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BUS 404 Stern Final Exam Questions and Answers
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BUS 404 Stern Final Exam Questions and Answers
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BUS 404 Stern Final Exam Questionsand Answers
In the event of an irreconcilable conflict between federal and state law, the
Supremacy clause provides that federal law will preempt state or local law
rendering it unconstitutional. (T/F) - -True
- States cannot regulate insurance as this is solely a federal responsibility.
(T/F) - -False
- Local government intervention in business typically involves various
licensure requirements. (T/F) - -True
- Administrative law principles are generally applicable to the conduct of
state and local governments. (T/F) - -False
- Agency commissioners are appointed typically for a life term. (T/F) - -False
- Administrative agencies act as pseudo governments, performing purely
executive, legislative, and judicial roles. (T/F) - -False
- Adjudication ordinarily involves standards to be applied to the future
conduct of unspecified parties. (T/F) - -False
- Congress controls agency budgets and thus can encourage or discourage
particular agency action. (T/F) - -True
- Federal agency rules and orders cannot be challenged in court. (T/F) - -
False
- CartMed Inc., an over-the-counter (OTC) drug manufacturer, is directed by
the office of National Drug Control Policy (ONDCP) to refrain from
manufacturing cough syrups that exceed 22 percent alcohol content for
children below the age of ten. This authority of the ONDCP falls under which
of the following regulatory categories?
A. Control of information
B. Control of rates
C. Control of standards
D. Control of cost - -C. Control of standards
- Identify the type of rules that offer an administrative agency's view of the
meaning of those statutes for which the agency has administrative
responsibility.
A. Interpretive rules
,B. Legislative rules
C. Procedural rules
D. Substantive rules - -A. Interpretive rules
- Which of the following statements is true of executive functions of federal
agencies?
A. They always offer formal advice in response to requests. B. They are
empowered to resolve tax disputes.
C. They do not deal with the compliance with laws and regulations.
D. They hear workers' compensation claims but cannot resolve them. - -B.
They are empowered to resolve tax disputes.
- Which of the following is an example of an executive function performed
by a federal agency?
A. Leasing federal lands
B. Enacting procedural rules
C. Regulating internal revenue service
D. Publishing all federal rules and orders daily - -A. Leasing federal lands
- Which of the following statements relates to procedural rules?
A. They define rights and duties, such as crimes and punishments, and civil
rights and responsibilities.
B. They impose new duties on affected parties and have the effect of law.
C. They delineate a federal agency's internal operating structure and
methods.
D. They offer a federal agency's view of the meaning of those statutes for
which they agency has administrative responsibility. - -C. They delineate a
federal agency's internal operating structure and methods.
- Federal Trade Commission rules providing for a cooling-off period of three
business days within which the buyer may cancel door-to-door sales
contracts are an example of an agency's application of its _____ rules.
A. procedural
B. interpretive
C. legislative
D. substantive - -C. legislative
- Internal Revenue Service regulations are an example of _____ rules. A.
substantive B. interpretive C. legislative D. procedural - -B. interpretive
- Which of the following statements is true of rule-making by agencies? A.
The agencies create rules that resemble laws but do not have the force of
laws. B. The federal government provides an online portal where the public
can comment on proposed rules. C. Legislative rules delineate the agency's
internal operating structure and methods. D. Procedural rules are policy
, expressions having the effect of law. - -B. The federal government provides
an online portal where the public can comment on proposed rules.
- Which of the following statements is true of judicial review of agency rules?
A. Review of controversial, high visibility rules issued by agencies is not
common. B. Courts can take a broad approach to judicial review of such
cases. C. Courts cannot overrule the agencies' interpretation of a rule. D.
Judges readily sustain the judgement of the agency where reasonable. - -D.
Judges readily sustain the judgement of the agency where reasonable.
- Which of the following statements is true of the Federal Communications
Commission's (FCC) indecency rules? A. FCC rules increase the prices of
cable TV services that broadcast indecent material. B. FCC rules forbid
indecent material on conventional broadcast services when children are
likely to be in the audience. C. FCC rules forbid indecent material on cable
networks between 6 pm and 10 am. D. FCC rules apply to subscription
services such as programming delivered via satellite. - -B. FCC rules forbid
indecent material on conventional broadcast services when children are
likely to be in the audience.
- A(n) _____ is an economics argument claiming that an individual or
business that is protected from risk will increase its risk-taking behavior in
the future in the belief that a bailout will follow, if needed. A. unjust
enrichment B. unconscionable contract C. wrongful discharge D. moral
hazard - -D. moral hazard
- Since the late 1970s, the United States has been in a period of
deregulation during which: A. federal agencies were newly created to
undertake legislative functions of the government B. administrative agencies
acted as governments, performing purely executive, legislative, and judicial
roles C. federal powers were separated from the powers of the states D.
great efforts were made to reduce the rule of government in big portions of
American life - -D. great efforts were made to reduce the role of government
in big portions of American life
- Which of the following us true of the partnership form of business?
A. the vast majority of partnership agreements are written
B. An assignee of a partnership interest has the right to participate in control
and enjoys the status of a partner
C. the partners are not personally liable for the partnership's obligations
should it default
D. Events in the private lives of the partners can seriously impact the
business venture - -D
- Which of the following is true of LLCs?
A. the management structure of LLC is extremely rigid
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