Which of the following theories of jurisprudence, according to some people, is not a
good way to view law because it makes law too fluid?
A.Aristocracy
B.Legal Positivism
C.Natural law
D.Sociological theory
Bid rigging occurs when:
A.bidders agree ahead of time who will win the award.
B.two or more competitors conspire to sell a product for the same price.
C.interference with the competitive bidding for the awarding of a contract.
D.different purchasers of the same product are charged differently for an item that costs
the same to produce.
Which of the following statements is true regarding accounts receivable?
A.It is evidenced by a chattel paper or an instrument.
B.It falls under the category of intangible collaterals.
C.In the context of defining collateral, accounts receivable is used as a catchall phase
for interests not otherwise covered unless they are specifically excluded.
D.It includes stocks, bonds and other investment securities.
According to the fair-use doctrine, the unauthorized use of a copyrighted material is
considered as a fair use if it is used for the purpose of _____.
A.sale
B.broadcasting
C.news reporting
D.collection
According to the Age Discrimination in Employment Act of 1967, if an employee is age
_____ or over, the employee cannot be discriminated against in any aspect of
employment on the basis of age.
A.35
B.40
C.38
D.50
_____ occurs when the debtor does not make the mortgage payments on property that is
generating income. The debtor takes the money and uses it for himself and lets the real
estate go into bankruptcy.
A.Skimming
B.Looting
C.Bleedout
D.Bustout
Which of the following statements is true regarding the legislative branch of
government?
A.It is primarily responsible for interpreting the law by deciding cases in federal courts.
B.It has the right to issue executive orders and to veto bills Congress passes.
C.It is responsible for executing the laws of the land.
D.It is composed of Congress and the Senate.
Which of the following methods of dispute resolutions can be considered as the easiest
and the cheapest?
A.Arbitration
B.Summary jury trial
C.Mediation
D.Conciliation
Which of the following statements is true for conglomerate mergers?
A.They occur when one firm purchases either a customer or a supplier.
B.They do not change the ownership of firms in the markets.
C.There are no anticompetitive effects of forming a conglomerate.
D.They are mergers in which the merging firms had no prior relationship.
Which of the following behaviors is a horizontal per se violation?
A.Tie-ins
B.Exclusive dealing contracts
C.Cartels
D.Exclusive selling agreements
In the case of private law,
A.the suit can proceed if the victim doesn’t want it to.
B.the suit is brought on behalf of harmed party.
C.the cases handled are generally criminal cases.
D.the harmed party does not pay for suit.
The _____ was enacted to regulate the use of union funds.
A.Norris-LaGuardia Act
B.Taft-Hartley Act
C.Landrum-Griffin Act
D.Wagner Act
Which of the following is an example of crimes included under the public corruption
category?
A.Copyright violation
B.A federal public official engaged in covert payoffs.
C.Embezzlement
D.Securities fraud
Entering into the agreement to perform an illegal act is called _____.
A.embezzlement
B.perjury
C.collusion
D.misappropriation
According to federal jurisdiction a case will have sufficient standing if the case:
A.represents a hypothetical issue.
B.rests upon future contingent events.
C.has sufficient connection to the law challenged.
D.involves diversity of citizenship.
Which of the following statements is true about the Sherman Antitrust Act?
A.It does not penalize contracts in restraint of trade or commerce.
B.Section 2 of the Act prohibits monopolizing or the attempt to monopolize.
C.The provisions of this act are enforced by the Federal Trade Commission.
D.It declared interlocking directorates unlawful.
Which of the following functions is performed by the National Labor Relations Board?
A.Enforce safe workplace laws.
B.Enforce minimum wage, overtime and child labor laws.
C.Enforce laws regulating unfair trade practices and unfair competition by business.
D.Enforce law permitting collective bargaining by employees.
In order to establish a per se violation alleging tying,
A.there must be two products.
B.there must be power in the tied product market.
C.the power in the tied product must be used to eliminate competition for the tying
product.
D.there must be an insubstantial amount of commerce affected in the tied product
market.
