The “rule of law” inhibits capitalism and democracies to thrive and compete globally
Question 1
- The “rule of law” inhibits capitalism and democracies to thrive and compete globally.
True
False
5 points
Question 2
- The Sarbanes-Oxley Act was created to further regulate the financial and accounting practices of companies in response to major, market changing scandals.
True
False
5 points
Question 3
- Laws provide a baseline and maximum standards for distinguishing acceptable from unacceptable business practices.
True
False
5 points
Question 4
- The Pure Food and Drug Act prohibits the adulteration and mislabeling of food and drugs in interstate commerce.
True
False
5 points
Question 5
- In a free-market society the market is always perfect.
True
False
5 points
Question 6
- Sarbanes-Oxley
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|
A. |
Establishes an independent public accounting board to oversee audits |
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B. |
Requires one member of the audit committee to be an expert in finance |
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C. |
Requires full disclosure to stockholders of complex financial transactions |
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D. |
Provides a 10-year penalty for wire and mail fraud |
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E. |
All of the above |
5 points
Question 7
- The ___________ was enacted to establish oversight, accountability, and enforce truthful and accurate financial reporting in public firms.
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A. |
Federal Trade Commission Act |
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B. |
Sarbanes-Oxley Act |
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C. |
Antitrust Improvement Act |
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D. |
FTC Improvements Act |
5 points
Question 8
- Which of the following is a law that protects consumers?
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A. |
The Federal Food, Drug, and Cosmetic Act (FDCA) |
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B. |
Antitrust Improvements Act |
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C. |
Sherman Antitrust Act |
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D. |
Clean Air Act |
5 points
Question 9
- All of the following arguments are offered as problems with the free-market theory except:
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A. |
Most businesses are not on an equal footing with consumers at large |
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B. |
The “invisible hand” is often nonexistent for consumers in need of protection against questionable advertising |
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C. |
Whether many firms’ advertising activities truthfully inform consumers about product reliability, possible product dangers, and proper product use is questioned |
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D. |
These are all problems with the free-market theory |
5 points
Question 10
- Which act prohibits price discrimination?
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A. |
FDCA |
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B. |
Clayton Act |
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C. |
FTC Improvements Act |
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D. |
Federal Trade Commission Act |
5 points
Question 11
- A set of rules and assumptions about behavioral patterns among the various elements of society is which of the following?
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A. |
A social contract |
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B. |
A corporation’s responsibility |
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C. |
Good social practice |
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D. |
Corporate philanthropy |
5 points
Question 12
- Preventing illegal activities can be best achieved by the following except
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A. |
Potential disciplinary action |
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B. |
Compliance standards |
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C. |
Philanthropic incentives |
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D. |
Ethical incentives |
5 points
Question 13
- Which one of the following institutions was considered “Too Big To Fail” (TBTF)?
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A. |
Bank of America |
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B. |
Unilever |
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C. |
Ford |
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D. |
Proctor & Gamble |
5 points
Question 14
- Martha Stewart was convicted of what?
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A. |
Conspiracy, obstruction of justice, and perjury |
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B. |
Insider trading |
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C. |
Securities fraud |
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D. |
Making a false statement to the SEC |
5 points
Question 15
- Which of the following designates air-quality standards?
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A. |
Clean Air Act |
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B. |
Endangered Species Act |
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C. |
Noise Pollution Act |
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D. |
Safe Drinking Water Act |
5 points
Question 16
- Leib Pinter was charged with conspiracy to commit wire fraud due to which event(s)?
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A. |
Fannie Mae fraud |
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B. |
The subprime mortgage crisis |
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C. |
Bernie Madoff’s Ponzi scheme |
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D. |
Both a and b |
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E. |
Both a and c |
5 points
Question 17
- Voluntary Self-Regulation consists of which of the following?
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A. |
Visions and values |
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B. |
Ethics programs |
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C. |
Philanthropy |
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D. |
All of the above |
5 points
Question 18
- Which act of Congress gives the Justice Department investigative authority?
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A. |
Federal Trade Commission Act |
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B. |
Sarbanes-Oxley Act |
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C. |
Antitrust Improvements Act |
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D. |
The Clayton Act |
5 points
Question 19
- Which of the following is one of the worst companies according to the Top 10 Companies and Best Corporate Board Practices?
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A. |
Toshiba |
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B. |
Amazon |
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C. |
AIG |
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D. |
Costco |
5 points
Question 20
- _______ was sentenced to 150 years in prison for running a Ponzi scheme.
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A. |
Fannie May |
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B. |
Christopher Milton |
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C. |
Bernie Madoff |
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D. |
Martha Stewart |
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