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Questions
Q:
What is the dollar amount of the federal lifetime maximum gift tax exclusion?A) $24,000B) $600,000C) $1,000,000D) $2,000,000
Q:
Which of the following constitutional amendments protects criminal defendants from cruel and unusual punishment?
A) Fifth Amendment
B) Eighth Amendment
C) Fourth Amendment
D) Fourteenth Amendment
Q:
Gregory Aimes, who is being tried for murder, has retained Linda Steve as an attorney for his defense. While questioning Gregory about the case, Linda receives a confession of murder from Gregory. Under which of the following conditions can Linda lawfully ignore the attorney-client privilege and report Gregory to the proper authorities?
A) if Gregory discloses to Linda that he plans to murder a specific person in the future
B) if Linda voluntarily resigns as Gregory's attorney
C) if Gregory asks that Linda be replaced as his attorney
D) if Gregory is acquitted in the case
Q:
Which of the following rights is set forth by the Sixth Amendment to the U.S. Constitution?
A) protection against double jeopardy
B) right to due process
C) right to a public jury trial
D) privilege against self-incrimination
Q:
Which of the following would violate the Double Jeopardy Clause?
A) The government reopens a case after new incriminating evidence is found against an acquitted person.
B) A person is tried for a case similar to a case from which he was acquitted earlier.
C) A case reaches a hung jury in court and the government reopens the case with a new jury.
D) The criminal act violates more than one jurisdiction and each jurisdiction tries the accused in turn.
Q:
The Double Jeopardy Clause of the Fifth Amendment protects persons from ________.
A) evidence procured through unreasonable search and seizures
B) being tried twice for the same crime
C) confessions obtained through physical force during an interrogation
D) being subjected to a heavier penalty or longer imprisonment
Q:
What is the current annual gift amount that can be left to an individual donee, without being subject to a federal gift tax?A) $6,500B) $13,000C) $19,500D) $26,000
Q:
Vertical merger occurs whenA) two firms merge where one had sold its output to the other as an input.B) the merger moves the combined firm onto the horizontal portion of its long -run average cost curve.C) two firms merge where each is about the same size.D) two firms producing a similar product merge.
Q:
To which Fifth Amendment provision in the U.S. Constitution do the Miranda rights refer?
A) parole eligibility
B) privilege against self-incrimination
C) inordinate seizures
D) double jeopardy
Q:
According to the ________, evidence obtained from an unreasonable search and seizure can generally be prohibited from introduction at a trial or an administrative proceeding against the person searched.
A) Miranda rights
B) exclusionary rule
C) presumption of innocence doctrine
D) double jeopardy rule
Q:
Under which of the following circumstances is a warrantless search permitted?
A) if there is no probable cause
B) if the suspect has been previously convicted
C) if evidence is not in plain view
D) if evidence is likely to be destroyed
Q:
Which one of the following types of protection does the Fourth Amendment provide to U.S. citizens?
A) protection from cruel and unusual punishment for a criminal defendant
B) protection from unreasonable search and seizure by the government
C) protection against being tried for the same case twice
D) protection against self-incrimination
Q:
Discuss mail fraud and wire fraud.
Q:
Describe the Racketeer Influenced and Corrupt Organizations Act (RICO).
Q:
In reference to the potential taxation of an estate, which of the following statements is correct?A) An estate may be subject to taxation at both the state and federal level.B) The taxable amount of an estate is based on the book values of all estate assets at the date of death.C) The estate value is not reduced by such expenses as funeral expenses, bequests to qualified charities, or state-level taxes.D) Taxable estate assets do not include proceeds from life insurance policies.
Q:
The monopolistically competitive firmʹs economic profits tend toward zero in the long run. Why is this so?A) Monopolistically competitive firmʹs are rarely able to maintain the corporate discipline necessary to sustain profits in the long run.B) If a monopolistically competitive firm is profitable for more than 2 years, the Justice Department orders a corporate restructuring to pull the company back to a normal rate of return.C) In the long run, other firms will successfully offer substitutes for the profitable firmʹs product, and competition will eliminate economic profits.D) Even though the monopolistically competitive firm can successfully maintain barriers to entry, keeping competition at bay becomes very expensive.
