WGU D216 Business Law for
Accountants OA EXAM STUDY GUIDE
2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. 14th Amendment - ANSWER ✔ passed in 1868 after the Civil War,
provides, in part, that "[n]o State shall . . . deprive any person of life, liberty,
or property, without due process of law."
2. action at law - ANSWER ✔ File a complaint, jury or judge, judgement,
monetary damages or property
3. action in equity - ANSWER ✔ File a petition, judge, decree, injunction,
specific performance, or rescission
4. administrative agency - ANSWER ✔ A federal or state government agency
created by the legislature to perform a specific function, such as to make and
enforce rules pertaining to the environment.
5. appellant - ANSWER ✔ The party who takes an appeal from one court to
another.
,6. appellee - ANSWER ✔ The party against whom an appeal is taken—that is,
the party who opposes setting aside or reversing the judgment.
7. Bill of Rights - ANSWER ✔ The first ten amendments to the U.S.
Constitution.
8. binding authority - ANSWER ✔ Any source of law that a court must follow
when deciding a case.
9. sole proprietorship - ANSWER ✔ The simplest form of business
organization, in which the owner is the business. The owner reports business
income on his or her personal income tax return and is legally responsible
for all debts and obligations incurred by the business.
10.stock certificates - ANSWER ✔ A certificate issued by a corporation
evidencing the ownership of a specified number of shares in the corporation.
11.Stock warrants - ANSWER ✔ A certificate that grants the owner the option
to buy a given number of shares of stock, usually within a set time period.
12.Stocks - ANSWER ✔ An ownership (equity) interest in a corporation,
measured in units of shares.
13.surety - ANSWER ✔ A person, such as a cosigner on a note, who agrees to
be primarily responsible for the debt of another.
,14.suretyship - ANSWER ✔ An express contract in which a third party to a
debtor-creditor relationship (the surety) promises to be primarily responsible
for the debtor's obligation.
15.Tender - ANSWER ✔ An unconditional offer to perform an obligation by a
person who is ready, willing, and able to do so.
16.Tender of delivery - ANSWER ✔ Under the Uniform Commercial Code, a
seller's or lessor's act of placing conforming goods at the disposal of the
buyer or lessee and giving the buyer or lessee whatever notification is
reasonably necessary to enable the buyer or lessee to take delivery.
17.U.S. trustee - ANSWER ✔ A government official who performs certain
administrative tasks that a bankruptcy judge would otherwise have to
perform.
18.Undue influence - ANSWER ✔ Persuasion that is less than actual force but
more than advice and that induces a person to act according to the will or
purposes of the dominating party.
19.unilateral mistake - ANSWER ✔ A mistake that occurs when one party to a
contract is mistaken as to a material fact.
20.Venture capital - ANSWER ✔ Financing provided to new business ventures
by professional, outside investors—that is, venture capitalists, usually
groups of wealthy investors and securities firms.
21.The Uniform Commercial Code provides a set of rules governing
, A) administrative processes.
B) congressional procedures.
C) state legislative adoptions.
D) commercial transactions. - ANSWER ✔ D) commercial transactions.
22.The classification of law that concerns the rights and duties that exist
between persons and between citizens and their government is
A) legal positivism.
B) natural law.
C) civil law.
D) criminal law. - ANSWER ✔ C) civil law.
23.In a civil case, the object is to
A) obtain a remedy to compensate the injured party.
B) take coercive action against a violating party.
C) resolve a dispute to the satisfaction of all concerned parties.
D) punish a wrongdoer to deter others from similar actions. - ANSWER
✔ A) obtain a remedy to compensate the injured party.
24.Ruby invents a new type of pillow and obtains a patent for it. Sleep-Time
Inc. believes that Ruby's pillow infringes on one of Sleep-Time's previously
patented products. Sleep-Time must file a challenge to Ruby's patent within
A) 9 months.
B) 20 years.
C) 6 years.
D) the life of the inventor plus 70 years. - ANSWER ✔ C) 6 years.
