Free Fundamentals of Ethics, Corporate Governance and Business Law Practice Questions

A.  

A has contracted to sell his house to B but has changed his mind and no longer wishes to sell it.

B.  

C has contracted to buy a new Ford motor car but the garage is now refusing to honor the contract.

C.  

D has contracted to purchase a number of tins of fruit for her business but the seller has now stated that he no longer wishes to proceed with the contract.

D.  

E has contracted to sing at a concert organized by F, but E has withdrawn as he has received a more lucrative offer from

G.  

A.  

No maximum.

B.  

5 years.

C.  

10 years.      

D.  

15 years.

A.  

Corporate and professional values

B.  

Corporate and societal values

C.  

Societal and personal values

D.  

All of the above

A.  

Financial statements will need to be prepared in different ways in different countries.

B.  

The company's investors will find it difficult to interpret and compare results.

C.  

Expanding into new markets will be more difficult due to potential bureaucracy.

D.  

Administrative burden and compliance costs will be reduced.

E.  

Assessment of other companies will be easier to do.

A.  

A ratio decidendi of the Supreme Court is binding on the Court of Appeal.

B.  

The Supreme Court is bound by a previous House of Lords ratio decidendi.

C.  

A ratio decidendi of the Court of Appeal is binding on the High Court.

D.  

A ratio decidendi of the Supreme Court is binding on the High Court.

A.  

The business name of a private company limited by shares must end in “Limited” or “Ltd”.

B.  

Both public and private companies may use a business name.

C.  

If a business name is used, the name of the proprietor must be stated on business correspondence and at the premises where the business is carried on.

D.  

If a business name is used which is the same or very similar to that of an existing business, an action in the tort of passing off may be brought by the existing business.

A.  

Misapplication or ignoring of ethical values

B.  

Misapplication or ignoring of accounting principles

C.  

Misapplication or ignoring of regulations

D.  

Misapplication or ignoring of human rights

A.  

A conditional offer cannot be accepted until the condition has been satisfied

B.  

A revocation of an offer is only valid when it is received by the offeree, unless it is sent by post in which case it is valid as soon as it is posted

C.  

Even if the parties are fully in agreement, the agreement will be unenforceable unless at least one of the parties has provided consideration

D.  

A request for further information in relation to an offer has the effect of cancelling the offer

E.  

If an offer is rejected it can only be revived by the person who made the offer

F.  

Once an offer has been made it does not exist forever but will lapse after a reasonable time

A.  

(i) only

B.  

(i) and (ii) only

C.  

(ii) only

D.  

(ii) and (iii) only

A.  

Document this finding in an 'emphasis of matter' statement

B.  

Issue a modified audit report as he is satisfied the elements examined.

C.  

Issue a modified audit report as he is unsatisfied with the elements examined.

D.  

Issue an adverse opinion due to concerns raised during the audit.