Q:
________ is a federal act that provides for both criminal and civil penalties for racketeering.
Q:
________ crimes are prone to being committed by businesspersons, and usually involve cunning and deceit rather than physical force.
Q:
A criminal conspiracy occurs when two or more persons enter into an agreement to commit a crime.
Q:
Persons injured by a RICO violation can bring a private civil RICO action against the violator.
Q:
The Racketeer Influenced and Corrupt Organizations Act (RICO) applies only to organized crime.
Q:
Which type of trust is created pursuant to a will?A) A testamentary trustB) A Crummey trustC) A generation-skipping trustD) A life estate trust
Q:
Use the above figure. The profit-maximizing output will beA) Q1. B) Q2.C) Q3. D) None of the above are correct.
Q:
Violation of the Money Laundering Control Act subjects any property involved in or traceable to the offense to forfeiture to the government.
Q:
Criminal fraud is the crime of obtaining title to property through deception or trickery.
Q:
Extortion of public officials is called extortion under color of official right.
Q:
Extortion of private persons is commonly referred to as blackmail.
Q:
The offeror cannot be found liable for the crime of bribery if the person to whom the bribe is offered rejects the bribe.
Q:
Crimes committed by businesspersons are referred to as blue-collar crimes.
Q:
Competitive pricing is efficient becauseA) the price that consumers pay reflects the opportunity cost to society of producing the good.B) firms make positive economic profits in long-run equilibrium. C) average revenue equals average cost.D) firms produce above the minimum efficient scale.
Q:
What is the document prepared by the executor or administrator to show accountability for estate property received and maintained or disbursed in accordance with the will?A) The Administrator/Executor's Fiduciary ReportB) The charge-discharge statementC) The Administrator/Executor's Testamentary ReportD) The Administrator/Executor's Principal/Income Report
Q:
Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, which criminal activity is Frank engaging in when faking his father's signature?
A) embezzlement
B) forgery
C) bribery
D) extortion
Q:
Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, of which illegal activity are Rhonda and Frank guilty when it came to using Dawson's money for the charity?
A) bribery
B) criminal conspiracy
C) extortion
D) forgery
Q:
Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, what illegal activity did the financial accountant of the charity partake in?
A) larceny
B) bribery
C) extortion
D) embezzlement
Q:
Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, which of the following crimes has Rhonda Mason committed?
A) forgery
B) bribery
C) embezzlement
D) extortion
Q:
A perfectly competitive firm is selling 300 units of output at $4 each. At this output level, total fixed cost is $100 and total variable cost is $500. The firmA) is maximizing its profit.B) is earning a profit, but not necessarily the maximum profit. C) is experiencing an economic loss.D) should shut down.
Q:
Mark and Jack work as clerks at the New Bank of North America. They plan to rob the bank and manage to get its floor plans. They study the security arrangements and movements of the security personnel of the bank. They even get weapons in case force is required to rob the bank. The police, however, get information about the plan and arrest Mark and Jack before the robbery occurs. Mark and Jack have committed which of the following crimes?
A) criminal conspiracy
B) extortion
C) money laundering
D) larceny
Q:
Under the Revised Uniform Principal and Income Act, gains or losses incurred on investments that occur after the death of the decedentA) are considered to be income of the estate.B) are included in the inventory fair value at the time of death.C) are taxed separately from other estate income.D) are adjustments to the principal of the estate.
Q:
Richard Bell, an organized crime boss and casino owner, has made a lot of money with his illegal drug operations and illegal gambling. In order to make it look like he earned the drug money legitimately, Richard has hired crooks to take the illegal money and spend it in Richard's casinos in discreet amounts. The crooks are supposed to lose the money on purpose so that the casino can claim this as winnings. If he were caught, under which federal law would Richard be tried for his mob activities?
