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BUL 3320 Exam 1 Review Questions and Answers

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BUL 3320 Exam 1 Review Questions and Answers

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BUL 3320 Exam 1 Review Questions and
Answers


Federalism - Answer-A system in which power is divided between the national and state governments,
how to have 2 levels of government each with specified powers



Stare Decisis - Answer-Let the decision stand; decisions are based on precedents from previous cases



Limited Liability Company (LLC) - Answer-a form of business ownership that offers both limited liability
to its owners and flexible tax treatment



Feudalism - Answer-A political system in which nobles are granted the use of lands that legally belong
to their king, in exchange for their loyalty, military service, and protection of the people who live on the
land



Precedent - Answer-requires judges decide current cases based on previous rulings



Common Law - Answer-the accumulation of precedent based on case after case



Statutes - Answer-written laws enacted by legislatures



Veto - Answer-Chief executive's power to reject a bill passed by a legislature

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