ECU FINA 2244 Exam 1 Study Guide | Financial Management Review, Key
Concepts & Practice Questions
influence behavior, conflict resolution and provide social stability and change - ANS ✔✔What
are the key functions of the legal system?
Constitution - ANS ✔✔establishes the limits and powers of the federal government.
Executive, Legislative and Judicial - ANS ✔✔What are the 3 branches of government?
Executive - ANS ✔✔President, vice president and the Cabinet members carry out laws
established by the Legislative branch.
Legislative - ANS ✔✔House of Representatives and Congress creates laws which will later go
toward the Executive branch for ratification.
Judicial - ANS ✔✔Supreme Court evaluates laws.
statutory law - ANS ✔✔laws that are passed by Congress (legislative branch).
common law - ANS ✔✔the fundamental law of the land that the people abide by.
executive orders - ANS ✔✔an order by the president or governor to enforce a legal
requirement.
public law - ANS ✔✔law that deals with the legal relationships between members of society
and government.
, private law - ANS ✔✔law that deals with the legal relationships among members in a society.
civil law - ANS ✔✔law where the wrongdoer pays money, but has no jail time. In addition, this
law deals with the preponderance of evidence, or to decide in the favor for one side or the
other.
criminal law - ANS ✔✔law where the guilty person can be fined, imprisoned or both.
Furthermore, it creates either a felony or a misdemeanor.
substantive law - ANS ✔✔law that defines the legal rights and regulates behavior.
procedural law - ANS ✔✔law that defines how the law is enforced (the nuts and bolts of the
law).
writ of certiorari - ANS ✔✔an order by a higher court directing a lower court to send up a case
for review.
lower court decision is final. - ANS ✔✔What happens if the writ is not granted?
ethics - ANS ✔✔rules of standards governing conduct of members of a profession.
legality - ANS ✔✔refers only to laws written to protect people from fraud, theft, and violence.
District Court - ANS ✔✔where the case is first brought to and deals with issues of fact in the
state law.
Courts of Appeals - ANS ✔✔courts that review decisions of federal district courts, regulatory
commissions, and other courts.
Concepts & Practice Questions
influence behavior, conflict resolution and provide social stability and change - ANS ✔✔What
are the key functions of the legal system?
Constitution - ANS ✔✔establishes the limits and powers of the federal government.
Executive, Legislative and Judicial - ANS ✔✔What are the 3 branches of government?
Executive - ANS ✔✔President, vice president and the Cabinet members carry out laws
established by the Legislative branch.
Legislative - ANS ✔✔House of Representatives and Congress creates laws which will later go
toward the Executive branch for ratification.
Judicial - ANS ✔✔Supreme Court evaluates laws.
statutory law - ANS ✔✔laws that are passed by Congress (legislative branch).
common law - ANS ✔✔the fundamental law of the land that the people abide by.
executive orders - ANS ✔✔an order by the president or governor to enforce a legal
requirement.
public law - ANS ✔✔law that deals with the legal relationships between members of society
and government.
, private law - ANS ✔✔law that deals with the legal relationships among members in a society.
civil law - ANS ✔✔law where the wrongdoer pays money, but has no jail time. In addition, this
law deals with the preponderance of evidence, or to decide in the favor for one side or the
other.
criminal law - ANS ✔✔law where the guilty person can be fined, imprisoned or both.
Furthermore, it creates either a felony or a misdemeanor.
substantive law - ANS ✔✔law that defines the legal rights and regulates behavior.
procedural law - ANS ✔✔law that defines how the law is enforced (the nuts and bolts of the
law).
writ of certiorari - ANS ✔✔an order by a higher court directing a lower court to send up a case
for review.
lower court decision is final. - ANS ✔✔What happens if the writ is not granted?
ethics - ANS ✔✔rules of standards governing conduct of members of a profession.
legality - ANS ✔✔refers only to laws written to protect people from fraud, theft, and violence.
District Court - ANS ✔✔where the case is first brought to and deals with issues of fact in the
state law.
Courts of Appeals - ANS ✔✔courts that review decisions of federal district courts, regulatory
commissions, and other courts.
