Regulatory Compliance
Textbook Exam Questions
Course Introduction
Regulatory Compliance explores the principles, frameworks, and best practices organizations must follow to adhere to laws, regulations, and industry standards governing their sectors. The course examines the roles of regulatory bodies, the development and implementation of compliance programs, risk assessment, monitoring, and reporting mechanisms. Students will analyze case studies highlighting challenges and outcomes of compliance initiatives, and discuss ethical considerations in navigating complex regulatory environments. The course equips learners with practical skills to interpret regulations, develop compliance policies, and ensure ongoing adherence to evolving legal requirements.
Recommended Textbook
The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
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Page 2
Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
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Q1) The legislative branch of government is composed of Congress and the Senate.
A)True
B)False
Answer: True
Q2) Bernard Madoff, former NASDAQ chairman, was sentenced in June 2009 to 150 years in prison after pleading guilty to charges that he conducted purportedly the largest _____ swindle in the country's history and lost a reported $51 billion of his clients' assets.
A) forex
B) Ponzi scheme
C) insider trading
D) pyramid scheme
Answer: B
Q3) What is the difference between law and morality?
Answer: Law may often reflect our morals, but law and morality, or ethics, are not the same. While law is our government's determination as to our limitations and rights, morality is our own personal view of what we believe is proper and how we should conduct ourselves.
Q4) Compare civil law and criminal law.
Answer: 11ea679f_0dd2_535f_8b3b_0d7c251affec_TB1590_00
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Chapter 2: Alternative Dispute Resolution
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Q1) Most often the mediator goes back and forth between the two parties and listens to their concerns and tries to find a way for each to get what he or she wants from the situation. This is known as _____.
A) piggybacking
B) skimming
C) social engineering
D) shuttle diplomacy
Answer: D
Q2) What is shuttle diplomacy?
Answer: Shuttle diplomacy is a type of mediation. Most often the mediator engages in a type of "shuttle diplomacy" wherein the mediator goes back and forth between the two parties and listens to their concerns and tries to find a way for each to get what he or she wants from the situation.
Q3) Arbitration involves the intervention of a disinterested third party into a dispute.
A)True
B)False
Answer: True
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Chapter 3: The Court System and Legal Process
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Q1) 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
Q2) A summons is issued by a court during the _____ phase of a civil trial.
A) trial
B) pleadings
C) pretrial
D) appeal
Answer: B
Q3) Which of the following statements is true regarding a state level court of appeal?
A) It hears the cases for the first time.
B) It is empowered to be the final authority on legal interpretations.
C) It does not conduct trial.
D) It is a court of original jurisdiction.
Answer: C
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Chapter 4: Administrative Law
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Q1) Why is the knowledge of administrative law important?
Q2) Each federal agency's own internal rules and regulations are set forth in its administrative regulations published in the Congressional Directory.
A)True
B)False
Q3) 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.
Q4) What is a quasi-judicial authority?
Q5) Which of the following is a trade association?
A) National Labor Relations Board
B) Wage and Hour Division
C) American Bar Association
D) Federal Trade Commission
Q6) Describe briefly, Congressional oversight hearings.
Q7) Describe the powers of administrative agencies.
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Chapter 5: Contracts and Sales
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Q1) If a party is below the legal age for contracting, his or her contracts are:
A) the contracts implied in law.
B) voidable at their option.
C) quasi contracts.
D) option contracts.
Q2) Past consideration is an adequate consideration to support a promise, therefore, it can create a contract.
A)True
B)False
Q3) An executed contract is a contract in which:
A) the terms of a contract have been fully performed.
B) one of the parties to the contract does not have the capacity to contract.
C) one party promises to do an act if the other party does something.
D) all the requirements of a valid contract have been fulfilled.
Q4) David says to Mike, "I promise to give you $200 if you paint my house." This is most likely to be an example of a(n) _____ contract.
A) unenforceable
B) unilateral
C) void
D) executed
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Chapter 6: Torts
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Q1) Which of the following torts is often committed in conjunction with trademark infringement?
A) Assault
B) Defamation
C) Battery
D) Palming off
Q2) Which of the following is most likely to be an example of assault?
A) Making gestures as if to hit the victim's new car with a sledgehammer.
B) Ben threatens Ron, "I'll beat you up when you come to school tomorrow."
C) Anna points a gun at Vanessa.
D) Delko leaves a note in Keith's car, "I will burn your can if I see it here again."
