BLAW Exam #1 Questions and Answers graded A+
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 thei...
there is really no reason to be acquainted with bu
law consists of enforceable rules governing relati
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BLAW Exam #1 Questions and Answers
graded A+
There is really no reason to be acquainted with business laws and government
regulations, except to pass their test. true or false - answer False
Law consists of enforceable rules governing relationships among individuals and
between individuals and their society. true or false - answer true
Laws and government regulations affect almost all business activities. true or false -
answer true
Many different laws may apply to a dingle business transaction. true or false - answer
true
Businesspersons are expected to make decisions that are ethically sound. true or false -
answer 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 - answer false
State laws are the supreme law of the United States. true or false - answer false
The federal government and the states have the same constitution. true or false -
answer false
A state law that conflicts with the U.S. Constitution will be deemed unconstitutional. true
or false - answer true
State constitutions are supreme within their respective borders. true or false - answer
true
Statutory law includes state statutes and ordinances passed b cities and counties. true
or false - answer true
Whether financial statements created by an accountant need to be verified for accuracy
is not a legal question. true or false - answer false
There are legal questions involved when considering ways to raise capital so a business
can grow. true or false - answer true
There are legal questions involved when choosing an appropriate organizational form.
true or false - answer true
,A small business owner is likely to face legal questions when determining ways to
reduce his small business's taxes. true or false - answer true
Statutes are laws enacted by Congress and the state legislatures and comprise one of
the sources of American law. true or false - answer true
Administrative law is a source of American law that is comprised of statues. true or false
- answer false
Uniform law apply in all states, including those in which the laws have not been
adopted. true or false - answer false
The American Law Institute was the only organization involved in developing the
Uniform Commercial Code. true or false - answer false
No state has adopted the Uniform Commercial Code. true or false - answer false
Administrative law consists of the rules, orders, and decisions of administrative
agencies. true or false - answer true
Administrative law includes only state regulations. true or false - answer false
Common law is the same as statutory law. true or false - answer false
Stare decisis is a doctrine obligating judges to help persons who have failed to protect
their own rights. true or false - answer false
Stare decisis is a doctrine obligating judges to follow the precedents established within
their jurisdictions. true or false - answer true
Common law is a term for the laws that are familiar to most of us. true or false - answer
false
A court may depart from a precedent if the precedent is no longer valid. true or false -
answer true
In order to truly understand our legal system, it is important to understand the origins of
the common law tradition. true or false - answer true
Money or property, including land, are remedies at law. true or false - answer 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 - answer true
,The basis for the U.S. legal system is the natural law school. true or false - answer
false
Criminal law focuses on duties that exist between persons. true or false - answer
false
Criminal acts are prohibited only by federal government statutes. true or false - answer
false
Government authorities cannot enforce national law. true or false - answer false
International law is the law of a foreign nation and varies from country to country. true or
false - answer 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. - answer 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. - answer 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. - answer 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. - answer 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.
requires each state in the union to have its own constitution.
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