A) Counterfeit Access Device and Computer Fraud and Abuse Act
B) Identity Theft and Assumption Deterrence Act
C) Racketeer Influenced and Corrupt Organizations Act
D) Information Infrastructure Protection Act
Q:
Richard Bell, an organized crime boss and casino owner, has made a lot of money with his illegal drug operations and illegal gambling. In order to make it look like he earned the drug money legitimately, Richard has hired crooks to take the illegal money and spend it in Richard's casinos in discreet amounts. The crooks are supposed to lose the money on purpose so that the casino can claim this as winnings. What crime is Richard committing in converting his drug money to alleged legal money?
A) money laundering
B) misappropriation
C) extortion
D) embezzlement
Q:
Which of the following does the Money Laundering Control Act prohibit?
A) the use of mails or wires to defraud another person
B) knowingly engaging in a financial transaction involving the proceeds of an unlawful activity
C) obtaining property from another, with his or her consent, induced by wrongful use of actual or threatened force
D) the fraudulent conversion of property by a person to whom that property was entrusted
Q:
The crime of ________ involves the obtaining of property from another, with his or her consent, induced by wrongful use of actual or threatened force, violence, or fear.
A) embezzlement
B) bribery
C) money laundering
D) extortion
Q:
________ is a crime in which one person gives another person money, property, favors, or anything else of value for a favor in return.
A) Bribery
B) Battery
C) Embezzlement
D) Larceny
Q:
At the output rate at which diminishing marginal product begins, a firm will experienceA) constant average total costs. B) increasing average fixed costs.C) increasing marginal costs. D) decreasing average variable costs.
Q:
In reference to estate principal and income, which of the following statements is correct?A) A primary reason for dividing estate principal and estate income is that the beneficiaries are often different.B) In accounting for the decedent's estate, the receipts earned but not yet received at the date of death are considered estate income.C) After death, earnings from income-producing property owned at the time of death are considered estate principal.D) Expenses incurred after death to administer the estate are first charged against income earned after death.
Q:
________ is the fraudulent conversion of property by a person to whom that property was entrusted.
A) Embezzlement
B) Bribery
C) Forgery
D) Extortion
Q:
The fraudulent making or alteration of a written document that affects the legal liability of another person is called ________.
A) larceny
B) extortion
C) forgery
D) embezzlement
Q:
Which of the following crimes is an example of a white-collar crime?
A) battery
B) larceny
C) arson
D) forgery
Q:
Discuss "receiving stolen property" as a crime.
Q:
Why do governments and defendants enter into plea bargains?
Q:
Which of the following are entitled to the remainder of the estate after all other rightful claims on the estate have been satisfied?A) Remainder beneficiariesB) Residual beneficiariesC) Alternate beneficiariesD) Secondary beneficiaries
Q:
The amount of calendar time associated with the long runA) is less than five years. B) is greater than one year. C) is between one and five years. D) varies by industry.
Q:
The willful or malicious burning of a building is called ________.
Q:
________ is defined as the taking of personal property from another person by the use of fear or force.
Q:
________ is the taking of another's personal property other than from his or her person or building.
Q:
A(n) ________ is an agreement in which the accused admits to a lesser crime than charged, and in return, the government agrees to impose a lesser sentence than might have been obtained had the case gone to trial.
Q:
A party may enter a plea of ________, whereby the accused agrees to the imposition of a penalty but does not admit guilt.
Q:
If estate assets are insufficient to pay all claims in full, under the Uniform Probate Code which of the following would be paid first?A) Reasonable funeral expensesB) Necessary medical and hospital expenses of the last illness of the decedentC) Unsecured debtsD) The costs and expenses of administration of the estate
Q:
An organization that brings together the factors of production is called A) an industry. B) a conglomerate. C) a plant. D) a firm.
Q:
________ is defined as the substantial likelihood that a person either committed or is about to commit a crime.
Q:
If the grand jury determines that there is sufficient evidence to hold the accused for trial, it issues a(n) ________.
Q:
In common law, burglary is defined as "breaking and entering a dwelling at night" with the intent to commit a misdemeanor.
