Regulatory Compliance
Mock Exam
Course Introduction
Regulatory Compliance explores the frameworks, standards, and processes organizations must adhere to in order to meet legal and ethical requirements within their industries. This course examines the role of government agencies, the development and implementation of compliance programs, and the strategies for monitoring and managing compliance risks. Students will analyze case studies, learn about regulatory environments in various sectors, and gain practical skills for interpreting laws and guidelines, conducting audits, and fostering an organizational culture of compliance.
Recommended Textbook
The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
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Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
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Q1) What is equity? Distinguish between law and equity.
Answer: Equity stands outside the law to provide relief when legal remedies are not available. It is extralegal relief available when the law does not provide a legal remedy. Equitable remedies are generally available when no law has been violated, but a party wishes to have relief.
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Q2) The laws passed by congress are known as executive orders.
A)True
B)False
Answer: False
Q3) Which of the following branches of government has the authority to nominate federal judges?
A) Substantive
B) Executive C) Judicial
D) Legislative Answer: B
Q4) Compare civil law and criminal law.
Answer: 11ea679f_0dd2_535f_8b3b_0d7c251affec_TB1590_00
Page 3
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Chapter 2: Alternative Dispute Resolution
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Q1) Which of the following is most likely to address virtually all disputes to be arbitrated other than those where a union or a collective bargaining agreement is in effect?
A) Shuttle diplomacy
B) Commercial arbitration
C) Social engineering
D) Labor arbitration
Answer: B
Q2) Which of the following is true regarding summary jury trial?
A) Lawyers for both sides assemble a panel of a neutral advisors and high-ranking business executives with settlement authority from each business.
B) This method involves selecting a small jury just as a regular jury without telling them that their decision is not binding.
C) It involves assembling ordinary citizens and then asking them to act like a jury.
D) This mechanism is used by administrative agencies wishing to avoid protracted litigation with interested groups over regulations which the agency wants to issue.
Answer: B
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Chapter 3: The Court System and Legal Process
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Q1) Judicial reasoning that is unnecessary to a decision, called _____ has no binding effect on later courts.
A) obiter dictum
B) onus probandi
C) stare decisis
D) writs of certiorari
Answer: A
Q2) Which of the following is a court of intermediate appeals?
A) U.S. District Courts
B) U.S. Court of International Trade
C) U.S. Tax Court
D) U.S. Court of Appeals for the Federal Circuit
Answer: D
Q3) The state level courts of appeal conduct trials.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Administrative Law
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Q1) Which of the following statements is true regarding an administrative agency?
A) Administrative agencies are created by executive order.
B) Congress is the one to determine what the agency should and should not do.
C) The FBI is an example of an administrative agency.
D) Each administrative agency's own internal rules and regulations are set forth in its administrative regulations published in the Uniform Commercial Code.
Q2) Why is the knowledge of administrative law important?
Q3) Administrative agencies routinely promulgate rules and regulations affecting business. Under the _____ Act, these regulations generally must undergo a period of seeking input from those likely to be affected by the regulation.
A) United Nations Participation
B) Robinson Patman
C) Administrative Procedures
D) Central Intelligence Agency
Q4) A business can monitor relevant agencies for actions impacting it by:
A) periodically reading the Congressional Directory.
B) joining a trade organization.
C) being a member of national labor relations board.
D) joining an executive agency.
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Chapter 5: Contracts and Sales
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Q1) Explain the terms legal detriment and legal benefit.
Q2) Discuss suertyship agreement.
Q3) If a contract meets the requirements, except one or both of the parties was not of legal age, or there was fraud in the inducement as the basis for a party to enter the contract then the contract is a(n) _____ contract.
A) voidable
B) bilateral
C) implied in fact
D) quasi
Q4) _____ is exerting pressure through threats or use of physical force, economic disadvantage, exposure of private matters, etc., to get a party to enter into a contract.
A) Duress
B) Undue influence
C) Fraud in execution
D) Gap filling
Q5) The Uniform Commercial Code addresses contracts involving land, services or intangibles.
A)True
B)False
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Chapter 6: Torts
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Q1) _____ is also known as injurious falsehood.
A) Intrusion upon seclusion
B) Assault
C) Disparagement
D) Battery
Q2) In order for a statement to be actionable under defamation, it must be untrue.
A)True
B)False
Q3) Which of the following best represents a legal mechanism used to allow legal responsibility only for consequences of our actions if the consequences were foreseeable?
