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__________ often help to pay for highway construction or improvements.


A) Sin taxes
B) Property taxes
C) Income taxes
D) Facility taxes

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

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A

Mark and Barry own the Warehouse Liquor Store in town.They are careful to pay all of their taxes in full and on time.Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor.Barry and Mark are upset about this because:


A) they will certainly have to pay more taxes.
B) people will likely buy less cigarettes and liquor from them.
C) the government has increased the sales tax.
D) their personal property tax will now increase.

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

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The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

A) True
B) False

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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:


A) When acquiring a large firm,it is illegal to break up a large conglomerate that has been in business for over a year.
B) Combining NYSE with NASDAQ would never survive anti-trust scrutiny.
C) After payoff,the acquired firm's stockholders are never permitted to purchase the stock of the newly formed com.
D) The acquiring firm never pays the acquired firm stockholders what it promiseD.

E) All of the above
F) A) and B)

Correct Answer

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A tax credit is a document that increases a tax bill.

A) True
B) False

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False

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

A) True
B) False

Correct Answer

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In order to be legally binding,a contract must be a written agreement between two or more parties.

A) True
B) False

Correct Answer

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One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty.This means that:


A) the mixer is guaranteed to last for 10 years with normal use.
B) the mixer will make wonderful baked goods as well as pasta.
C) the mixer will be repaired or replaced at no charge if it is defective.
D) only the motor is covered by the mixer manufacturer.

E) All of the above
F) B) and C)

Correct Answer

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Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

A) True
B) False

Correct Answer

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When Sears agrees to replace or repair your defective treadmill at no charge to you,Sears is fulfilling a full warranty on your treadmill.

A) True
B) False

Correct Answer

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True

What is the Uniform Commercial Code and why is it important?

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The Uniform Commercial Code (UCC)is a co...

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

A) True
B) False

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Which of the following is a condition required for a legally binding contract?


A) discharge of obligation
B) warranty
C) mutual acceptance
D) duress

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

Correct Answer

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Which of the following prohibits monopolies,attempts to monopolize,and any restraint of trade?


A) Clayton Act
B) Sherman Act
C) Robinson-Patman Act
D) Wheeler-Lea Amendment

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

Correct Answer

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The warranty you receive in the box with your new DVD is a(n) :


A) implied warranty.
B) express warranty.
C) uniform warranty.
D) commercial warranty.

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

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

A) True
B) False

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

A) True
B) False

Correct Answer

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When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you,he has endorsed the check,and you may deposit it in your checking account.

A) True
B) False

Correct Answer

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The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

A) True
B) False

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It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

A) True
B) False

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