LAW 531 Week 5 Knowledge Check

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LAW 531 Week 5
Knowledge Check


The material
presented below is not meant to be a comprehensive list of all you need to know
in the content area. Rather it is a starting point for building your knowledge
and skills. Additional study materials are recommended in each area below to
help you master the material.

Personalized
Study Guide Results:

Score: 15 / 15

Concepts Mastery
Questions

Consumer
protection and product safety laws 100% • 1

• 2• 3

Environmental
laws 100% • 4

• 5• 6

Antitrust law
and unfair trade practices 100% • 7

• 8• 9

Provisions of
the Sarbanes Oxley Act 100% • 10

• 11

• 12

What
organizations can do to manage legal risks arising from regulatory compliance
issues 100% • 13

• 14

• 15

Concept:
Consumer protection and product safety laws

Mastery : 100%
Questions : • 1

• 2• 3

Materials on the
concept:

• Regulation of
Food

• Food, Drugs,
and Cosmetics Safety

• Regulation of
Cosmetics

• Unfair and
Deceptive Practices

• Bait and
Switch

1.

Identify an
accurate statement about the Food, Drug, and Cosmetic Act (FDCA).

• A.

It prohibits the
disclosure of nutrition information on food labels.

• B.

It only covers
the quality of actual products and does not encompass packaging.

• C.

It prohibits the
shipment, distribution, or sale of adulterated food.

• D.

It does not
place liability on manufacturers or distributors for deceptive labelling.

2.

Which product is
exempt from Food and Drug Administration (FDA) regulation of cosmetics?

• A.

Household soap

• B.

Facial cleanser

• C.

Lip color

• D.

Eye shadow

3.

Glitter is a
clothing store advertising a week-long sale featuring low-price summer
merchandise. Amy visits the store on the second day of the sale to buy
discounted clothing. However, the store has very few of the low-price clothes
remaining. When Amy inquires about the sale, she is, instead, directed to a
section of very expensive clothing that is not on sale. Feeling pressurized by
the salesperson to buy some of the expensive clothes, Amy ends up spending a
lot of money at the store. What type of deceptive business practice is best
illustrated in the scenario?

• A.

Credit and debt

• B.

Trade libel

• C.

Door-to-door
sales

• D.

Bait and switch

Concept:
Environmental laws

Mastery : 100%
Questions : • 4

• 5• 6

Materials on the
concept:

• Environmental
Impact Statement

• Environmental
Protection

• Hazardous
Waste

• Toxic
Substances and Hazardous Wastes

• National
Ambient Air Quality Standards

Show More

4.

What is an
environmental impact statement most likely to contain?

• A.

Guidelines for
maintaining environmental standards for state governments

• B.

A cost-benefit
analysis of a proposed federal action that might affect the environment

• C.

Annual
environmental reports provided by state governments

• D.

Conservation
proposals made by environmental experts outside the government

5.

Identify the
federal act that was enacted to regulate the disposal of new hazardous wastes
and empowers the Environmental Protection Agency (EPA) to regulate facilities
that generate, treat, store, transport, and dispose hazardous wastes.

• A.

Resource Conservation
and Recovery Act (RCRA)

• B.

Toxic Substances
Control Act

• C.

National
Environmental Policy Act (NEPA)

• D.

Nuclear Waste
Policy Act

6.

What is a true
statement in the context of environmental laws?

• A.

The Clean Air
Act encompasses only stationary sources of pollution and not automobiles.

• B.

States are
responsible for the enforcement of air quality standards even though the
Environmental Protection Agency (EPA) sets the standards.

• C.

The primary task
of enforcing the provisions of the Clean Water Act rests with the federal
government and not state governments.

• D.

The federal
Clean Water Act does not encompass the maintenance of wetlands.

Concept:
Antitrust law and unfair trade practices

Mastery : 100%
Questions : • 7

• 8• 9

Materials on the
concept:

• Per Se Rule

• Restraints of
Trade: Section 1 of the Sherman Act

• Group Boycotts

• Statutory
Exemptions

• Exemptions
from Antitrust Laws

7.

