WorksheetsFinal Exam-Business Law 25
Total questions: 100
Worksheet time: 49mins
Name
Class
Date
1.
What types of laws are created by the judicial branch of government?
a)
Constitutional
b)
Criminal
c)
Case
d)
Procedural
2.
People often refer to a written authority when
a)
looking at profit maximization.
b)
impartiality is in question.
c)
reasoning about right or wrong.
d)
trying to decide if a will is valid.
3.
The document that sets forth the framework of a government and its relationship to the people it governs is a(n)
a)
Bill of Rights
b)
ordinance
c)
constitution
d)
code of law
4.
Substantive law
a)
sets current standards or customs of the people.
b)
is set down by a sovereign or other central authority.
c)
is based on revenge.
d)
defines legal rights and duties.
5.
______________ law is followed when a crime has taken place.
a)
Administrative
b)
Criminal
c)
Case
d)
Procedural
6.
Law dictated by a sovereign or higher authority is called
a)
positive law
b)
substantive law
c)
common law
d)
equity law
7.
The term equity means
a)
unjust
b)
unfair
c)
fair
d)
collateral
8.
The Bill of Rights of the U.S. Constitution protects
a)
allocation of power between federal and state governments.
b)
U.S. citizens from U.S. government actions.
c)
the U.S. government from foreign powers.
d)
state governments' rights.
9.
Whether a case is decided in the state in which it is filed or another venue is a matter of
a)
choice
b)
stare decisis
c)
executive decision
d)
jurisdiction
10.
The _____________ court handles cases involving $2,500 or less.
a)
Juvenile
b)
Traffic
c)
Criminal
d)
Small Claims
11.
The term litigate means to
a)
arbitrate a dispute
b)
mediate a dispute
c)
resolve a dispute in court
d)
take a dispute to probate
12.
Independent parties called __________________ may be called upon to help two disputing parties reach a solution.
a)
negotiators
b)
participators
c)
facilitators
d)
mediators
13.
A _________________ court administers wills and estates.
a)
civil
b)
criminal
c)
probate
d)
traffic
14.
The age that is considered below the age of reason is
a)
8
b)
12
c)
7
d)
18
15.
When two or more people come to an agreement to commit a crime, they have formed a
a)
coalition
b)
cooperative
c)
conspiracy
d)
contingency
16.
Prior to a search an officer must first establish
a)
legal precedent
b)
probable cause
c)
liability
d)
reasonable precedent
17.
A(n) ______________________ is not usually valid unless a person has been issued a Miranda warning.
a)
search warrant
b)
arrest warrant
c)
legal penalty or fine
d)
confession
18.
The power of a court to decide a case is called
a)
an ordinance
b)
jurisdiction
c)
procedural law
d)
substantive law
19.
Corporate officers can be held criminally liable for the illegal act of a(n)
a)
customer
b)
employee
c)
political apontee
d)
judge
20.
What is the standard of proof in a criminal case?
a)
proof by clear and convincing evidence
b)
proof by a preponderance of the evidence
c)
proof beyond a reasonable doubt
d)
proof by eye witnesses
21.
An example of battery would be
a)
verbally abusing someone
b)
engaging in gossip
c)
causing harm through negligence
d)
slapping Coach Lewis in the face
22.
___________________ is the intentional misrepresentation of an existing important fact.
a)
Breach of Duty
b)
Assumption of Risk
c)
Fraud
d)
Reliable person standard
23.
A proposal to do something is a(n)
a)
offer
b)
contract
c)
arrangement
d)
promise
24.
A(n) __________________ contract is formed by a mutual exchange of legally binding promises.
a)
bilateral
b)
express
c)
implied
d)
executed
25.
The ____________________ requires that the acceptance exactly match the terms contained in the offer.
a)
unilateral rule
b)
bilateral rule
c)
matching offer rule
d)
mirror image rule
26.
An offer that is not accepted may be terminated by the rejection of the
a)
Offeror
b)
acceptor
c)
offeree
d)
rejecter
27.
