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Course Number: BUS300 BUS300, Spring 2011

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A Student: _______________________________________________________________________________________ 1. The executive branch of the government is responsible for overseeing the legal system. True False 2. The U.S. court system is organized solely at the federal and state levels. True False 3. Trial courts hear cases involving criminal and civil law. True False 4. Criminal law defines crimes, establishes...

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_______________________________________________________________________________________ 1. A Student: The executive branch of the government is responsible for overseeing the legal system. True False 2. The U.S. court system is organized solely at the federal and state levels. True False 3. Trial courts hear cases involving criminal and civil law. True False 4. Criminal law defines crimes, establishes punishments, and includes payment for personal injury. True False 5. Laws regulating marriage and the payment for personal injuries are part of our body of civil law. True False 6. Laws regulating marriage and personal injury liability are part of our body of criminal law. True False 7. Business law creates the legal framework for the enforcement of criminal statutes. True False 8. Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case. True False 9. Businesses today prefer to have the government set the standards for acceptable behavior. True False 10. Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted. True False 11. Business law is enforceable by the courts. True False 12. The government's involvement in governing the behavior of business people seems to be increasing. True False 13. Statutory law refers to written legislation. True False 14. Common law is the body of law established through legislative action by Congress. True False 15. Common law is based on the precedent of earlier court decisions. True False 16. The language used in statutory law often requires interpretation by the courts. True False 17. Lower courts must abide by the precedents set by higher courts. True False 18. Administrative agencies actually have a greater impact on businesses than courts do. True False 19. Administrative agencies are given the power by Congress to pass rules and regulations within a specific area of authority. True False 20. The Federal Trade Commission enforces laws and guidelines regarding unfair business practices. True False 21. The Federal Trade Commission acts to stop false and deceptive advertising and labeling. True False 22. Public utility commissions are federal agencies. True False 23. Congress is responsible for passing legislation that is enforced by the judiciary. True False 24. Congress prohibited discrimination against people with physical disabilities when they enacted the Americans with Disabilities Act. This is an example of common law. True False 25. When John Dough was brought to court accused of robbing a bank, he was prosecuted under civil law. True False 26. Big Buxx National Bank has decided to change its advertising campaign. In the new campaign it will announce that the bank has the lowest bank fees in the country even though it has not done research to discover whether this is, in fact, true. Business law is the framework within which a competitor could take Big Buxx to court in the event its claims are not true. True False 27. Decisions made by judges in previous cases are an important part of common law. True False 28. The Maricopa County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in Maricopa County, Arizona. True False 29. The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency. True False 30. A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies. These public utility commissions are examples of state administrative agencies. True False 31. The recent lawsuits against the tobacco industry are examples of tort law. True False 32. Unintentional behavior that causes harm or injury is an example of a tort. True False 33. An intentional tort is a willful act that results in injury. True False 34. Tort law involves criminal acts where victims can be awarded compensation. True False 35. Tort law includes product liability cases. True False 36. Negligence, in tort law, deals with behavior that causes intentional harm or injury. True False 37. The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market. True False 38. Under the doctrine of product liability, gun manufacturers could be held liable for the costs of police work and medical care brought about by gun violence. True False 39. Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law. True False 40. Producers of government approved drugs and chemicals cannot be sued by individuals who develop side effects years later. True False 41. The Class Action Fairness Act is a first step toward setting limits on the amount of damages for which companies are liable should their products harm consumers. True False 42. Ford and General Motors have both been involved in major product liability cases. True False 43. A patient injured through the negligence of a health care provider can be awarded compensation through the tort law system. True False 44. If an automobile manufacturer unknowingly sells a defective product that causes an injury, the manufacturer is protected from product liability lawsuits. True False 45. With today's widespread use of water-based house paint, no paint manufacturer can be sued for damages today that are caused by leadbased paint that may still remain on the surface of some house and apartment walls. True False 46. McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children. True False 47. A patent protects an inventor's right to a product or process. True False 48. A patent gives inventors exclusive rights to their inventions for 20 years. True False 49. Patent owners are prohibited from selling or licensing their patent rights to others. True False 50. Submarine patents are primarily designed to generate large patent royalties for their owners. True False 51. Recent legislation encourages the use of submarine patents. True False 52. The American Inventor's Protection Act requires patent applications to be made public after 18 months regardless of whether a patent has been granted. True False 53. A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created. True False 54. The recording industry's legal action against individuals who download music without paying involves the infringement of a copyright. True False 55. If in the normal course of a job an employee creates a cartoon, the copyright belongs to the employer. True False 56. Copyrights are filed with the Library of Congress and involve large amounts of paperwork. True False 57. Copyrights can be passed on to the creator's heirs. True False 58. The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material. True False 59. A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors. True False 60. Unlike a patent, trademarks are not protected from infringement. True False 61. Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years. True False 62. 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. True False 63. John Fielder is a renowned photographer of the Colorado Rocky Mountain region. Each of his works is copyrighted. This means that anyone can use his photos so long as they give Mr. Fielder notice. True False 64. The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks. True False 65. The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states. True False 66. Regulations covering sales, checks, bank deposits and bills of lading are contained in the Uniform Commercial Code. True False 67. The warranty you receive in the box with a DVD player is an implied warranty. True False 68. A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it. True False 69. Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product. True False 70. Implied warranties are guarantees legally imposed on the seller. True False 71. A full warranty limits the defects or mechanical problems that are covered in a product. True False 72. Generally a warranty is an important part of a product. True False 73. Negotiable instruments provide a conditional promise to pay a specified amount of money. True False 74. A check is an example of a negotiable instrument. True False 75. Negotiable instruments are forms of commercial paper. True False 76. When a payee signs the back of a check the payee's signature is referred to as an endorsement. True False 77. When your New Jersey based mail-order computer company sells to a customer in Illinois, the Uniform Commercial Code (UCC) will establish the legal requirements that your firm must follow. True False 78. 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. True False 79. The warranty you receive in the box with an iPod is an express warranty. True False 80. When Sears agrees to replace or repair your defective treadmill at no charge to you, Sears is fulfilling a full warranty on your treadmill. True False 81. Your paycheck and the check you write to Old Navy for a pair of jeans are both examples of a negotiable instrument. True False 82. When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you, he has endorsed the check, and you may deposit it in your checking account. True False 83. A contract is a legally enforceable agreement between two or more parties. True False 84. Contract law is a set of laws that covers sales laws and other commercial laws. True False 85. In order for a contract to be legal, mutual acceptance is achieved when one party is under duress. True False 86. Under contract law, "duress" means the presence of coercion through force or threat of force. True False 87. Under contract law, "consideration" means something of value. True False 88. If a contract is to be legally binding, both parties must give consideration. True False 89. In order to be legally binding, a contract must be a written agreement between two or more parties. True False 90. Under contract law, a 15-year-old may be a party to a contract. True False 91. Under contract law, an agreement for the sale of goods worth $50 or more must be in writing. True False 92. A breach of contract occurs when one party fails to follow the terms of the contract. True False 93. Under contract law, "damages" are the monetary settlements awarded to a person who is injured by a breach of contract. True False 94. "Specific performance" means that a person who violates a contract is required to live up to the agreement even if money damages are adequate. True False 95. When each party to a contract provides something of value to the other party, the principle of mutual acceptance has been satisfied. True False 96. Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves. True False 97. If I agree to sell you my bike for $50 and we are both competent individuals we have a contract. True False 98. If I agree to sing at your wedding for free and then don't show up, you may sue me for breach of contract. True False 99. If State University violates its housing contract with a student, the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods. True False 100. Mary Ann owns a rare Monet painting and she has agreed to a contract whereby she will sell it to the Museum of Art for $5.3 million. At the last minute she decides she cannot bear to part with her painting and will not sell it to the Museum. The Museum can sue Mary Ann for specific performance. True False 101. The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code. True False 102. The Sherman Antitrust Act was designed to prevent large businesses from stifling the competition of smaller or newer firms. True False 103. The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce. True False 104. The Justice Department's lawsuit against Microsoft is an example of an antitrust case. True False 105. The Clayton Act of 1914 prohibits price discrimination. True False 106. "Exclusive dealing" means selling goods with the condition that the buyer will not buy goods from a competitor. True False 107. A "tying contract" requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller. True False 108. An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations. True False 109. The Clayton Act prohibits interlocking directorates. True False 110. The Federal Trade Commission Act prohibits unfair methods of competition. True False 111. The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims. True False 112. The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts. True False 113. The FTC has jurisdiction over false or misleading advertising. True False 114. The Robinson-Patman Act prohibits price discrimination in all transactions except business-to-business transactions. True False 115. The Robinson-Patman Act applies only to business-to-business transactions. True False 116. The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price. True False 117. One purpose of the Robinson-Patman Act is to outlaw price differences that "substantially" weaken competition. True False 118. The changing nature of U.S. business from manufacturing to knowledge technology has led to the call for new levels of regulation from federal agencies. True False 119. Consumerism is a social movement that seeks to increase and to strengthen the rights and powers of buyers in relation to sellers. True False 120. The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC. True False 121. Alcohol Labeling Legislation of 1988 provides for warning labels on liquor saying that minors should not drink. True False 122. The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates. True False 123. Requiring a retailer to carry Performance Tires in order to sell Performance Batteries is prohibited by the Robinson-Patman Act. True False 124. The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe. True False 125. When a local restaurant offers a discount to senior citizens, they have violated the price discrimination provisions of the RobinsonPatman Act. True False 126. An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising. True False 127. The Sarbanes-Oxley Act was passed to help allay consumer fears concerning falsified corporate financial statements. True False 128. Traditionally, taxes have been used as a source of funding for government operations and programs. True False 129. Taxes have been used as a method of encouraging or discouraging taxpayers from doing something. True False 130. The federal government can levy a sin tax in an effort to encourage businesses to hire new employees. True False 131. A tax credit is a document that increases a tax bill. True False 132. Income taxes include taxes paid on real and personal property. True False 133. Sales taxes are the largest source of tax income received by the federal government. True False 134. Another name for "sin tax" is "excise tax." True False 135. Real property is real estate owned by individuals and businesses. True False 136. Money collected from excise taxes goes toward a specific purpose. True False 137. The primary objective of a sin tax is to generate additional revenue for the government. True False 138. 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. True False 139. The European Union currently levies certain Internet taxes. True False 140. Carlos has had a very successful year. His small-business corporation earned over $500,000. His company will have to pay part of its income to the federal government for income taxes. True False 141. Brian and Sondra own a very successful Cajun restaurant. They recently built their own building and own all of the decorations in the restaurant, along with the equipment needed to run the business. They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment. True False 142. Bankruptcy is the legal process by which a person, business, or government entity that is unable to meet financial obligations is relieved of those debts by a court. True False 143. A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors. True False 144. The Constitution gives the judiciary the power to establish bankruptcy laws. True False 145. The Bankruptcy Reform Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy. True False 146. The number of Americans filing for bankruptcy each year has increased since the late 1980s. True False 147. Though high-profile business bankruptcies such as Kmart and United Airlines dominate the news, over 90 percent of bankruptcy filings each year are by individuals. True False 148. Once companies declare bankruptcy, they always go out of business. True False 149. In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor. True False 150. Most bankruptcies today are involuntary because creditors want to retrieve as much of their money as possible. True False 151. Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors. True False 152. The most popular form of bankruptcy among individuals is Chapter 11. True False 153. Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution. True False 154. Filing for bankruptcy under the Chapter 11 provisions allows a company to reorganize and continue operations while paying only a proportion of its debts. True False 155. A company has to be insolvent before it can file for Chapter 11 bankruptcy. True False 156. Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years. True False 157. Chapter 13 proceedings are more complicated than Chapter 7 bankruptcy proceedings. True False 158. The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act. True False 159. When Sam and Marie got married they wanted to travel, buy nice houses and cars, and enjoy the good life. They used credit cards to finance their lifestyle, believing they would be fine as long as they could make the minimum payments. One day they discovered that because of rising interest rates, even the minimum payments were out of reach. They decided to declare Chapter 13 bankruptcy. Under this plan, they will have to pay their creditors back over 3 to 5 years. True False 160. 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. True False 161. The purpose of governmental deregulation is to eliminate laws that seem to hinder competition. True False 162. Both the airline and telecommunications industries have been deregulated. True False 163. Deregulation has always benefited consumers. True False 164. It appears that some regulation of business is necessary to ensure fair and honest dealings with the public. True False 165. Business and government do not need to work together to create a competitive environment that is fair and open since global competition is increasing. True False 166. When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower fares. True False 167. When the California electric power industry was deregulated in the late 1990s customers were able to shop for electricity in a market packed with power suppliers competing for business. True False 168. The branch of the government responsible for overseeing the legal system is the: A. B. C. D. judiciary. executive. legislative. administrative. 169. __________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted. A. B. C. D. Common law Statutory law Bankruptcy law Business law 170. The regulation of marriages and payments for personal injuries is covered by: A. B. C. D. civil law. criminal law. appellate law. legislative law. 171. __________ law establishes punishments, and regulates the investigation of people accused of committing crimes. A. B. C. D. Civil law Criminal law Appellate law Business law 172. The body of law created by court decisions rendered by judges is called __________ law. A. B. C. D. precedent statutory common tort 173. Which of the following can review and, when necessary, overturn decisions made at the trial court level? A. B. C. D. administrative agencies appellate courts arbitration judges statutory agencies 174. Common law relies on decisions made by judges in previous cases. These earlier decisions are called: A. B. C. D. administrative guidelines. precedents. arbitration rules. statutory models. 175. While the government regulates business activities, businesses would prefer to set their own standards of behavior. Which of the following is the most likely reason the government has intervened? A. B. C. D. The relationships between businesses and other parties are more complex than ever. The public perceives U.S. businesses as moving too slowly in implementing acceptable standards of behavior. The judiciary branch of the government is more aware of the needs and desires of society. There has been an increase in the number of lawyers. 176. Which of the following is the most likely response to the corporate scandals of firms like Enron? A. B. C. D. The government will continue to deregulate businesses. New laws will be passed to protect investors and workers. Competition will increase providing greater value for consumers. There will be a decrease in the number of lawyers nationwide. 177. Which of the following is an example of statutory law? A. B. C. D. strict product liability Robinson-Patman Act consumerism negligence 178. The Environmental Protection Agency is an example of a(n): A. B. C. D. common law agency. statutory judicial agency. private placement agency. administrative agency. 179. The Griggs v. Duke Power Company (1971) case established a precedent on the need to use job-related tests in employment practices. Similar court cases have been decided based on this decision. This is an example of: A. B. C. D. common law. statutory law. administrative law. criminal law. 180. Chicago's mayor has just signed legislation requiring fire sprinklers in every public school. This is an example of: A. B. C. D. common law. statutory law. administrative law. unwritten law. 181. Which of the following holds a company liable for negligence in the production, design, sale, or use of products the firm markets? A. B. C. D. breach of contract price discrimination promotional responsibility product liability 182. Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale? A. B. C. D. network responsibility managerial liability patent infringement strict product liability 183. A(n) __________ tort is a willful act that results in injury. A. B. C. D. negligent intentional common statutory 184. When a person's or company's behavior causes unintentional harm or injury to others they are said to be __________ in tort law. A. B. C. D. out-of-control liable negligent purposeful 185. The remedy for a tort is: A. B. C. D. imprisonment. a breach of contract. bankruptcy. monetary compensation. 186. When McDonald's lost a lawsuit to a person severely burned by hot coffee McDonald's was found to be guilty of: A. B. C. D. negligence. liable. intentional tort violation. packaging liability. 187. Under the doctrine of strict product liability, a manufacturer can be held liable: A. B. C. D. even if when the product was introduced everyone agreed it was safe. only if the firm knowingly sold a hazardous product. only if the firm purposefully was negligent in the design or production of the product. only if the firm intentionally introduced a defective product. 188. Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company. Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of: A. B. C. D. restricted endorsement. fault free obligations. patent infringement. strict product liability. 189. The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence. This suit was based on the legal principle of: A. B. C. D. unintentional torts. statutory consideration. strict product liability. common law. 190. In 1978, a 13-year-old boy was severely burned in a rear-end collision involving a Ford Pinto. The case went to court and Ford was ordered to pay $125 million in punitive damages based on the legal principle of: A. B. C. D. product discrimination. product liability. breach of contract. exclusive dealing. 191. A patent gives inventors exclusive rights to their inventions for: A. B. C. D. 20 months. 17 years. 20 years. the lifetime of the inventor plus 50 years. 192. Which of the following protects the original work of authors and artists (i.e., their books, photos, or cartoons)? A. B. C. D. a trademark a copyright the Uniform Commercial Code a patent 193. The Nike Swoosh and the Golden Arches of McDonald's are examples of a: A. trademark. B. submarine patent. C. copyright. D. commercially protected symbol. 194. Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities? A. B. C. D. The employee who created the cartoon character. The employer of the cartoon character's creator. Cartoon characters are not covered by copyright protection. The union that represents the employee. 195. Over __________ percent of patent applications are approved. A. B. C. D. 40 50 60 70 196. A(n) __________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology. A. B. C. D. underground substandard submarine under-the-table 197. The intent of a patent is to: A. B. C. D. increase competition in the marketplace. reward innovation and hard work of inventors. slow the growth of monopolies. encourage copycat inventions. 198. Which of the following is true of a copyright? A. B. C. D. It is a specific representation that buyers rely on regarding the goods they purchase. It protects a creator's rights to materials such as books, paintings, and cartoons. It is filed with the state legislature. It is good for 20 years. 199. The Pillsbury Doughboy is an example of a: A. B. C. D. patent. copyright. trademark. contract. 200. Without the permission of the inventor, Cheatum Automobile Manufacturing copied the engine design of an innovative competitor. Cheatum is guilty of: A. B. C. D. corporate liability. trademark infringement. profit minimization. patent infringement. 201. Michael opened a new bakery. He had always admired the cute, friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury, he decided to use it as his company's logo. Not long after Pillsbury sued him for: A. B. C. D. corporate liability. trademark infringement. profit minimization. patent infringement. 202. Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade? A. B. C. D. common law statutory law the standardized commerce rules the Uniform Commercial Code 203. The warranty you receive in the box with your new DVD is a(n): A. B. C. D. implied warranty. express warranty. uniform warranty. commercial warranty. 204. A(n) _________ guarantees that the product you buy will conform to the customary standards of the trade/industry. A. B. C. D. implied warranty express warranty uniform warranty commercial warranty 205. __________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount. A. B. C. D. Uniform Contract Express Negotiable 206. A warranty guarantees that: A. B. C. D. the seller will replace or repair the product at no charge if the customer finds a cheaper substitute. the buyer has read and understood the information provided in the owner's manual. consumers will have access to a customer complaint resolution hot line. the product sold will be acceptable for the purpose for which the buyer intends to use it. 207. Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must: A. B. C. D. be signed in approval by a third party. contain a conditional promise to pay. be a promise to pay a specified amount of money. be an oral agreement between two or more parties. 208. You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument because: A. B. C. D. it is not in writing. it is not payable at a specific time. it is not a promise to pay a specific amount. it does not contain an unconditional promise. 209. 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? A. B. C. D. Uniform Commercial Code Universal Business Regulations National Commercial Rules Unified Commercial Regulations 210. One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty. This means that: A. B. C. D. the mixer is guaranteed to last for 10 years with normal use. the mixer will make wonderful baked goods as well as pasta. the mixer will be repaired or replaced at no charge if it is defective. only the motor is covered by the mixer manufacturer. 211. Which of the following describes the requirement that both parties in a legally binding contract must give something of value? A. B. C. D. competent parties mutual acceptance consideration legal purpose 212. Which of the following would cause a contract to be void? A. B. C. D. consideration mutual acceptance competent parties duress 213. A(n) __________ occurs when one party fails to follow the terms of a contract. A. B. C. D. breach of contract discharge of obligation obligation failure of enforcement infringement of contract 214. A __________ is a legally enforceable agreement between two or more parties. A. B. C. D. warranty negotiable instrument contract combination 215. Which of the following is a condition required for a legally binding contract? A. B. C. D. discharge of obligation warranty mutual acceptance duress 216. You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30. However, for no apparent reason, he has not cut your grass for a month. Your neighbor has committed a(n): A. B. C. D. obligation violation. breach of contract. termination by association. nonperformance endorsement. 217. You agree to sell your car to your neighbor for $5,000. You and your neighbor have provided each other: A. B. C. D. duress. consideration. an endorsement. an expressed warranty. 218. Your 15-year-old brother comes home with the great news that he has decided to buy his first car and has just agreed to give $10,000 to a complete stranger. He signed the contract and just needs to pay the stranger and pick up the car. Your dad is upset and calls the stranger to tell him your brother will not be buying the car. The stranger can: A. B. C. D. sue your brother for breach of contract. sue your dad for breach of contract. sue your brother for specific performance. do nothing. 219. James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In this case: A. B. C. D. the two parties have created a legally enforceable contract. Eric's offer represents an acceptance of the original terms. there is no agreement and no contract. there is no agreement, but there is a valid contract. 220. You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of contract would likely be resolved by: A. B. C. D. a specific performance requirement. the payment of damages. a judge. a discharge of obligation. 221. Which of the following prohibits monopolies, attempts to monopolize, and any restraint of trade? A. B. C. D. Clayton Act Sherman Act Robinson-Patman Act Wheeler-Lea Amendment 222. Which of the following established a government agency to enforce the laws regulating unfair competition? A. B. C. D. Clayton Act Sherman Act Federal Trade Commission Act Robinson-Patman Act 223. The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called: A. B. C. D. environmentalism. capitalism. socialism. consumerism. 224. The purpose of the Sherman Antitrust Act was to: A. B. C. D. encourage competition by restraining the growth of monopolies. standardize the level of competition. encourage the growth of large-scale efficiency found in big businesses. minimize the inconsistency of multiple dealers of a single product. 225. The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts: A. B. C. D. required retailers to use false and misleading advertising. required retailers to purchase unwanted items in order to purchase desired items. forced households to buy wanted products in order to buy a desired product. forced competitors into price discrimination agreements. 226. Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly. Big Johnson charges other firms similar to Moe's Meats more for the same products and this is beginning to hurt the business of the other firms. In fact, Moe's Meats is taking so much business away from the others due to its lower prices that the other firms are in danger of going out of business. This is an example of: A. B. C. D. price discrimination. price reversal. price-cutting. price maintenance. 227. Happy Pat's Pizza Parlor is concerned about a vendor's demand that he purchase unwanted supplies in order to buy the supplies he does want. This practice is known as: A. B. C. D. a binding contract. a tying contract. price discrimination. interlocking directorates. 228. A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to: A. B. C. D. beer. sports cars. white bread. diet soft drinks. 229. Which of the following refers to a tax designed to reduce the consumption of a specific good? A. B. C. D. a control tax a sin tax a flat tax a tax credit 230. Which of the following do school districts utilize to generate needed funding? A. B. C. D. sin tax sales tax property tax income tax 231. __________ often help to pay for highway construction or improvements. A. B. C. D. Sin taxes Property taxes Income taxes Facility taxes 232. __________ are the largest source of tax income received by the federal government. A. B. C. D. Income taxes Property taxes Sales taxes Excise taxes 233. The two main purposes of taxes are: A. B. C. D. to raise money for taxpayers and to encourage foreign governments to behave in certain ways. to raise money for government funding and to encourage or discourage certain taxpayer behaviors. to encourage businesses to make a profit and encourage foreign governments to invest in the U.S. to strengthen monetary and fiscal policies. 234. Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of their taxes in full and on time. Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because: A. B. C. D. they will certainly have to pay more taxes. people will likely buy less cigarettes and liquor from them. the government has increased the sales tax. their personal property tax will now increase. 235. ________ is the legal process by which a person, business, or government entity unable to meet financial obligations is relieved of those debts. A. B. C. D. Emancipation Financial release Negligence Bankruptcy 236. The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter: A. B. C. D. 7. 11. 13. 17. 237. In which of the following does the creditor start legal procedures? A. B. C. D. debtor initiatives voluntary bankruptcy involuntary bankruptcy creditor restructuring 238. The number of personal bankruptcies has: A. B. C. D. significantly decreased as a result of the Bankruptcy Reform Act. increased. nearly reached the level of business bankruptcies. remained unchanged. 239. Which of the following is considered as a cause for the significant increase in bankruptcies? A. B. C. D. a decrease in the understanding of bankruptcy law a decrease in the price to complete the process by bankruptcy lawyers an increase in the number of involuntary bankruptcy cases initiated by creditors an increase in the ease with which some consumers can get credit 240. The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case. A. B. C. D. employees customers bankruptcy lawyers stockholders 241. Utilizing the bankruptcy laws, Yankee Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts. This represents an example of a Chapter ________ bankruptcy. A. B. C. D. 7 11 13 14 242. ________ is the process of eliminating laws and regulations that hinder competition. A. B. C. D. Downsizing Restructuring Deregulation Reregulation 243. Concerns over the increase in the number of business laws and regulations that were costing the public money led to: A. B. C. D. downsizing. restructuring. deregulation. reregulation. 244. Which of the following industries has been deregulated? A. B. C. D. Chemicals Agriculture Airlines Steel 245. One result of deregulation in the airline industry has been: A. B. C. D. less intense competition. increase aviation related fatalities. higher prices for consumers. lower prices for consumers. 246. 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. A. B. C. D. re-regulation monopoly pricing deregulation privatizing 247. One of the benefits that deregulation is supposed to provide to customers is: A. B. C. D. fewer choices. reduced prices. less quality. improved government oversight. 248. Explain the difference between statutory law, common law, and business law. 249. What type of law is tort law? Explain what a tort is as well as the meaning of negligence. 250. Compare and contrast the protection offered by patents, copyrights, and trademarks. 251. What is the Uniform Commercial Code and why is it important? 252. Identify and discuss the six conditions that must be met for a contract to be legally binding. 253. Explain two of the major U.S. antitrust laws. 254. Describe bankruptcy and three sections of the Bankruptcy Code. Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town, Cajun Cookin' Inc. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. 255. One day as Brian was speaking with one of his customers a shriek went up from the other side of the restaurant. When he rushed over, he found that one of his customers had spilled hot tea on her arm. If this customer was so inclined, she could __________ and the court would likely find in her favor. A. B. C. D. sue Brian for breach of contract sue the restaurant for negligence sue the restaurant under statutory law She can do nothing about this except not go to the restaurant ever again. 256. Sondra was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was disconnected. Later Sondra read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter __________ bankruptcy. A. B. C. D. 7 11 13 17 257. Cajun Cookin' sits on a large landscaped lot. Brian and Sondra have a contract with Lovely Landscapes to mow the lawn and take care of the landscape. They pay $200 per month for this service. After two weeks had gone by with no service, Brian called the company only to find out that the owner and the crew had decided to take a vacation and would not be back to do the landscaping for another two weeks. Lovely Landscapes: A. B. C. D. has discharged its obligation to Brian. is liable for specific performance. will likely have to pay Brian damages if Brian decides to sue them. will not likely have to pay Brian damages if Brian decides to sue them. 258. As it turns out, Brian and Sondra's good fortune with the restaurant has caused their competitors to lose business. In fact, Cajun Cookin' has been so successful that two other nearby restaurants are in danger of going out of business. Brian and Sondra have: A. B. C. D. engaged in anti-competitive behavior. violated the Sherman Antitrust Act. engaged in price discrimination. done nothing against the law. A KEY 1. (p. A The executive branch of the government is responsible for overseeing the legal system. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #1 Topic: The Case For Laws 2. (p. A The U.S. court system is organized solely at the federal and state levels. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #2 Topic: The Case For Laws 3. (p. A Trial courts hear cases involving criminal and civil law. -2) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #3 Topic: The Case For Laws 4. (p. A Criminal law defines crimes, establishes punishments, and includes payment for personal injury. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #4 Topic: The Case For Laws 5. (p. A Laws regulating marriage and the payment for personal injuries are part of our body of civil law. -2) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #5 Topic: The Case For Laws 6. (p. A Laws regulating marriage and personal injury liability are part of our body of criminal law. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #6 Topic: The Case For Laws 7. (p. A Business law creates the legal framework for the enforcement of criminal statutes. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #7 Topic: The Case For Laws 8. (p. A Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case. -2) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #8 Topic: The Case For Laws 9. (p. A Businesses today prefer to have the government set the standards for acceptable behavior. -2) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #9 Topic: The Case For Laws 10. (p. A Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted. -2) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #10 Topic: The Case For Laws 11. (p. A -2 -A-3) Business law is enforceable by the courts. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #11 Topic: The Case For Laws 12. (p. A The government's involvement in governing the behavior of business people seems to be increasing. -2) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #12 Topic: The Case For Laws 13. (p. A Statutory law refers to written legislation. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #13 Topic: The Case For Laws 14. (p. A Common law is the body of law established through legislative action by Congress. -3) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #14 Topic: The Case For Laws 15. (p. A Common law is based on the precedent of earlier court decisions. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #15 Topic: The Case For Laws 16. (p. A The language used in statutory law often requires interpretation by the courts. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #16 Topic: The Case For Laws 17. (p. A Lower courts must abide by the precedents set by higher courts. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #17 Topic: The Case For Laws 18. (p. A Administrative agencies actually have a greater impact on businesses than courts do. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #18 Topic: The Case For Laws 19. (p. A Administrative agencies are given the power by Congress to pass rules and regulations within a specific area of authority. -3) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #19 Topic: The Case For Laws 20. (p. A The Federal Trade Commission enforces laws and guidelines regarding unfair business practices. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #20 Topic: Figure A.1 21. (p. A The Federal Trade Commission acts to stop false and deceptive advertising and labeling. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #21 Topic: Figure A.1 22. (p. A Public utility commissions are federal agencies. -4) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #22 Topic: Figure A.1 23. (p. A Congress is responsible for passing legislation that is enforced by the judiciary. -2) TRUE The judiciary is the branch of our government chosen to oversee the legal system through the court system. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #23 Topic: The Case For Laws 24. (p. A Congress prohibited discrimination against people with physical disabilities when they enacted the Americans with Disabilities Act. This is an example of common law. -3) FALSE Common law is the body of law that comes from decisions handed down by judges. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #24 Topic: The Case For Laws 25. (p. A When John Dough was brought to court accused of robbing a bank, he was prosecuted under civil law. -2) FALSE Bank robbery is a crime and as such John Dough would be prosecuted under criminal law. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #25 Topic: The Case For Laws 26. (p. A -2, A3) TRUE Big Buxx National Bank has decided to change its advertising campaign. In the new campaign it will announce that the bank has the lowest bank fees in the country even though it has not done research to discover whether this is, in fact, true. Business law is the framework within which a competitor could take Big Buxx to court in the event its claims are not true. Business law refers to rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #26 Topic: The Case For Laws 27. (p. A Decisions made by judges in previous cases are an important part of common law. -3) TRUE Common law is the body of law that comes from decisions handed down by judges. Precedents, or decisions made by judges in previous cases guide judges in the handling of new cases. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #27 Topic: The Case For Laws 28. (p. A The Maricopa County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in Maricopa County, Arizona. -4) TRUE An administrative agency is a government organization with delegated power to create rules and regulations within their given area of authority. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #28 Topic: Figure A.1 29. (p. A The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency. -4) TRUE An administrative agency is an institution created by Congress with delegated power to pass rules and regulations within its mandated area of authority. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #29 Topic: Figure A.1 30. (p. A A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies. These public utility commissions are examples of state administrative agencies. -4) TRUE An administrative agency is a federal or state institution created by Congress or state legislatures with delegated power to create rules and regulations within their given area of authority. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #30 Topic: Figure A.1 31. (p. A The recent lawsuits against the tobacco industry are examples of tort law. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #31 Topic: Tort Law 32. (p. A Unintentional behavior that causes harm or injury is an example of a tort. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #32 Topic: Tort Law 33. (p. A An intentional tort is a willful act that results in injury. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #33 Topic: Tort Law 34. (p. A Tort law involves criminal acts where victims can be awarded compensation. -4) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #34 Topic: Tort Law 35. (p. A Tort law includes product liability cases. -4) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #35 Topic: Tort Law 36. (p. A Negligence, in tort law, deals with behavior that causes intentional harm or injury. -4) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #36 Topic: Tort Law 37. (p. A The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market. -5) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #37 Topic: Tort Law 38. (p. A -5 Confusing: although this question says "could be", the Under the doctrine of product text about by gun violence. sites cases that conclude that manufacturers would not be liable.) liability, gun manufacturers could be held liable for the costs of police work and medical care brought TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #38 Topic: Tort Law 39. (p. A Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law. -5) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #39 Topic: Tort Law 40. (p. A Producers of government approved drugs and chemicals cannot be sued by individuals who develop side effects years later. -5) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #40 Topic: Tort Law 41. (p. A The Class Action Fairness Act is a first step toward setting limits on the amount of damages for which companies are liable should -6) their products harm consumers. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #41 Topic: Tort Law 42. (p. A Ford and General Motors have both been involved in major product liability cases. -5) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #42 Topic: Figure A.2 43. (p. A A patient injured through the negligence of a health care provider can be awarded compensation through the tort law system. -4) TRUE Tort law relates to wrongful conduct that causes injury to another person's body, property, or reputation. Negligence involves an unintentional behavior that causes harm or injury. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #43 Topic: Tort Law 44. (p. A If an automobile manufacturer unknowingly sells a defective product that causes an injury, the manufacturer is protected from product liability lawsuits. -4-A5) FALSE Product liability is covered under tort law and holds a business liable for negligence in the production, design, sale, or use of products it markets. A company could be liable for damages caused by placing a product on the market with a defect, even if the company did not know of the defect at the time of sale. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #44 Topic: Tort Law 45. (p. A With today's widespread use of water-based house paint, no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls. -5) FALSE The rule of strict product liability, meaning liability without regard to fault, indicates that companies that produced lead-based paint could also be subjected to expensive legal cases even though lead paint has been banned in the U.S. for nearly three decades. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #45 Topic: Tort Law 46. (p. A McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children. -5-A6) TRUE The initial lawsuit against McDonald's was dismissed by a trial judge, but part of the lawsuit was reinstated at the appellate court level. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #46 Topic: Tort Law 47. (p. A A patent protects an inventor's right to a product or process. -6) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #47 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 48. (p. A A patent gives inventors exclusive rights to their inventions for 20 years. -6) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #48 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 49. (p. A Patent owners are prohibited from selling or licensing their patent rights to others. -6) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #49 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 50. (p. A -6-A7) Submarine patents are primarily designed to generate large patent royalties for their owners. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #50 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 51. (p. A -6-A7) Recent legislation encourages the use of submarine patents. