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Questions
Q:
________ refers to a rule issued by an administrative agency that has the force of law and to which covered persons and businesses must adhere.
Q:
________ are created by cities, municipalities, and counties to administer local regulatory law.
Q:
________ are created by legislative branches of states to administer state regulatory laws.
Q:
On January 1, 2011, a Voluntary Health and Welfare Organization (VHWO) receives an unconditional promise to give $6,000. The money is not collectible until 2012. The VHWO estimates that 10% of pledges are uncollectible. On January 1, 2011, the VHWO will creditA) Unrestricted Support - Contribution, $6,000.B) Allowance for Uncollectible Contributions $600, and Unrestricted Support - Contribution, $5,400.C) Allowance for Uncollectible Contributions $600, Temporarily Restricted Support - Contribution, $5,400.D) Allowance for Uncollectible Contributions $600, Contribution Revenue $5,400.
Q:
It is illegal to price discriminate except in cases in which the price differences are due to actual cost differences. This situation is due to which antitrust act?A) Clayton Act B) Contestable Market ActC) Federal Trade Commission Act D) Sherman Antitrust Act
Q:
The Department of Homeland Security, the federal Food and Drug Administration (FDA), the National Labor Relations Board (NLRB), and the Equal Employment Opportunity Commission (EEOC) are all examples of ________.
Q:
Administrative lawis a combination of substantive administrative lawand ________.
Q:
________ refers to the federal statute enacted by Congress, or the state statute enacted by a state legislature, that is enforced by the administrative agency.
Q:
________ refers to the law that governments enact to regulate industries, businesses, and professionals.
Q:
________ are created by the government to enforce regulatory statutes.
Q:
1) Which of the following is not true?A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit.B) A not-for-profit entity may be governmental or non-governmental.C) A not-for-profit entity may possess ownership interests like a corporation.D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.
Q:
A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known asA) perfect competition. B) monopolistic competition.C) oligopoly. D) monopoly.
Q:
Which of the following powers of administrative agencies facilitates the investigation and prosecution of possible violations of statutes and rules?
A) rulemaking power
B) executive power
C) judicial authority
D) licensing
Q:
Describe the need for forum-selection and choice-of-law clauses.
Q:
Compare in rem and quasi in rem jurisdiction.
Q:
Discuss the need for and significance of a long-arm statute.
Q:
________ refers to a concept that requires lawsuits to be heard by the court with jurisdiction that is nearest to the location where the incident occurred or where the parties reside.
Q:
________ refers to a contract provision that designates a certain state's law or country's law that will be applied in any dispute concerning nonperformance of the contract.
A) Choice of law clause
B) Forum-shopping
C) Arbitration clause
D) Forum selection clause
Q:
In a Statement of Cash Flows for a proprietary fund, what are the primary categories of cash flow activities?A) Operating, Financing, InvestingB) Operating, Noncapital Financing, Capital and Related Financing, InvestingC) Operating, Financing, Noncapital Investing, Capital and Related InvestingD) Noncapital Operating, Capital and Related Operating, Investing, Financing
Q:
The existence of economies of scale is one reason oligopolies exist becauseA) a firm is able to increase price leading to increased profits. B) the marginal cost decreases as output increases.C) of strategic dependence.D) as output increases average total cost decreases leading to large -scale firms.
Q:
________ refers to a contract provision that designates a certain court to hear any dispute concerning nonperformance of the contract.
A) No-contest clause
B) Choice of law clause
C) Forum-selection clause
D) Arbitration clause
Q:
Donald, a resident of Louisiana, is robbed in Oklahoma County, Oklahoma. The robber, a resident of the state of Texas, is soon apprehended. Which of the following is the proper venue to hear this case?
A) state court in Louisiana because the plaintiff is from Louisiana
B) state court in Texas because the defendant is from Texas
C) Oklahoma federal court because the robber has committed a federal crime
D) Oklahoma county court because it is nearest in location to the scene of the crime
Q:
________ requires lawsuits to be heard by the court with jurisdiction that is nearest to the location where the incident occurred or where the parties reside.
A) Jurisdiction
B) Venue
C) Circuit
D) Doctrine of stare decisis
Q:
Jill wins a lawsuit against Terry in Wyoming state court. The court passes a judgment requiring Terry to pay $20,000 to Jill. Soon after the case is settled, Terry moves to Colorado, where she owns a house, and refuses to pay Jill the money. Which of the following is the best course of action for Jill?
A) File a lawsuit against Terry in a Colorado state court to enforce the Wyoming court judgment.
B) File another case against Terry in the Wyoming state court to collect the money against Terry's property.