A(n) __________________ occurs when a party to whom an offer has been made agrees to the proposal.
a)
alteration
b)
rejection
c)
acceptance
d)
acknowledgement
28.
A(n) _____________ occurs when the terms of an original offer are changed.
a)
counteroffer
b)
contract
c)
executive decision
d)
offer
29.
The threat to engage in illegal conduct in order to gain agreement to a contract is always considered
a)
unusual persuassion
b)
improper threat
c)
duress
d)
undue influence
30.
____________________ is a key element in undue influence.
a)
Unfair persuasion
b)
Fraud
c)
Duress
d)
Threats and alternatives
31.
It is presumed that all persons know
a)
the facts
b)
the correct technical terminology
c)
the law
d)
the truth
32.
A mistake from failure to read a contract prior to signing is considered a ________________ mistake.
a)
fraudulent
b)
bilateral
c)
mutual
d)
unilateral
33.
A person to whom a debt is owed is called the
a)
Bank
b)
Loaner
c)
Debtor
d)
Creditor
34.
Forbearance is an agreement
a)
not to do something
b)
to do something
c)
to do something illegal
d)
that requires a contract
35.
A(n) ____________________ contract is a contract in which the consideration is so grossly inadequate that it shocks the court.
a)
unfair
b)
unconscionable
c)
illegal
d)
distorted
36.
__________________ is a token amount of money given as consideration.
a)
Normal consideration
b)
Nominal consideration
c)
Undue consideration
d)
Legal consideration
37.
_______________________ is the doctrine by which promises are enforced.
a)
Fair dealing
b)
Indirect estoppel
c)
Charitable dealing
d)
Promissory estoppel
38.
_____________________ is the severing of the parent-child relationship.
a)
Disavowal
b)
Emancipation
c)
Ratification
d)
Disaffirmance
39.
_____________________ is the ability to understand a contract that is being made and its consequences.
a)
Legal Capacity
b)
Scope of Authority
c)
Scope of Capacity
d)
Contractual Capacity
40.
In most states the age of majority to contract is
a)
21
b)
18
c)
19, 20, 21
d)
18, 19, 21
41.
Minors usually are held liable for their
a)
Torts
b)
disaffirmances
c)
incapacitations
d)
contracts
42.
Goods and services needed to sustain life are called
a)
live services
b)
sustainable goods
c)
necessaries
d)
some answer coach lewis just made up
43.
Lending money at a higher rate than a state's maximum rate is
a)
Overcharging
b)
interest gouging
c)
an unfair business practice
d)
usury
44.
A(n) _________________ is signed by an employee who agrees not to work for three years in the same industry as his or her employer after the employment is terminated.
a)
blue-sky law
b)
prohibited act
c)
agreement not to compete
d)
monopoly
45.
Price _____________________ occurs when two companies agree to charge customers the same price.
a)
rigging
b)
fixing
c)
monopoly
d)
warring
46.
Antitrust laws were created to preserve
a)
competition
b)
company integrity
c)
comparable interests
d)
competency
47.
________________ is a material change in the terms of a written contract without the consent of the other party.
a)
Abhorrence
b)
Alliteration
c)
Alteration
d)
Acquiescence
48.
Discharge of a contract is defined as
a)
the cancellation of the obligations imposed by it.
b)
a breach of a contract by its signatories.
c)
a breach of contract.
d)
a failure of the signatories to complete the contract.
49.
In states with _______________ divorce laws, the court recognizes the right of either the wife or husband to terminate a marriage.
a)
no fault
b)
no impact
c)
comprehensive
d)
common-law
50.
A man and woman who live together outside of marriage are said to be
a)
illegally consorting
b)
cohabitating
c)
progressive
d)
living in sin
51.
Which of the following would be considered grounds in a no-fault divorce?
a)
bigamy
b)
desertion
c)
cruelty
d)
irreconcilable differences
52.
The crime of being married to two persons at the same time is
a)
dual marriage
b)
double trouble
c)
bigamy
d)
bilateral marriage
53.
Child custody is
a)
always granted to the father.
b)
the care and control of a minor.
c)
always decided by the child.
d)
always granted to the mother.
