Business Law and Ethics Questions

21.Ownership interests in a corporation are known as:

Select one:

a. limited partnerships.

b. stock.

c. membership interests.

d. private placments.

22.Intangible personal property is:

Select one:

a. Property that does not physically exist.

b. Also chattel.

c. Property that can be touched.

d. Personal property attached to real property.

23.Milton Friedman argues that the responsibilities of a corporate executive include all of the following EXCEPT:

Select one:

a. A responsibility to the executive's employers.

b. Promoting desirable social ends.

c. Conducting business according to the owners' wishes.

d. Making as much money as possible while following basic rules of society.

24.For which of the following scenarios would the remedy of specific performance be available?

Select one:

a. A firm promises delivery of 50,000 widgets and only delivers 25,000 because of a shortage.

b. A painting contractor promises to paint a business's premises but then attempts to change the terms by increasing the price.

c. A company attempts to buy a rare antique connected with the history of the company; the seller, after agreeing to the sale, now does not want to sell.

d. A store advertises leather jackets for sale at $10.99 each; when a buyer shows up, he is told it was a mistake, and the real price is $109.99.

25.Law can generally be defined as:

Select one:

a. the exercise of power.

b. the opinions of the leader of a nation.

c. rules enforced by a government authority.

d. the dictates of a particular religion.

26.Reasons for businesses to focus on corporate social responsibility include all of the following EXCEPT:

Select one:

a. Maximizing short-term profits.

b. Reducing cost and risk.

c. Gaining competitive advantage.

d. Developing and maintaining legitimacy and reputational capital.

27.Which of the following is considered personal property?

Select one:

a. The bricks in a house that has been constructed.

b. A chandelier hanging from the ceiling of a house.

c. A favorite tree in the backyard of a house.

d. The bricks for sale at a building supply company.

28.Business entities that have limited liability include all of the following EXCEPT:

Select one:

a. Sole proprietorships.

b. Corporations.

c. Limited partnerships.

d. Limited liability companies.

29.Typical terms to include in an employment contract include all of the following EXCEPT:

Select one:

a. that the employee will be considered to be an at-will employee.

b. benefits, such as health, life, or disability insurance or retirement accounts.

c. vacation and sick-day policies.

d. nondisclosure agreements relating to company trade secrets.

30.Ethics codes are generally viewed by corporations as:

Select one:

a. a way of expressing the values of the corporations.

b. a way of undermining moral autonomy.

c. the cornerstone of a successful compliance program.

d. as a way of gaining uncritical acceptance of authority.