Q:
If a defendant is found not guilty in a criminal case, the government can retry the case with a new jury.
Q:
An indictment is a charge of guilt against the defendant.
Q:
Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided?A) For one weekB) For two weeksC) For three weeksD) For five weeks
Q:
In the above figure, budget line DF would swivel in to the left ifA) the price of bagels increased. B) the price of bagels decreased. C) the price of coffee increased. D) the price of coffee decreased.
Q:
The case against the accused is dismissed if neither an indictment nor information statement is issued.
Q:
A nolo contendere plea can be used as evidence of liability against the accused at a subsequent civil trial.
Q:
The wrongful or fraudulent taking of another's personal intangible properties like trade secrets, computer programs, and other business property is considered a(n) ________.
A) robbery
B) larceny
C) aggravated robbery
D) aggravated burglary
Q:
In which of the following cases is the felony murder rule applied?
A) when the felon in the case was killed while the crime transpired
B) when the murder was committed without intent while committing another crime
C) when the reason for the death is found to be involuntary manslaughter
D) when the crime involves the intended murder of another person
Q:
What is the necessary condition for an accused person to be found guilty by a jury?
A) The jury's guilty verdict has to be approved by the presiding judge.
B) At least half the jurors have to find the defendant guilty of the crime.
C) More than 50 percent of the jurors have to find the defendant guilty of the crime.
D) All the jurors have to unanimously agree that the defendant is guilty of the crime.
Q:
Roland and Kelly were involved in a car accident in which Kelly was badly injured and had to be hospitalized. After the accident was investigated, it was determined that Roland's negligence was the cause of the accident. He was charged with reckless driving, a crime. In criminal proceedings, what course of action should Roland take to prevent Kelly from using evidence of his guilt against him in a subsequent civil trial seeking recovery for her injuries and hospital bills?
A) plead not guilty and go to trial
B) enter into a plea of nolo contendere
C) plead guilty and serve the punishment established by the government
D) enter into a plea bargain with the government, admitting guilt but receiving less punishment in return for the plea
Q:
In reference to the Uniform Probate Code, which of the following statements is correct?A) The Code entitles the surviving spouse to a homestead allowance that is exempt from, and has priority over, all claims against the estate.B) The Code provides a homestead allowance to the surviving spouse of $100,000.C) The Code provides an allowance for dependents, after other claims have been settled.D) The Code entitles the surviving spouse to claim 100% of the estate after claims to third-parties are settled.
Q:
In order to maximize utility, a consumer should allocate money income so thatA) the marginal utility of the last unit of each product consumed is greater than the total utility of each product consumed.B) the total utility derived from each product consumed is the same.C) the marginal utility obtained from the last dollar spent on each product is the same.D) the elasticity of demand on all products purchased is the same.
Q:
A jury that cannot come to a unanimous decision about the defendant's guilt is called a(n) ________ jury.
A) grand
B) open
C) struck
D) hung
Q:
What is nolo contendere in legal proceedings?
A) a plea by which the defense attorney sets out reasons as to why the case should not go to trial
B) a plea where the accused agrees to the imposition of a penalty but does not admit guilt
C) a plea by which the defense attorney exhibits evidences that the defendant is not fit to stand for trial
D) a guilty plea where the defendant does not agree to the imposition of a penalty and asserts innocence though there is sufficient evidence against the defendant
Q:
At what stage of the criminal procedure is the accused asked to enter a plea?
A) when the accused is taken to an arraignment
B) while an indictment or information statement is being issued
C) when the accused is being booked
D) when the accused is being arrested
Q:
A(n) ________ is a charge of having committed a crime, usually a felony, based on the judgment of a grand jury.
A) arraignment
B) information statement
C) indictment
D) plea
Q:
The executor or administrator of a will is required to prepare and file an inventory of property owned by the deceased within what time period?A) One month of appointmentB) Two months of appointmentC) Three months of appointmentD) 45 days of appointment
Q:
What would you expect the cross price elasticity of iPods and online music downloads? Explain your answer.