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Business Law Exam Review

Total questions: 110

Worksheet time: 55mins

Name
Class
Date
1.
 Which is a company resource that employees often analyze to ascertain policies and procedures?
a)
 Training materials 
b)
Research documents
2.
Which business resource provides information about the company’s dress codes, vacation policies, and general rules for appropriate behavior?
a)
Productivity manual 
b)
Employee handbook 
3.
A plant manager or a department head would be an example of which level of management?
a)
Middle
b)
Operating
4.
An important purpose of management is to ___________________ the business.
a)
 design advertising for 
b)
achieve the objectives of 
5.
The number of levels of management that a business needs usually depends on the:
a)
goals of the company. 
b)
size of the business
6.
 Tim is the technology manager for the MSJ Company.  Tim is responsible for backing up the computer system each evening to make sure that the company has a copy of each day’s computer activities and transactions. On Tuesday evening, Tim was running late for a meeting and decided not to conduct the backup activities.  Later that night, the computer system crashed and all of Tuesday’s computer data was lost.  By apologizing to his boss for making a poor decision and offering to work extra hours to help fix the problem, Tim was:
a)
 blaming others for the consequences of his actions
b)
accepting the consequences for the decisions he made.
7.
It is important for employees to follow the rules of conduct established by management to:
a)
ensure that everyone is compensated the same way
b)
maintain a consistent and fair work environment.
8.
If an employee continuously fails to follow the firm’s rules of conduct, the firm is likely to:
a)
promote the employee. 
b)
 take disciplinary action
9.
Which is the first step of effective managerial planning?
a)
 Evaluate the quality of various processes 
b)
Use a systematic approach to establish objectives
10.
Which is an element of the planning function of management?
a)
Training employees
b)
Setting goals
11.
Which question should effective managerial planning answer?
a)
Did we accomplish our goals? 
b)
What do we want to do? 
12.
John proposes to sell his car to Jan for $500. What element of a contract did John propose?
a)
Acceptance
b)
Offer
c)
Rejection 
d)
Revocation
13.
Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?
a)
Bilateral
b)
Implied
c)
Unilateral
d)
Void
14.
John sold a watch he owned to Jim. What term is used to identify the watch in this transaction for Jim?
a)
Benefit
b)
Counteroffer
c)
Detriment
d)
Forbeance
15.
Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?
a)
Donee
b)
Donor
c)
Offeree
d)
Offeror
16.
After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?
a)
Referral
b)
Refusal
c)
Rejection
d)
Revocation
17.
If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?
a)
When offered
b)
When received
c)
When sent
d)
When written
18.
A threat against a person’s business would violate which element?
a)
Capacity
b)
Consideration
c)
Genuine agreement
d)
Legality
19.
Agreeing to give false testimony violates which element?
a)
Capacity
b)
Consideration
c)
Legality
d)
Offer
20.
When Donnie, Matt, and Steve, all age 15, enter into a contract, what term describes this type of contract?
a)
Bilateral
b)
Valid
c)
Void
d)
Voidable
21.
John’s agreeing to Jason’s proposal to sell his car is which element of a contract?
a)
Acceptance
b)
Consideration
c)
Rejection
d)
Revocation
22.
Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. In this scenario, who is Mark?
a)
Donee
b)
Donor
c)
Offeree
d)
Offeror
23.
After being threatened at gunpoint, Dale cancels his contract based on which part of a genuine agreement?
a)
Bilateral Mistake
b)
Duress
c)
Fraud
d)
Unilateral Mistake
24.

Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?

a)

Donee

b)

Donor

c)

Offeree

d)

Offeror

25.

If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?

a)

When offered

b)

When sent

c)

When received

d)

When written

26.

John’s agreeing to Jason’s proposal to sell his car is which element of a contract?

a)

Acceptance

b)

Consideration

c)

Rejection

d)

Revocation

27.

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. In this scenario, who is Jill?

a)

Donee

b)

Donor

c)

Offeree

d)

Offeror

28.

Agreeing to give false testimony violates which element?

a)

Capacity

b)

Consideration

c)

Legality

d)

Offer

29.

A detective caught a suspect who intentionally set fire to a pharmacy. The detective was not allowed to accept a gift from the proprietor due to:

a)

existing duty

b)

past consideration

c)

a promise to make a gift

d)

a promise to obey the law

30.

