Corporate Governance Exam Preparation Guide
Course Introduction
Corporate Governance explores the systems, principles, and processes by which corporations are directed and controlled. This course examines the roles and responsibilities of key participants, including shareholders, boards of directors, management, and other stakeholders. It covers regulatory frameworks, best practices, and ethical considerations in corporate decision-making, emphasizing transparency, accountability, and long-term value creation. Students will analyze case studies and current issues to understand the impact of good governance on corporate performance, risk management, and societal trust.
Recommended Textbook
Legal Environment of Business A Managerial Approach 3rd Edition by Sean Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) Once stare decisis and case precedent is established
A) it may be disregarded and overturned by a court if it deems such action appropriate.
B) it may not be disregarded by a court but may be overturned by state statute.
C) it may not be disregarded by a court or be overturned by state statute but may only be changed by amendment to the state's constitution.
D) it may not be disregarded or overturned once established and must be followed without exception.
Answer: A
Q2) Measures of judicial action intended to compensate an injured party in a civil lawsuit are called _______.
Answer: remedies
Q3) The power of courts to establish law in matters not specifically addressed by statutes is very limited in common law countries.
A)True
B)False
Answer: False
Q4) Attorneys,particularly in a business context,are also referred to as _______.
Answer: counsel
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3
Chapter 2: Business and the Constitution
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Q1) Federal legislation or regulation must be authorized by a specific enumerated power in the Constitution.
A)True
B)False
Answer: True
Q2) Assume that Iowa has passed a statute requiring all noncitizens to sit in the back of public buses.That statute would be reviewed using A) rational basis scrutiny.
B) intermediate scrutiny.
C) strict scrutiny.
D) no particular form of scrutiny (none is required in this situation).
Answer: C
Q3) A question put to voters during a state election to decide a particular issue may be called a ballot initiative,a referendum,or a[n] _______.
Answer: ballot proposition
Q4) Government acts that affect semi-suspect or quasi-suspect classifications require that a court apply _______ scrutiny to determine the act's validity.
Answer: intermediate-level
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Chapter 3: The American Judicial System, Jurisdiction and Venue
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Sample Questions
Q1) Which of the following does not typically trigger the use of a long-arm statute?
A) The defendant transacts business within the plaintiff's state borders.
B) The defendant violates a plaintiff's state statutory law.
C) The defendant commits negligence resulting in loss to the plaintiff within the plaintiff's state borders.
D) The defendant owns property in the plaintiff's state.
Answer: B
Q2) If a state appellate court renders a decision on a new issue,that state decision will become precedent for any federal court decisions when the federal court is located within the state and the decided issue is one of state law.
A)True
B)False
Answer: True
Q3) States provide an automatic right to appeal inferior court decisions,usually to the state's trial court.
A)True
B)False
Answer: True
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Chapter 4: Resolving Disputes: Litigation and Alternative Dispute
Resolution
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Sample Questions
Q1) Which of the following is categorized as informal ADR?
A) negotiation
B) mediation
C) arbitration
D) med-arb
Q2) Actual trade secrets of a company are exempted from discovery and need not ever be disclosed.
A)True
B)False
Q3) A complaint will contain each of the following except
A) a statement of the plaintiff's version of the facts of the case.
B) a statement of the damages suffered.
C) a statement of why the plaintiff believes the defendant is guilty.
D) a statement of the evidence that the plaintiff will produce and a list of potential witnesses to be called.
Q4) Judges must be present during depositions to resolve disputes and ensure fairness.
A)True
B)False
Q5) A trial without a jury is called a ____ trial.
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Chapter 5: Business, Societal, and Ethical Contexts of Law
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Q1) What is the difference between ethics and morals?
Q2) The fundamental underlying concept of corporate social responsibility is that conscience resides in individuals but not in a corporation itself.
A)True
B)False
Q3) What were the reasons offered to defend the fact that AIG had paid $165 million in bonuses to certain employees?
Q4) Leah has just handed in a major required report to her professor,and after careful scrutiny,the professor finds numerous instances of plagiarism.If the school policy and the professor's personal perspective follow a principles-based approach,Leah should be charged and suffer whatever penalty is prescribed by school policy.
