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Business Law Final Exam Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

A set of laws made by the courts which provides a series of consistent rules that later court must follow.

a)

Common Law

b)

Moral Law

c)

Precedent

2.

A past case that a court follow when making a present decisions.

a)

Precedent

b)

Defendant

c)

Common Law

3.

A person who is accused of a crime.

a)

Defendant

b)

Plaintiff

c)

Prosecutor

4.

The party that accuses a person of a crime. In a criminal proceeding, the government is referred to as the plaintiff.

a)

Plaintiff

b)

Defendant

c)

Prosecutor

5.

Formal papers are filed by the plaintiff. Procedures can often be altered or changed by the agreement of the parties and judge.

a)

Civil Law Procedure

b)

Criminal Law Procedure

c)

State Law Procedure

6.

Criminal case starts when the defendant is arrested. Defendants have a right to due process. Procedures must be followed exactly.

a)

Criminal Law Procedure

b)

Civil Law Procedure

c)

Federal Law Procedure

7.

An appeal can only be based on a legal mistake by the judge.

a)

Civil Case appeals

b)

Criminal Case appeals

c)

State Court appeals

8.

When parties to a dispute invites a third party to help them to solve the problem. The third party tries to persuade the parties to compromise. This can be done voluntarily, or as required by a court.

a)

Mediation

b)

Arbitration

c)

Concilliation

9.

An appeal is a request to a higher court to reverse a lower court’s decision. Appellate jurisdiction is the power to hear an appeal from a lower court.

a)

Appellate Process

b)

General Court Process

c)

State Court Process

10.

A statute is created when legislature passes a proposed law, or bill. A law does not go into effect until the President (Federal Law) or Governor (State Law) signs it.

a)

Statutory Law Process

b)

Appellate Process

c)

State Law Process

11.

States must respect each other's laws and citizens. States are required to give "full faith and credit" to the laws and court decisions of other states.

a)

Article IV of the Constitution

b)

Article II of the Constitution

c)

Article V of the Constitution

12.

The wrongful taking of property by someone lawfully entrusted with possession and control of that property.

a)

Embezzlement

b)

Shoplifting

c)

Robbery

13.

What happens if a person is found guilty by reason of insanity?

a)

Psychiatric Treatment

b)

They go to jail

c)

They get fined

14.

Occurs when a person lies under oath during a court process or an administrative procedure.

a)

Perjury

b)

Breach of Contract

c)

Embezzlement

15.

The willful and malicious burning of a house or a building

a)

Arson

b)

Disparagement

c)

Larceny

16.

Placing a false signature on a check or other document with the intent to deceive someone in order to deprive that person of his or her property.

a)

Forgery

b)

Disparagement

c)

Larceny

17.

Stealing goods from a store.

a)

Shoplifting

b)

Larceny

c)

Robbery

18.

When criminals put money into legal businesses to hide large sums of money obtained illegally.

a)

Money Laundering

b)

Embezzlement

c)

Larceny

19.

Interfering with somebody’s land or real property and/ anything built on, attached to or under the land.

a)

Trespass

b)

Forgery

c)

Disparagement

20.

The legal doctrine that says that some activities are so dangerous that liability will always follow any injury that results from those activities.

a)

Strict Liability

b)

Assumption of Risk

c)

Breach of Contract

21.

Contributory Negligence; Comparative Negligence; Assumption of Risk

a)

Defenses to Negligence

b)

Defenses to Breach of Contract

c)

Defenses to Embezzlement

22.

Intentional Torts

a)

Assault and Battery; Defamation; Trespass

b)

Murder; Manslaughter; Rape

23.

This statute provides prison terms and fines for anyone who creates an electronic duplicate of a copyrighted work for commercial profit or private financial gain.

a)

No Electronic Theft Act

b)

Uniform Computer Information Transactions Act

c)

Anticybersquatting Consumer Protection Act

24.

Involves transmitting computer viruses to people to destroy their computer system or files.

a)

Cybergerm Warfare

b)

Cyberspoofing

c)

Cyberpiracy

25.

A crime in which a cybercriminal falsely adopts the identity of another computer user or creates a false identity on a computer Web site in order to commit fraud.

a)

Cyberspoofing

b)

Cybergerm Warfare

c)

Cyberblackmail

26.

The taking back of an offer by the offeror

a)

Revocation

b)

Rejection

c)

Counteroffer

27.

A contract the court will not uphold, generally because of some rule of law, such as the statute of limitations.

a)

Unenforceable Contract

b)

Expired Contract

c)

Revoked Contract

28.

