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Legal and Financial Concepts
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Legal and Financial Concepts
Legal and Financial Concepts
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1
Question
What is the legal definition of the term per curiam?
Page 1
Answer
A decision made by the whole court together, rather than one specific judge.
2
Question
How is the legal term de novo defined in a review process?
Page 1
Answer
A legal 'do-over' or starting a review from the very beginning.
3
Question
What does it mean for an individual to appear pro se in court?
Page 1
Answer
Being your own lawyer in court instead of hiring one.
4
Question
What is the legal status of an act that is void ab initio?
Page 1
Answer
Invalid from the very start, so it never actually counted.
5
Question
What is the definition of the term pro bono in legal work?
Page 1
Answer
Legal work done for free to help someone or the public good.
6
Question
What protection is provided by the legal rule of habeas corpus?
Page 1
Answer
The government cannot lock you up without a judge proving a legal reason.
7
Question
How is the term bona fide defined in a general or legal context?
Page 1
Answer
Something that is real, honest, and genuine rather than a trick.
8
Question
What is the meaning of the consumer principle caveat emptor?
Page 1
Answer
Let the buyer beware; it is the buyer's job to check for flaws.
9
Question
What is a subpoena in the context of court proceedings?
Page 1
Answer
An official court order forcing you to show up or provide evidence.
10
Question
What is the role of an amicus curiae in a legal case?
Page 1
Answer
A 'friend of the court' who is an expert giving the judge information.
11
Question
How is the phrase quid pro quo defined in business and law?
Page 2
Answer
A direct trade where one person does something in exchange for another.
12
Question
What does the legal term mens rea specifically refer to?
Page 2
Answer
A 'guilty mind' or the intent to do something wrong.
13
Question
What does the legal term actus reus represent in a crime?
Page 2
Answer
A 'guilty act' or the actual physical action of committing a crime.
14
Question
What is the principle of stare decisis in the judicial system?
Page 2
Answer
Following past court decisions to keep the law fair and consistent.
15
Question
How is prima facie evidence defined in legal proceedings?
Page 2
Answer
Evidence that looks true on the surface and is accepted unless proven wrong.
16
Question
Why is an ex post facto law considered unconstitutional?
Page 2
Answer
It makes something a crime after you already did it.
17
Question
What does it mean for an adult to act in loco parentis?
Page 2
Answer
When an adult acts like a parent for you (like a teacher).
18
Question
What occurs when a judge takes action sua sponte?
Page 2
Answer
When a judge takes action on their own without being asked.
19
Question
How is a person's modus operandi (M.O.) defined?
Page 2
Answer
A specific pattern or habit of how someone does something.
20
Question
What is the purpose of the phrase et alii (et al.) in legal documents?
Page 2
Answer
'And others'; used to shorten long lists of names in legal docs.
21
Question
How does compound interest cause money to grow exponentially?
Page 2
Answer
By earning interest on top of previously earned interest.
22
Question
What does APY (Annual Percentage Yield) measure?
Page 2
Answer
The actual interest rate you earn in a year.
23
Question
How is an asset defined in the context of wealth management?
Page 2
Answer
Something you own that puts money in your pocket (like a rental house).
24
Question
What is a liability in financial terms?
Page 2
Answer
Something that takes money out of your pocket (like a car loan).
25
Question
How is equity calculated for a specific asset?
Page 3
Answer
The value of an asset minus what you owe on it.
26
Question
What does the liquidity of an asset describe?
Page 3
Answer
How fast you can turn an asset into cash without losing value.
27
Question
What is the legal requirement of a person acting as a fiduciary?
Page 3
Answer
They are legally required to act in your best financial interest.
28
Question
How is the principal of a loan or investment defined?
Page 3
Answer
The original sum of money invested or lent, separate from interest.
29
Question
What occurs during a period of economic inflation?
Page 3
Answer
Prices rise and money buys less over time.
30
Question
What is the strategic purpose of diversification in a portfolio?
Page 3
Answer
Not putting all your 'eggs in one basket' to manage risk.