C) File a case against Terry in Wyoming to force Terry to sell her house in Colorado to pay the money.
D) File a case in the Colorado federal court as this qualifies as a federal question case.
Q:
Bill is trying to sell his house in Oklahoma City, Oklahoma to George, who lives in Little Rock, Arkansas. They have a dispute over the terms of the contract, and Bill decides to sue George. Which of the following statements is true in this scenario?
A) The Arkansas state court must hear this case as it has in personam jurisdiction over George.
B) The Arkansas state court has in rem jurisdiction to hear this case.
C) The Oklahoma state court has in rem jurisdiction to hear this case.
D) The Oklahoma state court does not have jurisdiction to hear this case as the defendant is from another state.
Q:
In the long run, in a monopolistically competitive market, price will beA) equal to MR. B) equal to MC. C) greater ATC. D) equal to ATC.
Q:
Why do courts need to accomplish a service of process?
A) to obtain personal jurisdiction over the plaintiff in a lawsuit
B) to obtain personal jurisdiction over the defendant in a lawsuit
C) to obtain jurisdiction to hear a case where the court has jurisdiction over the property in the lawsuit
D) to obtain jurisdiction over nonresidents who were not served summons within the state
Q:
On January 1, 2011, the Enterprise Fund for a local city receives an operating grant of $100,000 cash from the state government. Upon receipt of the cash, qualifying expenses of $200,000 for the operating grant have been incurred. What journal entry did the Enterprise Fund prepare on January 1, 2011?A) Debit Cash $100,000, credit Deferred Revenue $100,000B) Debit Cash $100,000, credit Contributed Capital $100,000C) Debit Restricted Cash $100,000, credit Nonoperating Revenues $100,000D) Debit Restricted Cash $100,000, credit Other Financing Sources - operating grant $100,000
Q:
________ refers to jurisdiction that allows a plaintiff who obtains a judgment in one state to try to collect the judgment by attaching property of the defendant located in another state.
A) In rem jurisdiction
B) In personam jurisdiction
C) Private jurisdiction
D) Quasi in rem jurisdiction
Q:
________ refers to jurisdiction to hear a case because of jurisdiction over the property of the lawsuit.
A) In rem jurisdiction
B) Quasi in rem jurisdiction
C) Private jurisdiction
D) In personam jurisdiction
Q:
________ refers to a court's jurisdiction over the parties to a lawsuit.
A) In rem jurisdiction
B) Quasi in rem jurisdiction
C) In personam jurisdiction
D) Sua sponte
Q:
Jeremy crashes his friend John's car because he is an incompetent driver. Emily, John's sister, is outraged and wants John to sue his friend. John refuses to file a case against his long-time friend. Which of the following can Emily do in this scenario?
A) She can sue Jeremy on John's behalf, as she has standing to sue.
B) She can sue Jeremy, provided that John gives his consent.
C) She can file a case in the state court where she will have standing to sue.
D) She cannot sue Jeremy, as she has no stake in the outcome of the case.
Q:
Altonvista Inc., a company based in California, is sued by a plaintiff from the state of Texas. Which of the following statements is true in this scenario?
A) The case must be heard in the California federal court, as this is a subject matter in which federal courts have exclusive jurisdiction.
B) If the plaintiff chooses to bring the case to the California federal court, it would stay in the federal court.
C) If the plaintiff decides to bring the case to the California federal court, Altonvista Inc. can have the case moved to a California state court.
D) The case can only be heard in a California state court, as the matter is not subject to federal jurisdiction.
Q:
Which of the following is true of a perfectly competitive firm and a monopoly in the long run?A) P = MC B) P = ATC C) MR = MC D) P = MR
Q:
The fixed assets and long-term liabilities associated with Proprietary Funds are reported on theA) financial statements of governmental funds.B) financial statements of fiduciary funds.C) financial statements of proprietary funds.D) financial statements of trust funds.
Q:
In which of the following cases do federal courts have exclusive jurisdiction?
A) cases involving sales and lease contracts
B) federal question cases
C) suits against the United States
D) diversity of citizenship cases
Q:
In which of the following cases do federal and state courts have concurrent jurisdiction?
A) bankruptcy cases
B) diversity of citizenship cases
C) antitrust cases
D) patent cases
Q:
________ refer to cases arising under the U.S. Constitution, treaties, or federal statutes and regulations.
A) Federal question cases
B) Diversity of citizenship cases
C) Federal crimes cases
D) Copyrights and trademarks cases
Q:
Sue, a resident of the New York state, was visiting her aunt in Iowa. While there, her car was hit by a drunken driver named Jerry, a resident of Iowa. Sue was injured in that accident. Which of the following actions can Sue take in this scenario?