Which of the following statements is true regarding Congress?
A.The power to enact laws rests with Congress and all other administrative agencies.
B.Congress is the one to determine what an administrative agency should and should
not do.
C.Congress is a quasi-legislative agency.
D.During Congressional oversight hearings, Congress reviews cases related to racial
discrimination.
The judicial branch has the authority to:
A.interpret laws.
B.pass laws to bring the court’s interpretation of law in line with the views of the
legislature.
C.request legislation and veto legislation.
D.nominate federal judges.
Which of the following is a category of goods used as collateral?
A.Instruments
B.Stocks
C.Fixtures
D.Bonds
The debtor must file a repayment plan within _____ days after the petition is filed for a
Chapter 13 bankruptcy.
A.8
B.14
C.18
D.21
This act was enacted after the Enron scandal. It deals with accounting, corporate
governance issues, increased disclosure, and conflicts of interest in the securities
business. This act established the Public Company Accounting Oversight Board
(PCAOB) to set auditing, quality control, and ethics standards for public accounting
firms. Identify this act.
A.Genetic Information Nondiscrimination Act
B.Sarbanes-Oxley Act
C.Foreign Corrupt Practices Act
D.Gramm-Leach-Bliley Act
Identify the correct statement about a monopsony.
A.It happens when there is a monopoly on the demand side of the market.
B.It is not regarded as a violation of the antitrust laws.
C.It refers to the power of a large seller on the market share.
D.Monopsony power falls within §1 of the Sherman Act.
Which of the following types of properties is most likely to include land and anything
permanently attached to it such as houses?
A.Tangible personal property
B.Real property
C.Intangible personal property
D.Intellectual property
The Eighth Amendment:
A.establishes our constitutional right to an attorney through the important phases of the
criminal process.
B.protects us against the imposition of cruel and unusual punishment by the
government.
C.prohibits the making of any law infringing on the freedom of speech and freedom of
press.
D.provides constitutional protection against self-incrimination.
Which of the following statements is true regarding a trade name?
A.It identifies a character created for a commercial.
B.It can be registered under the Lanham Act.
C.It identifies a producer.
D.It refers to the total image of a product, including the size, shape, color, and texture.
Which of the following statements is true regarding private law?
A.It is related to the private parties’ rights and interests rather than the interest of the
government.
B.It provides rules and regulations for how to exercise the rights we are given by
substantive law.
C.It is related to area that deals with interaction between people and government.
D.It provides rights and remedies and dictates what kinds of actions we can and cannot
engage in.
Federal employees are covered by the:
A.National Labor Relations Act.
B.Employee Free Choice Act.
C.Taft-Hartley Act of 1947.
D.Civil Service Reform Act of 1978.
Which of the following acts gave rise to the concept of comparable worth?
A.Tax Relief and Health Act
B.Equal Pay Act
C.American Recovery and Reinvestment Act
D.Class Action Fairness Act
The National Labor Relations Board (NLRB) was created by the:
A.Norris-LaGuardia Act.
B.Taft-Hartley Act.
C.Wagner Act.
D.Landrum-Griffin Act.
Which of the following statements is true regarding natural law?
A.According to the theory of natural law, law derives its status as law from the fact that
it has been enacted by the sovereign with the power to enforce his or her wishes.
B.The theory underlying natural law is that there is a discoverable set of absolute right
and wrong principles upon which our laws should be based.
C.The theory of natural law is based on the premise that society’s ideas change over
time and law should reflect a compromise between the changing, often conflicting,
interests of society.
D.According to the theory of natural law, actual experience is the key to determining
what law should be.
If a terminated employee stands outside the restaurant from which he was fired and
falsely tells approaching customers that the restaurant uses horsemeat in its hamburgers
rather than beef, the restaurant owner can successfully sue the ex-employee for:
A.intrusion upon seclusion.
B.assault.
C.disparagement.
D.battery.
The Securities Act of 1933 is directed primarily at the:
A.selling of financial products.
B.distribution of debt securities.
C.original distribution of securities into the market.
D.distribution of dividend to the shareholders.