Question 1

Management teams that practice __________.

Accepted Answer

A)  value-based compliance management view the cost of compliance as an expense rather than an investment 
B)  strategic compliance management identify and embrace operational changes in order to convert regulatory constraints into innovation opportunities 
C)  resource-based management see regulation compliance as a competitive advantage 
D)  strategic-based risk management are the most legally astute of managers 
A)  value-based compliance management view the cost of compliance as an expense rather than an investment 
B)  strategic compliance management identify and embrace operational changes in order to convert regulatory constraints into innovation opportunities 
C)  resource-based management see regulation compliance as a competitive advantage 
D)  strategic-based risk management are the most legally astute of managers B

Question 2

The Systems Approach recognizes that law is dynamic,as opposed to static.

Accepted Answer

A) True 
 B)False  True

Question 3

As used in the text,the term "legal astuteness" refers to the ability of a manager to avoid situations that make consultation with legal counsel necessary.

Accepted Answer

A) True 
 B)False  False

Question 4

Entering into nondisclosure agreements is an unethical practice that should not be tolerated by a legally astute manager.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements is true regarding typical requirements placed on employers mandating the provision of employee benefits?

Accepted Answer

A)  Employers are typically required to provide workers' compensation,to pay unemployment insurance,and to pay social security and Medicare taxes. 
B)  Employers are typically required to pay unemployment insurance,to pay social security and Medicare taxes,and to provide health and life insurance as well as paid time off. 
C)  Employers are typically required to pay workers' compensation insurance,to pay social security and Medicare taxes,and to provide sick time and vacation time. 
D)  Employers are typically required to provide workers' compensation and to pay unemployment insurance,but employers are not required to pay social security and Medicare taxes. 
A)  Employers are typically required to provide workers' compensation,to pay unemployment insurance,and to pay social security and Medicare taxes. 
B)  Employers are typically required to pay unemployment insurance,to pay social security and Medicare taxes,and to provide health and life insurance as well as paid time off. 
C)  Employers are typically required to pay workers' compensation insurance,to pay social security and Medicare taxes,and to provide sick time and vacation time. 
D)  Employers are typically required to provide workers' compensation and to pay unemployment insurance,but employers are not required to pay social security and Medicare taxes.

Question 6

A firm's illegal conduct has no bearing on the firm's competitive advantage because it does not necessarily divert funds from strategic investments or affect its image and reputation with its customers.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT one of the four primary public policy objectives furthered by laws and regulations applicable to U.S.business?

Accepted Answer

A)  Promoting economic growth 
B)  Protecting workers 
C)  Promoting consumer welfare 
D)  Promoting governmental regulation 
A)  Promoting economic growth 
B)  Protecting workers 
C)  Promoting consumer welfare 
D)  Promoting governmental regulation

Question 8

In what three specific ways does U.S.law protect workers?

Accepted Answer

Worker protections is accompli

Question 9

Legal astuteness is a valuable managerial capability through which managers work effectively with counsel to solve complex problems and leverage resources to sustain competitive advantage.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is a component of managing risk when assembling a team in business development?

Accepted Answer

A)  Analyzing any covenants not to compete 
B)  Purposefully refusing to address issues such as sexual harassment 
C)  Informing employees that e-mail communications are not discoverable 
D)  Ignoring whistleblower protection 
A)  Analyzing any covenants not to compete 
B)  Purposefully refusing to address issues such as sexual harassment 
C)  Informing employees that e-mail communications are not discoverable 
D)  Ignoring whistleblower protection

Question 11

Which of the following statements regarding a comparison of the law of the United States and the law of the European Union is true?

Accepted Answer

A)  Laws of the United States and the European Union differ in regard to consumer privacy and emissions standards but are similar in regard to chemical usage and accounting standards. 
B)  Laws of the United States and the European Union differ in regard to consumer privacy,emissions standards,and chemical usage but are similar in regard to accounting standards. 
C)  Laws of the United States and the European Union differ in regard to consumer privacy,emissions standards,chemical usage,and accounting standards. 
D)  Laws of the United States and the European Union are similar in all significant areas involving business regulation and vary in only minor respects. 
A)  Laws of the United States and the European Union differ in regard to consumer privacy and emissions standards but are similar in regard to chemical usage and accounting standards. 
B)  Laws of the United States and the European Union differ in regard to consumer privacy,emissions standards,and chemical usage but are similar in regard to accounting standards. 
C)  Laws of the United States and the European Union differ in regard to consumer privacy,emissions standards,chemical usage,and accounting standards. 
D)  Laws of the United States and the European Union are similar in all significant areas involving business regulation and vary in only minor respects.

Question 12

Firms with _____ have the ability to learn and adjust to circumstances in order to seize opportunities while dealing with competitive threats at the same time.

Accepted Answer

A)  dynamic capability 
B)  strategic compliance 
C)  expansive public policy 
D)  judicial independence 
A)  dynamic capability 
B)  strategic compliance 
C)  expansive public policy 
D)  judicial independence

Question 13

How does U.S.business law promote consumer welfare?

