Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Module 2 Quiz: Understanding the Legal and

Tax Environment
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Question 1 1 / 1 pts

____ is the body of unwritten law that has evolved out of judicial (court)
decisions rather than being enacted by legislatures.

Contract law

Correct! Common law

Business law

Tort

Question 2 1 / 1 pts

____ is the body of law that governs commercial dealings.

Tort

Common law

Contact law

Correct! Business Law

2/7
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Question 3 1 / 1 pts

_____ sets forth the rules that apply to commercial transactions between
businesses and between individuals and businesses.

FTC—federal trade commission

Correct! UCC—the uniform commercial code

FDA—the food and drug administration

FERC—federal energy regulation commission

Question 4 1 / 1 pts

In ____, the parties agree to present their case to an impartial third party
and are required to accept the arbitrator’s decision.

Correct! Arbitration

Consideration

Mediation

Capacity

Question 5 1 / 1 pts

____ is the exchange of some legal value or benefit between the parties.
Can be in the form of money, goods, or a legal right given up

3/7
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Capacity

Legal purpose

Correct!
Consideration

Mutual assent

Question 6 1 / 1 pts

____ occurs when one party to a contract fails (without legal excuse) to
fulfill the terms of the agreement.

Consideration

Restitution

Correct! Breach of contract

Payment of damages

1 / 1 pts
Question 7

____ is a civil, or private, act that harms other people or their property.

Common law

Correct! Tort

Business law

Contract law

4/7
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Question 8 1 / 1 pts

____ laws that prevent companies from entering into agreements to control
trade through a monopoly.

Warranties

Bankruptcy

Deregulation

Correct! Antitrust regulation

Question 9 1 / 1 pts

____ is the removal of rules and regulations governing business

competition.

Bankruptcy

Warranties

Correct! Deregulation

Antitrust regulation

Question 10 1 / 1 pts

____ are taxes that must be paid on wages, salaries, and commissions.

5/7
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Sales tax

Property taxes

Correct!
Payroll taxes

Excise taxes

1 / 1 pts
Question 11

_____ gives an inventor the exclusive right to manufacture, use, and sell
an invention for 20 years.

Service mark

Correct! Patent

Trademark

Copyright

Question 12 0 / 1 pts

_____ is a symbol, name, or design that identifies a service rather than a

tangible object.

orrect Answer Service mark

Copyright

ou Answered Trademark

6/7
 Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100

Patent

Quiz Score: 11 out of 12

https://slcc.instructure.com/courses/774201/quizzes/2592429 7/7