BUL 3320 Final Exam Questions with
Complete Solutions
Stock for which any missed dividend payments must be paid in the future to the
preferred shareholders before the common shareholders can receive any dividends
are known as ________.
A) cumulative preferred stocks
B) noncumulative preferred stocks
C) common stocks
D) participating preferred stock - ANSWER-A) cumulative preferred stocks
Involuntary dissolution of a corporation that is ordered by the secretary of state if a
corporation has failed to comply with certain procedures required by law is known as
________.
A) judicial dissolution
B) administrative dissolution
C) cumulative dissolution
D) liquidation - ANSWER-B) administrative dissolution
Administrative laws are also referred to as ________.
A) ordinances
B) regulatory statutes
C) default judgments
D) statements of policy - ANSWER-B) regulatory statutes
________ are federal agencies that have broad regulatory powers over key areas of
the national economy.
A) Independent federal administrative agencies
B) State administrative agencies
C) Law enforcement agencies
D) Cabinet-level federal departments - ANSWER-A) Independent federal
administrative agencies
Which of the following is a provision in the Administrative Procedure Act (APA)?
A) It provides a procedure for receiving evidence and hearing requests for the
granting of federal licenses.
B) It allows public access to most documents in the possession of federal
administrative agencies.
C) It protects persons from harassment by administrative agencies.
D) It admits public access to administrative meetings concerning issuance of
subpoenas. - ANSWER-A) It provides a procedure for receiving evidence and
hearing requests for the granting of federal licenses.
Which of the following powers allow administrative agencies to issue substantive
rules?
A) rule making
, B) executive power
C) judicial authority
D) licensing - ANSWER-A) rule making
A(n) ________ refers to a rule issued by an administrative agency that defines
existing statutory language.
A) interpretive rule
B) operational code
C) substantive rule
D) statement of policy - ANSWER-A) interpretive rule
A(n) ________ announces a proposed course of action that an agency intends to
follow in the future.
A) interpretive rule
B) operational code
C) substantive rule
D) statement of policy - ANSWER-D) statement of policy
A(n) ________ refers to permission that an administrative agency grants to persons
or businesses to conduct certain types of commerce or professions.
A) easement
B) license
C) letter of credit
D) arraignment - ANSWER-B) license
________ requires the respondent to be given proper and timely notice of the
allegations or charges against him or her and an opportunity to present evidence on
the matter.
A) Interpretive rule
B) Substantive due process
C) Procedural due process
D) Code of operation - ANSWER-B) Substantive due process
The Food and Drug Administration is empowered to ________.
A) recall unsafe toys, appliances, and other consumer products which are harmful to
users
B) regulate the safety of meat, poultry, and other food products
C) prosecute violators directly by imposing fines and pronouncing sentences
D) obtain orders for the seizure, recall, and condemnation of harmful products -
ANSWER-D) obtain orders for the seizure, recall, and condemnation of harmful
products
Which of the following is a function that the Consumer Product Safety Commission is
empowered to execute?
A) collecting data regarding injuries caused by consumer products
B) regulating the distribution of genetically modified food products
C) recalling drugs that have been found to be harmful from the market
D) accepting petitions from consumers on wrongly labeled food products -
ANSWER-A) collecting data regarding injuries caused by consumer products
Complete Solutions
Stock for which any missed dividend payments must be paid in the future to the
preferred shareholders before the common shareholders can receive any dividends
are known as ________.
A) cumulative preferred stocks
B) noncumulative preferred stocks
C) common stocks
D) participating preferred stock - ANSWER-A) cumulative preferred stocks
Involuntary dissolution of a corporation that is ordered by the secretary of state if a
corporation has failed to comply with certain procedures required by law is known as
________.
A) judicial dissolution
B) administrative dissolution
C) cumulative dissolution
D) liquidation - ANSWER-B) administrative dissolution
Administrative laws are also referred to as ________.
A) ordinances
B) regulatory statutes
C) default judgments
D) statements of policy - ANSWER-B) regulatory statutes
________ are federal agencies that have broad regulatory powers over key areas of
the national economy.
A) Independent federal administrative agencies
B) State administrative agencies
C) Law enforcement agencies
D) Cabinet-level federal departments - ANSWER-A) Independent federal
administrative agencies
Which of the following is a provision in the Administrative Procedure Act (APA)?
A) It provides a procedure for receiving evidence and hearing requests for the
granting of federal licenses.
B) It allows public access to most documents in the possession of federal
administrative agencies.
C) It protects persons from harassment by administrative agencies.
D) It admits public access to administrative meetings concerning issuance of
subpoenas. - ANSWER-A) It provides a procedure for receiving evidence and
hearing requests for the granting of federal licenses.
Which of the following powers allow administrative agencies to issue substantive
rules?
A) rule making
, B) executive power
C) judicial authority
D) licensing - ANSWER-A) rule making
A(n) ________ refers to a rule issued by an administrative agency that defines
existing statutory language.
A) interpretive rule
B) operational code
C) substantive rule
D) statement of policy - ANSWER-A) interpretive rule
A(n) ________ announces a proposed course of action that an agency intends to
follow in the future.
A) interpretive rule
B) operational code
C) substantive rule
D) statement of policy - ANSWER-D) statement of policy
A(n) ________ refers to permission that an administrative agency grants to persons
or businesses to conduct certain types of commerce or professions.
A) easement
B) license
C) letter of credit
D) arraignment - ANSWER-B) license
________ requires the respondent to be given proper and timely notice of the
allegations or charges against him or her and an opportunity to present evidence on
the matter.
A) Interpretive rule
B) Substantive due process
C) Procedural due process
D) Code of operation - ANSWER-B) Substantive due process
The Food and Drug Administration is empowered to ________.
A) recall unsafe toys, appliances, and other consumer products which are harmful to
users
B) regulate the safety of meat, poultry, and other food products
C) prosecute violators directly by imposing fines and pronouncing sentences
D) obtain orders for the seizure, recall, and condemnation of harmful products -
ANSWER-D) obtain orders for the seizure, recall, and condemnation of harmful
products
Which of the following is a function that the Consumer Product Safety Commission is
empowered to execute?
A) collecting data regarding injuries caused by consumer products
B) regulating the distribution of genetically modified food products
C) recalling drugs that have been found to be harmful from the market
D) accepting petitions from consumers on wrongly labeled food products -
ANSWER-A) collecting data regarding injuries caused by consumer products