After being offered a new car at a

discount, Lisa decided to turn down the offer. How was this contract terminated?

a)

Referral

b)

Refusal

c)

Rejection

d)

Revocation

31.

Carter Construction is building the

new civic arena. The construction is expected to take over two years to complete. The contract must be in writing according to which law?

a)

Commercial Building Code

b)

Statute of frauds

c)

Statute of limitations

d)

Uniform Commercial Code

32.

When Donnie, Matt, and Steve, all

age 15, enter into a contract, what term describes this type of contract?

a)

Bilateral

b)

Valid

c)

Void

d)

Voidable

33.

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. In this scenario, who is Mark?

a)

Donee

b)

Donor

c)

Offeree

d)

Offeror

34.

John proposes to sell his car to Jan for $500. What element of a contract did John propose?

a)

Acceptance

b)

Rejection

c)

Offer

d)

Revocation

35.

Samantha decides to sell Joanne her music collection for $550. What law requires the contract to be in writing?

a)

Ambiguous clause

b)

Parol evidence rule

c)

Statute of frauds

d)

Statute of limitations

36.

John sold a watch he owned to Jim. What term is used to identify the watch in this transaction for Jim?

a)

Benefit

b)

Counteroffer

c)

Detriment

d)

Forbearance

37.

Curt and Carrie sign a real estate contract to purchase a historic home. In the body of the contract, a change is handwritten. What law requires the contract to be in writing?

a)

Statute of frauds

b)

Statute of limitations

c)

Statute of realtors

d)

Uniform Commercial Code

38.

Which is a type of unilateral

mistake?

a)

Destruction of subject matter

b)

Impossibility of performance

c)

Overcoming one’s free will

d)

Signing a contract without reading

it

39.

A threat against a person’s business would violate which element?

a)

Capacity

b)

Consideration

c)

Genuine agreement

d)

Legality

40.

Marco and Angelica are purchasing

their first home. What law requires that their contract be in writing?

a)

Parol evidence

b)

Promissory estoppel

c)

Statute of frauds

d)

Statute of limitations

41.

After being threatened at gunpoint,

Dale cancels his contract based on which part of a genuine agreement?

a)

Bilateral mistake

b)

Duress

c)

Fraud

d)

Unilateral mistake

42.

Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?

a)

Bilateral

b)

Implied

c)

Unilateral

d)

Void

43.

Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this?

a)

Oral

b)

Unenforceable

c)

Unenforceable

d)

Written

44.

Carol gives up her legal right to sue Janice. What term describes this situation?

a)

Benefit

b)

Counteroffer

c)

Detriment

d)

Forbearance

45.

A contract to charge a set price with competitors violates which element?

a)

Capacity

b)

Consideration

c)

Legality

d)

Offer

46.

Bill and Sarah agreed at lunch to a contract for landscaping services. Bill did not have the contract form for Sarah to sign. What type of contract is this?

a)

Oral

b)

Unenforceable

c)

Valid

d)

Written

47.
The offeree is the one accepting the offer.
a)
True
b)
False
48.
Contracts are legal links between the individuals and companies producing and consuming goods and services.
a)
True
b)
False
49.
The test of the reasonable person is an objective legal test used by juror or judges.
a)
True
b)
False
50.
When the offeror communicates an offer to contract, the offeree is not required to accept it, but he or she may choose to do so.
a)
True
b)
False
51.
Social agreements create legal obligations.
a)
True
b)
False
52.
Advertisements are considered invitations rather than offers.
a)
True
b)
False
53.
Every offer, when properly made, is always ended either by acceptance or rejection by the offeree.
a)
True
b)
False
54.
Even though the offeree has given nothing of value in exchange, a merchant who makes a firm offer may not revoke it.
a)
True
b)
False
55.
An offer made to one person can be accepted by another.
a)
True
b)
False
56.
An offeror's attempt to word the offer so that silence would appear to be an acceptance is valid.
a)
True
b)
False
57.
Recission is conduct suggesting you intend to be bound by the contract.
a)
True
b)
False
58.
The absence of genuine agreement will make contract papers voidable.
a)
True
b)
False
59.
Committing an act of violence to obtain a signature on a written contract is duress.
a)
True
b)
False
60.
When one party to the contract is in a position of trust and wrongfully dominates the other party, undue influence occurs.
a)
True
b)
False
61.
Signing a contract written in a language you don't understand will not bind you.
a)
True
b)
False
62.
Material facts are important facts that influence the parties' decisions about a contract.
a)
True
b)
False
63.
In some states, the contract is still valid if the mutual mistake is about the applicable law.
a)
True
b)
False
64.
Unilateral mistakes create the right to rescind or void the contract.
a)
True
b)
False
65.
All persons are presumed to know the law.
a)
True
b)
False
66.
Punitive damages are a form of punishment.
a)
True
b)
False
67.
The offeror is the one making the offer,
a)
True
b)
False
68.

