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White Collar Crime Basics

Subjects : law, business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. One of the chief figures in the Iran-Contra scandal was Marine Colonel Oliver North - an aide to the NSC. He admitted to covering up their actions - including shredding documents to destroy evidence. IMP. Although Reagan did approve the sale of arms






2. Is a legal fiction used in the law to describe a situation where a person or entity gained an unfair advantage over another by deceitful - or unfair - methods.






3. An opthalmologist Who was convicted in 1984 for unnecessary eye surgeries






4. A piece of property - usually commercial real estate - is sold back and forth between two or more partners - inflating the sales price each time and refinancing the property with each sale until the value has increased several times over






5. Was a United States Federal Bureau of Investigation (FBI) sting operation run from the FBI's Hauppauge - Long Island - office in the late 1970s and early 1980s. The operation initially targeted trafficking in stolen property but was converted to a pu






6. Corporations are the same as psychos


7. Is the first major overhaul of telecommunications law in almost 62 years. The goal of this new law is to let anyone enter any communications business -- to let any communications business compete in any market against any other.






8. Was the Internet alias of Michael Calce - a high school student from the middle-class suburban area of the West Island in Montreal - Canada who launched a series of highly publicized denial-of-service attacks in February 2000 against large commercial






9. Was the largest pension scam in American history - Ponzi scheme






10. In the 1980s - he ran American Continental Corporation and the Lincoln Savings and Loan Association - and took advantage of loosened restrictions on banking investments. and 5 US senators known as the Keating 5






11. Chair of the Federal Home Loan Bank Board eared that the savings industry's risky investment practices were exposing the government's insurance funds to huge losses. for the keating 5






12. Too much ownership or property - including intellectual property - creates gridlock that results in underutilization of property and stunting of innovation.






13. Was a real estate agency headed by Keating. Which later added on Lincoln Savings and Loan Association for $51 million - which left the company broke






14. Was a United States Federal Bureau of Investigation (FBI) sting operation run from the FBI's Hauppauge - Long Island - office in the late 1970s and early 1980s. The operation initially targeted trafficking in stolen property but was converted to a pu






15. Microcap stocks - that are often not required to file reports to the SEC






16. Buying or selling corporate stock by a corporate officer or other insider on the basis of information that has not been made public and is supposed to remain confidential






17. Described as 'multiple employer trusts' or 'METs -' as vehicles for marketing health and welfare benefits to employers for their employees.






18. Involved Dow chemicals which caused strange deformities to some living things in the area






19. (1) electronic embezzlement and financial fraud; (2) computer hacking ; (3) malicious sabotage - including the creation - installation - or dissemination of computer viruses; (4) Internet scams; (5) utilization of computers and computer networks for






20. Accounting firms are now forbidden from offering consulting services to clients if it posses a conflict of interest - and for the first time an independent oversight board has been established to oversee the industry.Executives also would not be allo






21. Accepted money from Keating - one of the Keating 5






22. A term used to describe unproven or fraudulent medical practices






23. Were doctors charge extra for one session - unnecessary charges - and billing without an actual visit






24. Was a political scandal in the United States which came to light in November 1986 - during the Reagan administration - in which senior US figures agreed to facilitate the sale of arms to Iran - the subject of an arms embargo - to secure the release o






25. Is a loan in the name of one party that is intended for use by another. A misapplication occurs when a financial institution insider uses his position to secure a nominee loan - either for himself or for another person - and the insider conceals his






26. Are only one of many types of managed care arrangements. However - it is one of the oldest forms of managed care.more emphasis is placed on prevention and quality of care. There is also more opportunity to control health care costs in HMOs than in in






27. A brand of superabsorbent tampons made by Procter & Gamble starting in 1975. It was recalled from the market in September 1980 because it was linked to Toxic Shock Syndrome The recall cost Procter and Gamble over $75 million.






28. Accepted money from Keating - one of the Keating 5






29. In November 2001 Enron - the United States' seventh largest corporation - issued a statement drastically revising its stated profits over the past three years. Within a month - the company was forced to declare bankruptcy—the largest bankruptcy in bu






30. Irvine. Miami






31. The secrecy of police officers who lie or look the other way to protect other police officers






32. Was a political scandal in the United States which came to light in November 1986 - during the Reagan administration - in which senior US figures agreed to facilitate the sale of arms to Iran - the subject of an arms embargo - to secure the release o






33. In the 1980s - he ran American Continental Corporation and the Lincoln Savings and Loan Association - and took advantage of loosened restrictions on banking investments. and 5 US senators known as the Keating 5






34. Explanations given by people as a way of rationalizing their deviant/criminal behavior






35. Described as 'multiple employer trusts' or 'METs -' as vehicles for marketing health and welfare benefits to employers for their employees.






36. Arrangement between a depositor and a bank (or other financial institution) under which the bank extends loan(s) to a certain borrower. The extent of the loan amount depends on the amount of credit balance maintained in the depositor's account.






37. 1972; Nixon feared loss so he approved the Commission to Re-Elect the President to spy on and espionage the Democrats. A security gaurd foiled an attempt to bug the Democratic National Committe Headquarters - exposing the scandal. Seemingly contained






38. He was an investment broker who illegally manipulated the stock market and in the process redefined the crime of insider trading(1985)






39. A former fertility doctor who used his own sperm to impregnate his patients - without informing them.(1980s)






40. Microcap stocks - that are often not required to file reports to the SEC






41. A former bank regulator who developed the concept of 'control fraud' - in which a business or national executive uses the entity he or she controls as a 'weapon' to commit fraud.






42. Any act punishable by law that is committed through opportunity created in the course of an occupation that is legal






43. A treasurer-tax collector of the OC - who declared chapter 9 bankruptcy taxed and charged larged interest rates to save OC which left the OC nearly bankrupt






44. A treasurer-tax collector of the OC - who declared chapter 9 bankruptcy taxed and charged larged interest rates to save OC which left the OC nearly bankrupt






45. Are only one of many types of managed care arrangements. However - it is one of the oldest forms of managed care.more emphasis is placed on prevention and quality of care. There is also more opportunity to control health care costs in HMOs than in in






46. The Federal Trade Commission stated that the publicity behind the tonic was 'false - misleading and deceptive' in representing the nostrum as 'an effective treatment and cure for scores of ailments and diseases.'






47. Was the largest pension scam in American history - Ponzi scheme






48. Keating's 2000-acre dream community - the single largest real estate venture of Lincoln






49. Any act punishable by law that is committed through opportunity created in the course of an occupation that is legal






50. Is the practice of engaging in financial transactions in order to conceal the identity - source - and/or destination of money - and is a main operation of the underground economy.