ETH 321 FINAL EXAM

ninapu

eth321.docx

Home >Business & Finance homework help >Management homework help >ETH 321 FINAL EXAM

Which of the following statements is true of a grand jury?

· Correct Answer

A grand jury has the authority to subpoena business records relevant to a lawsuit.

· Correct Answer

A grand jury determines whether the accused in a lawsuit is innocent or guilty.

· Correct Answer

At least 20 members should be present on a grand jury to examine evidences and vote on a case.

· Correct Answer

For an indictment to be returned, only one-third of a grand jury needs to agree that a crime has been committed.

Alan and Miriam are engaged in a debate on the importance of intellectual property rights. While Alan holds the view that intellectual property protection safeguards the interests of businesses, Miriam thinks that it ultimately puts businesses at a disadvantage by hampering the dissemination of information. Which of the following arguments is most likely to be raised by Alan to strengthen his proposition?

· Correct Answer

Intellectual property rights reduce the pace of research and development drastically.

· Correct Answer

Intellectual property rights result in an increased availability of products.

· Correct Answer

Intellectual property rights reduce businesses’ market share by facilitating competition.

· Correct Answer

Intellectual property rights allow businesses to charge premium prices for their products.

According to the __________, the acceptance of an offer results in a binding contract only if it exactly matches the terms of the offer.

· Correct Answer

mirror image rule

· Correct Answer

parol evidence rule

· Correct Answer

exclusive remedy rule

· Correct Answer

mailbox rule

The __________ enacted in 1938 established minimum wage, overtime pay, and record-keeping requirements.

· Correct Answer

Uniformed Services Employment and Reemployment Rights Act

· Correct Answer

Family and Medical Leave Act

· Correct Answer

Fair Labor Standards Act

· Correct Answer

Worker Adjustment and Retraining Notification Act

The term __________ refers to the placing of an individual in immediate apprehension for his or her physical safety.

· Correct Answer

defamation

· Correct Answer

conversion

· Correct Answer

assault

· Correct Answer

battery

The term __________ refers to any change in the ownership of a business organization that would alter its legal existence.

· Correct Answer

dissolution

· Correct Answer

consideration

· Correct Answer

rescission

· Correct Answer

conversion

Which of the following statements is true of the Securities and Exchange Commission?

· Correct Answer

Its members are appointed by the senate for a term of four years.

· Correct Answer

It is responsible for implementing the federal securities laws.

· Correct Answer

It lacks the authority to frame rules regarding transactions of securities.

· Correct Answer

Its members are either lawyers or security analysts.

A system of equally applied law is a necessity for the foundation of a strong, productive economy because it:

· Correct Answer

allows economically strong nations to exploit the resources of weaker nations.

· Correct Answer

incentivizes private businesses to restrict job opportunities for well-educated people.

· Correct Answer

encourages strangers to make agreements on certainty and trust.

· Correct Answer

prohibits individuals from trading in modern private markets.

Which of the following scenarios illustrates a formalist approach to business decisions?

· Correct Answer

Selling products by deceiving customers about possible negative aspects of the products

· Correct Answer

Monitoring employee browsing history without their consent to curb non-productive activities

· Correct Answer

Informing new customers about delays in production schedules

· Correct Answer

Assigning significantly high productivity targets to reduce costs

A(n) __________ refers to the individual or business entity offering a security for sale to the public.

· Correct Answer

controlling person

· Correct Answer

seller

· Correct Answer

issuer

· Correct Answer

underwriter

Windy and Ruby plan to present a paper on intellectual property rights. They decide that Windy will present the arguments in favor of intellectual property rights and that Ruby will argue how intellectual property rights could be detrimental to businesses and their customers. Which of the following is most likely to be Ruby’s argument?

· Correct Answer

Intellectual property rights reduce businesses’ prospects of economic return on investment.

· Correct Answer

Intellectual property rights reduce the pace of research and development drastically.

· Correct Answer

Intellectual property rights result in a decrease in the availability of products.

· Correct Answer

Intellectual property rights do not allow businesses to charge premium prices for their products.

Which of the following statements is true of white-collar crimes?

· Correct Answer

They are usually committed for personal financial gain.

· Correct Answer

They rarely affect consumers of a business.

· Correct Answer

They rarely occur in business environments.

· Correct Answer

They are dependent on the threat of physical force.

Which of the following scenarios illustrates a bilateral contract?

· Correct Answer

Grapevine Inc. follows a five-day workweek system and also offers a compressed workweek option.

· Correct Answer

Sameera, a writer, signs a contract with her publisher to publish her book.

· Correct Answer

Helen, a painter, signs a contract with an art gallery that agrees to purchase her painting for $2000.

· Correct Answer

The management of Uno Inc. offers additional benefits to its employees annually.

question14

The Equal Employment Opportunity Commission was created through the __________.

