Question 1

Bernard Madoff, former NASDAQ chairman, was sentenced in June 2009 to 150 years in prison after pleading guilty to charges that he conducted purportedly the largest _____ swindle in the country's history and lost a reported $51 billion of his clients' assets.
A) forex
B) Ponzi scheme
C) insider trading
D) pyramid scheme

Accepted Answer

Bernard Madoff, former NASDAQ chairman, was sentenced in June 2009 to 150 years in prison after pleading guilty to charges that he conducted purportedly the largest Ponzi scheme swindle in the country's history and lost a reported $51 billion of his clients' assets.

Question 2

Instead of granting money damages to the victim, civil laws generally result in punishment of the perpetrator.

Accepted Answer

Civil law is generally the type of law that permits people to recover money damages for noncriminal actions which occur, such as car accidents, character defamation, or product liability.

Question 3

Equitable remedies are generally available when no law has been violated, but a party wishes to have relief.

Accepted Answer

Equity stands outside the law to provide relief when legal remedies are not available. It is extralegal relief available when the law does not provide a legal remedy.

Question 4

The laws passed by congress are known as executive orders.

Accepted Answer

The president has the authority to make executive orders that act much like the laws Congress passes.

Question 5

According to the categorical imperative theory, in the event of an ethical dilemma, the ends justify the means and the choice is made to do what is the "greatest good" for the most people.

Accepted Answer

According to the categorical imperative theory, in the event of an ethical dilemma, everyone should act as they would want someone else to act in the situation.

Question 6

The legislative branch of the government has the authority to interpret executive orders or other presidential acts as unconstitutional.

Accepted Answer

The judicial branch of the government has the authority to interpret executive orders or other presidential acts as unconstitutional.

Question 7

Legal positivism is based on the theory that there is a discoverable set of absolute right and wrong principles upon which our laws should be based.

Accepted Answer

According to legal positivism, law derives its status as law not from some natural order of things that dictates that things should be right and just and fair because it comes from the Creator, but rather from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.

Question 8

_____ is the study of law, legal systems, and legal philosophy.
A) Conchology
B) Ethology
C) Jurisprudence
D) Emotivism

Accepted Answer

Jurisprudence is the study of law, legal systems, and legal philosophy.

Question 9

Jim Crow laws promoted segregation and racial discrimination.

Accepted Answer

The Jim Crow laws were state and local laws in the United States enacted between 1876 and 1965. They mandated de jure racial segregation in all public facilities, with a supposedly "separate but equal" status for black Americans.

Question 10

The sociological theory is based on the premise that society's ideas change over time and law should reflect a compromise between the changing, often conflicting, interests of society.

Accepted Answer

The sociological theory is based on the premise that society's ideas change over time and law should reflect a compromise between the changing, often conflicting, interests of society.

Question 11

According to _____, to the extent the laws reflect the laws of nature or God, the laws are considered "good" ones; to the extent they do not, they are "bad."
A) Jim Crow laws
B) Natural law
C) Tort laws
D) Marxism

Accepted Answer

The theory underlying natural law is that there is a discoverable set of absolute right and wrong principles upon which our laws should be based. To the extent the laws reflect the natural law, that is, the laws of nature, or God, the laws are considered "good" ones. To the extent they do not, they are "bad."

Question 12

The executive branch of government has the president as the chief executive.

Accepted Answer

The executive branch of government has the president as the chief executive and is responsible for executing the laws of the land.

Question 13

Public law may involve involuntary litigation and is brought by the state.

Accepted Answer

Public law may involve involuntary litigation and is brought by the state, while private law is voluntary on the part of the plaintiff, the party bringing the case, and will not be brought if plaintiff does not wish to do so.

Question 14

Civil law is designed to make whole those who have suffered physical, monetary, property, or other injury at the hands of another.

Accepted Answer

Civil law is designed to make whole those who have suffered physical, monetary, property, or other injury at the hands of another.

Question 15

The judicial branch of government is primarily responsible for executing the laws of the land.

Accepted Answer

The judicial branch of government is primarily responsible for interpreting the law by deciding cases in federal courts. The executive branch of government is primarily responsible for executing the laws of the land.

Question 16

The theory of natural law is based on the premise that law derives its status as law from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.

Accepted Answer

The theory of legal positivism is based on the premise that law derives its status as law from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.

Question 17

The legislative branch of government is composed of Congress and the Senate.

Accepted Answer

The legislative branch of government is composed of Congress and the Senate.

Question 18

Which of the following is best defined as a system of limitations upon our actions imposed by the government to ensure order, safety, predictability and control?
A) Economics
B) Politics
C) Law
D) Society

Accepted Answer

Law has been defined in many different ways. One of the definitions of law is that law is a system of limitations upon our actions imposed by the government to ensure order, safety, predictability and control.

Question 19

The executive branch of government has the authority to pass laws to bring the court's interpretation of law in line with the views of the legislature.

Accepted Answer

The legislative branch of government has the authority to pass laws to bring the court's interpretation of law in line with the views of the legislature.

Question 20

Which of the following is based on the theory that there is a discoverable set of absolute right and wrong principles upon which our laws should be based?
A) Legal positivism
B) Tort law
C) Syndicalism
D) Natural law

Accepted Answer

The theory underlying natural law is that there is a discoverable set of absolute right and wrong principles upon which our laws should be based. To the extent the laws reflect the natural law, that is, the laws of nature, or God, the laws are considered "good" ones. To the extent they do not, they are "bad."

Quiz 1: Introduction to the Business and Ethics Environment in a Diverse Society

Bernard Madoff, former NASDAQ chairman, was sentenced in June 2009 to 150 years in prison after pleading guilty to charges that he conducted purportedly the largest _____ swindle in the country's history and lost a reported $51 billion of his clients' assets.

Instead of granting money damages to the victim, civil laws generally result in punishment of the perpetrator.

Equitable remedies are generally available when no law has been violated, but a party wishes to have relief.

The laws passed by congress are known as executive orders.

According to the categorical imperative theory, in the event of an ethical dilemma, the ends justify the means and the choice is made to do what is the "greatest good" for the most people.

The legislative branch of the government has the authority to interpret executive orders or other presidential acts as unconstitutional.

Legal positivism is based on the theory that there is a discoverable set of absolute right and wrong principles upon which our laws should be based.

_____ is the study of law, legal systems, and legal philosophy.

Jim Crow laws promoted segregation and racial discrimination.

The sociological theory is based on the premise that society's ideas change over time and law should reflect a compromise between the changing, often conflicting, interests of society.

According to _____, to the extent the laws reflect the laws of nature or God, the laws are considered "good" ones; to the extent they do not, they are "bad."

The executive branch of government has the president as the chief executive.

Public law may involve involuntary litigation and is brought by the state.

Civil law is designed to make whole those who have suffered physical, monetary, property, or other injury at the hands of another.

The judicial branch of government is primarily responsible for executing the laws of the land.

The theory of natural law is based on the premise that law derives its status as law from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.

The legislative branch of government is composed of Congress and the Senate.

Which of the following is best defined as a system of limitations upon our actions imposed by the government to ensure order, safety, predictability and control?

The executive branch of government has the authority to pass laws to bring the court's interpretation of law in line with the views of the legislature.

Which of the following is based on the theory that there is a discoverable set of absolute right and wrong principles upon which our laws should be based?