Study Guide and Quiz Answers

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Which of the following is regulated by the FLSA?

A
Affirmative action
B
Health and safety procedures
C
Labeling of food products
D
Minimum wage
3

Which of the following is likely to increase the value of a country's currency?

A
The country's imports are higher than its exports.
B
The country has high inflation.
C
The country has a lot of debt.
D
The country has a high interest rate.
4

Which of the following strategies can a country use to keep its products inexpensive for consumers in the U.S.?

A
Raising its interest rates
B
Keeping its interest rates low
C
Increasing its exports
D
Avoiding debt
7

What type of relationship do a lawyer and a client have?

A
A labor relationship
B
A tort relationship
C
An administrative relationship
D
An agency relationship
9

Which of the following is true of unethical behavior?

A
It may cause people to lose trust in you.
B
It may be prevented by creating conflicts of interest.
C
It is always illegal.
D
It is regulated by administrative law.
11

Which of the following is an example of a conflict of interest?

A
A manufacturing company hires many employees.
B
A worker has two jobs at unrelated companies.
C
A lawyer represents the plaintiff and the defendant.
D
A competitor interferes with another company's contract.
12

Which of the following is a reason a country might put a tariff on imports?

A
To form an agency relationship
B
To increase its exports
C
To protect domestic companies
D
To create free trade
13

The U.S. encourages domestic companies to export because _____________.

A
It increases inflation.
B
It increases the number of U.S. consumers who buy domestic products.
C
It increases the value of a U.S. dollar.
D
It improves the interest rate.
14

Which type of intellectual property can protect your company's logo?

A
A DBA name
B
Patent
C
Copyright
D
Trademark
15

Which of the following is a reason a country might put a tariff on imports?

A
To form an agency relationship
B
To increase its exports
C
To protect domestic companies
D
To create free trade
16

Which of the following strategies can a country use to keep its products inexpensive for consumers in the U.S.?

A
Raising its interest rates
B
Keeping its interest rates low
C
Increasing its exports
D
Avoiding debt
17

Which type of tort happens when you unfairly damage another company's reputation?

A
Fraud
B
Conflict
C
Interference
D
Defamation
18

In a contract, what is consideration?

A
Exchanging things of value
B
Breaching the contract
C
A business tort
D
The minimum age for the contract
19

Which of the following is likely to increase the value of a country's currency?

A
The country's imports are higher than its exports.
B
The country has high inflation.
C
The country has a lot of debt.
D
The country has a high interest rate.

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