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Q:
________ specify the methods and procedures that are to be used by public accountants when conducting external audits of company financial statements.
A) Generally accepted accounting principles
B) Generally accepted auditing standards
C) Auditors' expert opinions
D) General engagements and agreements
Q:
The ________, an organization created by the accounting profession, issues new GAAP rules and amends existing rules.
A) Financial Accounting Standards Board (FASB)
B) International Accounting Standards Board (IASB)
C) International Financial Reporting Board (IFRB)
D) American Institute of Certified Public Accountants (AICPA)
Q:
Which of the following statements is true of Generally Accepted Accounting Principles (GAAP)?
A) They are used by auditors as a guide, but only for non-audit services.
B) They are accepted and applied by accounting firms globally.
C) They cannot be modified once initially established by the American Institute of Certified Public Accountants.
D) They establish rules for how corporations and accounting firms prepare financial statements.
Q:
Standards for the preparation and presentation of financial statements are known as ________.
A) engagements and agreements
B) auditors' opinions
C) generally accepted accounting principles
D) generally accepted auditing standards
Q:
Which of the following is the form of business ownership used by most public accounting firms?
A) limited liability partnership
B) C corporation
C) S corporation
D) general partnership
Q:
Accountants who meet certain educational requirements, pass the CPA examination, and have a certain number of years of auditing experience are called ________.
A) certified public accountants
B) central private accountants
C) central public accountants
D) certified private accountants
Q:
Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
B) Accountants cannot be held liable by provisions of common law.
C) Accountants cannot be held liable to clients and third parties.
D) Accountants who lack CPA certification are called public accountants.
Q:
The Foreign Sovereign Immunities Act (FSIA) ________.
A) stipulates the rules for conflict resolution among the DR-CAFTA members
B) endows the president with powers to enter into treaties with foreign nations
C) governs exclusively suits against foreign nations in the United States
D) regulates commerce between the United States and foreign nations
Q:
The ________ doctrine states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.
A) sovereign immunity
B) act of state
C) Colgate
D) Noerr
Q:
A ________ clause in an international contract designates which nation's court has jurisdiction to hear a case arising out of the contract.
A) forum-selection
B) treaty
C) foreign commerce
D) choice of law
Q:
A(n) ________ clause in an international contract designates which nation's laws will be applied in deciding a dispute arising out of the contract.
A) equal protection
B) supremacy
C) forum-selection
D) choice of law
Q:
The majority of cases involving international law disputes are heard by ________.
A) the International Court of Justice (ICJ)
B) the World Court
C) national courts
D) the United Nations (UN)
Q:
Explain the Treaty Clause of the U.S. Constitution.
Q:
________ are treaties that are sponsored by international organizations, such as the United Nations (UN).
Q:
Under the ________ Clause of the Constitution, treaties become part of the "law of the land," and conflicting state or local law is void.
Q:
The Treaty Clause of the U.S. Constitution designates the president of the United States as its agent to deal with foreign affairs.
Q:
Under the Treaty Clause, both the federal government and state governments can enter into treaties with foreign nations.
Q:
Any state or local law that unduly burdens foreign commerce is considered to be in violation of the Foreign Commerce Clause.
Q:
The U.S. Constitution divides the power to regulate foreign affairs equally between the federal and state governments.
Q:
Treaties arranged by international organizations like the United Nations (UN) are known as ________.
A) arraignments
B) easements
C) amendments
D) conventions
Q:
An agreement between two or more nations that is formally signed by an authorized representative of each nation and ratified by each nation is defined as a(n) ________.
A) statute
B) charter
C) treaty
D) arraignment
Q:
Under the Treaty Clause, the ________ is seen as the agent of the United States in dealing with foreign countries.
A) United Nations (UN) Secretariat
B) U.S. president
C) United Nations (UN)
D) U.S. Senate
Q:
Which of the following statements is true of the Treaty Clause?
A) It provides that the president can make treaties autonomously.
B) It provides that the president can enter into treaties with two-thirds senate approval.
C) It provides that the states have exclusive power to regulate internal and foreign affairs.
D) It provides that the federal government has supremacy over the state in matters of international trade.
Q:
If a state enacts a law that increases its tax on imported automobiles but not on American-made automobiles, it violates the ________ Clause of the U.S. Constitution.
A) Equal Protection
B) Foreign Commerce
C) Privileges and Immunities
D) Due Process
Q:
Which of the following constitutional provisions give the federal government the authority to regulate foreign affairs?
A) the Due Process Clause and the Double Jeopardy Clause
B) the Supremacy Clause and the Equal Protection Clause
C) the Free Exercise Clause and the Establishment Clause
D) the Foreign Commerce Clause and the Treaty Clause
Q:
Which of the following statements is true about international law?
