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True / False

1. There is really no reason to be acquainted with business laws and government regulations, except to pass this test.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Risk Analysis
LOCAL STANDARDS:	United States - OH - Default City - AICPA Critical Thinking
KEYWORDS:	Bloom's: Knowledge

2. Law consists of enforceable rules governing relationships among individuals and between individuals and their society.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

3. Laws and government regulations affect almost all business activities.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

4. Many different laws may apply to a single business transaction.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

5. Businesspersons are expected to make decisions that are ethically sound.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

6. Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

7. State laws are the supreme law of the United States.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

8. The federal government and the states have the same constitution.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

9. A state law that conflicts with the U.S. Constitution will be deemed unconstitutional.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

10. State constitutions are supreme within their respective borders.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

11. Statutory law includes state statutes and ordinances passed by cities and counties.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

About this item

True / False

1. There is really no reason to be acquainted with business laws and government regulations, except to pass this test.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Risk Analysis
LOCAL STANDARDS:	United States - OH - Default City - AICPA Critical Thinking
KEYWORDS:	Bloom's: Knowledge

2. Law consists of enforceable rules governing relationships among individuals and between individuals and their society.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

3. Laws and government regulations affect almost all business activities.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

4. Many different laws may apply to a single business transaction.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

5. Businesspersons are expected to make decisions that are ethically sound.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

6. Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

7. State laws are the supreme law of the United States.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

8. The federal government and the states have the same constitution.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

9. A state law that conflicts with the U.S. Constitution will be deemed unconstitutional.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

10. State constitutions are supreme within their respective borders.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

11. Statutory law includes state statutes and ordinances passed by cities and counties.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

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About this item

True / False

1. There is really no reason to be acquainted with business laws and government regulations, except to pass this test.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Risk Analysis
LOCAL STANDARDS:	United States - OH - Default City - AICPA Critical Thinking
KEYWORDS:	Bloom's: Knowledge

2. Law consists of enforceable rules governing relationships among individuals and between individuals and their society.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

3. Laws and government regulations affect almost all business activities.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

4. Many different laws may apply to a single business transaction.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

5. Businesspersons are expected to make decisions that are ethically sound.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

6. Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

7. State laws are the supreme law of the United States.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

8. The federal government and the states have the same constitution.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

9. A state law that conflicts with the U.S. Constitution will be deemed unconstitutional.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

10. State constitutions are supreme within their respective borders.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

11. Statutory law includes state statutes and ordinances passed by cities and counties.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

About this item

True / False

1. There is really no reason to be acquainted with business laws and government regulations, except to pass this test.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Risk Analysis
LOCAL STANDARDS:	United States - OH - Default City - AICPA Critical Thinking
KEYWORDS:	Bloom's: Knowledge

2. Law consists of enforceable rules governing relationships among individuals and between individuals and their society.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Introduction
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

3. Laws and government regulations affect almost all business activities.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

4. Many different laws may apply to a single business transaction.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

5. Businesspersons are expected to make decisions that are ethically sound.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

6. Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Business Activities and the Legal Environment
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

7. State laws are the supreme law of the United States.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

8. The federal government and the states have the same constitution.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

9. A state law that conflicts with the U.S. Constitution will be deemed unconstitutional.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

10. State constitutions are supreme within their respective borders.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

11. Statutory law includes state statutes and ordinances passed by cities and counties.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
REFERENCES:	Sources of American Law
LEARNING OBJECTIVES:	LO - 1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic
LOCAL STANDARDS:	United States - OH - Default City - AICPA Legal
KEYWORDS:	Bloom's: Knowledge

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