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BLAW Exam #1/288 Questions with Complete solutions
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BLAW Exam #1/288 Questions with Complete solutions
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BLAW Exam #1/288 Questions withComplete solutions
There is really no reason to be acquainted with business laws and
government regulations, except to pass their test. true or false - - False
- Law consists of enforceable rules governing relationships among
individuals and between individuals and their society. true or false - - true
- Laws and government regulations affect almost all business activities. true
or false - - true
- Many different laws may apply to a dingle business transaction. true or
false - - true
- Businesspersons are expected to make decisions that are ethically sound.
true or false - - true
- Being a small-business owner means that you will never have to take on
the role of finance manager marketing manager or accountant. true or false -
- false
- State laws are the supreme law of the United States. true or false - - false
- The federal government and the states have the same constitution. true or
false - - false
- A state law that conflicts with the U.S. Constitution will be deemed
unconstitutional. true or false - - true
- State constitutions are supreme within their respective borders. true or
false - - true
- Statutory law includes state statutes and ordinances passed b cities and
counties. true or false - - true
- Whether financial statements created by an accountant need to be verified
for accuracy is not a legal question. true or false - - false
- There are legal questions involved when considering ways to raise capital
so a business can grow. true or false - - true
- There are legal questions involved when choosing an appropriate
organizational form. true or false - - true
,- A small business owner is likely to face legal questions when determining
ways to reduce his small business's taxes. true or false - - true
- Statutes are laws enacted by Congress and the state legislatures and
comprise one of the sources of American law. true or false - - true
- Administrative law is a source of American law that is comprised of
statues. true or false - - false
- Uniform law apply in all states, including those in which the laws have not
been adopted. true or false - - false
- The American Law Institute was the only organization involved in
developing the Uniform Commercial Code. true or false - - false
- No state has adopted the Uniform Commercial Code. true or false - - false
- Administrative law consists of the rules, orders, and decisions of
administrative agencies. true or false - - true
- Administrative law includes only state regulations. true or false - - false
- Common law is the same as statutory law. true or false - - false
- Stare decisis is a doctrine obligating judges to help persons who have
failed to protect their own rights. true or false - - false
- Stare decisis is a doctrine obligating judges to follow the precedents
established within their jurisdictions. true or false - - true
- Common law is a term for the laws that are familiar to most of us. true or
false - - false
- A court may depart from a precedent if the precedent is no longer valid.
true or false - - true
- In order to truly understand our legal system, it is important to understand
the origins of the common law tradition. true or false - - true
- Money or property, including land, are remedies at law. true or false - -
true
- Equity is a branch of law, founded in justice and fair dealing that seeks to
supply a remedy when no adequate remedy at law is available. true or false -
- true
, - The basis for the U.S. legal system is the natural law school. true or false -
- false
- Criminal law focuses on duties that exist between persons. true or false - -
false
- Criminal acts are prohibited only by federal government statutes. true or
false - - false
- Government authorities cannot enforce national law. true or false - - false
- International law is the law of a foreign nation and varies from country to
country. true or false - - false
- Data Analytics, Inc., is a corporation engaged in the business of compiling,
analyzing, and marketing data. To accomplish its purposes, Data Analytics
obtains financing, and hires and fires employees. Laws and government
regulations affect such business activities as
a.
hiring and firing decisions.
b.
the manufacturing and marketing of products.
c.
business financing.
d.
all of the choices. - - d. all of the choices
- Congress enacts a statute, the Federal Deposit Insurance Corporation (an
administrative agency) issues rules, the Southeast Financial Institutions
Association (a private organizations) issues instructions, South Valley Bank
posts a memo with orders for its employees, and Tina tells her co-worker
about a recent news story. Sources of law include
a.
the instructions issued by private associations.
b.
the orders posted by employers.
c.
the rules issued by federal administrative agencies.
, d.
the stories released by news agencies. - - c. the rules issued by federal
administrative agencies
- Under Ohio's state constitution, the Ohio Environmental Protection Agency
issues a new rule, the Polk County Commission approves a new property tax
measure, and the professors and students at Ohio Law School publish the
results of their most recent legal research. Sources of law do not include
a.
the measures approved by local governing bodies.
b.
the results of legal scholars' research.
c.
the rules issued by state administrative agencies.
d.
the states' constitutions. - - b. the results of legal scholars' research
- A provision in the California state constitution conflicts with a provision in
the U.S. Constitution. If challenged
a.
neither provision will be enforced.
b.
the provisions will be balanced to reach a compromise.
c.
the state provision, not the U.S. Constitution, will be enforced.
d.
the U.S. Constitution, not the state provision, will be enforced. - - d. the U.S.
Constitution, not the state provision, will be enforced
- . The Tenth Amendment to the U.S. Constitution
a.
reserves to the states all powers not granted to the federal government.
b.
reserves to the federal government all powers not granted to the states.
c.
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