Q3) When a tortfeasor fails to meet a standard of reasonable care appropriate for the circumstances and another is forseeably subjected to an unreasonable risk of harm and is injured as a result, the tortfeasor can be sued by the injured party for _____.
A) palming off
B) negligence
C) defamation
D) false light
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Chapter 7: Property, Real and Personal
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Q1) The one who grants a life estate is called a _____.
A) testator
B) tenant
C) donor
D) grantor
Q2) When an individual possesses another's land openly, notoriously, and treats it as his or her own for a period set forth in a statute (usually 21 years) and the true owner makes no claim, the individual can petition the court to have title transferred into his or her name and become the owner of the property. Such a transfer of property is termed as
A) tenancy
B) reversion
C) adverse possession
D) remainder
Q3) A(n) _____ interest in real estate is the most rights our law recognizes in property.
A) reversion
B) estate for years
C) fee simple
D) tenant
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Chapter 8: Business Crimes
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Q1) Discuss the fourth amendment.
Q2) Discuss price fixing.
Q3) Which of the following is an example of crimes included under the public corruption category?
A) Copyright violation
B) A federal public official engaged in covert payoffs.
C) Embezzlement
D) Securities fraud
Q4) Embezzlement is a breach of trust done for private gain by an employee or agent of the corporation.
A)True
B)False
Q5) What are the various categories of white collar crimes?
Q6) Explain the terms grand jury and arrest warrant.
Q7) Ponzi and pyramid schemes are most likely to be examples of _____.
A) fraud against the government
B) health care fraud
C) economic crimes
D) public corruption
Q8) What is misappropriation?
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Chapter 9: Secured Transactions and Bankruptcy
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Q1) Negotiable instruments can be used as collateral.
A)True
B)False
Q2) Discuss the significance of the '341' meeting.
Q3) Which of the following categories of collateral is used as a catchall phase for interests not otherwise covered unless they are specifically excluded?
A) Goods
B) Instruments
C) Accounts receivables
D) General intangibles
Q4) The UCC recognizes two types of intangible collateral: _____ and general intangibles.
A) license
B) chattel paper
C) accounts
D) instruments
Q5) What are the various advantages of Chapter 13 bankruptcy?
Q6) What are the two types of intangible collateral?
Q7) Discuss Chapter 11 bankruptcy.
Q8) Discuss a surety's right of exoneration.
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Chapter 10: Agency and Business Organizations
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Q1) When an agent is interacting with a third party on behalf of a principal, the principal is said to be undisclosed if:
A) the agent is a general agent who has authority to transact all of the business of the principal.
B) an agent and a third party interacts and the third party has no notice that the agent is acting for a principal.
C) the third party with whom the agent interacts knows the agent is acting on behalf of a principal, and he or she knows who the principal is.
D) an agent and a third party interact and the third party has notice that the agent is acting for a principal but it does not know the principal's identity.
Q2) In the case of an agency relationship, what are the various reasons due to which termination of authority can occur by operation of law?
Q3) Discuss various characteristics of a closely held corporation.
Q4) Define an agent.
Q5) What are the various functions performed by the promoter of a corporation?
Q6) Explain the terms general agent and special agent.
Q7) Discuss termination of a limited partnership.
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Chapter 11: The Employment Relationship and Equal Employment Opportunity
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Q1) Race and color can be the subject of a bona fide occupational qualification (BFOQ).
A)True
B)False
Q2) What are the various factors that are taken into consideration while evaluating undue hardship?
Q3) The employer cannot be held liable for the supervisory or managerial employees who sexually harass their subordinates.
A)True
B)False
Q4) Which of the following concepts is true regarding disparate impact?
A) In a disparate impact case, intent to discriminate must be shown directly.
B) Disparate impact is a group concept of discrimination rather than an individual one.
C) In a disparate impact case, intent to discriminate must be shown.
D) In disparate impact, the employee alleges that he or she was treated differently from other similarly situated employees regarding some aspect of employment.
Q5) To whom does Title VII apply and who is protected under Title VII?
Q6) What is reverse discrimination?
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Chapter 12: Labor and Management Relations
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Q1) If the employers refuse to bargain with the union representatives over pay hikes, it will be regarded as an unfair labor practice because:
A) pay hike is a mandatory subject of bargaining.
B) the Employee Free Choice Act says so.
C) pay hike is a permissive subject of bargaining.
D) the employers are prohibited from bargaining with the union.
