LEB 320F Final Exam Questions and
Answers 100% Solved | Graded A+
Obedience to Authority - ✔✔Obeying law and people who enforce it
Conformity Bias - ✔✔Peer pressure, do what friends do, think there is no
consequence, small groups
Groupthink - ✔✔Anonymous, rioting, larger groups, cults, groups we tend
to have a connection with
False Consensus Effect - ✔✔large group agreeing to something that is not
true, teacher in front of lecture hall
Overoptimism - ✔✔Detaching from reality, nothing is going to go wrong,
invincible
Self-serving bias - ✔✔find evidence that confirm your own beliefs,
subjective evidence, not sure if you have right beliefs
Framing - ✔✔Spin put on things, advertising, selling car, in court room
Role Morality - ✔✔You have lots of rules, causes issues with decision
making because we adopt different principles
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Cognitive Dissonance - ✔✔When we say something then do another,
mental stress from holding two contradictory beliefs, ideas and values
Sunk Cost - ✔✔come to far, can't turn back now, cost have already been
incurred, when you start a business and spend more money because you
are already invested
The tangible and the abstract - ✔✔Abstract- out of reach
Tangible- within reach
Tend to care less about abstract consquence because it is not tangible
Time-delay Traps - ✔✔Short-term gratification outweighs the long-term
consequences of an action
What is "ethics"? - ✔✔honest, fairness, self-control, high
priorities/standards
Is practicality a factor of ethics? - ✔✔
Why do people act unethically? - ✔✔Money, ignorance, willful ignorance,
peer pressure, spontaneous decisions
Where do our ethical principles come from? - ✔✔religious texts, parents,
grandparents, teachers, mentors, older siblings, society
Are ethics in the U.S. determined by types of government? - ✔✔
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, General Partnership - ✔✔All active in the business, equally shared,
partnership continues indefinitely, for-profit business, partners can be
individuals, corporations or any other legal entity, share in profits/losses
The Law - ✔✔Contract law, state statures, case law
Secretary of State- notice of partners, roles of partners on behalf of
business, resister business name
General rule regarding law - ✔✔Partners have joint and several liability
Uniform Partnership Acts - ✔✔Passed in 1914 & 1997
Adopted in every state, lots of amendments
Difference for creditors
Outline of contract to specify for contract
General partnership: aggregate of its owners - ✔✔Unlimited liability all
assets at risk
General partnership: separate entity - ✔✔partners are responsible for some
liability but not all
Partnership Agreement - ✔✔Written agreement not required by law
Default Rule: Partners share profits & losses
Agreement control
Can require mediation or arbitration
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
Obedience to Authority - ✔✔Obeying law and people who enforce it
Conformity Bias - ✔✔Peer pressure, do what friends do, think there is no
consequence, small groups
Groupthink - ✔✔Anonymous, rioting, larger groups, cults, groups we tend
to have a connection with
False Consensus Effect - ✔✔large group agreeing to something that is not
true, teacher in front of lecture hall
Overoptimism - ✔✔Detaching from reality, nothing is going to go wrong,
invincible
Self-serving bias - ✔✔find evidence that confirm your own beliefs,
subjective evidence, not sure if you have right beliefs
Framing - ✔✔Spin put on things, advertising, selling car, in court room
Role Morality - ✔✔You have lots of rules, causes issues with decision
making because we adopt different principles
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Cognitive Dissonance - ✔✔When we say something then do another,
mental stress from holding two contradictory beliefs, ideas and values
Sunk Cost - ✔✔come to far, can't turn back now, cost have already been
incurred, when you start a business and spend more money because you
are already invested
The tangible and the abstract - ✔✔Abstract- out of reach
Tangible- within reach
Tend to care less about abstract consquence because it is not tangible
Time-delay Traps - ✔✔Short-term gratification outweighs the long-term
consequences of an action
What is "ethics"? - ✔✔honest, fairness, self-control, high
priorities/standards
Is practicality a factor of ethics? - ✔✔
Why do people act unethically? - ✔✔Money, ignorance, willful ignorance,
peer pressure, spontaneous decisions
Where do our ethical principles come from? - ✔✔religious texts, parents,
grandparents, teachers, mentors, older siblings, society
Are ethics in the U.S. determined by types of government? - ✔✔
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, General Partnership - ✔✔All active in the business, equally shared,
partnership continues indefinitely, for-profit business, partners can be
individuals, corporations or any other legal entity, share in profits/losses
The Law - ✔✔Contract law, state statures, case law
Secretary of State- notice of partners, roles of partners on behalf of
business, resister business name
General rule regarding law - ✔✔Partners have joint and several liability
Uniform Partnership Acts - ✔✔Passed in 1914 & 1997
Adopted in every state, lots of amendments
Difference for creditors
Outline of contract to specify for contract
General partnership: aggregate of its owners - ✔✔Unlimited liability all
assets at risk
General partnership: separate entity - ✔✔partners are responsible for some
liability but not all
Partnership Agreement - ✔✔Written agreement not required by law
Default Rule: Partners share profits & losses
Agreement control
Can require mediation or arbitration
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
