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BUSFIN 3500 Midterm Questions with Correct Answers
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BUSFIN 3500 Midterm Questions with Correct Answers
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BUSFIN 3500 Midterm Questions with CorrectAnswers
Sources of Law Correct Answer-Federal
-US constitution
-federal statutes, executive orders, treaties
-rulings of federal agencies
-federal court decisions
State
-State constitution
-state statutes, executive orders, treaties
-state rulings of federal agencies
-state court decisions
Local
-ordinances
-rulings of local agencies
Private
-contracts
-company rules
-business traditions
,Supremacy Clause Correct Answer--states that the federal constitution,
laws made in pursuit of the constitution, and treaties are "the supreme
law of the land"
-Preemption
Preemption Correct Answer-if feds can regulate in an area, states are
barred from regulating
US Constitution Correct Answer-Serves as a
-framework for federal govt.
-limits on government (individual rights)
Legislative Branch (Congress) Correct Answer--Congress = senate +
house of reps
-make federal laws
-repass laws that have been vetoed
-approve appts. to judiciary
-approve treaties
Statute Correct Answer-rules and regulations put forth by legislatures
Executive (President) Correct Answer--Sign or veto bills
-issue pardons
-remove executive officials
, -make appointments to exec branch, ambassadorships, commissions,
judgeships
-foreign relations
-Oversee military affairs
Judiciary (judges) Correct Answer-Constitutionality of state and federal
laws
--does govt. have power to make law?
--is govt infringing on civil liberties?
Interpret state and federal laws
--plain meaning rule
--legislative history
Judicial Review Correct Answer-Courts can declare that federal or state
actions violate the constitution
--but: construe statutes narrowly and presume governmental action
constitutional
Checks and Balances Correct Answer--president can veto bills passed by
congress (exec on legis)
-congress may override the president's veto (legis on exec)
-Senate may refuse to confirm president's nominees for federal
judgeships (legis on exec)
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