The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses

a)

Bank Fraud

b)

Electronic Fund Transfer Act

c)

Federal Deposit Insurance Act

d)

Home Equity Loan Consumer Protection Act

e)

Home Equity

69.

Provides consumers against unauthorized electronic fund transactions including debit and credit card purchases, ATM withdrawals, and automatic bank account withdrawals

a)

Bank Fraud

b)

Electronic Fund Transfer Act

c)

Federal Deposit Insurance Act

d)

Home Equity Loan Consumer Protection Act

e)

Home Equity

70.

maintain the public’s confidence in banks and encourage stable banking practices

a)

Bank Fraud

b)

Electronic Fund Transfer Act

c)

Federal Deposit Insurance Act

d)

Home Equity Loan Consumer Protection Act

e)

Home Equity

71.

Creditors to disclose the conditions, rates, and terms of home equity loan plans

a)

Bank Fraud

b)

Electronic Fund Transfer Act

c)

Federal Deposit Insurance Act

d)

Home Equity Loan Consumer Protection Act

e)

Home Equity

72.

The current market value of a home minus the remaining mortgage balance

a)

Bank Fraud

b)

Electronic Fund Transfer Act

c)

Federal Deposit Insurance Act

d)

Home Equity Loan Consumer Protection Act

e)

Home Equity

73.

Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches

a)

Rights to Financial Privacy Act

b)

Thrift and Bank Fraud Act

c)

Credit Card Act of 2009

d)

Credit Report

e)

Credit:

74.

increased the government’s ability to combat bank fraud

a)

Rights to Financial Privacy Act

b)

Thrift and Bank Fraud Act

c)

Credit Card Act of 2009

d)

Credit Report

e)

Credit:

75.

Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age

a)

Rights to Financial Privacy Act

b)

Thrift and Bank Fraud Act

c)

Credit Card Act of 2009

d)

Credit Report

e)

Credit:

76.

Summary of consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments

a)

Rights to Financial Privacy Act

b)

Thrift and Bank Fraud Act

c)

Credit Card Act of 2009

d)

Credit Report

e)

Credit:

77.

agreement when one party receives something of value now and agrees to pay the lender in the future

a)

Rights to Financial Privacy Act

b)

Thrift and Bank Fraud Act

c)

Credit Card Act of 2009

d)

Credit Report

e)

Credit:

78.

Person or business providing credit

a)

Creditor

b)

Debtor

c)

Equal Credit Opportunity Act

d)

Fair Credit Billing Act

e)

Fair Credit Reporting Act

79.

Person or business that receives the credit (must pay back the loan)

a)

Creditor

b)

Debtor

c)

Equal Credit Opportunity Act

d)

Fair Credit Billing Act

e)

Fair Credit Reporting Act

80.

Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance

a)

Creditor

b)

Debtor

c)

Equal Credit Opportunity Act

d)

Fair Credit Billing Act

e)

Fair Credit Reporting Act

81.

Provides consumers with a means to dispute a billing error on open-ended credit accounts (credit and charge cards)

a)

Creditor

b)

Debtor

c)

Equal Credit Opportunity Act

d)

Fair Credit Billing Act

e)

Fair Credit Reporting Act

82.

the right to know who requests to view their credit report over the past year

a)

Creditor

b)

Debtor

c)

Equal Credit Opportunity Act

d)

Fair Credit Billing Act

e)

Fair Credit Reporting Act

83.

Sets the maximum amount of interest that can be charged for a loan

a)

Truth-in-Lending Act

b)

Usury Law

c)

Chapter 7

d)

Chapter 11

e)

Chapter 12

84.

Allows businesses to create a plan to “reorganize” and pay off their debts over time

a)

Truth-in-Lending Act

b)

Usury Law

c)

Chapter 7

d)

Chapter 11

e)

Chapter 12

85.

Allows an individual to submit a plan to repay debts in 3 to 5 years.

a)

Truth-in-Lending Act

b)

Usury Law

c)

Chapter 13

d)

Chapter 11

e)

Chapter 12

86.

