ALC EXAM 2 QUESTIONS & ANSWERS 2023 UPDATE

ALC EXAM 2 QUESTIONS & ANSWERS 2023 UPDATE 1. A conclusion arrived at through deductive reasoning is (inductive is probable) A. probable B. certain C. whimsical D. farcical 2. The rational starting point for ethics in an organization is a. At the bottom b. At the top c. At the level of execution d. At the level of supervisors 3. A corporation is owned by a limited number of shareholders. a. Public b. Private c. Close d. S 4. combines mediation and negotiation to arrive at a successful resolution. a. Common law b. Criminal law c. Civil law d. Collaborative law 5. is the key to developing an ethical organization. a. Profit maximization b. Value maximization c. Loyalty d. Organizational culture 6. When interpreting the law, courts look for a. guidance from the president b. guidance from the government c. guidance from the legislative branch d. precedent 7. An action that does not increase shareholder value and does not should be rejected. a. Increase corporate earnings b. Stand up to an ethics test c. Promote corporate social responsibility d. Improve diversity 8. duties may be levied if a country chooses to sell its products in other countries for a price than in its home country. a. Customs b. Countervailing c. Tariff d. Anti-dumping 9. Under common law, the acceptance of a contract should reflect the of the offer. a. Essential terms b. Major terms c. Exact terms d. Understanding 10. The most important characteristic of a closely held corporation is that . a. It has a smaller # of shareholders b. it has a large number of shareholders c. its shares are not traded on the stock market d. its shares are listed on at least two stock markets 11. U.S. business must comply with the Foreign Corrupt Practices Act, which bans , but not payments. a. Grease; facilitation b. Facilitation; bribes c. Facilitation; grease d. Bribes; facilitation 12. damages compensate a party for losses that occur as a foreseeable result of the breach. a. Incidental b. Reliance c. Restitution d. Consequential 13. A business decision may be , but not be . a. Ethical; legal b. Financially astute; legal c. Environmentally sound; ethical d. Legal; ethical 14. publishes every year a ranking of countries based on perceived corruption. 15. The objective of damages is to compensate the non- breaching party for any expenses incurred in anticipation of the contract being fulfilled. a. Compensatory b. Consequential c. Liquidated d. Reliance 16. is a form of organization primarily suited for groups of professionals. a. LLP b. LLC c. General partnership d. S corporation 17. Manufacturing in the home country and marketing in other countries is called . a. Exporting b. Licensing c. Franchising d. Joint venture 18. involves a degree of compromise, a spirit of give and take. a. Negotiation b. Arbitration c. Litigation d. Game theory 19. The decisions of courts, taken together, is referred to as blank a. Civil law b. Common law c. Criminal law d. Statutes 20. Law that provides remedies when one individual injures another is the law of blank . a. Torts b. Administration c. Criminality d. Federal 21. To prove negligence, an injured party must prove a duty of care and . a. Defamatory statement b. Breach of the duty that caused damages c. Communication d. Assault