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BUSFIN 3500 Midterm Questions with Correct Answers

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BUSFIN 3500 Midterm Questions with Correct Answers

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  • August 10, 2024
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  • 2024/2025
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BUSFIN 3500 Midterm Questions with Correct
Answers
Sources of Law Correct Answer-Federal
-US constitution
-federal statutes, executive orders, treaties
-rulings of federal agencies
-federal court decisions


State
-State constitution
-state statutes, executive orders, treaties
-state rulings of federal agencies
-state court decisions


Local
-ordinances
-rulings of local agencies


Private
-contracts
-company rules
-business traditions

,Supremacy Clause Correct Answer--states that the federal constitution,
laws made in pursuit of the constitution, and treaties are "the supreme
law of the land"
-Preemption


Preemption Correct Answer-if feds can regulate in an area, states are
barred from regulating


US Constitution Correct Answer-Serves as a
-framework for federal govt.
-limits on government (individual rights)


Legislative Branch (Congress) Correct Answer--Congress = senate +
house of reps
-make federal laws
-repass laws that have been vetoed
-approve appts. to judiciary
-approve treaties


Statute Correct Answer-rules and regulations put forth by legislatures


Executive (President) Correct Answer--Sign or veto bills
-issue pardons
-remove executive officials

, -make appointments to exec branch, ambassadorships, commissions,
judgeships
-foreign relations
-Oversee military affairs


Judiciary (judges) Correct Answer-Constitutionality of state and federal
laws
--does govt. have power to make law?
--is govt infringing on civil liberties?


Interpret state and federal laws
--plain meaning rule
--legislative history


Judicial Review Correct Answer-Courts can declare that federal or state
actions violate the constitution
--but: construe statutes narrowly and presume governmental action
constitutional


Checks and Balances Correct Answer--president can veto bills passed by
congress (exec on legis)
-congress may override the president's veto (legis on exec)
-Senate may refuse to confirm president's nominees for federal
judgeships (legis on exec)

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