A)True
B)False
Q5) The notion of _______ is a central theme in Immanuel Kant's work.
Q6) A/B testing is an unethical practice.
A)True
B)False
Q7) _______ refers to having a conscious system in use for deciding moral dilemmas.
Page 7
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Chapter 6: Overview and Language of Contracts
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Sample Questions
Q1) Justin is 17 years old and just signed a contract to buy his first car.This contract is unenforceable.
A)True
B)False
Q2) What are some examples of contracts in the business context,and how does having an understanding of contract law help business owners and managers?
Q3) The mailbox rule is a principle stating that the offeree's response operates as an acceptance only if it is the precise mirror image of the offer.
A)True
B)False
Q4) Why is it so important that the law of contracts be ordered and strong,particularly with regard to the business world?
Q5) Franz asks Joe if he will paint his office building for $1,000.Joe says he will do the job for $2,000.Joe's response is
A) an acceptance.
B) a rejection.
C) a counteroffer.
D) a mirror image offer.
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Chapter 7: Contract Enforceability and Performance
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Sample Questions
Q1) The process by which parties to a contract perform their obligations in good faith and fulfill the terms of the contract is called _______.
Q2) Damages intended to punish a wrongdoer are called
A) nominal damages.
B) consequential damages.
C) punitive damages.
D) compensatory damages.
Q3) Harry sees an AK-47 automatic assault rifle in a gun shop window.He inquires about the price and is told that it is $2,500.Harry signs a contract promising to pay the $2,500 on Friday,at which time he will take possession of the rifle.On Thursday,a law is enacted making the ownership,sale,or possession of an automatic rifle illegal.This contract
A) automatically terminates due to impossibility.
B) automatically terminates due to impracticability.
C) automatically terminates due to frustration of purpose.
D) is enforceable and not affected by the new law because it was entered into before the law took effect.
Q4) In what way do legal remedies and equitable remedies differ?
Q5) A court order to refrain from performing a particular act is known as _______.
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Chapter 8: Contracts for the Sale of Goods
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Q1) In an installment contract,the buyer may reject an installment if the nonconformity substantially impairs the value of that installment or the nonconformity cannot be cured.
A)True
B)False
Q2) Johnson Builders is selling a newly built home to Sheila.JRK Realtors is handling the transaction.This sale is covered under Article 2 of the UCC.
A)True
B)False
Q3) As in common law,the UCC recognizes the concept of anticipatory repudiation,allowing a breach to be declared prior to performance being due. A)True
B)False
Q4) In a shipping contract,the seller is obligated to deliver the good into the "hands" of the buyer.
A)True B)False
Q5) Goods that exactly meet the specifications of a contract are called _______ goods.
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Chapter 9: Torts and Products Liability
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Q1) Chelsea's house is for sale,and she is selling it through a real estate agent.The house is listed,and any licensed agent may show the house by using the special accessible key in a lockbox on the front porch.Stan is a licensed agent and brings Paula into the home to show it for a possible sale while Chelsea is not home.Stan and Paula would be considered
A) invitees.
B) licensees.
C) trespassers.
D) guests.
Q2) Lost revenue or profits,whether actual or potential,are called _______ harm.
Q3) In a products liability case,the plaintiff may pursue legal remedies against the seller under any of the following categories except A) product disparagement.
B) strict liability.
C) negligence.
D) warranty.
Q4) The loss of marital relations and spousal companionship is called loss of _______.
Q5) Violations of safety statutes are sometimes referred to as negligence _______.
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Chapter 10: Agency
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Q1) In an agency relationship,one party agrees to act as an agent for another party.
A)True
B)False
Q2) An independent contractor is not considered an employee but is entitled to minimum wage and overtime protections.
A)True
B)False
Q3) Why is it important for agents to accurately define their role when signing contracts on behalf of a principal?
Q4) Tom has been injured on the job,so his employer hires Harry to fill in for him.The agreement with Harry is that he will work until Tom is ready to return.When Tom is indeed ready to return,Harry's position is terminated by an express act defined as _______.
Q5) What is meant by ratification,and what three options does a principal have when confronted by a situation involving ratification?
Q6) Acceptance of an agent's previously unauthorized act by a principal is called
Q7) Name the five agent duties that comprise the agent's fiduciary responsibility to the principal.
