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The Legal Environment of Business 11th Edition by Roger E. Meiners - Test Bank
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,Today’s Business Environment: Law and Ethics 1-1Chapter 1
Today’s Business Environment: Law and Ethics
TEST BANK
1. Which of these issues may impact a company’s operations?
a. international issues
b. political issues
c. ethical issues
d. legal issues
e. all of these issues can impact operations
ANSWER: e (page 3-4)
National: AACSB Analytic; Diversity; AICPA BB-Legal
2. Which area of law is most likely to impact directly the finance and accounting departments of a
company?
a. products liability
b. employment discrimination
c. credit regulation
d. environmental law
e. all of these are likely to impact about the same
ANSWER: c (page 3)
National: AACSB Analytic; AICPA BB-Legal
3. Which is generally recognized as the best (most correct) definition of law?
a. a body of rules of action or conduct prescribed by controlling authority, and having binding
legal force
b. that which must be obeyed and followed by members of a society subject to sanctions or
legal consequences
c. the circumstances in which the public force is brought to bear through the courts
d. a rule of conduct that justifies a prediction that it likely will be enforced by the courts if its
authority is challenged
e. all of the other choices are correct; there is no one agreed upon best definition
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
,1-2 Test Bank
ANSWER: e (page 3)
National: AACSB Analytic; Communication; AICPA BB-Legal
4. Which of the following is an accepted definition of law?
a. a body of rules of action or conduct prescribed by controlling authority, and having binding
legal force
b. a body of rules of action or conduct prescribed by society, but lacking legal force
c. a body of rules of action or conduct prescribed by courts and sanction by international
society
d. a body of rules of action or conduct prescribed by the Supreme Court, and having binding
legal force
e. none of the other choices
ANSWER: a (page 3)
National: AACSB Analytic; Communication; AICPA BB-Legal
5. Which of the following is an accepted definition of law?
a. a body of rules of action or conduct prescribed by society, but lacking legal force
b. that which must be obeyed and followed by members of a society subject to sanctions or
legal consequences
c. that which must be obeyed and followed by the controlling authority of a country
d. a body of rules of action or conduct prescribed by the Supreme Court, and having binding
legal force
e. none of the other choices
ANSWER: b (page 3)
National: AACSB Analytic; Communication; AICPA BB-Legal
6. In an orderly society, law and the legal system help to:
a. influence the behavior of members of society
b. resolve disputes
c. maintain the important values of society
d. provide a way for important social changes to take effect
e. all of the answers are part of the role of law
ANSWER: e (page 4)
National: AACSB Analytic; Ethics; AICPA BB-Legal
7. Enforcement of law in a society is important because it:
a. provides some predictability and uniformity to the boundaries of acceptable conduct
b. promotes social well-being
c. leads to higher literacy rates
d. prevents large disparities in income
e. none of the other choices
, Today’s Business Environment: Law and Ethics 1-3
ANSWER: a (page 4)
National: AACSB Analytic; Ethics; AICPA BB-Legal
8. Which of the following is not a part of the rules that govern behavior in most nations:
a. formal rules
b. informal rules
c. social customs
d. ethics
e. all of the other choices are part of the rules
ANSWER: e (page 4-6)
National: AACSB Analytic; AICPA BB-Legal
9. Both _____________ and ____________ are part of the rules that govern behavior in most
nations.
a. philosophy and sociology
b. psychology and ethics
c. formal rules and informal rules
d. all of the other specific choices
e. none of the other specific choices
ANSWER: c (page 4)
National: AACSB Analytic; Ethics; AICPA BB-Legal
10. Both _____________ and ____________ are part of the rules that govern behavior in most
nations.
a. philosophy and sociology
b. customs and ethics
c. formal rules and psychology
d. all of the other specific choices
e. none of the other specific choices
ANSWER: b (page 4)
National: AACSB Analytic; Ethics; AICPA BB-Legal
11. Both _____________ and ____________ are part of the rules that govern behavior in most
nations.
a. customs and informal rules
b. formal rules and ethics
c. formal rules and informal rules
d. all of the other specific choices
e. none of the other specific choices
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
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