D358 STUDY GUIDE QUESTIONS 1–5 (LATEST VERSION
2024/2025) – 100% VERIFIED ANSWERS || 100%
GUARANTEED PASS <RECENT VERSION>
Business Law & Ethics
1. What is the primary purpose of the Sarbanes-Oxley Act (SOX)?
A) To promote international trade
B) To protect consumers from faulty products
C) To improve corporate governance and prevent accounting fraud
D) To regulate workplace safety
2. A legally enforceable agreement between two or more parties is known as a:
A) Tort
B) Contract
C) Warrant
D) Decree
,3. Which type of law involves wrongs against society, prosecuted by the government?
A) Civil Law
B) Criminal Law
C) Tort Law
D) Contract Law
4. What is the doctrine that requires a court to follow precedent?
A) Res ipsa loquitur
B) Stare decisis
C) Caveat emptor
D) Habeas corpus
5. A company's obligation to operate in a way that benefits society is its:
A) Fiduciary duty
B) Social responsibility
C) Legal liability
D) Ethical minimum
6. Which of the following is an example of an intellectual property right?
A) A patent for a new invention
B) Ownership of a factory building
C) A bank loan agreement
D) An employment contract
7. The "reasonable person" standard is most commonly applied in cases of:
A) Breach of contract
B) Negligence
C) Strict liability
D) Criminal intent
8. Which agency is responsible for protecting consumers from unfair and deceptive business
practices in the U.S.?
A) SEC (Securities and Exchange Commission)
B) FTC (Federal Trade Commission)
C) EPA (Environmental Protection Agency)
D) FDA (Food and Drug Administration)
9. A business structure that offers limited liability to its owners but is taxed as a partnership is
a:
A) Sole Proprietorship
, B) C-Corporation
C) S-Corporation
D) Limited Liability Company (LLC)
10. What is the primary ethical concern with insider trading?
A) It reduces market volatility
B) It violates confidentiality and creates an unfair advantage
C) It is a form of tax evasion
D) It increases company transparency
Economics
11. The fundamental economic problem is:
A) Inflation
B) Unemployment
C) Scarcity
D) Taxation
12. What does GDP (Gross Domestic Product) measure?
A) The total value of all goods and services produced within a country in a year
B) The average income of a country's citizens
C) A country's national debt
D) The total value of a country's exports
13. Fiscal policy is primarily concerned with:
A) Interest rates and the money supply
B) Government spending and taxation
C) International trade agreements
D) Regulating monopolies
14. In a perfectly competitive market, individual firms are:
A) Price setters
B) Price takers
C) Monopolists
D) Oligopolists
15. The "invisible hand" concept is most associated with:
A) John Maynard Keynes
B) Karl Marx
2024/2025) – 100% VERIFIED ANSWERS || 100%
GUARANTEED PASS <RECENT VERSION>
Business Law & Ethics
1. What is the primary purpose of the Sarbanes-Oxley Act (SOX)?
A) To promote international trade
B) To protect consumers from faulty products
C) To improve corporate governance and prevent accounting fraud
D) To regulate workplace safety
2. A legally enforceable agreement between two or more parties is known as a:
A) Tort
B) Contract
C) Warrant
D) Decree
,3. Which type of law involves wrongs against society, prosecuted by the government?
A) Civil Law
B) Criminal Law
C) Tort Law
D) Contract Law
4. What is the doctrine that requires a court to follow precedent?
A) Res ipsa loquitur
B) Stare decisis
C) Caveat emptor
D) Habeas corpus
5. A company's obligation to operate in a way that benefits society is its:
A) Fiduciary duty
B) Social responsibility
C) Legal liability
D) Ethical minimum
6. Which of the following is an example of an intellectual property right?
A) A patent for a new invention
B) Ownership of a factory building
C) A bank loan agreement
D) An employment contract
7. The "reasonable person" standard is most commonly applied in cases of:
A) Breach of contract
B) Negligence
C) Strict liability
D) Criminal intent
8. Which agency is responsible for protecting consumers from unfair and deceptive business
practices in the U.S.?
A) SEC (Securities and Exchange Commission)
B) FTC (Federal Trade Commission)
C) EPA (Environmental Protection Agency)
D) FDA (Food and Drug Administration)
9. A business structure that offers limited liability to its owners but is taxed as a partnership is
a:
A) Sole Proprietorship
, B) C-Corporation
C) S-Corporation
D) Limited Liability Company (LLC)
10. What is the primary ethical concern with insider trading?
A) It reduces market volatility
B) It violates confidentiality and creates an unfair advantage
C) It is a form of tax evasion
D) It increases company transparency
Economics
11. The fundamental economic problem is:
A) Inflation
B) Unemployment
C) Scarcity
D) Taxation
12. What does GDP (Gross Domestic Product) measure?
A) The total value of all goods and services produced within a country in a year
B) The average income of a country's citizens
C) A country's national debt
D) The total value of a country's exports
13. Fiscal policy is primarily concerned with:
A) Interest rates and the money supply
B) Government spending and taxation
C) International trade agreements
D) Regulating monopolies
14. In a perfectly competitive market, individual firms are:
A) Price setters
B) Price takers
C) Monopolists
D) Oligopolists
15. The "invisible hand" concept is most associated with:
A) John Maynard Keynes
B) Karl Marx