Q2) The steadily declining union membership rates can be attributed to factors like:
A) aggressive nonunion campaigns by employees.
B) reduction of traditionally heavily unionized industries like steel.
C) loss of jobs to other countries with cheaper labor.
D) increase in the labor force of heavily unionized industries.
Q3) Strikes which are not authorized by the union are considered illegal if:
A) they strike for economic reasons rather than for unfair labor practices.
B) they force the employer to deal with the employees rather than the union.
C) they are merely to make a statement of some sort.
D) they impose the will of the minority rather than the majority.
Q4) Describe the responsibilities of the National Labor Relations Board (NLRB).
Q5) Define a bargaining unit?
Q6) Describe any three unfair labor practices engaged in by unions.
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Q7) In what ways did the Taft-Hartley Act of 1947 curb union abuses and excesses?
Chapter 13: Securities Regulation and Compliance
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Q1) A registered stock can be negotiated by whoever possesses the stock.
A)True
B)False
Q2) A red herring prospectus is issued before the sale is actually consummated.
A)True
B)False
Q3) When a company decides to go public, it must file a registration statement with the SEC. Which of the following statements is true regarding this registration process?
A) A registration becomes effective 10 days after the final change has been submitted to the SEC.
B) Tombstone ads can be published before the registration becomes effective.
C) Securities can be sold before the registration becomes effective.
D) The financial statements submitted for the registration process must be certified for the past six years. A registration becomes effective 20 days after the final change has been submitted to the SEC. No securities can be sold before the registration becomes effective however the tombstone ads can be published. However, tombstone ads may be published to announce the anticipated offering.
Q4) What is a Ponzi Scheme?
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Chapter 14: Antitrust and Trade Regulation
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Q1) Which of the following statements is true for cartels?
A) Their purpose is to try to control prices through control of the output.
B) They are prohibited under §2 of the Sherman Act.
C) They are most successful when they have a large number of members.
D) They are a way to attain vertical price fixing.
Q2) The _____ was created by the Congress to further enforce antitrust violations and to improve, and develop antitrust policy.
A) NAAG
B) DOJ
C) UCC
D) FTC
Q3) What are the two main elements of monopolization?
Q4) What are per se violations? Give two examples.
Q5) What is entrenchment?
Q6) All the member countries of the European Commission (EC) can impose criminal as well as civil and injunctive relief against antitrust violations.
A)True
B)False
Q7) Explain the defenses to price discrimination.
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Chapter 15: Intellectual Property
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Q1) Which of the following types of federally protected intellectual property most likely protects goods and services?
A) License
B) Trademark
C) Patent
D) Copyright
Q2) Discuss the fair-use doctrine in the context of copyrighting.
Q3) A _____ identifies the producer rather than the products or services produced.
A) patent
B) trade name
C) copyright
D) trademark
Q4) The shape of a Coca-Cola bottle is protected with the help of a _____.
A) copyright
B) patent
C) trademark
D) license
Q5) A patent can be renewed after 10 years.
A)True
B)False
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Chapter 16: Environmental Law and Business
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Q1) What is the Global Reporting Initiative?
Q2) The Clean Air Act establishes criminal penalties for violations, including the possibility of prison terms, and authorizes the _____ to pursue civil suits for injunctions or monetary remedies.
A) Department of Commerce
B) Department of the Interior
C) Green Building Council
D) Environmental Protection Agency
Q3) An executive order is an order issued by the president or governor implementing a statute or governing operations of executive agencies.
A)True
B)False
Q4) Sustainability is a three-legged stool which comprises of:
A) people, planet, and partners.
B) people, planet, and projects.
C) people, planet, and profit.
D) people, planet, and product.
Q5) What is an environmental impact statement?
Q6) When can the requirements of the National Environmental Policy Act be invoked?
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Chapter 17: International Law and Business
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Q1) Which of the following mechanisms is most likely to be used to make up for the competitive edge gained by the reduction in cost to produce the item created by the subsidy?
A) Countervailing duty
B) Antidumping laws
C) Product-specific quotas
D) Packaging and labeling conditions
Q2) Rules governing arbitration proceedings are less restrictive than rules governing court proceedings.
A)True
B)False
Q3) In the context of sources of international law, which of the following terms best represents a principle or practice that has developed over a course of dealing?
A) Treaty
B) Contract
C) Custom
D) Executive order
Q4) Discuss briefly the Foreign Corrupt Practices Act (FCPA).
Q5) What are the two types of international organizations?
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