Busa 2106 Final Exam Updated Actual Questions And Correct Answers

BUSA 2106 FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. Law

Answer:
the most significant because it can bind together diverse groups

Question:
2. Rule of law

Answer:
laws made generally and equally applicable

Question:
3. Property

Answer:
Ownership, Bundle of Rights, Negative Rights to exclude

Question:
4. Common Law Legal System

Answer:
law based on written judicial decisions
ex. Georgia and other states

Question:
5. Civil Law Legal System

Answer:
law based on legislative statutes.
ex. Louisiana

Question:
6. Hierarchy of Legal Authorities

Answer:
1. US Constitution
2. Federal Legislation
3. Federal Administration Regulation
4. State Constitutions
5. State Legislations
6. State Administrative Regulation
7. Local Ordinances

, Question:
7. Relationship between Law and Ethics

Answer:
Both ethics and law deal with right and wrong
Laws are enforced/ Ethics are voluntary
Laws are narrow/ ethics are broad

Question:
8. Formalism vs Consequentialism

Answer:
Formalism- Absolute morality regardless of consequences
Consequentialism- Relative morality based on consequences

Question:
9. Internal Stakeholders

Answer:
Investors- Owners
Employees
Board
Managers

Question:
10. External Stakeholders

Answer:
Customers
Suppliers
Creditors
Community

Question:
11. How are federal judges chosen?

Answer:
Nominated by President
Confirmed by the Senate

Question:
12. How are state judges chosen

Answer:
Elected or appointed