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Question 121

Multiple Choice

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__________ are the largest source of tax income received by the federal government.

A) Income taxes
B) Property taxes
C) Sales taxes
D) Excise taxes

E) B) and C)
F) None of the above

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Question 122

Multiple Choice

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You verbally promise to pay your sister tomorrow the $25 that you owe her.This promise however,is not a negotiable instrument because:

A) it is not in writing.
B) it is not payable at a specific time.
C) it is not a promise to pay a specific amount.
D) it does not contain an unconditional promise.

E) A) and B)
F) A) and C)

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Question 123

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Sales taxes are the largest source of tax income received by the federal government.

The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts.

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

The purpose of the Sherman Antitrust Act was to:

When Sam and Marie got married they wanted to travel,buy nice houses and cars,and enjoy the good life.They used credit cards to finance their lifestyle,believing they would be fine as long as they could make the minimum payments.One day they discovered that because of rising interest rates,even the minimum payments were out of reach.They decided to declare Chapter 13 bankruptcy.Under this plan,they will have to pay their creditors back over 3 to 5 years.

Utilizing the bankruptcy laws,Yankee Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts.This represents an example of a Chapter ________ bankruptcy.

The warranty you receive in the box with your new DVD is an) :

Under contract law,"consideration" means something of value.

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

In which of the following does the creditor start legal procedures?

__________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.

Which of the following refers to a tax designed to reduce the consumption of a specific good?

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company.Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of:

In 2011,NYSE Euronext and ICE Group one of the largest stock exchanges in the world) was warding off a hostile takeover bid by NASDAQ OMX,another U.S.-based stock exchange.NASDAQ OMX's intention was to break up NYSE Euronext after the acquisition.The NYSE-NASDAQ merger would have created the largest stock exchange in the world.To avoid an acquisition by NASDAQ OMX,the NYSE Euronext could have made a case that:

When McDonald's lost a lawsuit to a person severely burned by hot coffee McDonald's was found to be guilty of:

The regulation of marriages and payments for personal injuries is covered by:

Unlike a patent,trademarks are not protected from infringement.