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Exam 21 :test Planning Table for Bonus Exam A

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Question 71

True/False

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Businesses today prefer to have the government set the standards for acceptable behavior.

A) True
B) False

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Question 72

Multiple Choice

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The two main purposes of taxes are:

A) to raise money for taxpayers and to encourage foreign governments to behave in certain ways.
B) to raise money for government funding and to encourage or discourage certain taxpayer behaviors.
C) to encourage businesses to make a profit and encourage foreign governments to invest in the U.S.
D) to strengthen monetary and fiscal policies.

E) A) and D)
F) A) and C)

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Question 73

Multiple Choice

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__________ refers to rules,statutes,codes,and regulations established to provide a legal framework within which business may be conducted.

Explain the difference between statutory law,common law,and business law.

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Allison is concerned that she is not getting full disclosure of information from a mortgage broker who is hoping to refinance the mortgage on her house.Having recently studied business law,you suggest to Allison that she contact the ________________________ that was formed after the Dodd-Frank Wallstreet Reform and Consumer Protection Act became law.

Which of the following do school districts utilize to generate needed funding?

Submarine patents are primarily designed to generate large patent royalties for their owners.

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Describe bankruptcy and three sections of the Bankruptcy Code.

Traditionally,taxes have been used as a source of funding for government operations and programs.

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence.This suit was based on the legal principle of:

Under contract law,an agreement for the sale of goods worth $50 or more must be in writing.

We count on companies to provide us with safe products,and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products.Under ______________,if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their French fries,the company is likely to be required to disclose information on this process to its customers.

Compare and contrast the protection offered by patents,copyrights,and trademarks.

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

The Bankruptcy Reform Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy.

James advertises in the newspaper to sell his used car for $6,000.Eric test drove the car and then offered James $5,400 for the car.In this case:

A warranty guarantees that:

Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law.