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Exam 21: Working Within the Legal Environment

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Question 101

True/False

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Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.

A) True
B) False

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Question 102

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The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

A) True
B) False

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Question 103

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When McDonald's lost a lawsuit to a person severely burned by hot coffee, McDonald's was found to be guilty of

Trial courts hear cases involving criminal and civil law.

Common law is based on the precedent of earlier court decisions.

The Constitution gives the judiciary the power to establish bankruptcy laws.

A company has to be insolvent before it can file for Chapter 11 bankruptcy.

Under contract law, damages are the monetary settlements awarded to a person who is injured by a breach of contract.

Another name for sin tax is excise tax.

The Nike swoosh and the McDonald's golden arches are examples of corporate trademarks.

A patent gives inventors exclusive rights to their inventions for 20 years.

The primary objective of a tax credit is to encourage businesses to behave in certain ways. One example is offering a tax credit to automobile manufacturers for the purchase of robotics used in the manufacture of automobiles.

Requiring a Tire Warehouse to carry AutoPRO Performance Tires in order to sell AutoPRO Performance Batteries is prohibited by the Robinson-Patman Act.

The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce.

In 1978, a 13-year-old boy was severely burned in a rear-end collision involving a Ford Pinto. The case went to court and Ford was ordered to pay $125 million in punitive damages based on the legal principle of

An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising.

If in the normal course of a job an employee creates a cartoon, the copyright belongs to the employer.

Lawtown's mayor has just signed legislation requiring fire sprinklers in every public school. This is an example of

Identify the six conditions that must be met for a contract to be legally binding.

The Sherman Antitrust Act was designed to prevent large businesses from stifling the competition of smaller or newer firms.