DECA+ Business Management and Administration Practice Exam

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Boost your business management skills with the DECA+ Business Management and Administration Exam. Practice with interactive questions, hints, and detailed explanations. Ace your exam today!

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What legal concept is defined as a law enacted by a governing body?

Regulation
Statute
Ordinance
Bylaw

The correct answer is: Statute

The correct answer, statute, refers to a written law that has been enacted by a legislative body. Statutes are fundamental components of the legal system, established to govern various aspects of society, including criminal laws, tax laws, and trade regulations. They result from a formal legislative process, where a proposed law is debated and voted on by elected representatives. In contrast, regulations typically refer to rules made by executive agencies to enforce statutes, while ordinances are laws enacted by local government bodies, usually addressing issues relevant to their specific jurisdictions. Bylaws refer to rules made by organizations or corporations to govern their operations and are not laws enacted by governmental bodies. Therefore, the distinctive feature of a statute is its formal establishment by a legislative authority, which reflects its legal standing within the broader framework of the law.