A) All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law.
B) The enforcement of all international laws is regulated by a unitary world executive branch.
C) There is no single legislative source from which all international laws are created.
D) All countries have to follow the international laws enacted by other countries.
Q:
How are disputes settled in the World Trade Organization (WTO)? What are the different WTO bodies that handle disputes?
Q:
The ________ is a board composed of one representative from each WTO member nation that reviews panel reports.
Q:
In 1995, the ________ was created as a successor to the General Agreement on Tariffs and Trade (GATT).
Q:
The World Trade Organization (WTO) appellate body hears appeals that are limited to issues of law, not fact.
Q:
The World Trade Organization (WTO) dispute settlement body is required to adopt the panel report unless the body, by consensus, agrees not to adopt it.
Q:
The World Trade Organization (WTO) dispute settlement body is the first body to hear a settlement dispute among member nations.
Q:
The World Trade Organization (WTO) was created as a successor to the General Agreement on Tariffs and Trade (GATT).
Q:
What is the role of the World Trade Organization (WTO) dispute settlement body?
A) to serve as the "court of last resort" for appeals from the WTO appellate body
B) to create panel reports based on findings of fact and law
C) to hear and decide war disputes and issue sanctions against aggressor nations
D) to review WTO panel reports and adopt them if appropriate
Q:
In case of a breach in trade agreements of the World Trade Organization (WTO), which of the following WTO bodies first hears the dispute?
A) the WTO panel
B) the WTO appellate body
C) the WTO dispute settlement body
D) the WTO General Council
Q:
Which of the following replaced the General Agreement on Tariffs and Trade (GATT) in 1995?
A) the World Bank
B) the World Trade Organization (WTO)
C) the International Monetary Fund (IMF)
D) the North American Free Trade Agreement (NAFTA)
Q:
The ________ is an international organization of 160 member nations created in 1995 to promote and enforce trade agreements among member countries and customs territories.
A) World Trade Organization (WTO)
B) International Monetary Fund (IMF)
C) North American Free Trade Commission (NAFTA)
D) General Agreement on Tariffs and Trade (GATT)
Q:
What are the implications of the North American Free Trade Agreement (NAFTA) treaty?
Q:
The ________ is a treaty between the United States, Mexico, and Canada to create a free trade zone between the three countries.
Q:
The countries that have voted to use the euro comprise the ________.
Q:
The European Union's (EU's) ________ is composed of representatives from each member country who meet periodically to coordinate efforts to fulfill the objectives of the treaty.
Q:
The Organization of the Petroleum Exporting Countries (OPEC) sets quotas on the output of oil production by its individual member nations.
Q:
The Association of Southeast Asian Nations (ASEAN) was created as a treaty among the oil-producing countries of Asia.
Q:
The Dominican Republic-Central America Free Trade Agreement (DR-CAFTA) prohibits its member nations from entering into treaties with countries in Central America that are not part of the DR-CAFTA.
Q:
The North American Free Trade Agreement (NAFTA) has eliminated or reduced most of the duties, tariffs, quotas, and other trade barriers among Mexico, the United States, and Canada.
Q:
The North American Free Trade Agreement (NAFTA) is a bilateral treaty between the United States and Mexico.
Q:
The euro can be used in all countries of the eurozone.
Q:
Under the European Union (EU), customs duties have been eliminated among member nations.
Q:
The European Union Commission has delegated substantial powers to individual member nations to enact legislation and take enforcement actions to ensure compliance with the European Union (EU) treaty.
Q:
The European Union (EU) treaty creates open borders for trade by providing for the free flow of capital, labor, goods, and services among member nations.
Q:
Ecuador, Algeria, and the United Arab Emirates are members of the ________.
A) North American Free Trade Agreement (NAFTA)
B) Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)
C) Association of Southeast Asian Nations (ASEAN)
D) Organization of the Petroleum Exporting Countries (OPEC)
Q:
Indonesia, Vietnam, Thailand, and the Philippines are members of the ________.
A) Organization of the Petroleum Exporting Countries (OPEC)
B) Association of Southeast Asian Nations (ASEAN)
C) Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)
D) North American Free Trade Agreement (NAFTA)
Q:
Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?
A) It allows a member country to reinstitute tariffs if an import surge from one of the other nations hurts its economy or workers.
B) It has significantly improved the environment in Mexico due to its strict pollution measures that are mandatory on all member nations.
C) It disallows a NAFTA member from trading with another country without the consent of the other member nations.
D) It has been hailed by economists as a perfect example of a free trade pact.
