BLAW (Business Law) CHAPTER 1 Exam | Complete Questions & Answers (100% Verified)
BLAW (Business Law) CHAPTER 1 Exam | Complete Questions & Answers (100% Verified)
Which area of law is most likely to impact directly the finance and accounting departments of a company?
a. products liability
b....
BLAW (Business Law) CHAPTER 1 Exam
| Complete Questions & Answers (100%
Verified)
Which area of law is most likely to impact directly the finance and accounting departments of a company?
a. products liability
b. employment discrimination c. credit regulation
d. environmental law
e. all of these are likely to impact about the same - ANSWER - c
Which of these issues may impact a company's operations?
a. international issue
b. political issues
c. ethical issues d. legal issues
e. all of these issues can impact operations - ANSWER - e
Which is generally recognized as the best (most correct) definition of law?
a. a body of rules of action or conduct prescribed by controlling authority, and having binding legal force
b. that which must be obeyed and followed by members of a society subject to sanctions or legal consequences
c. the circumstances in which the public force is brought to bear through the courts
d. a rule of conduct that justifies a prediction that it likely will be enforced by the courts if
its authority is challenged
e. all of the other choices are correct; there is no one agreed upon best definition - ANSWER - e
Which of the following is an accepted definition of law?
a. a body of rules of action or conduct PRESCRIBED BY AUTHORITY , and having binding legal force b. a body of rules of action or conduct prescribed by society, but lacking legal force
c. a body of rules of action or conduct prescribed by courts and sanction by international
society d. a body of rules of action or conduct prescribed by the Supreme Court, and having binding legal force e. none of the other choices - ANSWER - a
Which of the following is an accepted definition of law?
a. a body of rules of action or conduct prescribed by society, but lacking legal force
b. that which must be obeyed and followed by members of a society subject to sanctions or legal consequences c. that which must be obeyed and followed by the controlling authority of a country
d. a body of rules of action or conduct prescribed by the Supreme Court, and having binding legal force e. none of the other choices - ANSWER - b
In an orderly society, law and the legal system help to:
a. influence the behavior of members of society b. resolve disputes
c. maintain the important values of society
d. provide a way for important social changes to take effect e. all of the answers are part of the role of law - ANSWER - e
Enforcement of law in a society is important because it:
a. provides some predictability and uniformity to the boundaries of acceptable conduct b. promotes social well-being
c. leads to higher literacy rates
d. prevents large disparities in income e. none of the other choices - ANSWER - a
Which of the following is not a part of the rules that govern behavior in most nations:
a. formal rules
b. informal rules c. social customs
d. ethics
e. all of the other choices are part of the rules - ANSWER - e
Both and are part of the rules that govern behavior in most nations
. a. philosophy and sociology
b. psychology and ethics
c. formal rules and informal rules d. all of the other specific choices e. none of the other specific choices - ANSWER - c
Both and are part of the rules that govern behavior in most nations. a. philosophy and sociology
b. customs and ethics
c. formal rules and psychology
d. all of the other specific choices
e. none of the other specific choices - ANSWER - b
Which of the following is a part of the rules that govern behavior in most nations:
a. the Old Testament b. the New Testament c. social customs
d. the Torah
e. all of the other choices are parts of the rules - ANSWER - c
Which of the following is a part of the rules that govern behavior in most nations:
a. ethics
b. statutory law
c. social customs
d. all of the choices are parts of the rules e. none of the other choices are correct - ANSWER - d
Which of the following is NOT a part of the rules that govern behavior in most nations:
a. ethics
b. formal rules
c. social customs
d. administrative rules
e. all of the other choices are parts of the rules - ANSWER - e
By the use of laws and the legal system, the government can:
a. change acceptable behavior
b. instruct people on what is allowed in certain circumstances c. encourage certain types of business activity
d. impose sanctions to try to eliminate certain business activities e. all of the other choices are included - ANSWER - e
Which of the following statements is true?
a. law imposes structure on society by limiting activities that hurt the "public interest" b. the sale of marijuana is illegal worldwide
c. the sale of alcoholic beverages is legal worldwide
d. laws do not apply to individuals; only to society as a whole e. all of the other choices are correct - ANSWER - a
Which of the following statements about law is true? a. law must be approved by the "will of the people" b. the sale of marijuana is illegal worldwide
c. he sale of alcoholic beverages is legal worldwide d. formal law is respected in all nations
e. none of the other choices are necessarily correct - ANSWER - e
Which of the following statements is true?
a. formal law is respected in all nations
b. the sale of marijuana is illegal worldwide
c. the sale of alcoholic beverages is legal worldwide
d. law imposes structure on society by limiting activities that hurt the "public interest" e. all of the other choices are correct - ANSWER - d
Which of the following statements is true?
a. law applies to individuals only; not to groups or society as a whole b. the sale of marijuana is illegal worldwide
c. the sale of alcoholic beverages is legal worldwide d. formal law is respected by all nations
e. none of the other choices are true - ANSWER - e
Making marijuana illegal in the United States and alcohol illegal in Saudi Arabia are both
examples of:
a. how law applies to individuals and not to groups or society as a whole b. how governments can use law to enforce different social norms
c. how formal law is respected in all nations
d. how law applies to both individuals and to groups equally e. none of the other choices - ANSWER - b
Making marijuana illegal in the United States and alcohol illegal in Saudi Arabia are both
examples of:
a. how law applies to individuals and not to groups or society as a whole b. how law applies to both individuals and to groups equally
c. how formal law is respected by all nations d. all of the other specific choices
e. none of the other specific choices - ANSWER - e
Laws are important in societies made up of people with differing desire and values because: a. disagreements are inevitable and laws is an attempt to settle disputes in a peaceful manner
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