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Question 41

Multiple Choice

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The branch of the government responsible for overseeing the legal system is the:

A) judiciary.
B) executive.
C) legislative.
D) administrative.

E) A) and C)
F) A) and D)

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Question 42

Multiple Choice

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The Dodd-Frank Wallstreet Reform and Consumer Protection Act evolved from the mortgage industry meltdown,which was the consequence of deceptive behavior of professionals on Wall Street and uninformed consumers who risked too much and purchased homes whose future monthly payments were more than they could afford.The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as _____________________.

A) Consumer Financial Protection Bureau CFPB) .
B) Federal Trade Commission FTC) .
C) Due Diligence Agency DDA) .
D) Financial Fairness Consortium FFC) .

E) A) and B)
F) C) and D)

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Question 43

Multiple Choice

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Some economists advocate a ____________ on the consumption of such products as gasoline,liquor,cigarettes,and even soda pop,in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

Filing for bankruptcy under the Chapter 11 provisions allows a company to reorganize and continue operations while paying only a proportion of its debts.

Most bankruptcies today are involuntary because creditors want to retrieve as much of their money as possible.

Criminal law defines crimes,establishes punishments,and includes payment for personal injury.

The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price.

The number of personal bankruptcies has:

The Clayton Act prohibits interlocking directorates.

Chicago's mayor has just signed legislation requiring fire sprinklers in every public school.This is an example of:

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

Negotiable instruments are forms of commercial paper.

A full warranty limits the defects or mechanical problems that are covered in a product.

A __________ is a legally enforceable agreement between two or more parties.

John Fielder is a renowned photographer of the Colorado Rocky Mountain region.Each of his works is copyrighted.This means that anyone can use his photos so long as they give Mr.Fielder notice.

Unintentional behavior that causes harm or injury is an example of a tort.

Which of the following would cause a contract to be void?

Producers of government approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

One purpose of the Robinson-Patman Act is to outlaw price differences that "substantially" weaken competition.

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.