Page 12
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Chapter 11: Employment Relationships and Labor Law
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Q1) If a worker dies before retirement,all Social Security benefits are forfeited and no benefits are paid to anyone.
A)True
B)False
Q2) The process of having the National Labor Relations Board certify a union based on 50 percent of the authorization cards indicating the employees want a union without an election is called _______.
Q3) When an employee is being classified as exempt or nonexempt regarding Fair Labor Standards Act coverage,what factors are evaluated to arrive at a determination?
Q4) COBRA requires that employers provide health care coverage,at the former employee's cost,for up to _______ after the employee leaves the company.
Q5) Morris is a nonexempt employee with a salary of $400 a week based on a 40-hour week.If he works 50 hours in a particular week,his paycheck should be for A) $450.
B) $500.
C) $550.
D) $600.
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Page 13
Chapter 12: Employment Discrimination
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Q1) It may not be discriminatory to require that persons in a protected class,in certain instances,be afforded special rights.
A)True
B)False
Q2) An employee must file charges of illegal discrimination with the EEOC generally within _______ days of the adverse job action.
A) 90
B) 120
C) 180
D) 365
Q3) The most common form of sexual harassment is quid pro quo harassment.
A)True
B)False
Q4) A person must exhibit some sort of distinctive physical characteristic,obvious to a neutral observer,in order to be considered disabled.
A)True
B)False
Q5) What was the justification for,and the purpose of,the Lilly Ledbetter Fair Pay Act of 2009?
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Chapter 13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Q1) Name and discuss the fiduciary duties owed by general partners to the partnership as set out in the Revised Uniform Partnership Act.
Q2) Thelma and Louise are roommates in college.Thelma loves to bake and makes incredibly tasty chocolate chip cookies.Louise suggests that they sell the cookies around campus and split the profits.They orally agree that Louise will advertise the cookies,provide decorative bags to put the cookies in,and be responsible for deliveries around campus while Thelma will obtain the ingredients and do all the baking.They intend the whole endeavor to be low-key and informal.Have Thelma and Louise created a business entity,and why is it important for them to fully understand their relationship?
Q3) Sole proprietorships may sell equity in the company in order to raise funds.
A)True
B)False
Q4) One disadvantage of a sole proprietorship business entity is that it is restricted to a single location and cannot expand.
A)True
B)False
Q5) Describe the common terms of a franchise agreement that govern the relationship between franchisee and franchisor.
Page 15
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Chapter 14: Limited Liability Companies and Limited Liability Partnerships
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Q1) The procedure for collecting additional capital contributions from partners as necessary is called a _______.
Q2) The designation "Smith Group,LLC" is a valid designation for an LLC.
A)True
B)False
Q3) When a member of an LLC dies,the business entity automatically ceases to exist.
A)True
B)False
Q4) All income and losses of an LLP are reported
A) on the entity's return.
B) to the IRS and state and local tax authorities.
C) on the partners' individual returns.
D) annually.
Q5) An LLC offers principals the same liability coverage as that of
A) principals in corporations with taxation at the business entity level.
B) principals in corporations with pass-through taxation.
C) general partners in a partnership with taxation at the business entity level.
D) limited partners in a partnership with pass-through taxation.
Q6) How may an LLC be terminated?
Q7) How do member-managed and manager-managed LLC management structures Page 16
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Page 17
Chapter 15: Corporations
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Q1) Subchapter S corporations are not subject to double taxation.
A)True
B)False
Q2) Which of the following is not true regarding venture capital firms?
A) They are generally long-term investors.
B) They generally concentrate on one specific industry.
C) They usually insist on substantial control of the corporation being funded through membership on its board or through appointments to certain officer positions.
D) They are generally a source of expertise in operations and expansion of the corporation being funded.
Q3) Privately held corporations may issue a _______ in lieu of conducting a formal annual meeting.
A) testament of meeting occurrence
B) unanimous consent resolution
C) statement of meeting substitution
D) proof of alternative meeting
Q4) Describe the process of "double taxation," as it applies to corporations.
Q5) A corporation incorporated in Utah and doing business in Nevada is classified as a(n) _______ corporation in Nevada.