What is true of
the per se rule according to Section 1 of the Sherman Act?

• A.

It holds that
even reasonable restraints violate Section 1 of the Sherman Act.

• B.

It applies to
restraints that are intrinsically anticompetitive.

• C.

It applies to
cases where restraints have both pro- and anticompetitive effects.

• D.

It applies to
cases where justifications and evidence can be considered to evaluate
restraints.

8.

Envy, Bling, and
Pattern are three established and well-known clothing manufacturers and
sellers. They decide not to sell their clothes to Embellish, a clothing retail
store. Which form of horizontal restraint does this scenario best exemplify?

• A.

Price fixing

• B.

Division of
markets

• C.

Group boycotts

• D.

Conscious
parallelisms

9.

Some forms of
business and activities like labor unions and agricultural cooperatives are
expressly exempt from the reach of antitrust laws in the rules enacted by
Congress. What type of exemptions are these?

• A.

Statutory
exemptions

• B.

Implied
exemptions

• C.

State action
exemptions

• D.

Organization
exemptions

Concept:
Provisions of the Sarbanes Oxley Act

Mastery : 100%
Questions : • 10

• 11

• 12

Materials on the
concept:

• Corporate
Governance and the Sarbanes-Oxley Act

• Piercing the
Corporate Veil

• Board of
Directors

• Competing with
the Corporation

• Fiduciary
Duty: Duty of Loyalty

10.

When is a court likely
to apply the piercing the corporate veil doctrine?

• A.

When a
corporation is not generating adequate profits because of a drop in sales

• B.

When a
shareholder has been found to be misusing corporate assets

• C.

When
shareholders are not adequately participating in the management of the
corporation

• D.

When an employee
has violated corporation rules

11.

What statement
is true in the context of the board of directors of a corporation?

• A.

All members of
the board should be officers of the corporation.

• B.

All members of
the board should have the same set of specific qualifications.

• C.

Officers of
other corporations can be elected as directors of the board.

• D.

Directors of the
board should be residents of the state in which the corporation was incorporated.

12.

Riya is a
corporate officer as well as a senior academic author at Derive Inc., a content
management company. The company develops question banks and learning material
for students. Riya, without permission from the company, starts her own content
management company. Derive then recovers damages and profits from Riya. Which
act of disloyalty does this scenario best exemplify in the context of fiduciary
duties?

• A.

Making a secret
profit

• B.

Usurping a
corporate opportunity

• C.

Self-dealing

• D.

Competing with
the corporation

Concept: What
organizations can do to manage legal risks arising from regulatory compliance
issues

Mastery : 100%
Questions : • 13

• 14

• 15

Materials on the
concept:

• Food Labeling

• Food, Drugs,
and Cosmetics Safety

• Direct Price
Discrimination

• Price
Discrimination: Section 2 of the Clayton Act

• Toxic
Substances and Hazardous Wastes

Show More

13.

What step can
food manufacturers and processors take to avoid legal risks associated with the
Nutrition Labeling and Education Act (NLEA)?

• A.

Exclude dietary
information on packaging

• B.

Provide
information about all the nutrients on packaging

• C.

Provide only
point-of-purchase nutrition information

• D.

Exclude
information about serving size on packaging

14.

According to
Section 2 of the Clayton Act, in which of these scenarios is a seller most
likely to face a legal risk?

• A.

Jeremy, a
seller, uses price discrimination to meet a competitor’s price.

• B.

Alex, a seller,
sells similar quality products to two customers at different prices around the
same time.

• C.

Marcos, a
seller, increases product prices because of increased costs of production and
packaging.

• D.

Chang, a seller,
offers a service to a particular customer for a reduced price.

15.

What will help
chemical industries avoid legal risks in the context of environmental laws?

• A.

Using special
labeling for toxic substances

• B.

Avoiding testing
of new chemicals

• C.

Meeting only the
standards that are economically feasible

• D.

Adopting only technologically
feasible disposal standards
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