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
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
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
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
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
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