A) Passing off
B) Outrageous conduct
C) Proximate cause
D) Injurious falsehood
Q4) In palming off someone passes off their competitor's goods as their own so that buyers think they are buying one thing, when in fact, they are buying another.
A)True
B)False
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Chapter 7: Property, Real and Personal
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Q1) Which of the following statements is true regarding the trespass to real property tort?
A) This tort becomes applicable even when somebody accidentally comes on the property.
B) This tort cannot be established if the trespasser does not enter the land with the intent to harm.
C) Harm to the real property should be proved to establish the tort of trespass to real property.
D) The rental agreement that gives exclusive possession and control to the tenant can form the basis of a trespass to real property action.
Q2) Which of the following statements is NOT true regarding a will?
A) The testator can revoke the will.
B) A person who is given something in the will can claim it before the death of the testator.
C) A will can be changed any time until the death of the testator.
D) A will is not effective until the testator dies.
Q3) List the various ways in which a person can acquire title to personal property.
Q4) What are the three requirements that must be fulfilled to create a valid complete gift?
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Chapter 8: Business Crimes
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Q1) According to the Miranda warnings:
A) you cannot refuse to talk to the police about any crime that you might have committed.
B) you can be compelled to testify against yourself as to criminal matters.
C) you have the right to remain silent.
D) the attorney of a suspected criminal cannot be present when the suspected criminal is being questioned by the police.
Q2) Explain the terms grand jury and arrest warrant.
Q3) Which of the following best represents an agreement between two or more persons to commit a crime or to conspire to commit an act that is not unlawful by unlawful means?
A) Perjury
B) Embezzlement
C) Conspiracy
D) Misappropriation
Q4) Price discrimination is an antitrust violation under the Sherman Act.
A)True
B)False
Q5) Discuss price fixing.
Q6) What are the Miranda warnings?
Page 10
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Chapter 9: Secured Transactions and Bankruptcy
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Q1) A _____ is the one who has given something of value to the debtor in exchange for a promise that the debtor will repay the loan.
A) testator
B) creditor
C) promoter
D) guarantor
Q2) What is meant by perfecting a security interest? What is the difference between attachment of a security interest and perfection of a security interest?
Q3) If the surety is an absolute surety, then before the creditor can collect from the surety, the creditor must exhaust all other legal remedies to collect from the debtor.
A)True
B)False
Q4) Which of the following is a category of goods used as collateral?
A) Instruments
B) Stocks
C) Fixtures
D) Bonds
Q5) Discuss Chapter 11 bankruptcy.
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Chapter 10: Agency and Business Organizations
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Q1) In the case of a sole proprietorship, the owner is legally separate from the business.
A)True
B)False
Q2) The most important duty of the principal toward his agent is to:
A) indemnify the agent for expenses incurred within the scope of the agency.
B) compensate the agent according to the terms of the contract.
C) maintain a relationship of trust and confidence.
D) act with reasonable skill and care.
Q3) Which of the following statements is true regarding a board of directors?
A) The directors have fiduciary duties to the corporation.
B) They are the true owners of the corporation.
C) The board is an agent for the shareholders.
D) The board of directors manages the day-to-day operation of the corporation.
Q4) In the case of an agency relationship, what are the various reasons due to which termination of authority can occur by operation of law?
Q5) In the case of partnership, partners owe each other a fiduciary duty of loyalty.
A)True
B)False
Q6) Discuss termination of a limited partnership.
Page 12
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Chapter 11: The Employment Relationship and Equal Employment Opportunity
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Q1) In the case of ___, the employee alleges that he or she was treated differently from other similarly situated employees regarding some aspect of employment based on one of the prohibited reasons, that is, based on race, gender, and so on.
A) reverse discrimination
B) disparate treatment
C) disparate assignment
D) disparate impact
Q2) Quid pro quo sexual harassment involves:
A) repeated requests for dates or sexual activity.
B) negative or stereotyped gender-based jokes.
C) display of nude or sexually explicit photos in the workplace.
D) declining workplace benefits such as promotion unless the employee engages in sexual activity with the harasser.
Q3) The Employee Retirement Income Security Act (ERISA) prohibits employees from taking voluntary retirement before the age of 45.
A)True
B)False
Q4) List the exceptions to Title VII.
Q5) What is quid pro quo sexual harassment?
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Chapter 12: Labor and Management Relations
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Q1) _____ was the first major U.S. labor law statute.