Q:
The ________ is a trilateral treaty that has removed or reduced tariffs, duties, quotas, and other trade barriers between the United States, Canada, and Mexico.
A) Western Hemispheric Bloc
B) North American Free Trade Agreement (NAFTA)
C) Central America Free Trade Agreement (CAFTA)
D) General Agreement on Tariffs and Trade (GATT)
Q:
Which of the following statements is true of the European Union (EU)?
A) All issues have to be passed unanimously by EU members to be enforced.
B) Every EU country has adopted the euro as its monetary unit.
C) Customs duties have been eliminated among EU member nations.
D) Customs duties in trade between the EU and the rest of the world have been completely eliminated.
Q:
The ________ is a regional international organization that comprises many countries of Western and Eastern Europe and was created to promote peace and security as well as economic, social, and cultural development.
A) Eastern Bloc
B) Common Market
C) North Atlantic Treaty Organization (NATO)
D) European Union (EU)
Q:
Which of the following is true of the International Monetary Fund (IMF)?
A) It consists of representatives from all states located in the United States.
B) It is funded by the Superfund of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).
C) It promotes sound monetary, fiscal, and macroeconomic policies worldwide by providing assistance to poor countries.
D) It provides one-time grants to needy countries with no terms or conditions attached to the assistance.
Q:
What is the World Bank? What is its function?
Q:
The United Nations (UN) ________, composed of 15 member nations, is primarily responsible for maintaining international peace and security and has authority to use armed force.
Q:
The ________ administers the day-to-day operations of the United Nations (UN).
Q:
The judicial branch of the United Nations (UN) is known as the ________.
Q:
All United Nations (UN) members are part of the ________, which is the legislative body of the UN.
Q:
A unanimous vote of existing European Union (EU) members is needed to admit a new member country.
Q:
Only individuals or businesses, not nations, can have cases decided by the International Court of Justice (ICJ).
Q:
A nation can seek redress on behalf of an individual or a business that has a claim against another country in the International Court of Justice (ICJ).
Q:
The International Court of Justice (ICJ) is composed of 15 judges who serve nine-year terms.
Q:
The United Nations (UN) secretary-general may refer matters that threaten international peace and security to the Security Council and use his or her office to help solve international disputes.
Q:
The International Monetary Fund (IMF) is an example of an autonomous agency that is a part of the UN.
Q:
The secretary-general of the United Nations (UN) is elected by the Security Council.
Q:
The United Nations (UN) Secretariat is headed by the secretary-general of the UN.
Q:
The United Nations (UN) does not allow permanent membership of the Security Council to any member nation.
Q:
The United Nations (UN) Security Council is composed of all the UN member nations.
Q:
The World Bank ________.
A) is an autonomous agency under the organizational framework of the European Union
B) is an agency that monitors the financial partnerships taking place in the eurozone
C) is primarily responsible for promoting sound monetary, fiscal, and macroeconomic policies in developed countries
D) provides money to developing countries to fund projects for humanitarian purposes and to relieve poverty
Q:
Which of the following statements is true of the International Court of Justice (ICJ)?
A) It is the executive branch of the United Nations (UN) that helps interpret international law.
B) It only hears cases of nations, not of individuals or businesses.
C) It does not have the authority to hear cases involving treaties.
D) It is headed by the secretary-general of the United Nations (UN).
Q:
The ________ is a body that prosecutes cases that nations refer to it as well as cases involving treaties and the United Nations (UN) Charter.
A) Security Council
B) General Assembly
C) International Court of Justice (ICJ)
D) International Monetary Fund (IMF)
Q:
Which of the following is an example of an autonomous agency of the United Nations (UN)?
A) the North Atlantic Treaty Organization (NATO)
B) the Security Council
C) the World Trade Organization (WTO)
D) the International Monetary Fund (IMF)
Q:
The ________ is a staff of persons that administers the day-to-day operations of the United Nations (UN).
A) Council of Ministers
B) Security Council
C) General Assembly
D) Secretariat
Q:
Which of the following is headed by the secretary-general of the United Nations (UN)?
A) the International Court of Justice (ICJ)
B) the Secretariat
C) the Security Council
D) the General Assembly
Q:
Which of the following branches of the United Nations (UN) is primarily responsible for maintaining international peace and has authority to use armed force for this purpose?
A) the General Assembly
B) the Secretariat
C) the Security Council
D) the International Court of Justice (ICJ)
Q:
The General Assembly of the United Nations (UN) is ________.
A) a special task committee that addresses the socioeconomic problems of the United States
B) the legislative body of the UN that is composed of all UN member nations
C) a group of 15 member nations that is primarily responsible for maintaining international peace and security
D) an autonomous committee that administers the day-to-day operations of the UN