WGU Business Law for
Accountants - D216 Questions
With Correct Verified Detailed
Answers 2025||ALREADY GRADED
A+|| <Latest Version>
accredited investor - ANSWER In the context of securities offerings,
sophisticated investors including banks, insurance companies, investment
firms, the executive officers and directors of the issuer, and individuals
whose net worth or income surpasses specific thresholds.
investment company - ANSWER A company that acts on the behalf of
many smaller shareholders/owners by buying a large portfolio of
securities and professionally managing that portfolio.
mutual fund - ANSWER A specific type of investment company that
continually buys or sells to investors shares of ownership in a portfolio.
SEC Rule 10b-5 - ANSWER A rule of the Securities and Exchange
Commission that prohibits the commission of fraud in connection with
the purchase or sale of any security.
insider trading - ANSWER The purchase or sale of securities on the
basis of information that has not been made available to the public.
tippees - ANSWER A person who receives inside information.
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."
action at law - ANSWER File a complaint, jury or judge, judgement,
monetary damages or property
action in equity - ANSWER File a petition, judge, decree, injunction,
specific performance, or rescission
, 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.
appellant - ANSWER The party who takes an appeal from one court to
another.
appellee - ANSWER The party against whom an appeal is taken—that is,
the party who opposes setting aside or reversing the judgment.
Bill of Rights - ANSWER The first ten amendments to the U.S.
Constitution.
binding authority - ANSWER Any source of law that a court must follow
when deciding a case.
breaches - ANSWER To violate a law, by an act or an omission, or to
break a legal obligation that one owes to another person or to society.
business ethics - ANSWER Ethics in a business context; a consensus of
what constitutes right or wrong behavior in the world of business and the
application of moral principles to situations that arise in a business setting.
case law - ANSWER The rules of law announced in court decisions.
Case law interprets statutes, regulations, constitutional provisions, and
other case law.
categorical imperative - ANSWER A concept developed by the
philosopher Immanuel Kant as an ethical guideline for behavior. In
deciding whether an action is right or wrong, or desirable or undesirable,
a person should evaluate the action in terms of what would happen if
everybody else in the same situation, or category, acted the same way.
checks and balances - ANSWER The system by which each of the three
branches of the U.S. national government (executive, legislative, and
judicial) exercises checks on the powers of the other branches.
Civil law - ANSWER The branch of law dealing with the definition and
enforcement of all private or public rights, as opposed to criminal matters.
commerce clause - ANSWER The provision in Article I, Section 8, of
the U.S. Constitution that gives Congress the power to regulate interstate
commerce.
, common law - ANSWER a body of general rules that applied throughout
the entire English realm
compelling government interest - ANSWER A test of constitutionality
that requires the government to have compelling reasons for passing any
law that restricts fundamental rights, such as free speech, or distinguishes
between people based on a suspect trait.
concurring opinion - ANSWER A court opinion by one or more judges
or justices who agree with the majority but want to make or emphasize a
point that was not made or emphasized in the majority's opinion.
Constitutional law - ANSWER Law that is based on the U.S.
Constitution and the constitutions of the various states.
Corporate social responsibility (CSR) - ANSWER The concept that
corporations can and should act ethically and be accountable to society
for their actions.
cost-benefit analysis - ANSWER A decision-making technique that
involves weighing the costs of a given action against the benefits of the
action.
courts of equity - ANSWER A court that decides controversies and
administers justice according to the rules, principles, and precedents of
equity.
courts of law - ANSWER A court in which the only remedies that can be
granted are things of value, such as money damages. In the early English
king's courts, courts of law were distinct from courts of equity.
Criminal law - ANSWER The branch of law that defines and punishes
wrongful actions committed against the public.
cyberlaw - ANSWER An informal term used to refer to all laws
governing electronic communications and transactions, particularly those
conducted via the Internet.
damages - ANSWER A monetary award sought as a remedy for a breach
of contract or a tortious act.
, defendant - ANSWER One who is the target of a lawsuit or the person
being charged in a criminal case.
defense - ANSWER arguments made by the defendant in a lawsuit or
action as to why the plaintiff shouldn't get what they're requesting.
dissenting opinion - ANSWER A court opinion expressing the opinions
of one or more justices or judges who disagree with the ruling of the
majority .
due process clause - ANSWER The provisions of the Fifth and
Fourteenth Amendments to the U.S. Constitution that guarantee that no
person shall be deprived of life, liberty, or property without due process
of law. Similar clauses are found in most state constitutions.
Duty-based ethics - ANSWER An ethical philosophy rooted in the idea
that every person has certain duties to others, including both humans and
the planet. Those duties may be derived from religious principles or from
other philosophical reasoning.
Eighth Amendment - ANSWER Prohibits excessive bail and fines, as
well as cruel and unusual punishment.
Electronic Communications Privacy Act (1986) - ANSWER Prohibits
the interception of information communicated by electronic means.
equal protection clause - ANSWER The provision in the Fourteenth
Amendment to the U.S. Constitution that guarantees that no state will
"deny to any person within its jurisdiction the equal protection of the
laws." This clause mandates that state governments treat similarly
situated individuals in a similar manner.
equitable maxims - ANSWER General propositions or principles of law
that have to do with fairness (equity).
establishment clause - ANSWER The provision in the First Amendment
to the U.S. Constitution that prohibits Congress from establishing a state-
sponsored religion, as well as from passing laws that promote religion or
show a preference for one religion over another.
ethical reasoning - ANSWER A reasoning process in which an
individual links his or her moral convictions or ethical standards to the
particular situation at hand.
