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Connect Business Law Quiz 1
Q1. Business law consists of the enforceable rules of conduct that govern commercial relationships.
Q2. Criminal law lays out the rights and responsibilities implied in relationships between persons.
Q3. Statutory law is the supreme law of the land and the foundation for all laws in the United States.
Q4. Case law interpretations are law, unless they are revoked later by new statutory law.
Q5. When courts overturn precedent and create new precedent, they are obeying the principle of stare decisis.
Q6. Business ethics is the application of ethics to the special problems and opportunities experienced by business people.
Q7. Business ethics results in a set of correct decisions.
Q8. The only social responsibility that businesses have is to focus on how business decisions affect company operations.
Q9. The terms shareholder and stakeholder have the same meaning.
Q10. One form of consequentialism is utilitarianism.
Q11. _____ consists of the enforceable rules of conduct that govern commercial relationships.
- Work ethic
- Organizational value
- Business law
- Organizational norm
Q12. Which of the following is an intended and essential purpose of law?
- To increase dependency on the political system.
- To demand respect from civilians.
- To limit individual freedom.
- To encourage social justice.
Q13. While civil law involves the right between people and people and the governments, criminal law
- is only applicable for transactions between two individuals.
- requires that the defendant must be found guilty by a preponderance of evidence.
- applies to acts that are considered to be against society.
- deals with personal issues like marriage and divorce.
Q14. _____ is best described as the collection of legal interpretations made by judges.
- Uniform law
- Constitutional law
- Common law
- Statutory law
Q15. Civil law involves
- situations in which an individual commits an act against society.
- responsibilities in relationships between persons only.
- remedies available when someone’s rights are violated.
- responsibilities between people and people as their government.
Q16. Which of the following is a purpose of law?
- Provide order.
- Encourage social justice.
- Guarantee personal freedoms.
- All of these are correct.
Q17. When courts rely on precedent, they are obeying the principle of __________
- stare decisis.
- nolo contendere.
- res ipsa loquitur.
- lux libertas.
Q18. Which of the following laws would govern a dispute between a tenant and a landlord over payment of rent?
- Public law
- Private law
- Criminal law
- Administrative law
Q19. Its managing director misappropriated the expenses and the incomes of a publicly held company. When the incident came to light, the share value of the company fell drastically. Which of the following laws will regulate this incident?
- Private law
- Environmental law
- Criminal law
- Civil law
Q20. Betty’s Bakery has a three-year agreement with Frank’s Farm to purchase ten dozen eggs every week. After two years, Betty’s Bakery wants to change the suppliers that will lead to a breach of their agreement. Which area of business law will best govern the legal aspects of this decision?
- Environmental law
- Consumer law
- Contract law
- Farm law
Q21. Businesses have social responsibilities that they need to honor because they
- are legally mandated by the government to fulfill all their social obligations.
- operate in a community that has expectations from the businesses.
- would always be able to maximize economic profits by honoring their social responsibilities.
- are operating in an environment where the needs of all communities are the same.
Q22. _______ are people affected by a firm’s decisions.
- Mediators
- Creditors
- Hosts
- Stakeholders
Q23. The human resource policy of a company states that the company aims to treat all humans identically, regardless of race, class, gender, age, and sexual preference. Which of the following values influencing business ethics does this best illustrate?
- Freedom
- Security
- Justice
- Efficiency
Q24. The minimum standard to be an ethical business includes
- selling products and services below cost price.
- paying employees above the minimum legal wage.
- hosting foreign companies to teach them new techniques.
- choosing a lawful way to compete against rival firms.
Q25. When employees in a firm asked for a pay hike, management assessed them for the expenses involved. It realized that the shareholders and customers would have to face more negative consequences when compared to the benefits enjoyed by the employees. Thus, the management decided to introduce employee stock options in order to keep both the employees and the shareholders satisfied. Which of the following theories of business ethics does this best illustrate?
- Rule utilitarianism
- Ethical relativism
- Deontology
- Ethical fundamentalism
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