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Canadian Business And The Law, 4th Edition Test Bank

Canadian Business And The Law, 4th Edition Test Bank provides high-quality study material, including key concepts, exam strategies, and real-world applications.

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Chapter 1 Knowledge of Law as a Business AssetMULTIPLE CHOICE1.Which of the following examples correctly defines business law?a.legal responsibility for the occurrence of an event causing lossb.rules governing commercial relationships and enforcement of rightsc.rules governing procedures involved when one person sues anotherd.rules providing members of a society with established rightsANS:BPTS:1DIF:EasyREF:4MSC: Remember2.Which of the following describes the primary asset needed to maximize protection of entrepreneursand the entire business enterprise?a.inventory tracking softwareb.accounting softwarec.surveillance camerasd.knowledge of business lawANS:DPTS:1DIF:MediumREF:4MSC: Analyze3.Which of the following situations best exemplifies how the law protects members of society?a.The RCMP review Robert’s e-mail without the required judicial warrant.b.Bruce’s company car is stolen; no one is charged with the crime.c.Evelyn is awarded compensation for wrongful dismissal.d.Alexis is not charged for identity theft; the two-year time limit passed.ANS:CPTS:1DIF:MediumREF:4MSC: Understand4.A small group of entrepreneurs undertaking a business venture have agreed on the roles each willassume in the business, but they must now determine the form of business structure for the enterprise.Which of the following best describes what the law facilitates by offering entrepreneurs choice inbusiness structure?a.choice of degree of exposure to liability for business risksb.rules that make written agreements between parties bindingc.opportunities to maximize the protections that law extendsd.legal certainty for activities conducted in the commercial arenaANS:APTS:1DIF:ChallengingREF:4MSC: Evaluate

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