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The Legal Environment of Business 12th Edition by Roger E. Meiners - Test Bank
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,Multiple Choice1. 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
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
2. 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
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
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
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Analysis
,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
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Analysis
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
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
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
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
, 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
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
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
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Communication
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Knowledge
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
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
STATE STANDARDS: United States - Universal - DISC: AICPA: BB-Legal
TOPICS: A-Head: Law and the Key Functions of the Legal System
KEYWORDS: Bloom's: Analysis
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