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Business Law Final Review

Total questions: 63

Worksheet time: 47mins

Name
Class
Date
1.
What is a tort?
a)
a criminal act
b)
a set of laws
c)
a civil wrong
d)
none of these
2.
Which of the following is TRUE about civil law?
a)
the plaintiff is the state
b)
the defendant goes to jail if held liable
c)
damages are often in the form of money
d)
all of these are true
3.
When does a tort occur?
a)
when a person is injured
b)
when property is damaged
c)
when a person's reputation is harmed
d)
all of these
4.
What is an advantage of the tort law system?
a)
people are held accountable for their actions
b)
companies are held accountable for the safety of their products
c)
people must take reasonable care of others' property
d)
all of these
5.
Which of the following is NOT an element needed to prove negligence?
a)
duty
b)
damages
c)
intent
d)
causation
6.

_____________ occurs when a defendant fails to use reasonable care.

a)

Duty of Care

b)

Breach of Duty

c)

Proximate Cause

d)

Actual Harm

7.

The standard of care used in negligence is based on what a reasonably competent person, in the same position and having the same knowledge, would do in that person’s position.

a)

true

b)

false

8.

When an Accountant lies on their client's taxes, which of the following has occurred?

a)

nothing - the Accountant has no duty to customers

b)

Physical damages

c)
a breach of duty
d)
all of these
9.
If you drive a car, you are expected to follow the rules of the road and not injure others?  This represents a
a)
proximate cause
b)
duty of care
c)
negligent obligation
d)
none of the above
10.

What is the role of the mediator?

a)

Offer a solution to the parties involved in the mediation

b)

Act as an impartial third party facilitating discussion without taking a side

c)

Investigate the issue being discussed

d)

To pronounce the verdict of the jury

11.

A law is considered _______ when it conflicts with a constitution.

a)

Valid

b)

Criminal

c)

Unconstitutional

d)

Constitutional

12.

A _________________is an offense against society.

a)

crime

b)

tort

c)

law

d)

case

13.

Private wrongs against people or organizations are called _________

a)

Crimes

b)

Torts

c)

Ordinances

d)

None of the above

14.

This type of law is created when constitutions are amended or adopted.

a)

Case

b)

Administrative

c)

Statues

d)

Constitutional

15.

Who determines the outcomes of US District court cases?

a)

jury

b)

witnesses

c)

both jury and witnesses

d)

none of the above

16.

Highest level of court in the US Federal Court System

a)

POTUS

b)

State Supreme Court

c)

State District Court

d)

US Supreme Court

17.

Number of judges on US Supreme Court

a)

8

b)

9

c)

10

d)

none of the above

18.

a vote by the US Supreme Court is called

a)

a decision

b)

writ of certiorari

c)

Supreme Court ruling

d)

none of the above

19.

Who is the head of the federal judiciary branch of government?

a)

the President of the US

b)

US Supreme Court

c)

US Congress

d)

Chief Justice

20.

Number of years the chief Justice serves on Supreme Court

a)

9 years

b)

lifetime position

c)

12 years

d)

none of the above

21.

The Chief Justice is appointed to the US Supreme Court by

a)

Congress

b)

the President of the US

c)

The Supreme Court

d)

None of the above

22.

An agreement between two parties that creates an obligation is a(n)

a)

Contract

b)

Tort

c)

Offer

d)

Purpose

23.

_______ of an offer is agreement to the terms of the offer.

a)

Competency

b)

Consideration

c)

Acceptance

d)

Offer

24.
Spoken defamation of character of a person, business, or group, causing the entity to lose esteem of community.
a)
meanness
b)
libel
c)
gossip
d)
slander
25.
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
26.
Agreeing to give false testimony violates which element?
a)
Capacity
b)
Consideration
c)
Legality
d)
Offer
27.
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
28.

Element of a contract that requires something of legal value must be exchanged between the parties.

a)

consideration

b)

capacity

c)

offer and acceptance

d)

genuine agreement

29.

The idea that corporations can and should act ethically and be accountable to society for their actions.

a)

Corporate Bill of Rights

b)

Moral Minimum

c)

Consumer Protection Agency

d)

Corporate Social Responsibility

30.
The offeree is the one accepting the offer.
a)
True
b)
False
31.

Jim purchases a rare antique piece for $5,000. The contract was signed by both parties. in this scenario, who is Jim?

a)

donee

b)

donor

c)

offeree

d)

offeror

32.

Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn is this transaction?

a)

donee

b)

donor

c)

offeree

d)

offeror

33.

