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Exam 22: Extension: Working Within the Legal Environment

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Question 71

Multiple Choice

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Which of the following industries has been deregulated?

A) Chemicals
B) Agriculture
C) Airlines
D) Steel

E) None of the above
F) A) and B)

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Question 72

True/False

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A full warranty limits the defects or mechanical problems that are covered in a product.

A) True
B) False

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Question 73

Multiple Choice

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The branch of the government responsible for overseeing the legal system is the:

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

A tax credit is a document that increases a tax bill.

Negligence, in tort law, deals with behavior that causes intentional harm or injury.

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.

Income taxes include taxes paid on real and personal property.

Common law is based on the precedent of earlier court decisions.

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter:

Tort law involves criminal acts where victims can be awarded compensation.

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. -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.

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.

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:

Which of the following is a condition required for a legally binding contract?

Which of the following refers to a tax designed to reduce the consumption of a specific good?

When Sears agrees to replace or repair your defective treadmill at no charge to you, Sears is fulfilling a full warranty on your treadmill.

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.

A company has to be insolvent before it can file for Chapter 11 bankruptcy.

The Dodd-Frank Wall Street Reform and Consumer Protection Act evolved from the mortgage industry meltdown, which was the consequence of deceptive behavior of professionals on Wall Street and uninformed consumers who risked too much and purchased homes whose future monthly payments were more than they could afford. The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as the _____________________.