Question 1

An) __________ tort is a willful act that results in injury.

Accepted Answer

A)  negligent
B)  intentional
C)  common
D)  statutoryE) None of the above
F) A) and B)

Question 2

Recent legislation encourages the use of submarine patents.

Accepted Answer

A) True 
 B)False

Question 3

A patent gives inventors exclusive rights to their inventions for:

Accepted Answer

A)  20 months.
B)  17 years.
C)  20 years.
D)  the lifetime of the inventor plus 50 years.E) B) and D)
F) All of the above

Question 4

An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations.

Accepted Answer

A) True 
 B)False

Question 5

Money collected from excise taxes goes toward a specific purpose.

Accepted Answer

A) True 
 B)False

Question 6

McDonald's was the subject of a product liability suit charging that its food caused obesity,diabetes,and other health problems in children.

Accepted Answer

A) True 
 B)False

Question 7

When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower fares.

Accepted Answer

A) True 
 B)False

Question 8

Trademarks generally belong to the owner forever,as long as they are properly registered and renewed every 10 years.

Accepted Answer

A) True 
 B)False

Question 9

With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

Accepted Answer

A) True 
 B)False

Question 10

Carlos has had a very successful year.His small-business corporation earned over $500,000.His company will have to pay part of its income to the federal government for income taxes.

Accepted Answer

A) True 
 B)False

Question 11

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

Accepted Answer

A) True 
 B)False

Question 12

Over __________ percent of patent applications are approved.

Accepted Answer

A)  30
B)  40
C)  50
D)  60E) A) and B)
F) None of the above

Question 13

An) __________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Accepted Answer

A)  underground
B)  substandard
C)  submarine
D)  under-the-tableE) All of the above
F) A) and C)

Question 14

Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case.

Accepted Answer

A) True 
 B)False

Question 15

When United Airlines declared bankruptcy several years ago,it continued to operate as a business while it worked out a plan for paying off its debts.United Airlines filed a Chapter 13 bankruptcy.

Accepted Answer

A) True 
 B)False

Question 16

Business law creates the legal framework for the enforcement of criminal statutes.

Accepted Answer

A) True 
 B)False

Question 17

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed an) :

Accepted Answer

A)  obligation violation.
B)  breach of contract.
C)  termination by association.
D)  nonperformance endorsement.E) C) and D)
F) A) and B)

Question 18

Under the doctrine of strict product liability,a manufacturer can be held liable:

Accepted Answer

A)  even if when the product was introduced everyone agreed it was safe.
B)  only if the firm knowingly sold a hazardous product.
C)  only if the firm purposefully was negligent in the design or production of the product.
D)  only if the firm intentionally introduced a defective product.E) None of the above
F) A) and B)

Question 19

Negotiable instruments provide a conditional promise to pay a specified amount of money.

Accepted Answer

A) True 
 B)False

Question 20

Concerns over the increase in the number of business laws and regulations that were costing the public money led to:

Accepted Answer

A)  downsizing.
B)  restructuring.
C)  deregulation.
D)  reregulation.E) None of the above
F) All of the above

Exam 21 :test Planning Table for Bonus Exam A

An) __________ tort is a willful act that results in injury.

Correct AnswerverifiedShow Answer

Negotiable instruments provide a conditional promise to pay a specified amount of money.

Correct AnswerverifiedShow Answer

When United Airlines declared bankruptcy several years ago,it continued to operate as a business while it worked out a plan for paying off its debts.United Airlines filed a Chapter 13 bankruptcy.

Correct AnswerverifiedShow Answer

A patent gives inventors exclusive rights to their inventions for:

Correct AnswerverifiedShow Answer

Under the doctrine of strict product liability,a manufacturer can be held liable:

Correct AnswerverifiedShow Answer

Money collected from excise taxes goes toward a specific purpose.

Correct AnswerverifiedShow Answer

Business law creates the legal framework for the enforcement of criminal statutes.

Correct AnswerverifiedShow Answer

Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case.

Correct AnswerverifiedShow Answer

Trademarks generally belong to the owner forever,as long as they are properly registered and renewed every 10 years.

Correct AnswerverifiedShow Answer

Recent legislation encourages the use of submarine patents.

Correct AnswerverifiedShow Answer

Over __________ percent of patent applications are approved.

Correct AnswerverifiedShow Answer

With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

Correct AnswerverifiedShow Answer

McDonald's was the subject of a product liability suit charging that its food caused obesity,diabetes,and other health problems in children.

Correct AnswerverifiedShow Answer

Carlos has had a very successful year.His small-business corporation earned over $500,000.His company will have to pay part of its income to the federal government for income taxes.

Correct AnswerverifiedShow Answer

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

Correct AnswerverifiedShow Answer

An) __________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Correct AnswerverifiedShow Answer

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed an) :

Correct AnswerverifiedShow Answer

Concerns over the increase in the number of business laws and regulations that were costing the public money led to:

Correct AnswerverifiedShow Answer

When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower fares.

Correct AnswerverifiedShow Answer

An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations.

Correct AnswerverifiedShow Answer

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