Accepted Answer

By encouraging the sale of saf

Question 14

The "systems approach" to business and society builds on which of the following stakeholder theory insights?

Accepted Answer

A)  Firms have relationships with many constituent groups,which both affect and are affected by the actions of the firm. 
B)  Firms have relationships with many constituent groups,and that these groups must be managed to best promote value to stockholders. 
C)  Although firms have relationships with many constituent groups,these groups have little impact on the ongoing management of business firms. 
D)  Firms have relationships with only a few groups,such as employees,that are directly connected with business operations. 
A)  Firms have relationships with many constituent groups,which both affect and are affected by the actions of the firm. 
B)  Firms have relationships with many constituent groups,and that these groups must be managed to best promote value to stockholders. 
C)  Although firms have relationships with many constituent groups,these groups have little impact on the ongoing management of business firms. 
D)  Firms have relationships with only a few groups,such as employees,that are directly connected with business operations.

Question 15

Discuss ways in which laws and regulations promote economic growth.

Accepted Answer

Laws and regulations promote economic gr

Question 16

Legally astute management teams typically wait until later in the strategic development to bring counsel in and evaluate legal considerations.​

Accepted Answer

A) True 
 B)False

Question 17

The __________ approach recognizes that "business decisions consist of continuous,interrelated economic and moral components."

Accepted Answer

A)  procedural 
B)  systems 
C)  conciliatory 
D)  mandated 
A)  procedural 
B)  systems 
C)  conciliatory 
D)  mandated

Question 18

__________ is a type of relationship building lobbying that is prevalent in China.

Accepted Answer

A)  Xantu 
B)  Olaying 
C)  Guanxi 
D)  Quinta 
A)  Xantu 
B)  Olaying 
C)  Guanxi 
D)  Quinta

Question 19

Which of the following is NOT one of "Porter's Five Forces" that affect the competitive environment?

Accepted Answer

A)  Threat of entry 
B)  Direct competition 
C)  Logistics and component supply 
D)  Buyer power 
A)  Threat of entry 
B)  Direct competition 
C)  Logistics and component supply 
D)  Buyer power

Question 20

Which of the following falls within the legal limits of lobbyist activity?

Accepted Answer

A)  Giving gifts to governmental officials 
B)  Contributing to entities that hold the lawmaker's interest 
C)  Hosting campaign events for lawmakers running for reelection 
D)  Paying lawmakers' staff for personal access to lawmakers on behalf of client 
A)  Giving gifts to governmental officials 
B)  Contributing to entities that hold the lawmaker's interest 
C)  Hosting campaign events for lawmakers running for reelection 
D)  Paying lawmakers' staff for personal access to lawmakers on behalf of client

Exam 1: Law-Value-Creation-And-Risk-Management

Management teams that practice __________.

The Systems Approach recognizes that law is dynamic,as opposed to static.

As used in the text,the term "legal astuteness" refers to the ability of a manager to avoid situations that make consultation with legal counsel necessary.

Entering into nondisclosure agreements is an unethical practice that should not be tolerated by a legally astute manager.

Which of the following statements is true regarding typical requirements placed on employers mandating the provision of employee benefits?

A firm's illegal conduct has no bearing on the firm's competitive advantage because it does not necessarily divert funds from strategic investments or affect its image and reputation with its customers.

Which of the following is NOT one of the four primary public policy objectives furthered by laws and regulations applicable to U.S.business?

In what three specific ways does U.S.law protect workers?

Legal astuteness is a valuable managerial capability through which managers work effectively with counsel to solve complex problems and leverage resources to sustain competitive advantage.

Which of the following is a component of managing risk when assembling a team in business development?

Which of the following statements regarding a comparison of the law of the United States and the law of the European Union is true?

Firms with _____ have the ability to learn and adjust to circumstances in order to seize opportunities while dealing with competitive threats at the same time.

How does U.S.business law promote consumer welfare?

The "systems approach" to business and society builds on which of the following stakeholder theory insights?

Discuss ways in which laws and regulations promote economic growth.

Legally astute management teams typically wait until later in the strategic development to bring counsel in and evaluate legal considerations.​

The __________ approach recognizes that "business decisions consist of continuous,interrelated economic and moral components."

__________ is a type of relationship building lobbying that is prevalent in China.

Which of the following is NOT one of "Porter's Five Forces" that affect the competitive environment?

Which of the following falls within the legal limits of lobbyist activity?

Ethics-And-Law

Sources of Law Courts and Dispute Resolution

Constitutional Bases For Business Regulation

Agency

Administrative-Law

Contracts

Sales Licensing and-E Commerce

Torts and Privacy Protection

Product-Liability

Intellectual-Property

The Employment Agreement

Civil Rights and Employment Discrimination

Criminal-Law

Environmental-Law-And-Sustainability

Antitrust

Consumer-Protection

Real Property And Land Use

Forms Of Business Organizations

Directors Officers And Controlling Shareholders

Public And Private Offerings Of Securities

Securities Fraud And Insider Trading

Debtor Creditor Relations And Bankruptcy

International Law And Transactions

Filters

Legally astute management teams typically wait until later in the strategic development to bring counsel in and evaluate legal considerations.