A) The Employee Free Choice Act
B) The National Labor Relations Act
C) The Norris-LaGuardia Act
D) The Taft-Hartley Act
Q2) Which of the following is an advantage of resolving disputes, between the union and management, through arbitration?
A) The management does not need to run to court for every dispute an employee may have.
B) It helps the shop steward to effectively perform his duties as the union representative.
C) It increases the costs of dispute settlement for the employees of the union.
D) The management can take greater interest in the welfare of its employees.
Q3) Imposition of overtime is a mandatory subject of bargaining that cannot be unilaterally implemented by the management.
A)True
B)False
Q4) Define a bargaining unit?
Q5) Distinguish between mandatory and permissive subjects of bargaining.
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Chapter 13: Securities Regulation and Compliance
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Q1) Which of the following statements is true regarding a proxy solicitation?
A) It needs to be filed with the SEC along with the registration statement before the initial public offering.
B) It is used at the time of initial public offering to announce the upcoming sale of securities.
C) It is a writing signed by a shareholder of a corporation authorizing a named person to vote his or her shares of stock at a specified meeting of the shareholders.
D) It is a part of the red herring prospectus.
Q2) SEC guarantees accuracy of the information printed in the prospectus.
A)True
B)False
Q3) The primary difference between debt and equity is that debt represents money owed while equity represents an asset owned.
A)True
B)False
Q4) In the context of Sarbanes-Oxley Act, what is meant by reporting up and reporting out?
Q5) What is a Ponzi Scheme?
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Chapter 14: Antitrust and Trade Regulation
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Q1) A(n) _____ is an agreement between two or more competitors not to sell to or buy from an individual or company or group.
A) boycott
B) tie-in
C) cartel
D) merger
Q2) According to the American system of economics:
A) the market of goods and services should remain free, and open to all.
B) the market of goods and services is not open to those who deliver shoddy goods.
C) decreased competition will increase consumer choices.
D) decreased competition will lead to improvement in the quality of goods or services delivered. The heart of the American system of economics is its capitalist approach to business.
Q3) Identify the behavior which is both a horizontal and vertical per se violation.
A) Cartels
B) Price fixing
C) Exclusive dealing contracts
D) Exclusive selling agreements
Q4) State the main goals of the new Chinese antimonopoly law.
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Chapter 15: Intellectual Property
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Q1) Which of the following types of patents is used for any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof?
A) Design patent
B) Utility patent
C) Plant patent
D) Prototype patent
Q2) What is a certification mark?
Q3) Who are cybersquatters?
Q4) The Copyright Act lists four criteria to be used in a determination of whether use of material is fair. What are these four criteria?
Q5) MGM uses the sound of a lion's roar for its motion pictures. This sound is most likely to be protected by a _____.
A) collective mark
B) patent
C) trade name
D) service mark
Q6) Discuss the following statement. "Certain things have been judicially deemed unsuitable for patent."
Page 17
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Chapter 16: Environmental Law and Business
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Q1) If an Environmental Assessment is required, the responsible agency must publish a notice of intent (NOI) in the Federal Register, indicating intent to prepare a draft environmental impact statement (DEIS) and the date and place of any scoping meeting.
A)True
B)False
Q2) The public gets _____ days to comment, after which the final Environmental Impact Statement is reported upon.
A) 60
B) 45
C) 15
D) 30
Q3) Because local, state, and federal efforts with respect to the environment can be undermined by pollutants from other nations, the U.S. Environmental Protection Agency's Green Building Council has entered into many agreements with the governments of other nations.
A)True
B)False
Q4) List some of the concepts associated with sustainable business practices?
Q5) List five Global Reporting Initiative guidelines.
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Chapter 17: International Law and Business
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Q1) Grey market goods are counterfeit goods manufactured in the United States.
A)True
B)False
Q2) Discuss the significance of the countervailing duty.
Q3) The _____ is part of the executive Office of the President and it is the official U.S. representative in all activities concerning the GATT.
A) Office of Management and Budget
B) Office of the U.S. Trade Representative
C) Administrative Office of the U.S. Courts
D) Office of Special Counsel
Q4) The UN Convention on the International Sale of Goods is also known as the Vienna Convention.
A)True
B)False
Q5) What are the three broad principles of the World Trade Organization (WTO)?
Q6) The Office of the U.S. Trade Representative (USTR) is part of the executive Office of the President.
A)True
B)False
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