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #51 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 52. (p. A The American Inventor's Protection Act requires patent applications to be made public after 18 months regardless of whether a patent has been granted. -6) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #52 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 53. (p. A A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #53 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 54. (p. A The recording industry's legal action against individuals who download music without paying involves the infringement of a copyright. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #54 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 55. (p. A If in the normal course of a job an employee creates a cartoon, the copyright belongs to the employer. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #55 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 56. (p. A Copyrights are filed with the Library of Congress and involve large amounts of paperwork. -7) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #56 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 57. (p. A Copyrights can be passed on to the creator's heirs. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #57 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 58. (p. A The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #58 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 59. (p. A A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #59 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 60. (p. A Unlike a patent, trademarks are not protected from infringement. -7) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #60 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 61. (p. A Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years. -7) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #61 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 62. (p. A 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. -6-A7) FALSE A patent gives inventors exclusive rights to their inventions for 20 years. A copyright protects an individual's rights to materials such as books, articles, photos, cartoons, and songs. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #62 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 63. (p. A John Fielder is a renowned photographer of the Colorado Rocky Mountain region. Each of his works is copyrighted. This means that anyone can use his photos so long as they give Mr. Fielder notice. -7) FALSE A copyright protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons. They last for the lifetime of the author or artist, plus 70 years. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #63 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 64. (p. A The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks. -7) TRUE A trademark gives exclusive legal protection to a name, symbol, or design that identifies the goods or services from one seller and distinguishes them from those of other competitors. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #64 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 65. (p. A The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #65 Topic: Sales Law: The Uniform Commercial Code 66. (p. A Regulations covering sales, checks, bank deposits and bills of lading are contained in the Uniform Commercial Code. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #66 Topic: Sales Law: The Uniform Commercial Code 67. (p. A The warranty you receive in the box with a DVD player is an implied warranty. -8) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #67 Topic: Sales Law: The Uniform Commercial Code 68. (p. A A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #68 Topic: Sales Law: The Uniform Commercial Code 69. (p. A Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #69 Topic: Sales Law: The Uniform Commercial Code 70. (p. A Implied warranties are guarantees legally imposed on the seller. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #70 Topic: Sales Law: The Uniform Commercial Code 71. (p. A A full warranty limits the defects or mechanical problems that are covered in a product. -8) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #71 Topic: Sales Law: The Uniform Commercial Code 72. (p. A Generally a warranty is an important part of a product. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #72 Topic: Sales Law: The Uniform Commercial Code 73. (p. A Negotiable instruments provide a conditional promise to pay a specified amount of money. -8) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #73 Topic: Sales Law: The Uniform Commercial Code 74. (p. A A check is an example of a negotiable instrument. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #74 Topic: Sales Law: The Uniform Commercial Code 75. (p. A Negotiable instruments are forms of commercial paper. -8) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #75 Topic: Sales Law: The Uniform Commercial Code 76. (p. A When a payee signs the back of a check the payee's signature is referred to as an endorsement. -9) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #76 Topic: Sales Law: The Uniform Commercial Code 77. (p. A When your New Jersey based mail-order computer company sells to a customer in Illinois, the Uniform Commercial Code (UCC) will establish the legal requirements that your firm must follow. -8) TRUE The Uniform Commercial Code (UCC) is a comprehensive commercial law that covers sales laws and other commercial laws. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #77 Topic: Sales Law: The Uniform Commercial Code 78. (p. A 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. -8) FALSE Express warranties are specific representations by the seller and relied upon by the buyer of the goods. The warranty that is spelled out by the car dealer is thus an express warranty. Implied warranties are legally imposed on the seller. It is implied, for example, that the product will conform to the customary standards of the trade/industry in which it competes. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #78 Topic: Sales Law: The Uniform Commercial Code 79. (p. A The warranty you receive in the box with an iPod is an express warranty. -8) TRUE A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it. Express warranties are specific representations by the seller that buyers rely on regarding the goods they purchase. The warranty you receive in the box with an iPod is the express warranty. It spells out the seller's warranty agreement. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #79 Topic: Sales Law: The Uniform Commercial Code 80. (p. A When Sears agrees to replace or repair your defective treadmill at no charge to you, Sears is fulfilling a full warranty on your treadmill. -8) TRUE A full warranty requires a seller to replace or repair a product at no charge if the product is defective, whereas a limited warranty typically limits the defects or mechanical problems that are covered. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #80 Topic: Sales Law: The Uniform Commercial Code 81. (p. A Your paycheck and the check you write to Old Navy for a pair of jeans are both examples of a negotiable instrument. -8) TRUE Negotiable instruments are forms of commercial paper (such as checks) that are transferable among businesses and individuals and represent a promise to pay a specified amount. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #81 Topic: Sales Law: The Uniform Commercial Code 82. (p. A When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you, he has endorsed the check, and you may deposit it in your checking account. -8-A9) TRUE A paycheck is a negotiable instrument (a form of commercial paper) that is transferable among businesses and individuals and represents a promise to pay a specific amount. Your brother's signature on the back of the paycheck is referred to as an endorsement and payment on the check is transferred to you (or the bearer of the check) when he signs it. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #82 Topic: Sales Law: The Uniform Commercial Code 83. (p. A A contract is a legally enforceable agreement between two or more parties. -9) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #83 Topic: Contract Law 84. (p. A Contract law is a set of laws that covers sales laws and other commercial laws. -9) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #84 Topic: Contract Law 85. (p. A In order for a contract to be legal, mutual acceptance is achieved when one party is under duress. -9) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #85 Topic: Contract Law 86. (p. A Under contract law, "duress" means the presence of coercion through force or threat of force. -9) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #86 Topic: Contract Law 87. (p. A Under contract law, "consideration" means something of value. -9) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #87 Topic: Contract Law 88. (p. A If a contract is to be legally binding, both parties must give consideration. -9) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #88 Topic: Contract Law 89. (p. A In order to be legally binding, a contract must be a written agreement between two or more parties. -9) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #89 Topic: Contract Law 90. (p. A Under contract law, a 15-year-old may be a party to a contract. -9) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #90 Topic: Contract Law 91. (p. A Under contract law, an agreement for the sale of goods worth $50 or more must be in writing. -9) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #91 Topic: Contract Law 92. (p. A A breach of contract occurs when one party fails to follow the terms of the contract. -10) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #92 Topic: Contract Law 93. (p. A Under contract law, "damages" are the monetary settlements awarded to a person who is injured by a breach of contract. -10) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #93 Topic: Contract Law 94. (p. A "Specific performance" means that a person who violates a contract is required to live up to the agreement even if money damages are adequate. -10) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #94 Topic: Contract Law 95. (p. A When each party to a contract provides something of value to the other party, the principle of mutual acceptance has been satisfied. -9) FALSE The principle of mutual acceptance means that both parties to a contract must agree on the terms of the contract. Consideration is the requirement that calls for both parties in a contract to give up something of value to the other party. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #95 Topic: Contract Law 96. (p. A Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves. -9) TRUE A person under the influence of alcohol, drugs, or a person of unsound mind would not posses the mental fitness to enter into a contract. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #96 Topic: Contract Law 97. (p. A If I agree to sell you my bike for $50 and we are both competent individuals we have a contract. -9) TRUE A contract is a legally enforceable agreement between two or more parties. In this case the bike and the $50 are consideration and since both parties are competent there is a contract. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #97 Topic: Contract Law 98. (p. A If I agree to sing at your wedding for free and then don't show up, you may sue me for breach of contract. -9) FALSE There is not a contract since there was no consideration given for the singing. Since there is no contract I cannot be sued for breach. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #98 Topic: Contract Law 99. (p. A If State University violates its housing contract with a student, the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods. -9) FALSE A contract is a legally enforceable agreement between two or more parties. The contract may involve goods or services. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #99 Topic: Contract Law 100. (p. A Mary Ann owns a rare Monet painting and she has agreed to a contract whereby she will sell it to the Museum of Art for $5.3 -10) million. At the last minute she decides she cannot bear to part with her painting and will not sell it to the Museum. The Museum can sue Mary Ann for specific performance. TRUE A breach of contract occurs when one party (Mary Ann) fails to follow the terms of a contract. When Mary Ann violated the contract by not selling her painting the court could require her to do so since money damages would not be adequate. museum The would not be able to buy another of these rare paintings anywhere else. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #100 Topic: Contract Law 101. (p. A The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code. -10) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #101 Topic: Promoting Fair and Competitive Business Practices 102. (p. A The Sherman Antitrust Act was designed to prevent large businesses from stifling the competition of smaller or newer firms. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #102 Topic: Promoting Fair and Competitive Business Practices 103. (p. A The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #103 Topic: Promoting Fair and Competitive Business Practices 104. (p. A The Justice Department's lawsuit against Microsoft is an example of an antitrust case. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #104 Topic: Figure A.3 105. (p. A The Clayton Act of 1914 prohibits price discrimination. -11) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #105 Topic: Promoting Fair and Competitive Business Practices 106. (p. A "Exclusive dealing" means selling goods with the condition that the buyer will not buy goods from a competitor. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #106 Topic: Promoting Fair and Competitive Business Practices 107. (p. A A "tying contract" requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller. -11) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #107 Topic: Promoting Fair and Competitive Business Practices 108. (p. A An "interlocking directorate" occurs when a board of directors includes members of the board of competing corporations. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #108 Topic: Promoting Fair and Competitive Business Practices 109. (p. A The Clayton Act prohibits interlocking directorates. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #109 Topic: Promoting Fair and Competitive Business Practices 110. (p. A The Federal Trade Commission Act prohibits unfair methods of competition. -11) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #110 Topic: Promoting Fair and Competitive Business Practices 111. (p. A The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" -12) claims. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #111 Topic: Promoting Fair and Competitive Business Practices 112. (p. A The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts. -12) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #112 Topic: Promoting Fair and Competitive Business Practices 113. (p. A The FTC has jurisdiction over false or misleading advertising. -12) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #113 Topic: Promoting Fair and Competitive Business Practices 114. (p. A The Robinson-Patman Act prohibits price discrimination in all transactions except business-to-business transactions. -12) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #114 Topic: Promoting Fair and Competitive Business Practices 115. (p. A The Robinson-Patman Act applies only to business-to-business transactions. -12) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #115 Topic: Promoting Fair and Competitive Business Practices 116. (p. A The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price. -12) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #116 Topic: Promoting Fair and Competitive Business Practices 117. (p. A One purpose of the Robinson-Patman Act is to outlaw price differences that "substantially" weaken competition. -12) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #117 Topic: Promoting Fair and Competitive Business Practices 118. (p. A The changing nature of U.S. business from manufacturing to knowledge technology has led to the call for new levels of regulation -12) from federal agencies. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #118 Topic: Promoting Fair and Competitive Business Practices 119. (p. A Consumerism is a social movement that seeks to increase and to strengthen the rights and powers of buyers in relation to sellers. -12) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #119 Topic: Promoting Fair and Competitive Business Practices 120. (p. A The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC. -12) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #120 Topic: Promoting Fair and Competitive Business Practices 121. (p. A Alcohol Labeling Legislation of 1988 provides for warning labels on liquor saying that minors should not drink. -13) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #121 Topic: Figure A.4 122. (p. A The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates. -13) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #122 Topic: Figure A.4 123. (p. A -11A12) Requiring a retailer to carry Performance Tires in order to sell Performance Batteries is prohibited by the Robinson-Patman Act. FALSE The Robinson-Patman Act of 1936 prohibits price discrimination. Tying contracts, as described by this question, are prohibited by the Clayton Act of 1914. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #123 Topic: Promoting Fair and Competitive Business Practices 124. (p. A The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to -11) compete with more established firms in Europe. FALSE The Sherman Antitrust Act was designed to prevent large organizations from stifling the competition of smaller or newer firms. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #124 Topic: Promoting Fair and Competitive Business Practices 125. (p. A When a local restaurant offers a discount to senior citizens, they have violated the price discrimination provisions of the Robinson-12) Patman Act. FALSE The Robinson-Patman Act applies to business-to-business transactions and does not apply to business-to-consumer transactions. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #125 Topic: Promoting Fair and Competitive Business Practices 126. (p. A An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising. -11) FALSE An interlocking directorate occurs when a board of directors of one firm includes members of the board of competing businesses. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #126 Topic: Promoting Fair and Competitive Business Practices 127. (p. A The Sarbanes-Oxley Act was passed to help allay consumer fears concerning falsified corporate financial statements. -12) TRUE To help allay consumer fears concerning falsified financial statements (such as WorldCom's $11 billion accounting "mistake"), the Sarbanes/Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #127 Topic: Promoting Fair and Competitive Business Practices 128. (p. A Traditionally, taxes have been used as a source of funding for government operations and programs. -13) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #128 Topic: Tax Laws 129. (p. A Taxes have been used as a method of encouraging or discouraging taxpayers from doing something. -13) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #129 Topic: Tax Laws 130. (p. A -13A14) The federal government can levy a sin tax in an effort to encourage businesses to hire new employees. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #130 Topic: Tax Laws 131. (p. A A tax credit is a document that increases a tax bill. -14) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #131 Topic: Tax Laws 132. (p. A Income taxes include taxes paid on real and personal property. -14) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #132 Topic: Figure A.5 133. (p. A Sales taxes are the largest source of tax income received by the federal government. -14) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #133 Topic: Figure A.5 134. (p. A Another name for "sin tax" is "excise tax." -14) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #134 Topic: Figure A.5 135. (p. A Real property is real estate owned by individuals and businesses. -14) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #135 Topic: Figure A.5 136. (p. A Money collected from excise taxes goes toward a specific purpose. -14) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #136 Topic: Figure A.5 137. (p. A The primary objective of a sin tax is to generate additional revenue for the government. -13) FALSE Sin taxes are intended to discourage consumer use of certain products. For example, the revenue generated from taxes on cigarettes and beer goes to funding state and federal government activities. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #137 Topic: Tax Laws 138. (p. A The primary objective of a tax credit is to encourage businesses to behave in certain ways. One example is offering a tax credit to -14) automobile manufacturers for the purchase of robotics used in the manufacture of automobiles. TRUE Taxes or tax credits can be used to discourage or encourage taxpayers to behave in particular ways. The government may encourage businesses to hire new employees or purchase new equipment by offering a tax credit. A tax credit is an amount that can be deducted from a tax bill. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #138 Topic: Tax Laws 139. (p. A The European Union currently levies certain Internet taxes. -14) TRUE A tax issue sure to be debated further involves Internet taxation, especially taxing Internet transactions. States claim they are losing over $15 billion in sales taxes from such sales transactions. The European Union already levies certain Internet taxes, so the debate in the U.S. is sure to continue. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #139 Topic: Tax Laws 140. (p. A Carlos has had a very successful year. His small-business corporation earned over $500,000. His company will have to pay part of its -14) income to the federal government for income taxes. TRUE Taxes paid on the income received by businesses are called income taxes and are the largest source of tax income received by the federal government. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #140 Topic: Figure A.5 141. (p. A Brian and Sondra own a very successful Cajun restaurant. They recently built their own building and own all of the decorations in -14) the restaurant, along with the equipment needed to run the business. They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment. TRUE Real property tax is a tax on real estate owned by individuals and businesses and personal property tax includes taxes on any movable property such as equipment that is owned by the business. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #141 Topic: Figure A.5 142. (p. A Bankruptcy is the legal process by which a person, business, or government entity that is unable to meet financial obligations is -14) relieved of those debts by a court. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #142 Topic: Bankruptcy Laws 143. (p. A A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors. -14) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #143 Topic: Bankruptcy Laws 144. (p. A The Constitution gives the judiciary the power to establish bankruptcy laws. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #144 Topic: Bankruptcy Laws 145. (p. A The Bankruptcy Reform Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #145 Topic: Bankruptcy Laws 146. (p. A The number of Americans filing for bankruptcy each year has increased since the late 1980s. -15) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #146 Topic: Bankruptcy Laws 147. (p. A Though high-profile business bankruptcies such as Kmart and United Airlines dominate the news, over 90 percent of bankruptcy -15) filings each year are by individuals. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #147 Topic: Bankruptcy Laws 148. (p. A Once companies declare bankruptcy, they always go out of business. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #148 Topic: Bankruptcy Laws 149. (p. A In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #149 Topic: Bankruptcy Laws 150. (p. A Most bankruptcies today are involuntary because creditors want to retrieve as much of their money as possible. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #150 Topic: Bankruptcy Laws 151. (p. A Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors. -15) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #151 Topic: Bankruptcy Laws 152. (p. A The most popular form of bankruptcy among individuals is Chapter 11. -15) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #152 Topic: Bankruptcy Laws 153. (p. A Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best -16) solution. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #153 Topic: Bankruptcy Laws 154. (p. A Filing for bankruptcy under the Chapter 11 provisions allows a company to reorganize and continue operations while paying only a -16) proportion of its debts. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #154 Topic: Bankruptcy Laws 155. (p. A A company has to be insolvent before it can file for Chapter 11 bankruptcy. -16) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #155 Topic: Bankruptcy Laws 156. (p. A Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years. -16) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #156 Topic: Bankruptcy Laws 157. (p. A Chapter 13 proceedings are more complicated than Chapter 7 bankruptcy proceedings. -16) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #157 Topic: Bankruptcy Laws 158. (p. A The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act. -15) FALSE There has been a significant increase in the number of Americans filling for bankruptcy. In 2004, a record 1.59 million Americans filed for bankruptcy. By contrast, only 172,000 personal bankruptcies were filed in 1978. Bankruptcy attorneys say the increase in filings is due to a lessening of the stigma of bankruptcy, the changing economy, and an increase in the understanding of bankruptcy. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #158 Topic: Bankruptcy Laws 159. (p. A When Sam and Marie got married they wanted to travel, buy nice houses and cars, and enjoy the good life. They used credit cards to -16) finance their lifestyle, believing they would be fine as long as they could make the minimum payments. One day they discovered that because of rising interest rates, even the minimum payments were out of reach. They decided to declare Chapter 13 bankruptcy. Under this plan, they will have to pay their creditors back over 3 to 5 years. TRUE Chapter 13 bankruptcy permits individuals to pay back creditors over a period of three to five years. The debtor files a proposed plan for paying off debts to the court. If the plan is approved, the debtor pays a court-appointed trustee in monthly installments as agreed on in the repayment plan. The trustee then pays each creditor. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #159 Topic: Bankruptcy Laws 160. (p. A When United Airlines declared bankruptcy several years ago, it continued to operate as a business while it worked out a plan for -16) paying off its debts. United Airlines filed a Chapter 13 bankruptcy. FALSE Chapter 11 bankruptcy allows a company to reorganize and continue operations while paying only a limited proportion of its debts. Under Chapter 11, a company continues to operate but has court protection against creditors' lawsuits while it tries to work out a plan for paying off its debts. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #160 Topic: Bankruptcy Laws 161. (p. A The purpose of governmental deregulation is to eliminate laws that seem to hinder competition. -17) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #161 Topic: Deregulation Versus Regulation 162. (p. A Both the airline and telecommunications industries have been deregulated. -17) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #162 Topic: Deregulation Versus Regulation 163. (p. A Deregulation has always benefited consumers. -17) FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #163 Topic: Deregulation Versus Regulation 164. (p. A It appears that some regulation of business is necessary to ensure fair and honest dealings with the public. -18) TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #164 Topic: Deregulation Versus Regulation 165. (p. A Business and government do not need to work together to create a competitive environment that is fair and open since global -18) competition is increasing. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #165 Topic: Deregulation Versus Regulation 166. (p. A When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower -17) fares. TRUE At one time, the government restricted airlines with regard to where they could land and fly. When the industry was deregulated, airlines began competing for different routes and charging lower prices. Consumers benefited from the deregulation, but established airlines were challenged to be more competitive. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-9 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #166 Topic: Deregulation Versus Regulation 167. (p. A When the California electric power industry was deregulated in the late 1990s customers were able to shop for electricity in a market -18) packed with power suppliers competing for business. FALSE Unfortunately, deregulation has not always worked as desired. California became the first state to deregulate the electric power industry in the late 1990s. Since then, the state has experienced significant problems, with deregulation of electric power causing several states to halt deregulation programs. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-9 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #167 Topic: Deregulation Versus Regulation 168. (p. A The branch of the government responsible for overseeing the legal system is the: -2) A. B. C. D. judiciary. executive. legislative. administrative. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #168 Topic: The Case For Laws 169. (p. A __________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be -2-Aconducted. 3) A. B. C. D. Common law Statutory law Bankruptcy law Business law AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #169 Topic: The Case For Laws 170. (p. A The regulation of marriages and payments for personal injuries is covered by: -2) A. B. C. D. civil law. criminal law. appellate law. legislative law. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #170 Topic: The Case For Laws 171. (p. A __________ law establishes punishments, and regulates the investigation of people accused of committing crimes. -2) A. B. C. D. Civil law Criminal law Appellate law Business law AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #171 Topic: The Case For Laws 172. (p. A The body of law created by court decisions rendered by judges is called __________ law. -3) A. B. C. D. precedent statutory common tort AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #172 Topic: The Case For Laws 173. (p. A Which of the following can review and, when necessary, overturn decisions made at the trial court level? -3) A. B. C. D. administrative agencies appellate courts arbitration judges statutory agencies AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #173 Topic: The Case For Laws 174. (p. A Common law relies on decisions made by judges in previous cases. These earlier decisions are called: -3) A. B. C. D. administrative guidelines. precedents. arbitration rules. statutory models. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #174 Topic: The Case For Laws 175. (p. A While the government regulates business activities, businesses would prefer to set their own standards of behavior. Which of the -2) following is the most likely reason the government has intervened? A. B. C. D. The relationships between businesses and other parties are more complex than ever. The public perceives U.S. businesses as moving too slowly in implementing acceptable standards of behavior. The judiciary branch of the government is more aware of the needs and desires of society. There has been an increase in the number of lawyers. To hasten the process of business responsibility, the government has expanded its control and enforcement procedures. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #175 Topic: The Case For Laws 176. (p. A Which of the following is the most likely response to the corporate scandals of firms like Enron? -2) A. B. C. D. The government will continue to deregulate businesses. New laws will be passed to protect investors and workers. Competition will increase providing greater value for consumers. There will be a decrease in the number of lawyers nationwide. The corporate scandals in 2002 caused many in government and society to call for even more government regulation and control to protect investors and workers. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #176 Topic: The Case For Laws 177. (p. A Which of the following is an example of statutory law? -3) A. B. C. D. strict product liability Robinson-Patman Act consumerism negligence Statutory law is written law such as the Robinson-Patman Act. Strict product liability and negligence are part of tort law, which is common law. Consumerism is not a law at all but a movement that seeks to increase the rights of buyers. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #177 Topic: The Case For Laws 178. (p. A The Environmental Protection Agency is an example of a(n): -3) A. B. C. D. common law agency. statutory judicial agency. private placement agency. administrative agency. An administrative agency is an institution created by Congress with delegated power to pass rules and regulations within its mandated area of authority. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #178 Topic: The Case For Laws 179. (p. A The Griggs v. Duke Power Company (1971) case established a precedent on the need to use job-related tests in employment -3) practices. Similar court cases have been decided based on this decision. This is an example of: A. B. C. D. common law. statutory law. administrative law. criminal law. Common law is the body of law that comes from decisions handed down by judges, i.e., precedents. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-1 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #179 Topic: The Case For Laws 180. (p. A Chicago's mayor has just signed legislation requiring fire sprinklers in every public school. This is an example of: -3) A. B. C. D. common law. statutory law. administrative law. unwritten law. Statutory law includes written legislation by local, state, and federal governments. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-1 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #180 Topic: The Case For Laws 181. (p. A -4-A5) Which of the following holds a company liable for negligence in the production, design, sale, or use of products the firm markets? A. breach of contract B. price discrimination C. promotional responsibility D. product liability AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #181 Topic: Tort Law 182. (p. A Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect -5) at the time of sale? A. B. C. D. network responsibility managerial liability patent infringement strict product liability AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #182 Topic: Tort Law 183. (p. A A(n) __________ tort is a willful act that results in injury. -4) A. B. C. D. negligent intentional common statutory AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #183 Topic: Tort Law 184. (p. A When a person's or company's behavior causes unintentional harm or injury to others they are said to be __________ in tort law. -4) A. B. C. D. out-of-control liable negligent purposeful AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-2 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #184 Topic: Tort Law 185. (p. A The remedy for a tort is: -4) A. B. C. D. imprisonment. a breach of contract. bankruptcy. monetary compensation. Victims of wrongful conduct that results in injury (a tort) are often awarded monetary compensation. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #185 Topic: Tort Law 186. (p. A When McDonald's lost a lawsuit to a person severely burned by hot coffee McDonald's was found to be guilty of: -4) A. B. C. D. negligence. liable. intentional tort violation. packaging liability. McDonald's lost a lawsuit to a person severely burned by hot coffee she bought at a drive-through window. The jury felt McDonald's failed to provide an adequate warning on the cup. McDonald's was found guilty of negligence or behavior that caused unintentional harm or injury. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #186 Topic: Tort Law 187. (p. A Under the doctrine of strict product liability, a manufacturer can be held liable: -5) A. B. C. D. even if when the product was introduced everyone agreed it was safe. only if the firm knowingly sold a hazardous product. only if the firm purposefully was negligent in the design or production of the product. only if the firm intentionally introduced a defective product. The doctrine of strict product liability holds a firm responsible without regard to fault. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #187 Topic: Tort Law 188. (p. A Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company. Warren has contacted a -5) lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of: A. B. C. D. restricted endorsement. fault free obligations. patent infringement. strict product liability. Strict product liability laws hold businesses liable for damages without regard to fault. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-2 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #188 Topic: Tort Law 189. (p. A The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and -5) medical care as a result of gun violence. This suit was based on the legal principle of: A. B. C. D. unintentional torts. statutory consideration. strict product liability. common law. Product liability holds businesses liable for harm that results from the production, design, sale, or use of products they market. Many states have extended product liability to the level of strict product liabilitylegally meaning liability without regard to fault. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-2 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #189 Topic: Tort Law 190. (p. A In 1978, a 13-year-old boy was severely burned in a rear-end collision involving a Ford Pinto. The case went to court and Ford was -5) ordered to pay $125 million in punitive damages based on the legal principle of: A. B. C. D. product discrimination. product liability. breach of contract. exclusive dealing. Product liability holds businesses liable for harm that results from the production, design, sale, or use of products they market. Many states have extended product liability to the level of strict product liabilitylegally meaning liability without regard to fault. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-2 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #190 Topic: Figure A.2 191. (p. A A patent gives inventors exclusive rights to their inventions for: -6) A. B. C. D. 20 months. 17 years. 20 years. the lifetime of the inventor plus 50 years. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #191 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 192. (p. A Which of the following protects the original work of authors and artists (i.e., their books, photos, or cartoons)? -7) A. B. C. D. a trademark a copyright the Uniform Commercial Code a patent AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #192 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 193. (p. A The Nike Swoosh and the Golden Arches of McDonald's are examples of a: -7) A. trademark. B. submarine patent. C. copyright. D. commercially protected symbol. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #193 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 194. (p. A Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities? -7) A. B. C. D. The employee who created the cartoon character. The employer of the cartoon character's creator. Cartoon characters are not covered by copyright protection. The union that represents the employee. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #194 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 195. (p. A Over __________ percent of patent applications are approved. -6) A. B. C. D. 40 50 60 70 AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #195 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 196. (p. A A(n) __________ patent refers to the situation when some inventors intentionally delay a patent application because they expect -7) others to develop similar products or technology. A. B. C. D. underground substandard submarine under-the-table AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-3 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #196 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 197. (p. A The intent of a patent is to: -6) A. B. C. D. increase competition in the marketplace. reward innovation and hard work of inventors. slow the growth of monopolies. encourage copycat inventions. A patent awards inventors exclusive rights to their inventions for 20 years. Patent owners may sell or license the use of the patent to others. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #197 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 198. (p. A Which of the following is true of a copyright? -7) A. B. C. D. It is a specific representation that buyers rely on regarding the goods they purchase. It protects a creator's rights to materials such as books, paintings, and cartoons. It is filed with the state legislature. It is good for 20 years. A copyright protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #198 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 199. (p. A The Pillsbury Doughboy is an example of a: -7) A. B. C. D. patent. copyright. trademark. contract. A trademark is a legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors. The Pillsbury Doughboy is an example of a trademark. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #199 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 200. (p. A Without the permission of the inventor, Cheatum Automobile Manufacturing copied the engine design of an innovative competitor. -6) Cheatum is guilty of: A. B. C. D. corporate liability. trademark infringement. profit minimization. patent infringement. Patents give inventors exclusive rights to their inventions for 20 years. Penalties for violating a patent can be severe. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-3 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #200 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 201. (p. A Michael opened a new bakery. He had always admired the cute, friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury, -7) he decided to use it as his company's logo. Not long after Pillsbury sued him for: A. B. C. D. corporate liability. trademark infringement. profit minimization. patent infringement. A trademark is a legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors. The Pillsbury Doughboy is an example of a trademark. Michael was sued for using Pillsbury's trademark as his logo or for trademark infringement. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #201 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 202. (p. A Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade? -8) A. B. C. D. common law statutory law the standardized commerce rules the Uniform Commercial Code AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #202 Topic: Sales Law: The Uniform Commercial Code 203. (p. A The warranty you receive in the box with your new DVD is a(n): -8) A. B. C. D. implied warranty. express warranty. uniform warranty. commercial warranty. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #203 Topic: Sales Law: The Uniform Commercial Code 204. (p. A A(n) _________ guarantees that the product you buy will conform to the customary standards of the trade/industry. -8) A. B. C. D. implied warranty express warranty uniform warranty commercial warranty AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #204 Topic: Sales Law: The Uniform Commercial Code 205. (p. A __________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a -8) promise to pay a specified amount. A. B. C. D. Uniform Contract Express Negotiable AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-4 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #205 Topic: Sales Law: The Uniform Commercial Code 206. (p. A A warranty guarantees that: -8) A. B. C. D. the seller will replace or repair the product at no charge if the customer finds a cheaper substitute. the buyer has read and understood the information provided in the owner's manual. consumers will have access to a customer complaint resolution hot line. the product sold will be acceptable for the purpose for which the buyer intends to use it. A warranty guarantees that the product sold will be adequate for the purpose for which the buyer intends to use it. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #206 Topic: Sales Law: The Uniform Commercial Code 207. (p. A -8-A9) A. B. C. D. Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must: be signed in approval by a third party. contain a conditional promise to pay. be a promise to pay a specified amount of money. be an oral agreement between two or more parties. Article 3 of the Uniform Commercial Code states that negotiable instruments must be (1) written and signed by the maker, (2) made payable on demand or at a certain time, (3) made payable to the bearer or to order, and (4) contain an unconditional promise to pay a specified amount of money. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #207 Topic: Sales Law: The Uniform Commercial Code 208. (p. A You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument -8) because: A. B. C. D. it is not in writing. it is not payable at a specific time. it is not a promise to pay a specific amount. it does not contain an unconditional promise. Article 3 of the Uniform Commercial Code states that negotiable instruments must be (1) written and signed by the maker, (2) made payable on demand or at a certain time, (3) made payable to the bearer or to order, and (4) contain an unconditional promise to pay a specified amount of money. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #208 Topic: Sales Law: The Uniform Commercial Code 209. (p. A A software development firm based in Florida and conducting business in Texas is unsure about the differences in state laws -8) regarding business transactions. What body of laws standardizes interstate business regulations? A. B. C. D. Uniform Commercial Code Universal Business Regulations National Commercial Rules Unified Commercial Regulations All states have adopted the Uniform Commercial Code to standardize commercial law. There are, however, sections of Louisiana that have not adopted the Uniform Commercial Code. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #209 Topic: Sales Law: The Uniform Commercial Code 210. (p. A One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty. This means -8) that: A. B. C. D. the mixer is guaranteed to last for 10 years with normal use. the mixer will make wonderful baked goods as well as pasta. the mixer will be repaired or replaced at no charge if it is defective. only the motor is covered by the mixer manufacturer. Warranties offered by sellers can be either full or limited. A full warranty requires a seller to replace or repair a product at no charge if the product is defective, whereas a limited warranty typically limits the defects or mechanical problems that are covered. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-4 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #210 Topic: Sales Law: The Uniform Commercial Code 211. (p. A -9) A. B. C. D. Which of the following describes the requirement that both parties in a legally binding contract must give something of value? competent parties mutual acceptance consideration legal purpose AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #211 Topic: Contract Law 212. (p. A Which of the following would cause a contract to be void? -9) A. B. C. D. consideration mutual acceptance competent parties duress AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #212 Topic: Contract Law 213. (p. A A(n) __________ occurs when one party fails to follow the terms of a contract. -10) A. B. C. D. breach of contract discharge of obligation obligation failure of enforcement infringement of contract AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #213 Topic: Contract Law 214. (p. A A __________ is a legally enforceable agreement between two or more parties. -9) A. B. C. D. warranty negotiable instrument contract combination AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #214 Topic: Contract Law 215. (p. A Which of the following is a condition required for a legally binding contract? -9) A. B. C. D. discharge of obligation warranty mutual acceptance duress AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-5 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #215 Topic: Contract Law 216. (p. A You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30. However, -10) for no apparent reason, he has not cut your grass for a month. Your neighbor has committed a(n): A. B. C. D. obligation violation. breach of contract. termination by association. nonperformance endorsement. A breach of contract occurs when one party fails to follow the terms of the contract. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #216 Topic: Contract Law 217. (p. A You agree to sell your car to your neighbor for $5,000. You and your neighbor have provided each other: -9) A. B. C. D. duress. consideration. an endorsement. an expressed warranty. Consideration is something of value. A valid contract requires that both parties give consideration. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-5 Level of Learning 2: Application of principles Nickels - Chapter Bonus... #217 Topic: Contract Law 218. (p. A Your 15-year-old brother comes home with the great news that he has decided to buy his first car and has just agreed to give $10,000 -9) to a complete stranger. He signed the contract and just needs to pay the stranger and pick up the car. Your dad is upset and calls the stranger to tell him your brother will not be buying the car. The stranger can: A. B. C. D. sue your brother for breach of contract. sue your dad for breach of contract. sue your brother for specific performance. do nothing. Minors are not considered to be competent to sign contracts, thus the stranger cannot do anything if your brother backs out of the contract. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-5 Level of Learning 2: Application of principles Nickels - Chapter Bonus... #218 Topic: Contract Law 219. (p. A James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In -9) this case: A. B. C. D. the two parties have created a legally enforceable contract. Eric's offer represents an acceptance of the original terms. there is no agreement and no contract. there is no agreement, but there is a valid contract. No agreement has been reached regarding price; therefore there is no voluntary acceptance of James' offer and no contract. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-5 Level of Learning 2: Application of principles Nickels - Chapter Bonus... #219 Topic: Contract Law 220. (p. A You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of -10) contract would likely be resolved by: A. B. C. D. a specific performance requirement. the payment of damages. a judge. a discharge of obligation. Discharging the contractual obligation means that since one party has failed to live up to their end of the contract, the other party is not required to fulfill their obligation. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-5 Level of Learning 2: Application of principles Nickels - Chapter Bonus... #220 Topic: Contract Law 221. (p. A Which of the following prohibits monopolies, attempts to monopolize, and any restraint of trade? -11) A. B. C. D. Clayton Act Sherman Act Robinson-Patman Act Wheeler-Lea Amendment AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #221 Topic: Promoting Fair and Competitive Business Practices 222. (p. A -11A12) A. B. C. D. Which of the following established a government agency to enforce the laws regulating unfair competition? Clayton Act Sherman Act Federal Trade Commission Act Robinson-Patman Act AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #222 Topic: Promoting Fair and Competitive Business Practices 223. (p. A The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called: -12) A. environmentalism. B. capitalism. C. socialism. D. consumerism. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-6 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #223 Topic: Promoting Fair and Competitive Business Practices 224. (p. A The purpose of the Sherman Antitrust Act was to: -11) A. B. C. D. encourage competition by restraining the growth of monopolies. standardize the level of competition. encourage the growth of large-scale efficiency found in big businesses. minimize the inconsistency of multiple dealers of a single product. The Sherman Act was designed to prevent large organizations from stifling the competition of smaller or newer firms. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #224 Topic: Promoting Fair and Competitive Business Practices 225. (p. A The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts: -11) A. B. C. D. required retailers to use false and misleading advertising. required retailers to purchase unwanted items in order to purchase desired items. forced households to buy wanted products in order to buy a desired product. forced competitors into price discrimination agreements. Tying contracts require buyers to purchase unwanted items in order to purchase desired items. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #225 Topic: Promoting Fair and Competitive Business Practices 226. (p. A Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly. Big -12) Johnson charges other firms similar to Moe's Meats more for the same products and this is beginning to hurt the business of the other firms. In fact, Moe's Meats is taking so much business away from the others due to its lower prices that the other firms are in danger of going out of business. This is an example of: A. B. C. D. price discrimination. price reversal. price-cutting. price maintenance. The Robinson-Patman Act of 1936 prohibits price discrimination. Price discrimination is the charging of two different prices to two similar customers for the same good or service resulting in a "substantial" weakening of competition. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-6 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #226 Topic: Promoting Fair and Competitive Business Practices 227. (p. A Happy Pat's Pizza Parlor is concerned about a vendor's demand that he purchase unwanted supplies in order to buy the supplies he -11) does want. This practice is known as: A. B. C. D. a binding contract. a tying contract. price discrimination. interlocking directorates. A tying contract requires a buyer to purchase unwanted items in order to purchase desired items. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-6 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #227 Topic: Promoting Fair and Competitive Business Practices 228. (p. A A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to: -13) A. B. C. D. beer. sports cars. white bread. diet soft drinks. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #228 Topic: Tax Laws 229. (p. A -13) A. B. C. D. Which of the following refers to a tax designed to reduce the consumption of a specific good? a control tax a sin tax a flat tax a tax credit AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #229 Topic: Tax Laws 230. (p. A Which of the following do school districts utilize to generate needed funding? -14) A. B. C. D. sin tax sales tax property tax income tax AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #230 Topic: Tax Laws 231. (p. A __________ often help to pay for highway construction or improvements. -14) A. B. C. D. Sin taxes Property taxes Income taxes Facility taxes AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #231 Topic: Figure A.5 232. (p. A __________ are the largest source of tax income received by the federal government. -14) A. B. C. D. Income taxes Property taxes Sales taxes Excise taxes AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-7 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #232 Topic: Figure A.5 233. (p. A The two main purposes of taxes are: -13) A. B. C. D. to raise money for taxpayers and to encourage foreign governments to behave in certain ways. to raise money for government funding and to encourage or discourage certain taxpayer behaviors. to encourage businesses to make a profit and encourage foreign governments to invest in the U.S. to strengthen monetary and fiscal policies. Traditionally, taxes have been used as a source of funding for government operations and programs. They can also be used as a method of discouraging or encouraging certain behaviors among taxpayers. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-7 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #233 Topic: Tax Laws 234. (p. A Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of their taxes in full and on time. Recently the -13) local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because: A. B. C. D. they will certainly have to pay more taxes. people will likely buy less cigarettes and liquor from them. the government has increased the sales tax. their personal property tax will now increase. Taxes can be used as a method of discouraging certain behaviors among taxpayers. In this case the government wants to reduce consumer use of cigarettes and liquor so it passed a sin tax on those products. The additional cost of the product from increased taxes will perhaps discourage additional consumption of these products. This means people will likely buy less from Barry and Mark. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-7 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #234 Topic: Tax Laws 235. (p. A ________ is the legal process by which a person, business, or government entity unable to meet financial obligations is relieved of -14) A. B. C. D. those debts. Emancipation Financial release Negligence Bankruptcy AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #235 Topic: Bankruptcy Laws 236. (p. A The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter: -16) A. B. C. D. 7. 11. 13. 17. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #236 Topic: Bankruptcy Laws 237. (p. A In which of the following does the creditor start legal procedures? -15) A. B. C. D. debtor initiatives voluntary bankruptcy involuntary bankruptcy creditor restructuring AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #237 Topic: Bankruptcy Laws 238. (p. A The number of personal bankruptcies has: -15) A. B. C. D. significantly decreased as a result of the Bankruptcy Reform Act. increased. nearly reached the level of business bankruptcies. remained unchanged. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-8 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #238 Topic: Bankruptcy Laws 239. (p. A Which of the following is considered as a cause for the significant increase in bankruptcies? -15) A. B. C. D. a decrease in the understanding of bankruptcy law a decrease in the price to complete the process by bankruptcy lawyers an increase in the number of involuntary bankruptcy cases initiated by creditors an increase in the ease with which some consumers can get credit Bankruptcy attorneys attributed the increase in bankruptcy filings to a lessening of the stigma of bankruptcy, the changing economy, an increase in understanding of bankruptcy law and its protections, increased advertising by bankruptcy attorneys, and the ease with which some consumers can get credit. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #239 Topic: Bankruptcy Laws 240. (p. A The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case. -15) A. B. C. D. employees customers bankruptcy lawyers stockholders Chapter 7 of the bankruptcy code stipulates the order in which the assets are to be distributed among the creditors. First, creditors with secured claims receive the collateral for their claims or repossess the claimed asset. Then the unsecured claims are paid starting with the costs involved in the bankruptcy case. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #240 Topic: Bankruptcy Laws 241. (p. A -16) Utilizing the bankruptcy laws, Yankee Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts. This represents an example of a Chapter ________ bankruptcy. A. B. C. D. 7 11 13 14 Chapter 11 of the bankruptcy code allows a firm to reorganize and continue operations. During this time period, the court appointed trustee monitors the firm's activities to protect the interests of creditors. While only some debts are paid, Chapter 11 is designed to help both debtors and creditors. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-8 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #241 Topic: Bankruptcy Laws 242. (p. A ________ is the process of eliminating laws and regulations that hinder competition. -17) A. B. C. D. Downsizing Restructuring Deregulation Reregulation AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #242 Topic: Deregulation Versus Regulation 243. (p. A Concerns over the increase in the number of business laws and regulations that were costing the public money led to: -17) A. B. C. D. downsizing. restructuring. deregulation. reregulation. AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #243 Topic: Deregulation Versus Regulation 244. (p. A Which of the following industries has been deregulated? -17) A. B. C. D. Chemicals Agriculture Airlines Steel AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Nickels - Chapter Bonus... #244 Topic: Deregulation Versus Regulation 245. (p. A One result of deregulation in the airline industry has been: -17) A. B. C. D. less intense competition. increase aviation related fatalities. higher prices for consumers. lower prices for consumers. When government regulations were lifted, the airlines began competing for different routes and charging lower prices. New airlines were born to take advantage of the new opportunities. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-9 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #245 Topic: Deregulation Versus Regulation 246. (p. A Several states now allow for competition in the electric power industry. Business customers, for example, can purchase their electric -18) service from several different utility companies. This activity reflects a movement toward ________ in the utility industry. A. B. C. D. re-regulation monopoly pricing deregulation privatizing Deregulation refers to the government actions to reduce the laws and regulations that seem to hinder competition. Deregulation has successfully been used in the airline and telecommunication industries. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-9 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #246 Topic: Deregulation Versus Regulation 247. (p. A One of the benefits that deregulation is supposed to provide to customers is: -17) A. B. C. D. fewer choices. reduced prices. less quality. improved government oversight. Consumers have clearly benefited from deregulation through lower prices, as evidenced in the airline industry deregulation. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-9 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #247 Topic: Deregulation Versus Regulation 248. (p. A Explain the difference between statutory law, common law, and business law. -2) Statutory law includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinancesin short, written law. Common law is the body of law that comes from decisions handed down by judges. Common law is often referred to as unwritten law because it does not appear in any legislative enactment, treaty, or other such document. Under common law principles, what judges have decided in previous cases is very important in deciding today's cases. Such decisions are called precedent, and they guide judges in the handling of new cases. Business law refers to rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action. These areas include product liability, sales, contracts, fair competition, consumer protection, taxes, and bankruptcy for example. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-1 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #248 Topic: The Case For Laws 249. (p. A What type of law is tort law? Explain what a tort is as well as the meaning of negligence. -4) Tort law is an example of common law. A tort is a wrongful act that causes injury to another person's body, property, or reputation. Although torts often are noncriminal acts, victims can be awarded compensation if the conduct that caused the harm is considered intentional. An intentional tort is a willful act that results in injury. Negligence, in tort law, deals with behavior that causes unintentional harm or injury. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #249 Topic: Tort Law 250. (p. A Compare and contrast the protection offered by patents, copyrights, and trademarks. -6) Patents provide inventors exclusive rights to their inventions for 20 years from the date the patent application is filed with the U.S. Patent and Trademark Office. Patent owners have the right to sell or license the use of a patent to others. Copyrights protect a creator's ownership rights to materials such as books, articles, photos, music, paintings, and cartoons. Copyrights filed with the Library of Congress provide for protection for the lifetime of the author or artist plus 70 years and can be passed on to the creator's heirs. A trademark is a legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors. Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-3 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #250 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks 251. (p. A What is the Uniform Commercial Code and why is it important? -8) The Uniform Commercial Code (UCC) is a comprehensive commercial law that covers sales laws and other commercial laws. Since all 50 states have adopted the law (although it does not apply in certain sections of Louisiana), the UCC simplifies trading across state lines. The UCC has 11 articles, which contain laws covering sales, commercial paper such as promissory notes and checks, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, and other documents of title, investment securities, and secured transactions. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-2 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #251 Topic: Sales Law: The Uniform Commercial Code 252. (p. A Identify and discuss the six conditions that must be met for a contract to be legally binding. -9) 1. An offer is made to do something or sell something. 2. There must be voluntary acceptance of the offer. If one party is under duress, the contract is not legally binding. 3. Both parties must give consideration. Consideration is something of value. 4. Both parties must be competent. Minors, people of unsound mind, or people under the influence of drugs cannot be held to the language of a contract. 5. The contract must involve a legal act. 6. The contract must be in proper form, which usually means it must be in writing. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-5 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #252 Topic: Contract Law 253. (p. A Explain two of the major U.S. antitrust laws. -11) Students should choose two from among the following. The Sherman Antitrust Act was designed to prevent large organizations from stifling the competition of smaller or newer firms. The Sherman Act forbids the following: (1) contracts, combinations, or conspiracies in restraint of trade, and (2) actual monopolies or attempts to monopolize any part of trade or commerce. The Clayton Act of 1914 prohibits exclusive dealing, tying contracts, interlocking directorates, and buying large amounts of stock in competing corporations. Exclusive dealing is selling goods with the condition that the buyer will not buy goods from a competitor when the effect lessens competition. A tying contract requires a buyer to purchase unwanted items in order to purchase desired items. An interlocking directorate occurs when a board of directors includes members of the board of competing corporations. The Federal Trade Commission Act of 1914 prohibits unfair methods of competition in commerce. It set up the five-member Federal Trade Commission to deal with wide-ranging competitive issues from preventing companies from making misleading claims to overseeing mergers and acquisitions. The Robinson-Patman Act of 1936 prohibits price discrimination, which means it outlaws price differences that "substantially" weaken competition unless these differences can be justified by lower selling costs associated with larger purchases. This act applies to business-tobusiness transactions and does not apply to business-to-consumer transactions. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-6 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #253 Topic: Promoting Fair and Competitive Business Practices 254. (p. A Describe bankruptcy and three sections of the Bankruptcy Code. -15) Bankruptcy refers to the legal process by which a person, business, or government entity unable to meet financial obligations is relieved of those debts by a court. The three sections of the Bankruptcy Code discussed by our text include: Chapter 7 This section is used by businesses and individuals to accomplish a "straight bankruptcy." Chapter 7 calls for a liquidation of nonexempt assets to provide cash to pay creditors. Chapter 11 Used by businesses and some individuals, this provides temporary debt relief allowing for reorganization while the business continues to operate. A firm does not have to be insolvent to file for relief under Chapter 11. The temporary debt relief gives debtors and creditors time to find the best solution. Chapter 13 This section permits individuals and small-business owners to pay back creditors over a period of three to five years. Chapter 13 proceedings are less complicated and less expensive than Chapter 7. AACSB: Reflective Thinking Blooms: Comprehension Learning Goal: A-8 Level of Learning 2: Understanding of concepts and principles Nickels - Chapter Bonus... #254 Topic: Bankruptcy Laws Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town, Cajun Cookin' Inc. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. Nickels - Chapter Bonus... 255. (p. A One day as Brian was speaking with one of his customers a shriek went up from the other side of the restaurant. When he rushed -4) over, he found that one of his customers had spilled hot tea on her arm. If this customer was so inclined, she could __________ and the court would likely find in her favor. A. B. C. D. sue Brian for breach of contract sue the restaurant for negligence sue the restaurant under statutory law She can do nothing about this except not go to the restaurant ever again. Negligence, in tort law, deals with behavior that causes unintentional harm or injury. McDonald's was sued in a similar situation when a patron spilled hot coffee on herself and sued. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-2 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #255 Topic: Tort Law 256. (p. A Sondra was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was -15disconnected. Later Sondra read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely Adeclared Chapter __________ bankruptcy. 16) A. B. C. D. 7 11 13 17 Chapter 7 bankruptcy calls for straight bankruptcy, which requires the sale of nonexempt assets of debtors. The business is liquidated as was the case with Sondra's supplier. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-8 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #256 Topic: Bankruptcy Laws 257. (p. A Cajun Cookin' sits on a large landscaped lot. Brian and Sondra have a contract with Lovely Landscapes to mow the lawn and take -10) care of the landscape. They pay $200 per month for this service. After two weeks had gone by with no service, Brian called the company only to find out that the owner and the crew had decided to take a vacation and would not be back to do the landscaping for another two weeks. Lovely Landscapes: A. B. C. D. has discharged its obligation to Brian. is liable for specific performance. will likely have to pay Brian damages if Brian decides to sue them. will not likely have to pay Brian damages if Brian decides to sue them. Damages refers to the monetary settlement awarded to a person who is injured by a breach of contract. Since Lovely Landscapes did not come to cut the grass for four weeks, Brian's business may have suffered as people may have drawn the conclusion that Brian's restaurant was closed. Brian may be able to collect damages if he decides to sue Lovely Landscapes. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-5 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #257 Topic: Contract Law 258. (p. A -10A11) A. B. C. D. As it turns out, Brian and Sondra's good fortune with the restaurant has caused their competitors to lose business. In fact, Cajun Cookin' has been so successful that two other nearby restaurants are in danger of going out of business. Brian and Sondra have: engaged in anti-competitive behavior. violated the Sherman Antitrust Act. engaged in price discrimination. done nothing against the law. Part of capitalism is healthy competition. Nothing in the question indicates that Cajun Cookin' has done anything against the law. In fact, they have a competitive advantage from the design of the restaurant and the good food. They have not violated any of the antitrust laws as they have not monopolized the restaurant industry nor have they attempted to drive their competitors out of business by lowering their prices excessively. AACSB: Reflective Thinking Blooms: Application Learning Goal: A-6 Level of Learning 3: Application of principles Nickels - Chapter Bonus... #258 Topic: Promoting Fair and Competitive Business Practices A Summary Category # of Questions AACSB: Reflective Thinking Blooms: Application Blooms: Comprehension Blooms: Knowledge Learning Goal: A-1 Learning Goal: A-2 Learning Goal: A-3 Learning Goal: A-4 Learning Goal: A-5 Learning Goal: A-6 Learning Goal: A-7 Learning Goal: A-8 Learning Goal: A-9 Level of Learning 1: Knowledge of key terms Level of Learning 2: Application of principles Level of Learning 2: Understanding of concepts and principles Level of Learning 3: Application of principles Nickels - Chapter Bonus... Topic: Bankruptcy Laws Topic: Contract Law Topic: Deregulation Versus Regulation Topic: Figure A.1 Topic: Figure A.2 Topic: Figure A.3 Topic: Figure A.4 Topic: Figure A.5 Topic: Legally Protecting Ideas: Patents, Copyrights, and Trademarks Topic: Promoting Fair and Competitive Business Practices Topic: Sales Law: The Uniform Commercial Code Topic: Tax Laws Topic: The Case For Laws Topic: Tort Law 258 20 72 166 44 29 30 27 30 36 21 28 13 166 4 70 18 259 28 30 13 6 2 1 2 9 30 33 28 12 38 26

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UNIVERSITY OF SOUTHERN CALIFORNIASchool of Business AdministrationINTERNATIONAL TRADE AND COMMERICAL POLICY/FBE 462SAMPLE MIDTERM #1Aris ProtopapadakisThe questions that follow are sample questions that I have used in previous exams. There is noimpl
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UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessINTERNATIONAL TRADE AND COMMERCIAL POLICYFBE 462Aris ProtopapadakisCOURSE SYLLABUSFall 2010The class meets in HOH 304, on Mondays & Wednesdays@ 4:00 to 5:50 pm.INSTRUCTORProfessor Aris P
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USC - FBE - 462
ARGUMENTS FOR AND AGAINSTPROTECTION1Overview Questions What is a market failure? What is the Coase Theorem? What are the consequences of tradeprotection? What are the implications for trade whenmarkets fail? What is an industrial policy?5Econo
USC - FBE - 462
PUSHING EXPORTS1Agenda Dumping and its consequencesWhat should receiving countries do? Export subsidies and their consequencesWhat should importing countries do? The special case of declining marginalcosts6Pushing ExportsDumpingExport subsidie
USC - FBE - 462
TRADE BLOCS &TRADE BLOCKS1Agenda Trade blocsFree trade areasCustoms unionsCommon marketsEconomic unions Trade creation, Trade diversion Trade blocksTrade embargoes NAFTA The E.U.4Main Types of Economic Integration Free trade areaEliminates
USC - FBE - 462
USC - FBE - 462
THE WTO AND THE GATT1Agenda How did we get here?A short background reviewWhy a new world organization? The WTOThe structure and role of the WTOGATT, GATS, TRIPS and other acronymsChallenges: the futureThe Doha round2Background (cnt)cnt) The G
USC - FBE - 462
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyProblem Set #21. If production of firm involves a fixed cost, thena. there exists internal economies of scale.b. there exists external economi
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyProblem Set #31) Canada currently imports all of its domestic consumption of decorative ceramic tiles (used inbathrooms, kitchens, and so forth
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyProblem Set #41. Consider the export subsidy shown in the figure below. Assuming that the export subsidyremains $20, what are the effects of a
USC - FBE - 462
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International TradeAnswers to Problem Set #11. Which one of the following is not implied by the Mercantilism?a. Trade is a zero-sum game.b. Export but not import contributes to nati
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyAnswers to Problem Set #21. If production of firm involves a fixed cost, thena. there exists internal economies of scale.b. there exists exter
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyAnswers to Problem Set #31.A.With imposition of tariff: domestic price rises from PWo to (1+.3)PWo; quantityproduced domestically rises from
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessFBE 462 International Trade & Commercial PolicyAnswers to Problem Set #41. If the world price declines from $100 to $90, the revenue per unit exported declines from$120 to $110, which is als
USC - FBE - 462
USC - FBE - 462
UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of BusinessINTERNATIONAL TRADE AND COMMERCIAL POLICY/FBE 462Professor Aris ProtopapadakisTERM PROJECT INSTRUCTIONSYou have a choice between two types of projects:1. Choose a topic from the list below
Kungliga Tekniska högskolan - ICT - 2
PASSIVE & ACTIVE ATTACKS AGAINST WIRELESS LANSMohteshim Hussain, m.1.hussain@herts.ac.uk,University of Hertfordshire, England, U.K.Overview of WLAN and its vulnerabilitiesWireless LANs (WLAN) are LANs networked wirelesslyusing the air interface as th
Sunway University College - CHEMISTRY - 101
ONE-SCHOOL.NETShort Notes: Form 4 ChemistryChemicalChemical Formulae and EquationCalculationCalculationFor Solid, liquid or gasFor gas (only)number of mole =mass of subtancemolar massnumber of mole =volume of gasmolar volmeMolar mass = RAM/R
Sunway University College - CHEMISTRY - 101
ONE-SCHOOL.NETShort Notes: Form 5 ChemistryRate or ReactionCalculationRate of Reaction (Average Rate)Rates of reaction =Quantity change of reactants/productsTotal time for the reactionIf the quantity change is immeasurableRates of reaction =1To
Sunway University College - PHYCIS - 101
ONE-SCHOOL.NETPhysics Equation List :Form 5WaveOscillation1f=Tf = frequencyT = Period(Hz or s-1)(s)Displacement-Time GraphAmplitude, Period and Frequency can be found from a Displacement-Time GraphWavev= fv = velocityf = frequency = wavel
Wisconsin - COMP SCI - 367
Course Evaluations Deb Deppeler CS367 Lecture 1 Can I have a volunteer to return them to Cathy Richard?(5352 CS fifth floor mailbox) Use #2 Pencils Please comment on: Your use of: Course Web Pages, Tutorials and Related Links My use of: PowerPoint
Open Uni. - PHYS - 320
Spring 2003
Open Uni. - PHYS - 320
Spring 2003
Open Uni. - PHYS - 320
Spring 2003
Open Uni. - PHYS - 320
PHYS 302: Unit 8 Quantum Mechanics Supplement Athabasca UniversityUnit 8 Waves: Quantum Mechanical WavesAfter completing this Unit 8 supplement, you should be able to1.identify that particles have a wavelength, and define the de Broglie wavelength.2.
Open Uni. - PHYS - 320
PHYS 302: Unit 9 Quantum Mechanics Supplement Athabasca UniversityUnit 9 Bounded Waves: Quantum Energy LevelsAfter completing this Unit 9 supplement, you should be able to1.identify that confining a particle leads to discrete energy levels for the par
Open Uni. - PHYS - 320
PHYS 302: Unit 12 Quantum Mechanics Supplement Athabasca UniversityUnit 12: Spatial Combination of WavesAfter completing this Unit 12 supplement, you should be able to1) compare interference patterns of quantum mechanical waves to those of light.In Un
Open Uni. - PHYS - 320
PHYS 302: Unit 15 Quantum Mechanics Supplement Athabasca UniversityUnit 15 Resonant Cavities: Quantum ResonanceAfter completing this Unit 15 supplement, you should be able to1.identify that the wave equation can be solved in cylindrical and spherical
Open Uni. - PHYS - 320
PHYS 302: Unit 1 Viewing Notes Athabasca UniversityPHYS 302: Vibrations and Waves Unit 1 Viewing NotesThis lecture gives some simple examples of periodic motion, and then the lecturer demonstrates the rather complexmotion of the Eulers disk. Wilczek, m
Open Uni. - PHYS - 320
PHYS 302: Unit 2 Viewing Notes Athabasca UniversityPHYS 302: Vibrations and Waves Unit 2 Viewing NotesThe lecture starts by adding oscillations using the trigonometric identity cos cos 2 cos cos , 22which is discussed in both the Reading Notes
Open Uni. - PHYS - 320
PHYS 302: Unit 3 Viewing Notes Athabasca UniversityPHYS 302: Vibrations and Waves - Unit 3 Viewing notesAs in Unit 2, Lewin considers a mass on a spring, with b/m= and 02=k/m. Initially, a force F0cos t is consideredto be applied to the object. Summing