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201. You and your neighbor have agreed to a contract whereby he will cut your grass every
other week for which you will pay $30. However, for no apparent reason, he has not cut your
grass for a month. Your neighbor has committed a(n):
202. You agree to sell your car to your neighbor for $5,000. You and your neighbor have
provided each other:
203. Your 15-year-old brother comes home with the great news that he has decided to buy his
first car and has just agreed to give $10,000 to a complete stranger. He signed the contract and
just needs to pay the stranger and pick up the car. Your dad is upset and calls the stranger to tell
him your brother will not be buying the car. The stranger can:
204. James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car
and then offered James $5,400 for the car. In this case:
205. You and your boss agree to terminate your employment contract because you want to
devote more time to school. This breach of contract would likely be resolved by:
206. Which of the following prohibits monopolies, attempts to monopolize, and any restraint of
trade?
207. Which of the following established a government agency to enforce the laws regulating
unfair competition?
208. The social movement designed to increase and strengthen the rights and powers of
buyers in business transactions is called:
209. The Dodd-Frank Wall Street Reform and Consumer Protection Act evolved from the
mortgage industry meltdown, which was the consequence of deceptive behavior of professionals
on Wall Street and uninformed consumers who risked too much and purchased homes whose
future monthly payments were more than they could afford. The agency that was created to
provide consumers with accurate information so they can make informed decisions about loans
and other financial instruments is known as the ____________________.
210. The purpose of the Sherman Antitrust Act was to:
211. The use of tying contracts was prohibited by the Clayton Act of 1914 because these
contracts:
212. Allison is concerned that she is not getting full disclosure of information from a mortgage
broker who is hoping to refinance the mortgage on her house. Having recently studied business
law, you suggest to Allison that she contact the ________________________ that was formed after
the Dodd-Frank Wall Street Reform and Consumer Protection Act became law.
213. Big Johnson Products charges Moe's Meats a lower price for goods because Moe and
Johnson play golf together regularly. Big Johnson charges other firms similar to Moe's Meats
more for the same products and this is beginning to hurt the business of the other firms. In fact,
Moe's Meats is taking so much business away from the others due to its lower prices that the
other firms are in danger of going out of business. This is an example of:
214. A government policy aimed at reducing the purchase of a specific good through increased
taxes has been most often applied to:
215. Which of the following refers to a tax designed to reduce the consumption of a specific
good?
216. Which of the following do school districts utilize to generate needed funding?
217. __________ often help to pay for highway construction or improvements.
218. __________ are the largest source of tax income received by the federal government.
219. The two main purposes of taxes are:
220. Some economists advocate a ____________ on the consumption of such products as
gasoline, liquor, cigarettes, and even soda pop, in the hope that consumers will think about how
their purchases are having negative impacts on themselves and their environment.
221. Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of
their taxes in full and on time. Recently the local government has decided to raise the taxes
imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because:
222. ________ is the legal process by which a person, business, or government entity unable to
meet financial obligations is relieved of those debts.
223. The section of the Bankruptcy Code that allows a business to reorganize and pay only a
limited proportion of its debts is Chapter:
224. In which of the following does the creditor start legal procedures?
225. The number of personal bankruptcies has:
226. Which of the following is considered as a cause for the significant increase in
bankruptcies?
