under the ______ issued by the Environmental Protection Agency (EPA),polluters can engage in a family of alternative operating scenarios without the expensive delay of obtaining new permits per the previous EPA requirements.
A) emissions reduction banking credits
B) marketable rights
C) remediation
D) superfunds
E) smart permits
Q3) Smith Inc.is a smelting plant.Sarah's house is located near the plant.She claims that the fumes from the plant are damaging her rose plants.Under tort law,which action can be brought against Smith Inc.?
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Chapter 20: Discrimination in Employment
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Q1) In a Title VII civil action,even if a plaintiff proves disparate treatment against the plaintiff's class,a defendant can win by showing that all or substantially all members of the plaintiff's class cannot perform the duties of the job.
A)True
B)False
Q2) Mohan is a first-generation immigrant from India.He works as an engineer in a software company in the United States.He is a good worker and friendly by nature.However,he becomes the target of racial slurs and jokes by his colleagues.Does the law give Mohan the right to protect himself from such behavior by his colleagues? Under what condition is discrimination based on national origin permissible?
Q3) An employer can plead undue hardship,defined as an action requiring significant difficulty or expense,as a reason for not accommodating the needs of disabled employees.
A)True
B)False
Q4) What protections are afforded to employees under the Age Discrimination in Employment Act?
Q5) What are the advantages of suing under Section 1981 instead of Title VII?
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Page 22
Chapter 21: Employment Laws
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Q1) Jeff is the owner of a small scale manufacturing unit that specializes in selling customized automobiles.He is on the lookout for wholesalers or suppliers to sell him a unique set of spare parts.In the context of agency relationships,Jeff is a(n)______.
A) principal
B) agent
C) independent contractor
D) middleman
E) mediator
Q2) The Fair Labor Standards Act (FLSA)addresses issues regarding A) disability benefits.
B) reemployment rights after performing uniformed service.
C) minimum wage.
D) workplace safety.
E) private pension plans.
Q3) California-based Click Storage Products Inc.,suffered extensive building damage after it was hit by an earthquake.The plant was considered unsafe to work in.Eventually it was closed down,leaving hundreds of employees without jobs.The plant gave a notice of 10 days to warn the workers of the impending shutdown.Is the plant guilty of any violation?
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Page 23
Chapter 22: Labormanagement Relationship
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Q1) During the National Labor Relations Board's (NLRB's)certification of a union as the bargaining agent for a group of employees,the general counsel of the NLRB needs to prove that the employees read or understood the cards.
A)True
B)False
Q2) The Supreme Court has held that an employer who reports the possible existence of illegal aliens to the Immigration and Naturalization Service engages in an unfair labor practice when that report is closely associated with the employees' approval of a labor union as their bargaining agent.
A)True
B)False
Q3) Workers in right-to-work states who do not belong to a union are still required to pay representation fees to the union.
A)True
B)False
Q4) A partial business closing to deter unionizing is an unfair labor practice.
A)True
B)False
Q5) Under the Wagner Act,what are the five unfair labor practices by management?
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