Chapter 4 (business)

About how many American workers are public employees?

16 percent

A patent gives an inventor of a new product the sole right to make, use, or sell the item for

20 years

In the United States, total government purchases of goods and services make up about ____ percent of all the goods and services the country produces

32

The Age of Discrimination in Employment Act protects all persons aged ____ and older from employers who attempt to use age as a basis for employment decisions

40

Which of the following would NOT be considered a utility company?

A gas station

Governments borrow money by selling

Bonds

Which question should you NOT ask yourself when considering the ethics of a business situation?

Can I get away with this action?

_____are principles of morality or rules of conduct

Ethics

The largest source of revenue for the federal government is the

Individual income tax

Which of the following is a way the United States government gets involved in business activities?

It attempts to prevent unfair business practices

All of the following are nonrenewable resources EXCEPT

Lumber

Government is mainly concerned with all of the following roles EXCEPT

Making a profit

Property tax revenue is used to pay for all of the following EXCEPT

Medicare and Medicaid

Suppose one company owned all of the grocery stores in your state. This situation would constitute a(n)

Monopoly

The antitrust laws protect consumers from all of the following except

Public utilites

A state or local tax on goods and services that is collected by the seller is called a

Sales tax

Valid, enforceable contracts must contain consideration, which is defined as

Something of measurable value that must be exchanged by the parties involved

In the United States, police and fire protection is usually provided by

The local government

If a company has a code of ethics,

the company will more easily be able to identify proper employee behavior

Which of the following is a copyright symbol?

©