A) Sue can sue Jerry and bring the case to Iowa state court, provided that the dollar amount of the controversy exceeds $75,000.
B) Sue can file a case against Jerry in the New York state court, as she is a resident of that state.
C) Sue can file a case against Jerry only in the Iowa state court, as this is a matter that involves state negligence law.
D) Sue can sue Jerry and bring the case to Iowa federal court, as this is a case that involves diversity of citizenship.
Q:
What is the jurisdiction of the U.S. Supreme Court?
Q:
The accounting equation for the enterprise fund isA) assets = liabilities.B) current assets + current liabilities = fund balance.C) current assets - current liabilities = net assets.D) current assets + noncurrent assets - current liabilities - noncurrent liabilities = net assets.
Q:
Economic efficiency meansA) the same as technical efficiency.B) that all firms within a single competitive industry are producing at the same level of output.C) that it is impossible to increase the output of any good without lowering the total value of the output of the economy.D) that high-tech methods of production are the most efficient.
Q:
The U.S. Congress gives the Supreme Court discretion to decide what cases it will hear.
Q:
The U.S. Supreme Court hears new evidence and testimony that was not permitted in the U.S. district court.
Q:
The Chief Justice of the Supreme Court is elected by the associate justices of the U.S. Supreme Court.
Q:
A justice who agrees with the outcome of a case but not the reason proffered by other justices can issue a dissenting opinionthat sets forth his or her reasons for deciding the case.
Q:
A tie decision by the U.S. Supreme Court sets a precedent for later cases.
Q:
Marginal revenueA) cannot be used to determine the profit-maximizing rate of production. B) is the change in total revenues resulting from a change in output.C) is a change in revenue that is immeasurable and non -quantifiable.D) cannot be effectively utilized when analyzing the perfect competitor.
Q:
On January 1, 2011, the General Fund contributes $200,000 cash to the Internal Service Fund. On January 1, 2011, the General Fund also loans $100,000 cash to the Internal Service Fund. On January 1, 2011, what journal entry does the Internal Service Fund prepare?A) debit Cash $300,000, credit Other Financing Sources $300,000B) debit Cash $300,000, credit Other Financing Sources $200,000, credit Advance from General Fund $100,000C) debit Cash $300,000, credit Advance from General Fund $300,000D) debit Cash $300,000, credit Nonreciprocal Transfer from General Fund $200,000, credit Advance from General Fund $100,000
Q:
A petitioner must file a petition for certiorari, asking the Supreme Court to hear the case.
Q:
The decisions of the U.S. Supreme Court can be appealed to higher courts.
Q:
The highest court in the land is the Supreme Court of the United States, which is located in Washington, DC.
Q:
Which of the following similarities is observed between tie and plurality decisions made by the U.S. Supreme Court?
A) The decisions can be appealed against in the U.S. Courts of Appeals.
B) The decisions do not set precedent for later cases.
C) The decision of the lower court is affirmed.
D) New evidence and testimony are heard before making decisions.
Q:
Which of the following is true of a majority decision made by the U.S. Supreme Court?
A) All the judges agree as to the outcome and reasoning used to decide a case.
B) A majority of the judges agree as to the outcome but not the reasoning used to decide a case.
C) A majority of the justices agree as to the outcome and reasoning used to decide a case.
D) An equal number of justices vote for and against the petitioner, and the case remains undecided.
Q:
Enterprise funds are accounted for in a manner similar toA) internal service funds.B) capital project funds.C) special revenue funds.D) debt service funds.
Q:
What are the relationships between the marginal cost curve and the average cost curves?
Explain in words.
Q:
Which of the following is true of a plurality decision of the Supreme Court?
A) It settles the case but does not set the precedent for later cases.
B) It affirms the decision of the lower court.
C) It settles the case and sets the precedent for later cases.
D) It causes the case to be reviewed again at a later date.
Q:
Mary won a case at the U.S. Court of Appeals. When the case was reviewed by the Supreme Court, only eight judges were present. Four of the judges voted for Mary while the other four voted against her. Which of the following would be the result of this case?
A) The case will be sent to the U.S. Court of Appeals for a review.
B) Mary will win the case, as she had already won at the U.S. Court of Appeals.
C) The case will be reviewed again by the U.S. Supreme Court when all the judges are present.
D) Mary will win, and the case will set a precedent for later cases.
Q:
In the U.S. Supreme Court, if a majority of the justices agree as to the outcome of a case but not as to the reasoning for reaching the outcome, it is a ________ decision.