· Correct Answer

National Labor Relations Act

· Correct Answer

Civil Rights Act

· Correct Answer

Age Discrimination in Employment Act

· Correct Answer

Americans with Disabilities Act

Concerted efforts to lobby government officials, irrespective of their anticompetitive purposes, are given an exception from the Sherman Act under the __________.

· Correct Answer

overbreadth doctrine

· Correct Answer

Colgate doctrine

· Correct Answer

Noerr-Pennington doctrine

· Correct Answer

incorporation doctrine

A __________ is the simplest and least expensive business institution to create.

· Correct Answer

limited liability company

· Correct Answer

partnership

· Correct Answer

sole proprietorship

· Correct Answer

corporation

In a state court system, lawsuits filed by parties typically begin at the __________.

· Correct Answer

federal district court level

· Correct Answer

appellate court level

· Correct Answer

trial court level

· Correct Answer

supreme court level

According to the Commerce Clause, the power to regulate interstate commerce is vested with __________.

· Correct Answer

state governments

· Correct Answer

state-level courts

· Correct Answer

the federal government

· Correct Answer

the U.S. Supreme Court

A business decision maker’s decision is more likely to raise ethical concerns in a society where:

· Correct Answer

there is an increase in demand for public education.

· Correct Answer

the family structure is stable.

· Correct Answer

the news media and the Internet have significant influence.

· Correct Answer

there is a decrease in economic interdependence.

How does law hold diverse people of different backgrounds into large, organized groups?

· Correct Answer

It prevents enforcement institutions from enforcing written rules on strangers.

· Correct Answer

It tells the members of a society what they can and cannot do.

· Correct Answer

It discourages people from making agreements based on certainty and trust.

· Correct Answer

It allows strangers to adopt rules that support their beliefs.

Courts determine whether the language of an offer was clear enough to result in a contract by:

· Correct Answer

examining the objective intent of the offeror.

· Correct Answer

investigating whether an offeree actually accepted the offer.

· Correct Answer

examining the adequacy of the consideration offered.

· Correct Answer

analyzing whether the terms of the acceptance matches the terms of the offer.

Who among the following individuals commits a battery?

· Correct Answer

Amanda, who fires her employee Trevor without any notice and causes him severe mental distress

· Correct Answer

Yuki, who injures her boss Reese with a knife and inflicts serious injuries on him

· Correct Answer

Joan, the customer care manager in a retail store, who verbally threatens a customer who calls to complain about a faulty product

· Correct Answer

Vincent, the CEO of Gregon Inc., who pays media firms to circulate false information about Gregon’s chief competitor

Fuzo Inc., a manufacturer of leather bags, enters into a contract with a firm regarding the installation of a machine in Fuzo’s factory. Fuzo agrees to pay $1000 for the machine and another $200 as the installation charge. In this scenario, the terms of the sale will be covered under __________.

· Correct Answer

the Federal Arbitration Act

· Correct Answer

the Uniform Commercial Code

· Correct Answer

the Foreign Corrupt Practices Act

· Correct Answer

the Internal Revenue Code

The term __________ refers to the act of referring a matter to arbitration.

· Correct Answer

submission

· Correct Answer

settlement

· Correct Answer

litigation

· Correct Answer

conflict

__________ is a legal remedy to a breach of contract by which each party to the contract returns the consideration offered by the other.

· Correct Answer

Arbitration

· Correct Answer

Specific performance

· Correct Answer

Negotiated settlement

· Correct Answer

Rescission

Which of the following statements is true of alternative dispute resolution (ADR) systems?

· Correct Answer

ADR systems increase the costs incurred during the litigation process.

· Correct Answer

The parties to a dispute need not present the case to a jury before opting for ADR systems to settle the dispute.

· Correct Answer

ADR systems cannot be used for dispute resolution in contractual relationships unless they are specified in the contract.

· Correct Answer

The litigation process precludes the use of ADR systems.

The __________ is the constitutional provision that details the federal government’s power to regulate business activities.

· Correct Answer

Commerce Clause

· Correct Answer

liquidated damages clause

· Correct Answer

equal protection clause

· Correct Answer

supremacy clause

question28

Which of the following legal remedies to a breach of contract allows the parties to the contract to agree to abide by the decision of a third party or parties?

· Correct Answer

Arbitration

· Correct Answer

Specific performance

· Correct Answer

Negotiated settlement

· Correct Answer

Rescission

__________ refers to an agreement made between competitors in an industry to fix prices of their products.

· Correct Answer

Horizontal price fixing

· Correct Answer

Resale price fixing

· Correct Answer

Indirect price fixing

· Correct Answer

Vertical price fixing

The petition for a writ of certiorari by the losing party of a litigation will be reviewed by the U.S. Supreme Court:

· Correct Answer

if the winning party agrees to subsequent reviews.

· Correct Answer

if the federal district courts and the courts of appeal correct the judicial errors charged against the state court.

· Correct Answer

if at least one of the nine justices vote to take the case.

· Correct Answer

if there is a major conflict between the trial and appellate courts on the interpretation of federal law.