Business Law- Topic 1 Test

Businesses deal with crime often, and all professionals need to know how to identify crimes and when they happen to help a business stay safe and successful.

• True
• False

Case Law is a government-made law and is also referred to as “common law.”

• True
• False

Understanding the legal system and how these laws impact businesses, consumers, and society is crucial for your success as a future professional.

• True
• False

Everything within the constitution is binding and the ultimate source of Law, which others draw from.

• True
• False

Laws are required to be followed, and they are put in place for a reason.

• True
• False

Unethical and illegal activity within a business is acceptable if it benefits the business.

• True
• False

We need U.S. Courts to interpret, create, and apply the law.

• True
• False

Both state and federal courts have three levels of courts.

• True
• False

Civil Law deals with disagreements between businesses only, as they cause injury to others.

• True
• False

Laws do not reflect the circumstances and cultures that create them.

• True
• False