A) unanimous
B) majority
C) plurality
D) tie
Q:
In the U.S. Supreme Court, if all the justices voting agree as to the outcome and reasoning used to decide a case, it is a ________ decision.
A) tie
B) plurality
C) majority
D) unanimous
Q:
________ refers to an official notice that the Supreme Court will review a case.
A) Writ of certiorari
B) Stare decisis
C) En banc review
D) Sua sponte
Q:
For an economist, the short run means a time periodA) during which new firms are prohibited from entering the industry.B) during which firms are not allowed to change the amount of imported resources they use. C) that is between one and five years.D) during which the firm is unable to change its plant size.
Q:
What basis of accounting is used by proprietary funds?A) Modified accrual accountingB) Accrual accountingC) Cash basis accountingD) Fair value accounting
Q:
Which of the following statements is true of the U.S. Supreme Court?
A) The U.S. Supreme Court's decisions are appealable.
B) The U.S. Supreme Court hears appeals only from the federal circuit courts of appeals.
C) The U.S. Supreme Court does not hear any new evidence or testimony in reviewed cases.
D) The U.S. Supreme Court does not grant any oral hearings to the parties.
Q:
How are the justices of the U.S. Supreme Court appointed?
A) They are nominated by the President and confirmed by the Senate.
B) They are appointed by the President of the United States.
C) They are nominated and confirmed by the chief justice of the Supreme Court.
D) They are nominated by the associate justices and confirmed by the chief justice.
Q:
Which of the following courts was created by Article III of the U.S. Constitution?
A) U.S. Supreme Court
B) U.S. Tax Court
C) U.S. Court of Appeals
D) U.S. Court of Federal Claims
Q:
The U.S. Supreme Court is composed of ________ justices.
A) nine
B) six
C) ten
D) three
Q:
The geographical area served by each U.S. court of appeals is referred to as a(n) ________.
Q:
Based upon the flow information provided below for the year ending December 31, 2011, prepare a cash flow statement for the Downtown City Motor Pool, an internal service fund.Cash received from customers $830,000Cash received from General Fund (noncapital loan) 20,000Interest revenue received 1,000Cash received from short-term note payable (not used for capital assets) 40,000Payments to employees 450,000Payments to suppliers 250,000Cash paid to the General Fund - noncapital loan 65,000Payments for capital improvements 60,000Interest paid on short-term note payable above 2,000Principal paid on capital debt 50,000Interest paid on capital debt 5,000Unrestricted Cash (and cash equivalents), January 1, 2011 13,000
Q:
The goal of the firm, according to economists, is to
A) stay in business for as long as possible.
B) sell as many units of the good it produces as possible.
C) grow as large as possible.
D) make as much economic profit as is possible.
Q:
Appeals from the Court of International Trade are heard by the Court of Appeals for the Federal Circuit.
Q:
In the U.S. Circuit Courts of Appeals, an en banc review refers to an appeal heard by a three-judge panel.
Q:
In U.S. courts of appeals, the parties file legal briefs with the court and are given a short oral hearing.
Q:
The first 12 circuits of the U.S. courts of appeals are geographical.
Q:
The federal district courts are empowered to impanel juries, receive evidence, hear testimony, and decide cases.
Q:
In the United States, each state has only one district court.
Q:
The four cash flow categories required in an Enterprise Fund's Statement of Cash Flows are listed below and assigned a letter code.A) Cash flows from operating activitiesB) Cash flows from noncapital financing activitiesC) Cash flows from capital and related financing activitiesD) Cash flows from investing activities Required:Use the correct letter code to indicate where each of the following ten items associated with an Enterprise Fund should be reported in the Statement of Cash Flows.1. An enterprise fund's fixed asset was sold for cash.2. Cash paid to suppliers for goods.3. Paid principal, $100,000, and interest, $5,000, on a mortgage.4. Cash proceeds from sale of investments, $65,000.5. Cash paid for new equipment, $18,000.6. Cash received from the general fund; restricted to cover part of the cost of plant expansion, $900,000.7. Cash received from another fund as a 6-month loan for the sole purpose of financing purchase of equipment, $47,000.8. Cash proceeds from issuing bonds for an enterprise fund's construction project.9.Cash paid to employees for salaries.10. Cash received from interest earned on investments.
Q:
In the above figure, the budget line will change from line DE to line DF whenA) income rises. B) the price of bagels increases.C) the price of coffee increases. D) the price of coffee decreases.
Q:
Pursuant to the power given to it by Article III of the U.S. Constitution, Congress has established the U.S. district courts.
Q:
Federal judges of the U.S. district courts are appointed for 14-year terms.