Allows family farmers and fishing business owners to recover from debt

a)

Truth-in-Lending Act

b)

Usury Law

c)

Chapter 7

d)

Chapter 11

e)

Chapter 12

87.

Deals with a parent’s right to make major decisions about the children’s health, education and welfare.

a)

Joint Custody

b)

Legal Custody

88.

Physical Custody is defined as: the court deciding who (which parent) has the child or children

a)

True

b)

False

c)

I

89.

Unscramble the letters for the term for definition below. _________illegal act of having more than two spouses at the same time.

a)

Bigamy

b)

Bigmay

90.

___________ can be performed by a _______.

(a)  

91.

_____________the child or children have equal time with the parent(s

a)

Single custody

b)

Joint custody

c)

Legal custody

92.

________an allowance for support that is paid by the former spouse in the case of a divorce.

a)

Annuity

b)

Allowance

c)

Alimony

93.

________an agreement is a written and signed legal contract couples make before getting married dealing with property and support issues

a)

Marriage Contracts

b)

Discussion

c)

Prenuptial agreements

94.

A government-issued certificate giving permission to marry is _______

a)

Prenuptial agreement

b)

Marriage license

95.

___________ is defined as a state law determines how martial property is distributed.

a)

Marital property

b)

Support Enforcement

96.

George signed a document giving his wife permission to act on his behalf during his illness. Which term identifies the type of document George signed?

a)

Common law

b)

Power of attorney

c)

LAWYER

d)

Executrix

97.

Mary was in a serious car accident. She lost the ability to think on her own. She is forced to change her will by her brother. The courts can revoke the new will because she did not have what?

a)

Capacity

b)

Consideration

c)

Inheritance

d)

SOUND MIND

98.

After John dies, his family discovers he DOES NOT have a will. The court then appoints someone to carry out the will. What term is used to identify this person?

a)

Administrator

b)

Executor

c)

Executrix

d)

Testator

99.

After Rachel dies, her son takes her will to a lawyer. The executor must then distribute her estate according to which type of law?

a)

State

b)

CITY

c)

Witnesses

100.

Maria’s mother dies. Maria is left with her mother’s car and house. What are the car and house considered?

a)

Inheritance

b)

HEIR

c)

Witnesses

101.

Gillespie decides that he wants to create a will. He writes the will in front of a lawyer and his assistant. What are the lawyer and the assistant considered?

a)

Witnesses

b)

Guarantors

c)

BEQUEST

d)

DEVISE

102.

Bobby bought a beach home this past summer and wants to add it to his will. What legal document must be completed for this change?

a)

Codicil

b)

BEQUEST

c)

DEVISE

d)

HEIR

103.

Fred dies. His son becomes representative of the estate. What must his son do after inventorying, assembling, preserving, and appraising it?

a)

Give public notice of the estate.

b)

Spend the money in the estate.

c)

Sell off all assets in the estate.

104.

Bobby’s uncle dies. Bobby received his uncle’s mansion. What term describes Bobby in this scenario?

a)

HEIR

b)

Fiduciary

c)

Beneficiary

d)

ATTORNEY

105.

A DOCUMENT THAT IS SIGNED DURING YOUR LIFETIME THAT DISTRIBUTES YOUR PROPERTY UPON DEATH

a)

WILL

b)

POWER OF ATTORNEY

c)

BEQUEST

d)

TESTATE

106.

DOCUMENT TO SUPPLEMENT OR CHANGE AN EXISTING WILL

a)

CODCIL

b)

WILL

c)

INTESTATE

d)

EXECITRIX

107.

DESIGNATED PERSON TO CARRY OUT YOUR WILL WHEN YOU DIE

a)

EXECUTOR/EXECUTRIX

b)

TESTATOR/TESTATRIX

c)

LAWYER

d)

CAPACITY

108.

LEGAL DOCUMENT BY WHICH PROPERTY/MONEY IS HELD BY ONE PERSON FOR THE BENEFIT OF ANOTHER (CHILD)

a)

WILL

b)

TRUST

c)

HEIR

d)

LIVING WILL

109.

Probate is a court-supervised procedure that validates a deceased

person’s will.

a)

T

b)

F

c)

NONE OF THE ABOVE

110.

the person giving the power of attorney

a)

GRANTOR

b)

Beneficiary

c)

Family and Spouse Protections

d)

Spendthrift Trust

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