Invitations to deal, trade, or make an offer.

a)

Invitations to Negotiate

b)

Invitations to Contract

c)

Invitations to Buy

29.

If a minor disaffirms a contract

a)

They must return the merchandise

b)

They must pay for the merchandise

c)

They must keep the merchandise

30.

Something a party gives up in an agreement.

a)

Detriment

b)

Genuine Agreement

c)

Benefit

31.

Contracts that pay somebody else’s debts; Contracts to pay debts of a person who has died; Contracts requiring more than a year to perform; contracts in consideration of marriage; Contracts for the sale of goods; Contracts to sell real property

a)

Contracts that must be in writing

b)

Contracts that must be oral

c)

Express Contracts

32.

Promissory Estoppel is the principle that a promise made without consideration may nonetheless be enforced to prevent injustice and is an example of an exception to the requirement of consideration.

a)

Exceptions to consideration

b)

Exceptions to contracts

c)

Exceptions to offers

33.

Asks the court to order the other party in a contract to do what he or she agreed to do.

a)

Specific Performance

b)

Injunction

c)

Option

34.

An act that threatens a person’s income or business that makes that person enter a contract without real consent.

a)

Economic Duress

b)

Undue Influence

c)

Remedy

35.

How many days do you have to report an error on your credit card bill?

a)

60 Days

b)

30 Days

c)

90 Days

36.

The Act was passed to protect consumers from being harassed by debt collectors and to make it illegal for those collectors to impersonate government officials.

a)

Fair Debt Collection Practices Act

b)

Equal Credit Opportunity Act

c)

Fair Credit Reporting Act

37.

Also called Ordinary Bankruptcy, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.

a)

Chapter 7 Bankruptcy

b)

Chapter 11 Bankruptcy

c)

Chapter 13 Bankruptcy

38.

In this Bankruptcy, you use your income to pay some or all of what you owe to your creditors over time -- from three to five years, depending on the size of your debts and income.

a)

Chapter 13 Bankruptcy

b)

Chapter 7 Bankruptcy

c)

Chapter 12 Bankruptcy

39.

What are the three national credit reporting agencies?

a)

Equifax, Trans Union, and Experian

b)

Equifax, Trans Credit, and Experian

c)

Equitable, Trans Union, and Experian

40.

When a portion of a person’s paycheck is withheld for payment of a debt. It cannot exceed 25 percent of their take-home pay.

a)

Garnishment

b)

Withholding

c)

Taxes

41.

Also called the Consumer Protection Act, this law was designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

a)

Truth in Lending Law

b)

Truth in Reporting Law

c)

Truth in Credit Law

42.

A legal proceeding involving a person or business that is unable to repay outstanding debts.

a)

Bankruptcy

b)

Garnishment

c)

Breach of Contract

43.

Makes employers responsible for verifying the identity and employment eligibility of all employees.

a)

Immigration Reform Act

b)

Credit Reform Act

c)

Bankruptcy Reform Act

44.

A government program that provides continuing income to workers and their dependents when their earnings stop or are reduced because of retirement, disability, or death.

a)

Social Security Act

b)

Retirement Act

c)

Federal Income Tax Act

45.

The purpose of this Agency is to set up a national policy for fighting pollution, and to protect the environment and human health from exposure to hazardous chemicals and waste.

a)

EPA

b)

EEOC

c)

FDA

46.

Agency responsible for enforcing federal laws that make it illegal to discriminate against a job applicant or an employee because of the person's race, color, religion, sex (including pregnancy), national origin, age (40 or older), disability or genetic information. It also hears complaints about discrimination.

a)

EEOC

b)

EPA

c)

OSHA

47.

An organization of employees formed to promote the welfare of its members.

a)

Union

b)

Agency

c)

Corporation

48.

Requires employers to negotiate wages, hours, and conditions of employment with unions. It also created the National Labor Relations Board (NLRB) to hear complains about unfair labor practices.

a)

Wagner Act

b)

Norris-LaGuardia Act

c)

Taft-Hartley Act

49.

Forbids discrimination on the basis of a disability if the disabled individual can do the essential functions of a job.

a)

ADA

b)

OSHA

c)

FDA

50.

Created in 1977, it has a dual function: to develop and implement a national policy on energy resources and it has the responsibility for the nation’s nuclear energy program.

a)

Department of Energy

b)

Department of Education

c)

Department of Nuclear Energy