Test Bank For Business Law Text & Cases Commercial Law for Accountants 14th Edition by Roger LeRoy Miller
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Business Law - Test Bank
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Business Law - Test Bank
True / False
1. Unlike most agents, each partner in a partnership has an ownership interest in the business.
a. True
b. False
ANSWER: True
2. A partnership is a voluntary association of individuals.
a. True
b. False
ANSWER: True
3. Most states treat a partnership ...
1. Unless a corporation violates a law, its actions do not raise questions about corporate ethics.
a. True
b. False
ANSWER: False
2. Ethics is the study of the principles and conduct that guide business decision making based on what is right and good.
a. True
b. False
ANSWER: True
3. Business ethics looks at the decisions that businesses make or have to make and whether those decisions are right or
wrong.
a. True
b. False
ANSWER: True
4. Ethics is as clearly defined as the law.
a. True
b. False
ANSWER: False
5. Focusing on a firm's short-run profits without considering the company’s longterm needs may be acting unethically.
a. True
b. False
ANSWER: True
6. It may be unethical for a company to refuse to negotiate liability claims for alleged injuries because of a faulty product.
a. True
b. False
ANSWER: True
7. The legality of an action is always clear.
a. True
b. False
ANSWER: False
8. Adhering strictly to all business laws is all that is necessary to fulfill all business ethics obligations.
a. True
b. False
ANSWER: False
9. The study of ethics goes beyond legal requirements to evaluate what is right for society.
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Chapter 01: Business Ethics
a. True
b. False
ANSWER: True
10. If an action is legal, it is ethical.
a. True
b. False
ANSWER: False
11. If people merely comply with the law, they are acting at the lowest ethical level society will tolerate.
a. True
b. False
ANSWER: True
12. An action may be legal but not ethical.
a. True
b. False
ANSWER: True
13. Acting in good faith gives a business firm a better chance of defending its actions in court.
a. True
b. False
ANSWER: True
14. Ethical reasoning is the process through which an individual links his or her moral convictions or ethical standards to
the particular situation at hand.
a. True
b. False
ANSWER: True
15. Duty-based ethical standards often come from religious precepts.
a. True
b. False
ANSWER: True
16. Religious rules generally are absolute with respect to the behavior of their adherents.
a. True
b. False
ANSWER: True
17. A company that acts ethically, or in good faith, has a stronger position in litigation than a company that does not.
a. True
b. False
ANSWER: True
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Chapter 01: Business Ethics
18. Under the principle of rights theory, one person’s principles are as “right” as another’s.
a. True
b. False
ANSWER: False
19. In ethical terms, a cost-benefit analysis is an assessment of the negative and positive effects of alternative actions on
individuals.
a. True
b. False
ANSWER: True
20. According to utilitarianism, it does not matter how many people suffer a negative effect from an act.
a. True
b. False
ANSWER: False
21. The concept of corporate social responsibility is imposed on corporations by law.
a. True
b. False
ANSWER: False
22. Corporations can be viewed as “citizens” that are expected to participate in bettering society.
a. True
b. False
ANSWER: True
23. Corporations can be perceived as owing ethical duties to groups other than their shareholders.
a. True
b. False
ANSWER: True
24. In a corporation, managers are often faced with ethical trade-offs when a certain decision will benefit one group, but
harm another.
a. True
b. False
ANSWER: True
25. Sometimes, there is no “good” answer to the ethical questions that arise.
a. True
b. False
ANSWER: True
26. Management’s behavior sets the ethical tone of a firm.
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