The Foreign Corrupt Practices Act is designed to stop bribery of foreign officials for the purpose of obtaining business.

Question 26 options:

	1) True
	2) False

Question 27 (2 points)

Expropriation is the seizure of foreign-owned property by a government.

Question 27 options:

	1) True
	2) False

Question 28 (2 points)

The U.S. Export Administration Act provides for export controls that are focused on maintaining national security and reducing the proliferation of weapons.

Question 28 options:

	1) True
	2) False

Question 29 (2 points)

Public international law examines relationships between nations and uses rules that are binding on all countries in the international community.

Question 29 options:

	1) True
	2) False

Question 30 (2 points)

Private international law examines relationships created by commercial transactions and utilizes international agreements to resolve business disputes.

Question 30 options:

	1) True
	2) False

Question 31 (2 points)

The United Nations Security Council has no power to authorize military action and no power to sever diplomatic relations with other nations.

Question 31 options:

	1) True
	2) False

Question 32 (2 points)

The International Monetary Fund encourages international trade by maintaining stable foreign rates and promotes orderly exchange policies.

Question 32 options:

	1) True
	2) False

Question 33 (2 points)

The World Bank promotes economic development in poor countries by making loans to finance necessary development projects and programs.

Question 33 options:

	1) True
	2) False

Question 34 (2 points)

The World Trade Organization is an international organization which seeks to resolve trade disputes between member nations.

Question 34 options:

	1) True
	2) False

Question 35 (2 points)

An irrevocable letter of credit is commonly used to ensure payment of international business transactions.

Question 35 options:

	1) True
	2) False

Question 36 (2 points)

A publicly held organization is usually owned by only a few persons, usually in family owned businesses.

Question 36 options:

	1) True
	2) False

Question 37 (2 points)

A closely held organization may be owned by hundred or more shareholders.

Question 37 options:

	1) True
	2) False

Question 38 (2 points)

A dissolution is a change in the ownership of an organization that changes the legal existence of the organization.

Question 38 options:

	1) True
	2) False

Question 39 (2 points)

A sole proprietorship is the easiest to create, gives the proprietor total control and liability for debts and provides that all income is subject to personal taxation.

Question 39 options:

	1) True
	2) False

Question 40 (2 points)

A partnership is an agreement between two or more persons or business organizations to share in a common endeavor and to share profits and losses.

Question 40 options:

	1) True
	2) False

Question 41 (2 points)

The officers of a corporation, such as the president, vice president, secretary and treasurer are charged with managing the daily operations of a corporation.

Question 41 options:

	1) True
	2) False

Question 42 (2 points)

A corporation created under the authority of a foreign country may be called a domestic corporation.

Question 42 options:

	1) True
	2) False

Question 43 (2 points)

In a corporation, the shareholders elect the members of the board of directors.

Question 43 options:

	1) True
	2) False

Question 44 (2 points)

An “S Corporation”, must have less than 100 shareholders and all business income is subject to personal taxation.

Question 44 options:

	1) True
	2) False

Question 45 (2 points)

The Commerce Clause states that Congress shall have the power to regulate commerce with foreign nations and between several States.

Question 45 options:

	1) True
	2) False

Question 46 (2 points)

The Customer Appreciation Clause of Article 1, Section 8 of the Constitution prohibits on state from interfering or impeding commerce that crosses state lines.

Question 46 options:

	1) True
	2) False

Question 47 (2 points)

State laws may be held unconstitutional and void if they are inconsistent with, or if they conflict irreconcilably with a federal statute.

Question 47 options:

	1) True
	2) False

Question 48 (2 points)

The term “Administrative Agencies” describes the boards, bureaus, commissions and organizations that make up the government regulatory bureaucracy.

Question 48 options:

	1) True
	2) False

Question 49 (2 points)

“Administrative agencies” do not possess the basic functions of other branches of government such as rule making, adjudicating, advising or investigating.

Question 49 options:

	1) True
	2) False

Question 50 (2 points)

An agency action that orders a violator to stop an objectionable activity and to refrain from any further similar violation is known as a “cease and desist order.”

Question 50 options:

	1) True
	2) False