Buy the official test bank for Business Law Today, Miller,10e

Chapter 1



The Legal Environment




N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows.



N A question new to this edition of the Test Bank.

+ A question modified from the previous edition of the Test Bank,

= A question included in the previous edition of the Test Bank.




TRUE/FALSE QUESTIONS



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



ANSWER: F PAGE: 3 TYPE: N

BUSPROG: Reflective AICPA: BB-Critical Thinking


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

, ANSWER: T PAGE: 3 TYPE: =

BUSPROG: Analytic AICPA: BB-Legal


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



ANSWER: T PAGE: 4 TYPE: N

BUSPROG: Analytic AICPA: BB-Critical Thinking

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



ANSWER: T PAGE: 4 TYPE: N

BUSPROG: Analytic AICPA: BB-Critical Thinking


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



ANSWER: T PAGE: 4 TYPE: N

BUSPROG: Analytic AICPA: BB-Legal


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

ANSWER: F PAGE: 6 TYPE: N
BUSPROG: Reflective AICPA: BB-Critical Thinking


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



ANSWER: F PAGE: 6 TYPE: +

BUSPROG: Analytic AICPA: BB-Legal



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



ANSWER: F PAGE: 6 TYPE: N

BUSPROG: Analytic AICPA: BB-Legal


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


ANSWER: T PAGE: 6 TYPE: =

, BUSPROG: Analytic AICPA: BB-Legal


10. State constitutions are supreme within their respective borders.



ANSWER: T PAGE: 6 TYPE: +

BUSPROG: Analytic AICPA: BB-Legal