Question 1

If an automobile manufacturer unknowingly sells a defective product that causes an injury, the manufacturer is protected from product liability lawsuits.

Accepted Answer

A) True 
 B)False

Question 2

The St. Louis County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in St. Louis County, Missouri.

Accepted Answer

A) True 
 B)False

Question 3

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

Accepted Answer

A)   employee who created the cartoon character
B)   employer of the cartoon character's creator
C)   cartoon characters are not covered by copyright protection
D)   union that represents the employeeE) B) and C)
F) A) and C)

Question 4

The Clayton Act of 1914 prohibits price discrimination.

Accepted Answer

A) True 
 B)False

Question 5

The Justice Department's lawsuit against Microsoft is an example of an antitrust case.

Accepted Answer

A) True 
 B)False

Question 6

The number of personal bankruptcies has

Accepted Answer

A)   significantly decreased as a result of the Bankruptcy Reform Act.
B)   increased.
C)   nearly reached the level of business bankruptcies.
D)   remained unchanged.E) None of the above
F) B) and D)

Question 7

A contract is a legally enforceable agreement between two or more parties.

Accepted Answer

A) True 
 B)False

Question 8

You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument because

Accepted Answer

A)   it is not in writing.
B)   it is not payable at a specific time.
C)   it is not a promise to pay a specific amount.
D)   it does not contain an unconditional promise.E) A) and D)
F) B) and D)

Question 9

The Nike swoosh and the golden arches of McDonald's are examples of a

Accepted Answer

A)   trademark.
B)   submarine patent.
C)   copyright.
D)   commercially protected symbol.E) A) and B)
F) None of the above

Question 10

An interlocking directorate occurs when a board of directors includes members of the board of competing corporations.

Accepted Answer

A) True 
 B)False

Question 11

Income taxes include taxes paid on real and personal property.

Accepted Answer

A) True 
 B)False

Question 12

Business law creates the legal framework for the enforcement of criminal statutes.

Accepted Answer

A) True 
 B)False

Question 13

Without the permission of the inventor, Five Star Automobile Manufacturing copied the engine design of an innovative competitor. What is Five Star guilty of?

Accepted Answer

A)   corporate liability
B)   trademark infringement
C)   profit minimization
D)   patent infringementE) All of the above
F) A) and B)

Question 14

A full warranty limits the defects or mechanical problems that are covered in a product.

Accepted Answer

A) True 
 B)False

Question 15

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter

Accepted Answer

A)   7.
B)   11.
C)   13.
D)   17.E) A) and D)
F) A) and C)

Question 16

When a Fat Burger offers a discount to senior citizens, they have violated the price discrimination provisions of the Robinson-Patman Act.

Accepted Answer

A) True 
 B)False

Question 17

Congratulations! You've just finished composing a song that will be the next big hit. Your next step is to apply for a patent through the U.S. Patent & Trademark Office.

Accepted Answer

A) True 
 B)False

Question 18

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

Accepted Answer

A) True 
 B)False

Question 19

Under contract law, consideration means something of value.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following do school districts utilize to generate needed funding?

Accepted Answer

A)   sin tax
B)   sales tax
C)   property tax
D)   income taxE) B) and C)
F) A) and B)

Exam 21: Working Within the Legal Environment

An interlocking directorate occurs when a board of directors includes members of the board of competing corporations.

Correct AnswerverifiedShow Answer

When a Fat Burger offers a discount to senior citizens, they have violated the price discrimination provisions of the Robinson-Patman Act.

Correct AnswerverifiedShow Answer

The number of personal bankruptcies has

Correct AnswerverifiedShow Answer

Which of the following do school districts utilize to generate needed funding?

Correct AnswerverifiedShow Answer

Under contract law, consideration means something of value.

Correct AnswerverifiedShow Answer

Without the permission of the inventor, Five Star Automobile Manufacturing copied the engine design of an innovative competitor. What is Five Star guilty of?

Correct AnswerverifiedShow Answer

Congratulations! You've just finished composing a song that will be the next big hit. Your next step is to apply for a patent through the U.S. Patent & Trademark Office.

Correct AnswerverifiedShow Answer

The Nike swoosh and the golden arches of McDonald's are examples of a

Correct AnswerverifiedShow Answer

You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument because

Correct AnswerverifiedShow Answer

If an automobile manufacturer unknowingly sells a defective product that causes an injury, the manufacturer is protected from product liability lawsuits.

Correct AnswerverifiedShow Answer

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter

Correct AnswerverifiedShow Answer

Business law creates the legal framework for the enforcement of criminal statutes.

Correct AnswerverifiedShow Answer

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

Correct AnswerverifiedShow Answer

Income taxes include taxes paid on real and personal property.

Correct AnswerverifiedShow Answer

The Clayton Act of 1914 prohibits price discrimination.

Correct AnswerverifiedShow Answer

A contract is a legally enforceable agreement between two or more parties.

Correct AnswerverifiedShow Answer

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

Correct AnswerverifiedShow Answer

The St. Louis County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in St. Louis County, Missouri.

Correct AnswerverifiedShow Answer

A full warranty limits the defects or mechanical problems that are covered in a product.

Correct AnswerverifiedShow Answer

The Justice Department's lawsuit against Microsoft is an example of an antitrust case.

Correct AnswerverifiedShow Answer

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