A minor has the capacity to contract when...

a)

Always

b)

Only valid on contracts valuing over $1 Million

c)

For necessities like food, clothing, and lodging

d)

It depends on the state you live in

34.
An act of an employee exposing an employer’s wrongdoing to outsiders.
a)
Ethical Issue
b)
Plagiarism
c)
Consumerism
d)
Whistleblowing
35.
A set of guidelines for maintaining ethics in the workplace. 
a)
Code of Ethics
b)
Code of Conduct
c)
Integrity
d)
Code of Honor
36.

If a married person disappears for a certain period of time, the spouse is entitled to freedom from the marriage through this kind of divorce (average time is five to seven years)

a)

Community Property

b)

Desertion

c)

Separate Property

d)

Managed Visitation

37.

Both parties must be at least 18 years of age to enter into this legal relationship without parental consent.

a)

Mutual Fund Investment

b)

Adoption

c)

Marriage

d)

McDonald Franchise

38.

Any property which is acquired through the labors of either spouse during their marriage.

a)

Prenuptial Agreement

b)

Separate Property

c)

Community Property

d)

Real Property

39.

A legal dissolution of the marriage contract.

a)

Extraction

b)

Quid Pro Quo

c)

Divorce

d)

Managed Visitation

40.

Parents are legally responsible for the financial support of their children until the children are 18 years of age.

a)

Common Law Accountability

b)

Child Support/Child Custody

c)

Law of Minority

d)

Law of Majority

41.

What is the purpose of family laws?

a)

To make jobs for lawyers and law enforcement

b)

To protect the innocent and especially children

c)

The Constitution mandates these laws

42.

Which statement best explains "annulment"?

a)

Annulling a marriage is as though it is completely erased, legally, and it declares that the marriage never technically existed and was never valid.

b)

Annulling a marriage is the same as divorce in most states.

c)

Annulling a marriage is not a legal term.

d)

Annulling a marriage is a divorce that also includes extensive protection orders for the partner suing for divorce.

43.

Which of the following is a sign of an unhealthy relationship?

a)

Cards and gifts on special occasions

b)

Feel like you can't be yourself

c)

Calls to check to see if you made it home safely

d)

Spends time getting to know your family

44.
A contract between the insurance company and the insured that states the exact terms including what risks are covered is a(n)?
a)
premium
b)
policy
c)
agent
d)
deductible
45.
The money paid to an insurance company to purchase a policy.
a)
deductible
b)
copay
c)
premium
d)
co-insurance
46.
John's father passed away. What type of insurance will provide his family with financial support?
a)
health
b)
life
c)
auto
d)
unemployment
47.
Anthony goes to the doctor and receives a prescription for medication to recover from the flu. What type of insurance can be used in this situation?
a)
health
b)
disability
c)
life
d)
unemployment 
48.
Clare's father is in a car accident and cannot work. What type of insurance replaces her father's earnings?
a)
health
b)
life
c)
disability
d)
unemployment
49.
A financial product purchased by many people facing a similar risk to protect against the risk of loss.
a)
insurance
b)
deductible
c)
risk management
d)
premium
50.
When a policyholder is required to pay a fixed percentage of the loss after the deductible has been paid. This is an example of:
a)
paying a copay
b)
paying coinsurance
c)
paying a premium
d)
risk avoidance
51.
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury is called:
a)
a moral hazard
b)
a claim
c)
an insurance adjuster
d)
a policy review
52.
Someone who receives money if an insured person dies is known as:
a)
a policyholder
b)
an agent
c)
a claim owner
d)
a beneficiary
53.
Someone who relies on someone else for money and care is:
a)
an income provider
b)
a beneficiary
c)
a dependant
d)
a liability
54.
The chance of loss.
a)
risk
b)
insurance
c)
deductible
55.
A person who owns a policy is known as:
a)
an agent
b)
a beneficiary
c)
a dependent
d)
a policy holder
56.
What type of insurance provides payment to OTHERS if the insured person accidentally causes harm to other people or their property.
a)
disability
b)
liability
c)
worker's compensation
d)
unemployment
57.
If you fall down in your house and sprain your ankle, what type of insurance might be used?
a)
life
b)
auto
c)
long term care
d)
homeowner's
58.
What type of insurance might you be able to use if there is a leaky pipe in your rented apartment and the water ruins your things?
a)
liability
b)
auto
c)
renters
d)
life
59.
You have surgery and are unable to work for several months. What type of insurance might provide income because you are unable to work?
a)
health
b)
disability
c)
auto
d)
homeowners
60.

an amount to be paid for an insurance policy.

a)

Assigned Risk pool

b)

Managed care health insurance

c)

Annual Deductible

d)

Premium

61.

formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

a)

Claim

b)

assigned risk pool

c)

Managed care health insurance

d)

premium

62.

life insurance that pays a benefit in the event of the death of the insured during a specified term.

a)

Renter's insurance

b)

Term life insurance

c)

Universal variable life insurance

d)

Whole life insurance

63.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

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