Accountants - D216 Questions
With Correct Verified Detailed
Answers 2025||ALREADY GRADED
A+|| <Latest Version>
accredited investor - ANSWER In the context of securities offerings,
sophisticated investors including banks, insurance companies, investment
firms, the executive officers and directors of the issuer, and individuals
whose net worth or income surpasses specific thresholds.
investment company - ANSWER A company that acts on the behalf of
many smaller shareholders/owners by buying a large portfolio of
securities and professionally managing that portfolio.
mutual fund - ANSWER A specific type of investment company that
continually buys or sells to investors shares of ownership in a portfolio.
SEC Rule 10b-5 - ANSWER A rule of the Securities and Exchange
Commission that prohibits the commission of fraud in connection with
the purchase or sale of any security.
insider trading - ANSWER The purchase or sale of securities on the
basis of information that has not been made available to the public.
tippees - ANSWER A person who receives inside information.
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."
action at law - ANSWER File a complaint, jury or judge, judgement,
monetary damages or property
action in equity - ANSWER File a petition, judge, decree, injunction,
specific performance, or rescission
, 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.
appellant - ANSWER The party who takes an appeal from one court to
another.
appellee - ANSWER The party against whom an appeal is taken—that is,
the party who opposes setting aside or reversing the judgment.
Bill of Rights - ANSWER The first ten amendments to the U.S.
Constitution.
binding authority - ANSWER Any source of law that a court must follow
when deciding a case.
breaches - ANSWER To violate a law, by an act or an omission, or to
break a legal obligation that one owes to another person or to society.
business ethics - ANSWER Ethics in a business context; a consensus of
what constitutes right or wrong behavior in the world of business and the
application of moral principles to situations that arise in a business setting.
case law - ANSWER The rules of law announced in court decisions.
Case law interprets statutes, regulations, constitutional provisions, and
other case law.
categorical imperative - ANSWER A concept developed by the
philosopher Immanuel Kant as an ethical guideline for behavior. In
deciding whether an action is right or wrong, or desirable or undesirable,
a person should evaluate the action in terms of what would happen if
everybody else in the same situation, or category, acted the same way.
checks and balances - ANSWER The system by which each of the three
branches of the U.S. national government (executive, legislative, and
judicial) exercises checks on the powers of the other branches.
Civil law - ANSWER The branch of law dealing with the definition and
enforcement of all private or public rights, as opposed to criminal matters.
commerce clause - ANSWER The provision in Article I, Section 8, of
the U.S. Constitution that gives Congress the power to regulate interstate
commerce.
, common law - ANSWER a body of general rules that applied throughout
the entire English realm
compelling government interest - ANSWER A test of constitutionality
that requires the government to have compelling reasons for passing any
law that restricts fundamental rights, such as free speech, or distinguishes
between people based on a suspect trait.
concurring opinion - ANSWER A court opinion by one or more judges
or justices who agree with the majority but want to make or emphasize a
point that was not made or emphasized in the majority's opinion.
Constitutional law - ANSWER Law that is based on the U.S.
Constitution and the constitutions of the various states.
Corporate social responsibility (CSR) - ANSWER The concept that
corporations can and should act ethically and be accountable to society
for their actions.
cost-benefit analysis - ANSWER A decision-making technique that
involves weighing the costs of a given action against the benefits of the
action.
courts of equity - ANSWER A court that decides controversies and
administers justice according to the rules, principles, and precedents of
equity.
courts of law - ANSWER A court in which the only remedies that can be
granted are things of value, such as money damages. In the early English
king's courts, courts of law were distinct from courts of equity.
Criminal law - ANSWER The branch of law that defines and punishes
wrongful actions committed against the public.
cyberlaw - ANSWER An informal term used to refer to all laws
governing electronic communications and transactions, particularly those
conducted via the Internet.
damages - ANSWER A monetary award sought as a remedy for a breach
of contract or a tortious act.
, defendant - ANSWER One who is the target of a lawsuit or the person
being charged in a criminal case.
defense - ANSWER arguments made by the defendant in a lawsuit or
action as to why the plaintiff shouldn't get what they're requesting.
dissenting opinion - ANSWER A court opinion expressing the opinions
of one or more justices or judges who disagree with the ruling of the
majority .
due process clause - ANSWER The provisions of the Fifth and
Fourteenth Amendments to the U.S. Constitution that guarantee that no
person shall be deprived of life, liberty, or property without due process
of law. Similar clauses are found in most state constitutions.
Duty-based ethics - ANSWER An ethical philosophy rooted in the idea
that every person has certain duties to others, including both humans and
the planet. Those duties may be derived from religious principles or from
other philosophical reasoning.
Eighth Amendment - ANSWER Prohibits excessive bail and fines, as
well as cruel and unusual punishment.
Electronic Communications Privacy Act (1986) - ANSWER Prohibits
the interception of information communicated by electronic means.
equal protection clause - ANSWER The provision in the Fourteenth
Amendment to the U.S. Constitution that guarantees that no state will
"deny to any person within its jurisdiction the equal protection of the
laws." This clause mandates that state governments treat similarly
situated individuals in a similar manner.
equitable maxims - ANSWER General propositions or principles of law
that have to do with fairness (equity).
establishment clause - ANSWER The provision in the First Amendment
to the U.S. Constitution that prohibits Congress from establishing a state-
sponsored religion, as well as from passing laws that promote religion or
show a preference for one religion over another.
ethical reasoning - ANSWER A reasoning process in which an
individual links his or her moral convictions or ethical standards to the
particular situation at hand.
