Quiz 1-4 Business Law

What are the four primary sources of law in the United States?

• Common law, civil law, religious law, corporate law

• Constitutional law, statutory law, administrative law, case law

• Federal law, state law, municipal law, corporate law

• Criminal law, civil law, tort law, contract law

What is common law based on?

• Statutes passed by Congress

• Rules established by federal agencies

• Traditions, customs, and judicial precedents

• Laws enacted by state legislatures

What is the primary difference between remedies at law and remedies in equity?

• Remedies at law involve monetary compensation, while remedies in equity involve non-monetary relief

• Remedies at law apply only to criminal cases, while remedies in equity apply only to civil cases

• Remedies at law come from statutes, while remedies in equity come from the executive branch

• There is no real difference between the two

When might a court depart from precedent?

• When the judge does not like the previous ruling

• When there is a new law that overrides the precedent

• When the precedent is outdated or no longer applicable

• Both B and C

How does civil law differ from criminal law?

• Civil law involves private disputes, while criminal law deals with offenses against the state

• Criminal law focuses on compensation, while civil law focuses on punishment

• Civil law always results in jail time, while criminal law never does

• There is no difference between civil and criminal law

Which of the following agencies is responsible for protecting consumers from unfair business practices?

• Environmental Protection Agency (EPA)

• Federal Trade Commission (FTC)

• Occupational Safety and Health Administration (OSHA)

• National Labor Relations Board (NLRB)

What is the main role of the Environmental Protection Agency (EPA)?

• Regulating workplace safety standards

• Ensuring fair labor practices

• Overseeing environmental regulations and pollution control

• Managing financial markets

What is an example of a business activity affected by antitrust laws?

• A small bookstore deciding to lower its prices

• Apple restricting certain apps from competing in its App Store

• Tesla paying employees overtime wages

• Amazon opening a new fulfillment center

Which act regulates minimum wage, overtime pay, and child labor in the U.S.?

• Fair Labor Standards Act (FLSA)

• National Labor Relations Act (NLRA)

• Federal Trade Commission Act (FTCA)

• Occupational Safety and Health Act (OSHA)

Which judicial body is the highest authority for interpreting U.S. law?

• Federal District Courts

• U.S. Supreme Court

• State Supreme Courts

• U.S. Court of Appeals