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Oday’s Business Environment: Law and Ethics

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Submitted By rahman12
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Chapter 1

Today’s Business Environment: Law and Ethics

1. Which of these issues may impact a company’s operations?
a. international issues
b. political issues
c. ethical issues
d. legal issues
e. all of these issues can impact operations

ANSWER: e (page 3-4)

National: AACSB Analytic; Diversity; AICPA BB-Legal

2. Which area of law is most likely to impact directly the finance and accounting departments of a company?
a. products liability
b. employment discrimination
c. credit regulation
d. environmental law
e. all of these are likely to impact about the same

ANSWER: c (page 3) National: AACSB Analytic; AICPA BB-Legal

3. Which is generally recognized as the best (most correct) definition of law? a. a body of rules of action or conduct prescribed by controlling authority, and having binding legal force b. that which must be obeyed and followed by members of a society subject to sanctions or legal consequences c. the circumstances in which the public force is brought to bear through the courts d. a rule of conduct that justifies a prediction that it likely will be enforced by the courts if its authority is challenged
e. all of the other choices are correct; there is no one agreed upon best definition

ANSWER: e (page 3)

National: AACSB Analytic; Communication; AICPA BB-Legal

4. Which of the following is an accepted definition of law? a. a body of rules of action or conduct prescribed by controlling authority, and having binding legal force b. a body of rules of action or conduct

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