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Chapter 16: Regulation of Securities, Corporate
Governance, and Financial Markets
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Q1) The SEC is composed of _______ commissioners.
A) three
B) five
C) seven
D) nine
Q2) State security laws are generally referred to as _______ laws.
Q3) Whether a dividend is paid depends on
A) the officers agreeing to pay the dividend.
B) the board of directors agreeing to pay the dividend.
C) the shareholders voting to award themselves the dividend.
D) the applicable state law, which mandates whether dividends must be paid.
Q4) Which of the following is not a component in the definition of a security?
A) An investment.
B) An expectation of profit.
C) Tangible collateral to secure the instrument.
D) Efforts of a third party to create expected profit.
Q5) The SEC's computer database,which maintains the national clearinghouse for public corporation disclosures,is known as _______.
Q6) In what two ways do federal securities statutes define a security?
Q7) Evidence of specific intent to deceive,manipulate,or defraud is called _______. Page 19
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Page 20
Chapter 17: Administrative Law
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Q1) What is the first step in the agency rulemaking process?
A) Determine legislative authority.
B) Draft the proposed rule change.
C) File for a hearing to start the formal rulemaking procedure.
D) Study and research of alternatives.
Q2) A group of adversely affected parties want to challenge an agency rule in federal court.What is the process that the judge will use to make his or her decision?
Q3) States often have their own versions of federal administrative agencies.
A)True
B)False
Q4) Final effective regulations are published in the _______.
Q5) Administrative law hearings are presided over by _______ judges.
Q6) Administrative agencies exercise their policymaking function through _______.
Q7) The president's authority to exercise power over administrative agencies is derived from
A) federal law.
B) judicial decisions.
C) the Constitution.
D) congressional delegations.
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Chapter 18: Environmental Law
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Q1) If a piece of land has long-term contamination,what is the EPA required to do first under the Superfund?
A) Determine the best way to decontaminate the site.
B) Assess the toxicity of the site.
C) Allocate liability for contamination.
D) Determine whether the site should be placed on the National Priorities List.
Q2) Which of the following is not presented in the textbook as a purpose of environmental protection statutes?
A) Protect wildlife and endangered species.
B) Promote clean air and water through regulation and permitting.
C) Ensure that businesses have no impact on the environment.
D) Ensure that government agencies make as minimal an impact as possible on the environment.
Q3) Which of the following is not a major federal environmental law?
A) Clean Air Act.
B) Clean Land Act.
C) Clean Water Act.
D) Safe Drinking Water Act.
Q4) _______ is the common law doctrine basis for modern environmental protection laws.
Page 22
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Chapter 19: Antitrust and Regulation of Competition
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Q1) Which act does the Robinson-Patman Act amend?
A) McCarthy Act.
B) Hart-Scott-Rodino Act.
C) Sherman Act.
D) Clayton Act.
Q2) Horizontal restraints are agreements between
A) business and government.
B) noncompetitors.
C) competitors.
D) consumers and government.
Q3) Proof of a seller's economic power in the market is necessary to prove an antitrust violation under the Clayton Act.
A)True
B)False
Q4) The district court's order for Microsoft to break apart into multiple entities in U.S.v.Microsoft was overturned on appeal.
A)True
B)False
Q5) Discuss the early motivations for enacting antitrust laws.
Q6) Discuss the differences between the per se and rule of reason standards.
Page 23
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) The main role of the bankruptcy trustee is to protect the assets of the estate.
A)True
B)False
Q2) Properties owned by businesses are eligible for mortgage refinancing under the Mortgage Forgiveness Debt Relief Act.
A)True
B)False
Q3) Before an individual can file for bankruptcy,by law he or she must complete a short credit-counseling seminar.
A)True
B)False
Q4) Typically,the collateral used for a mortgage is _______.
Q5) Which of the following is a debt that is nondischargeable unless the debtor can prove undue hardship?
A) Claims for federal, state, and local taxes within two years of the petition filing.
B) Student loan debts.
C) Debts incurred for luxury items within 90 days of the petition.
D) Alimony, maintenance, and child support.
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Chapter 21: Warranties and Consumer Protection Law
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Q1) Which act regulates the leasing relationship in which the consumer has possession of a motor vehicle in exchange for monthly payments?