54.
A legal contract resolving property and other claims that might result from a marriage before the marriage occurs is called
a)
a predivorce agreement
b)
a marriage and divorce agreement
c)
the marriage consortium
d)
a prenuptial agreement
55.
Parental consent to marry is generally required for individuals under the age of
a)
19
b)
18
c)
25
d)
21
56.
________________ do not meet a buyer's specifications or are defective in some way.
a)
a. Perfect goods
b)
b. Non-conforming goods
c)
c. Accommodating goods
d)
d. Qualified goods
57.
Which of the following contracts is considered grossly unfair?
a)
a. vendor's contract
b)
b. non-conforming contract
c)
c. unconscionable contract
d)
d. contract of obligation
58.
A _________________ is someone who deals regularly in the type of goods being exchanged or claims special knowledge and skill in the type of sales transactions being conducted.
a)
a. merchant
b)
b. casual seller
c)
c. barterer
d)
d. bargain hunter
59.
Price may consist of
a)
a. an exchange.
b)
b. a label.
c)
c. money, services, or goods.
d)
d. oral contract to sell.
60.
A purchaser is called a
a)
a. vendee.
b)
b. owner.
c)
c. receiver
d)
d. deliverer.
61.
The receipt that serves as evidence of a transfer of ownership is called a
a)
a. bill of lading.
b)
b. bill of transfer.
c)
c. bill of sale.
d)
d. bill of barter.
62.
Parties exchanging goods for goods is
a)
a. fair dealing.
b)
b. trade.
c)
c. an even exchange.
d)
d. barter.
63.
Acceptance of goods occurs when
a)
a. they are paid for in full.
b)
b. the buyer fails to reject the goods within a reasonable length of time.
c)
c. the goods are used or resold.
d)
d. the buyer has agreed by words or conduct that the goods received are satisfactory.
64.
A ____________________ is a sale in which both parties agree that the goods will be paid for at a later date.
a)
a. auction sale
b)
b. sale or return
c)
c. sale on approval
d)
d. credit sale
65.
What two things are transferred from a seller to a buyer?
a)
a. title and risk
b)
b. title and credit
c)
c. credit and risk
d)
d. credit and ownership
66.
A(n) ____________ is a public sale of a good or service to the highest bidder.
a)
a. fire sale
b)
b. wholesale liquidation
c)
c. bid war
d)
d. auction
67.
____________________ goods are neither existing nor identified.
a)
a. Fungible
b)
b. Future
c)
c. Existing
d)
d. Identified
68.
The ________________________ may receive reports about product failure from distributors, manufacturers, and consumers.
a)
a. National Institute of Standards and Technology (NIST)
b)
b. Federal Trade Commission (FTC)
c)
c. Food and Drug Administration (FDA)
d)
d. Consumer Product Safety Commission (CPSC)
69.
___________________ is exaggerated sales talk.
a)
a. Bragging
b)
b. Pomposity
c)
c. Puffing
d)
d. Bait-and-switch advertising
70.
Lemon laws
a)
a. typically apply if the item is not fixed by the seller after the first attempt.
b)
b. only extend to vehicles.
c)
c. protect consumers from unsafe produce.
d)
d. require the consumer to request in writing a refund or replacement.
71.
____________________ is the practice of luring customers to a store by advertising low-priced items that are either under stocked or not in stock at all.
a)
a. False advertising
b)
b. Puffing
c)
c. Bait-and-switch
d)
d. Mislabeling
72.
Real property is defined as
a)
a. tangible and intangible.
b)
b. land, buildings, and fixtures.
c)
c. trademarks and copyrights.
d)
d. patents and service marks
73.
Joint tenancy is co-ownership with the right of
a)
a. inheritance.
b)
b. survivorship.
c)
c. heritage.
d)
d. legacy.
74.
Intellectual property is
a)
a. tangible.
b)
b. real.
c)
c. personal.
d)
d. intangible.
75.
