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ALC 2 questions and answers latest 2021/2022
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ALC 2 questions and answers latest 2021/2022
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ALC 2 questions and answers1. A conclusion arrived at through deductive reasoning is (inductive is
probable)
A. probable
B. certain
C. whimsical
D. farcical
2. The rational starting point for ethics in an organization is
a. At the bottom
b. At the top
c. At the level of execution
d. At the level of supervisors
3. A ________ corporation is owned by a limited number of shareholders.
a. Public
b. Private
c. Close
d. S
4. ________ combines mediation and negotiation to arrive at a successful
resolution.
a. Common law
b. Criminal law
c. Civil law
d. Collaborative law
5. ______ is the key to developing an ethical organization.
a. Profit maximization
b. Value maximization
c. Loyalty
d. Organizational culture
6. When interpreting the law, courts look for ______
a. guidance from the president
b. guidance from the government
c. guidance from the legislative branch
d. precedent
7. An action that does not increase shareholder value and does not ______
should be rejected.
a. Increase corporate earnings
b. Stand up to an ethics test
c. Promote corporate social responsibility
d. Improve diversity
8. ______ duties may be levied if a country chooses to sell its products in
other countries for a price than in its home country.
a. Customs
b. Countervailing
, c. Tariff
d. Anti-dumping
9. Under common law, the acceptance of a contract should reflect the
_______ of the offer.
a. Essential terms
b. Major terms
c. Exact terms
d. Understanding
10. The most important characteristic of a closely held corporation is
that_____.
a. It has a smaller # of shareholders
b. it has a large number of shareholders
c. its shares are not traded on the stock market
d. its shares are listed on at least two stock markets
11. U.S. business must comply with the Foreign Corrupt Practices
Act, which bans _______, but not ______ payments.
a. Grease; facilitation
b. Facilitation; bribes
c. Facilitation; grease
d. Bribes; facilitation
12. ______ damages compensate a party for losses that occur as a
foreseeable result of the breach.
a. Incidental
b. Reliance
c. Restitution
d. Consequential
13. A business decision may be ______, but not be _______.
a. Ethical; legal
b. Financially astute; legal
c. Environmentally sound; ethical
d. Legal; ethical
14. _____ publishes every year a ranking of countries based on
perceived corruption.
15. The objective of ______ damages is to compensate the non-
breaching party for any expenses incurred in anticipation of the
contract being fulfilled.
a. Compensatory
b. Consequential
c. Liquidated
d. Reliance
16. ______ is a form of organization primarily suited for groups of
professionals.
a. LLP
b. LLC
c. General partnership
d. S corporation
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