Accountants OA EXAM STUDY GUIDE
2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. 14th Amendment - ANSWER ✔ passed in 1868 after the Civil War,
provides, in part, that "[n]o State shall . . . deprive any person of life, liberty,
or property, without due process of law."
2. action at law - ANSWER ✔ File a complaint, jury or judge, judgement,
monetary damages or property
3. action in equity - ANSWER ✔ File a petition, judge, decree, injunction,
specific performance, or rescission
4. administrative agency - ANSWER ✔ A federal or state government agency
created by the legislature to perform a specific function, such as to make and
enforce rules pertaining to the environment.
5. appellant - ANSWER ✔ The party who takes an appeal from one court to
another.
,6. appellee - ANSWER ✔ The party against whom an appeal is taken—that is,
the party who opposes setting aside or reversing the judgment.
7. Bill of Rights - ANSWER ✔ The first ten amendments to the U.S.
Constitution.
8. binding authority - ANSWER ✔ Any source of law that a court must follow
when deciding a case.
9. sole proprietorship - ANSWER ✔ The simplest form of business
organization, in which the owner is the business. The owner reports business
income on his or her personal income tax return and is legally responsible
for all debts and obligations incurred by the business.
10.stock certificates - ANSWER ✔ A certificate issued by a corporation
evidencing the ownership of a specified number of shares in the corporation.
11.Stock warrants - ANSWER ✔ A certificate that grants the owner the option
to buy a given number of shares of stock, usually within a set time period.
12.Stocks - ANSWER ✔ An ownership (equity) interest in a corporation,
measured in units of shares.
13.surety - ANSWER ✔ A person, such as a cosigner on a note, who agrees to
be primarily responsible for the debt of another.
,14.suretyship - ANSWER ✔ An express contract in which a third party to a
debtor-creditor relationship (the surety) promises to be primarily responsible
for the debtor's obligation.
15.Tender - ANSWER ✔ An unconditional offer to perform an obligation by a
person who is ready, willing, and able to do so.
16.Tender of delivery - ANSWER ✔ Under the Uniform Commercial Code, a
seller's or lessor's act of placing conforming goods at the disposal of the
buyer or lessee and giving the buyer or lessee whatever notification is
reasonably necessary to enable the buyer or lessee to take delivery.
17.U.S. trustee - ANSWER ✔ A government official who performs certain
administrative tasks that a bankruptcy judge would otherwise have to
perform.
18.Undue influence - ANSWER ✔ Persuasion that is less than actual force but
more than advice and that induces a person to act according to the will or
purposes of the dominating party.
19.unilateral mistake - ANSWER ✔ A mistake that occurs when one party to a
contract is mistaken as to a material fact.
20.Venture capital - ANSWER ✔ Financing provided to new business ventures
by professional, outside investors—that is, venture capitalists, usually
groups of wealthy investors and securities firms.
21.The Uniform Commercial Code provides a set of rules governing
, A) administrative processes.
B) congressional procedures.
C) state legislative adoptions.
D) commercial transactions. - ANSWER ✔ D) commercial transactions.
22.The classification of law that concerns the rights and duties that exist
between persons and between citizens and their government is
A) legal positivism.
B) natural law.
C) civil law.
D) criminal law. - ANSWER ✔ C) civil law.
23.In a civil case, the object is to
A) obtain a remedy to compensate the injured party.
B) take coercive action against a violating party.
C) resolve a dispute to the satisfaction of all concerned parties.
D) punish a wrongdoer to deter others from similar actions. - ANSWER
✔ A) obtain a remedy to compensate the injured party.
24.Ruby invents a new type of pillow and obtains a patent for it. Sleep-Time
Inc. believes that Ruby's pillow infringes on one of Sleep-Time's previously
patented products. Sleep-Time must file a challenge to Ruby's patent within
A) 9 months.
B) 20 years.
C) 6 years.
D) the life of the inventor plus 70 years. - ANSWER ✔ C) 6 years.