The ___________________ allows any co-owner to legally compel the division of the property among the co-owners.
a)
a. equal rights of possession
b)
b. right of survivorship
c)
c. right of partition
d)
d. right of fair use
76.
The exclusive right to produce, sell, copy, or publish the permanent expression of a creative work is a
a)
a. copyright.
b)
b. trademark.
c)
c. service mark.
d)
d. patent.
77.
The three elements of a successful gift are intent, ___________, and acceptance.
a)
a. price
b)
b. amount
c)
c. delivery
d)
d. volume
78.
Ownership in __________ exists when one person owns all of the personal or real property involved.
a)
a. part
b)
b. severalty
c)
c. half
d)
d. total
79.
A _________________ is a sign, label, or warning reducing the bailee's duty of care.
a)
a. disclaimer
b)
b. fair warning
c)
c. posted warning
d)
d. posted alert to bailment
80.
Adopted by cities or counties to regulate the location and permitted use of residential, commercial, and industrial districts.
a)
zoning ordinances
b)
spot zoning
c)
trespass
d)
conveyance
81.
A person whom the possessor of real property has permitted to be on that realty.
a)
variance
b)
trespass
c)
licensee
d)
invitee
82.
An agreement in which one party receives temporary possession of another’s real property in exchange for rent.
a)
lease
b)
rent
c)
leasehold estate
d)
subletting
83.
The owner of a property blocks a tenant from possession of all the real property.
a)
lease
b)
leasehold estate
c)
eviction
d)
subletting
84.
The consideration given in return for temporary possession of another’s real property.
a)
lease
b)
rent
c)
leasehold estate
d)
conveyance
85.
A contractual arrangement that protects against loss.
a)
Insurance
b)
beneficiary
c)
policy
d)
risk-management program
86.
The ______________ of an insurance policy is the stated maximum amount that could be paid if the harm a person is insured against occurs.
a)
a. premium
b)
b. face value
c)
c. insurable interest
d)
d. policy amount
87.
The recipient of the amount to be paid on an insurance policy is called a
a)
a. benefactor.
b)
b. beneficiary.
c)
c. payee.
d)
d. grantee.
88.
Auto insurance is required by law.
a)
Fact
b)
Fiction
89.
Marriage effects how much you pay for car insurance.
a)
Fact
b)
Fiction
90.
Most employment contracts are terminated by
a)
a. will.
b)
b. performance.
c)
c. wrongful discharge.
d)
d. material breach
91.
The maximum amount of hours that can be worked at regular rates of pay.
a)
a. 50
b)
b. 35
c)
c. 40
d)
d. 24
92.
_____________________ is a limitation on the power to terminate without cause.
a)
a. Wrongful discharge
b)
b. An employment contract
c)
c. Discharge for cause
d)
d. Unemployment protection
93.
___________________ laws prohibit compulsory union membership.
a)
a. Right-to-work
b)
b. Anti-union
c)
c. Anti-racketeering
d)
d. Taft-Hartley
94.
The ______________________ prohibits the restraint of trade and makes business monopolies illegal
a)
a. Clayton Act
b)
b. Sherman Antitrust Act
c)
c. Taft Hartley Act
d)
d. Norris-LaGuardia Act
95.
A bona fide ______________ is one that rewards employees based on length of employment.
a)
a. occupational qualification
b)
b. disparate impact policy
c)
c. seniority system
d)
d. quid pro quo system
96.
What form of sexual harassment occurs when one thing is exchanged for another?
a)
a. quid pro quo
b)
b. hostile environment
c)
c. workplace violence
d)
d. exchange of favors
97.
is a proposal to provide a good or service
a)
offer
b)
acceptance
c)
consideration
d)
intention of legal consequences
98.
means that all parties involved must agree to the terms of the contract
a)
offer
b)
acceptance
c)
consideration
d)
intention of legal consequences
99.
What is the first element of a contract?
a)
Consideration
b)
Acceptance
c)
Capacity
d)
Offer
100.
An agreement not enforceable by law is
a)
Valid Agreement
b)
Void Agreement
c)
Voidable Agreement
d)
Illegal Agreement
100 %
