Ethics Chp4. Exam Review

Topics: Consumer protection, Enron, Sherman Antitrust Act Pages: 14 (2324 words) Published: March 9, 2013
_____ law defines the rights and duties of individuals and organizations (including businesses). A) Civil
B) Criminal
C) Competitive
D) Administrative
E) Regulatory
Points Earned: 2.5/2.5
Correct Answer(s): A

Which of the following is not a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act? A) Increases the accountability and transparency of financial institutions B) Creates a bureau to educate consumers in financial literacy C) Creates an organization to pay the bills of low-income consumers D) Create incentives for whistle-blowers to come forward

E) Increases oversight of the financial industry
Points Earned: 2.5/2.5
Correct Answer(s): C

Which of the forces of the business environment involves the rivalry among businesses for customers and profits? A) The economic dimension
B) The legal dimension
C) The competitive dimension
D) The technological dimension
E) The voluntary responsibilities dimension
Points Earned: 2.5/2.5
Correct Answer(s): C

Which of the following is not a provision of the Sarbanes-Oxley Act? A) Strengthens penalties for corporate fraud
B) Discourages the creation of ethical and legal compliance programs C) Requires codes of ethics for financial reporting in corporations D) Makes fraudulent financial reporting a criminal offense
E) Requires greater transparency in financial reporting
Points Earned: 2.5/2.5
Correct Answer(s): B

The _____ regulates tobacco, dietary supplements, vaccines, veterinary drugs, medical devices, cosmetics, products that give off radiation, and biological products. A) World Trade Organization
B) Consumer Financial Protection Agency
C) Department of Justice
D) Environmental Protection Agency
E) The Food and Drug Administration
Points Earned: 2.5/2.5
Correct Answer(s): E

Which of the following is not an aspect of the institutionalization of social responsibility? A) Voluntary practices
B) Legal responsibilities
C) Core practices
D) Familial responsibilities
E) Strategic philanthropy
Points Earned: 2.5/2.5
Correct Answer(s): D

The _____ was established after the latest financial crisis, in response to a situation that caused many consumers to lose their homes. A) Environmental Protection Agency
B) World Bank
C) Consumer Financial Protection Agency
D) World Trade Organization
E) Sarbanes-Oxley Act
Points Earned: 2.5/2.5
Correct Answer(s): C

The _____ is an independent agency within the Federal Reserve System that “regulate[s] the offering and provision of consumer financial products or services under the Federal consumer financial laws.” A) Consumer Financial Protection Agency

B) Federal Reserve
C) World Trade Organization
D) Department of Justice
E) Federal Trade Commission
Points Earned: 0.0/2.5
Correct Answer(s): A

Which is not one of the four sources of criminal and civil laws? A) Judicial law
B) Common law
C) Constitutional law
D) Administrative law
E) Statutory law
Points Earned: 0.0/2.5
Correct Answer(s): A

What is a primary reason why some small businesses resist the opening of large chain retailers like Walmart or Home Depot? A) Because the large size creates economies of scale and they can charge lower prices B) Because the selection in the stores is too large

C) Because large retailers attract crime to neighborhoods in which they are based D) Because community leaders do not like the top management
E) Because large retailers almost never hire local workers as employees Points Earned: 2.5/2.5
Correct Answer(s): A

Anticompetitive strategies that focus on weakening or destroying a competitor have spurred antitrust legislation and include all of the following except A) sustained price cuts.
B) free samples.
C) discriminatory pricing.
D) price wars.
E) corporate espionage.
Points Earned:...
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