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Exam 24: Appendix: Working Within the Legal Environment

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Question 1

Multiple Choice

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In which of the following does the creditor start legal procedures?

A) debtor initiatives
B) voluntary bankruptcy
C) involuntary bankruptcy
D) creditor restructuring

E) All of the above
F) C) and D)

Correct Answer

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Question 2

Multiple Choice

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__________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.

A) Uniform
B) Contract
C) Express
D) Negotiable

E) A) and B)
F) C) and D)

Correct Answer

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D

Question 3

True/False

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When United Airlines declared bankruptcy several years ago,it continued to operate as a business while it worked out a plan for paying off its debts.United Airlines filed a Chapter 13 bankruptcy.

The number of personal bankruptcies has:

Describe bankruptcy and three sections of the Bankruptcy Code.

The offer of a 3-year or 36,000-mile warranty by a car dealer on a new vehicle is an example of an implied warranty.

__________ establishes punishments,and regulates the investigation of people accused of committing crimes.

When each party to a contract provides something of value to the other party,the principle of mutual acceptance has been satisfied.

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

Several states now allow for competition in the electric power industry.Business customers,for example,can purchase their electric service from several different utility companies.This activity reflects a movement toward ________ in the utility industry.

The primary objective of a tax credit is to encourage businesses to behave in certain ways.One example is offering a tax credit to automobile manufacturers for the purchase of robotics used in the manufacture of automobiles.

A software development firm based in Florida and conducting business in Texas is unsure about the differences in state laws regarding business transactions.What body of laws standardizes interstate business regulations?

An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising.

Consumerism is a social movement that seeks to increase and to strengthen the rights and powers of buyers in relation to sellers.

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Unintentional behavior that causes harm or injury is an example of a tort.

Business and government do not need to work together to create a competitive environment that is fair and open since global competition is increasing.

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called:

The Sherman Antitrust Act was designed to prevent large businesses from stifling the competition of smaller or newer firms.

Common law relies on decisions made by judges in previous cases.These earlier decisions are called: