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Exam 21: Working Within the Legal Environment

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Question 31

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Bankruptcy is the legal process by which a person, business, or government entity that is unable to meet financial obligations is relieved of those debts by a court.

A) True
B) False

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Question 32

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The FTC has jurisdiction over false or misleading advertising.

A) True
B) False

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Question 33

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Copyrights can be passed on to the creator's heirs.

The government's involvement in governing the behavior of business people seems to be increasing.

One purpose of the Robinson-Patman Act is to outlaw price differences that substantially weaken competition.

The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.

In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor.

Decisions made by judges in previous cases are an important part of common law.

The Robinson-Patman Act prohibits price discrimination in all transactions except business-to-business transactions.

One result of deregulation in the airline industry has been

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

A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies. These public utility commissions are examples of state administrative agencies.

Which of the following is a requirement for commercial paper to be considered a negotiable instrument?

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

Administrative agencies actually have a greater impact on businesses than courts do.

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

Willow 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 Willow that she contact the ________ that was formed after the Dodd-Frank Wall Street Reform and Consumer Protection Act became law.

Because it is no longer used in construction today, National Asbestos Manufacturing cannot be sued for damages today that are caused by asbestos that may still remain in some buildings.

Though high-profile business bankruptcies such as Sports Authority and Radio Shack dominate the news, over 90 percent of bankruptcy filings each year are by individuals.

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