A) Consumer Lending Act.
B) Truth in Lending Act.
C) Magnuson-Moss Act.
D) Equal Credit Opportunity Act.
Q2) The Fair Credit Reporting Act (FCRA)requires that credit bureaus remove obsolete bankruptcy filings from credit reports.A bankruptcy filing is considered to be obsolete after
A) 7 years.
B) 8 years.
C) 13 years.
D) 14 years.
Q3) Which part of the Truth in Lending Act requires that certain disclosures be made before a credit transaction is consummated?
A) Regulation Y.
B) Regulation Z.
C) Creditors' Disclosure Regulation.
D) Disclosure of Key Terms Regulation.
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Page 25
Chapter 22: Criminal Law and Procedure in Business
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Q1) Mike raped Kathy in the parking lot of Tom's Pub.The attorney general/district attorney's office prosecuted Mike on rape charges.Subsequently,Kathy filed a lawsuit against Mike for money damages.Classify each legal action.
A) The attorney general/district attorney's case was a criminal case; Jane's lawsuit was a civil case.
B) The attorney general/district attorney's case was a civil case; Jane's lawsuit was a criminal case.
C) Both cases are criminal.
D) Both cases are civil.
Q2) Mitigating circumstances
A) if proved, may excuse a defendant from an alleged crime.
B) if proved, may be applied to reduce a defendant's punishment.
C) are the elements of a crime that must be proved at trial.
D) refer to the procedures that must be followed during the investigation of a crime.
Q3) If a jury is unable to come to a consensus decision,a[n] _______ will be declared.
Q4) The mental element,or "guilty mind," required for criminal liability to occur,is called
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Q1) Assume that you are a freshman and live in your school's dormitory.The agreement you've signed with the school states that you may move in on September 1 and must vacate the room by May 31 of the following year.Should you wish to live in the dormitory during your sophomore year,you must sign a completely new contract with the school.Your agreement with the school best approximates a A) fee simple defeasible.
B) periodic tenancy.
C) tenancy for years.
D) easement by grant.
Q2) Frazier has returned from a nursery where he has purchased 21 rose bushes to landscape the exterior of his home.Each bush has its roots wrapped in burlap,and Frazier carried the bushes home in the back of his pickup truck.Frazier has now planted each of the rose bushes.The bushes are real property.
A)True
B)False
Q3) It is possible to be in rightful possession of personal property without having actual ownership of the property.
A)True
B)False
Page 27
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Chapter 24: Intellectual Property
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Q1) If an item has been patented but has not been marked as patented and infringement occurs,the patent holder is generally barred from collecting damages.
A)True
B)False
Q2) Companies sometimes make a strategic decision not to patent a particular invention or process.Why might a company sometimes choose not to seek a patent?
Q3) Name the factors the Federal Trademark Dilution Act sets forth for courts to consider in determining whether dilution by blurring has occurred.
Q4) When a trademark has become representative of a broad type of products as opposed to being descriptive of a particular brand,the trademark has become _______ and the holder has lost the right to enforce the mark against competitors.
Q5) When a copyright owner can prove that she or he has legal ownership of the work and that the infringer copied the work without permission,this is called _______ infringement.
Q6) An essentially minimal improvement to an existing invention that is not worthy of patent protection is called a[n] _______ improvement and is considered relatively obvious.
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Chapter 25: International Law and Global Commerce
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Q1) The civil law system is based on the _______ legal heritage.
A) English
B) Roman
C) American
D) Italian
Q2) Under the Foreign Sovereign Immunities Act (FSIA)a foreign country is not under the jurisdiction of U.S.courts if the foreign nation
A) is engaged in some commercial enterprise on U.S. soil.
B) takes actions that have a direct effect on U.S. interests.
C) files a lawsuit in its own courts against a U.S.-based business.
D) waived immunity, explicitly or by implication.
Q3) Under the concept of _______,nations are exempt from jurisdiction in other nations' courts.
Q4) The International Court of Justice primarily hears civil and criminal cases.
A)True
B)False
Q5) Diplomatic relations do not play a role in the creation of international law.
A)True
B)False
Q6) What are the primary sources of international law? Briefly discuss each.
Page 29
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