BUSA 2106 FINAL EXAM QUESTIONS AND ANSWERS
Law - CORRECT ANSWER✅✅the most significant because it can bind together diverse groups
Rule of law - CORRECT ANSWER✅✅laws made generally and equally applicable
Property - CORRECT ANSWER✅✅Ownership, Bundle of Rights, Negative Rights to exclude
Common Law Legal System - CORRECT ANSWER✅✅law based on written judicial decisions
ex. Georgia and other states
Civil Law Legal System - CORRECT ANSWER✅✅law based on legislative statutes.
ex. Louisiana
Hierarchy of Legal Authorities - CORRECT ANSWER✅✅1. US Constitution
2. Federal Legislation
3. Federal Administration Regulation
4. State Constitutions
5. State Legislations
6. State Administrative Regulation
7. Local Ordinances
Relationship between Law and Ethics - CORRECT ANSWER✅✅Both ethics and law deal with right and
wrong
Laws are enforced/ Ethics are voluntary
Laws are narrow/ ethics are broad
Formalism vs Consequentialism - CORRECT ANSWER✅✅Formalism- Absolute morality regardless of
consequences
, Consequentialism- Relative morality based on consequences
Internal Stakeholders - CORRECT ANSWER✅✅Investors- Owners
Employees
Board
Managers
External Stakeholders - CORRECT ANSWER✅✅Customers
Suppliers
Creditors
Community
How are federal judges chosen? - CORRECT ANSWER✅✅Nominated by President
Confirmed by the Senate
How are state judges chosen - CORRECT ANSWER✅✅Elected or appointed
Bench Trial - CORRECT ANSWER✅✅a trial by judge or panel of judges
Jury Trial - CORRECT ANSWER✅✅is a lawful proceeding in which a jury makes decision or findings of
fact
Power of Judicial Review - CORRECT ANSWER✅✅Power to review laws passed by a legislative body and
declare them void
Judicial Restraint - CORRECT ANSWER✅✅judges who use power of judicial review sparingly
Judicial Activism - CORRECT ANSWER✅✅Judges who use power of judicial review often
Law - CORRECT ANSWER✅✅the most significant because it can bind together diverse groups
Rule of law - CORRECT ANSWER✅✅laws made generally and equally applicable
Property - CORRECT ANSWER✅✅Ownership, Bundle of Rights, Negative Rights to exclude
Common Law Legal System - CORRECT ANSWER✅✅law based on written judicial decisions
ex. Georgia and other states
Civil Law Legal System - CORRECT ANSWER✅✅law based on legislative statutes.
ex. Louisiana
Hierarchy of Legal Authorities - CORRECT ANSWER✅✅1. US Constitution
2. Federal Legislation
3. Federal Administration Regulation
4. State Constitutions
5. State Legislations
6. State Administrative Regulation
7. Local Ordinances
Relationship between Law and Ethics - CORRECT ANSWER✅✅Both ethics and law deal with right and
wrong
Laws are enforced/ Ethics are voluntary
Laws are narrow/ ethics are broad
Formalism vs Consequentialism - CORRECT ANSWER✅✅Formalism- Absolute morality regardless of
consequences
, Consequentialism- Relative morality based on consequences
Internal Stakeholders - CORRECT ANSWER✅✅Investors- Owners
Employees
Board
Managers
External Stakeholders - CORRECT ANSWER✅✅Customers
Suppliers
Creditors
Community
How are federal judges chosen? - CORRECT ANSWER✅✅Nominated by President
Confirmed by the Senate
How are state judges chosen - CORRECT ANSWER✅✅Elected or appointed
Bench Trial - CORRECT ANSWER✅✅a trial by judge or panel of judges
Jury Trial - CORRECT ANSWER✅✅is a lawful proceeding in which a jury makes decision or findings of
fact
Power of Judicial Review - CORRECT ANSWER✅✅Power to review laws passed by a legislative body and
declare them void
Judicial Restraint - CORRECT ANSWER✅✅judges who use power of judicial review sparingly
Judicial Activism - CORRECT ANSWER✅✅Judges who use power of judicial review often
