Business review chapter 4

About how many American workers are public employees

16%

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

20%

A valid contract must contain

4 essential elements an offer must be made and an acceptance must occur

Which of the following is a copyright symbol

A c with a circle around it

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

A

Conflict of interest occurs when an action by a company or individual results in an unfair benefit

Saving scarce natural resources is called

Conservation

A

Contract is an agreement to exchange goods or services for something of value

A

Copyright protects the creative work of authors composers and artists

The age discrimination in employment act protects all persons aged 40 and older from employees who attempt to use age as a basis for employment decisions

Ethics are principles of morality or rules of conduct

Business

Ethics are rules about how businesses and their employees and their employees ought to behave

A public utility company is a company that is owned by the government

False

All written contracts are legal

False

Larry's trucking company is located in Columbus Ohio. The company delivers products to its sole customer, a factory in Toledo Ohio twice every day. Both the state of Ohio and the federal government are responsible for regulating the business actions of Larry's trucking company

False

Socially responsible actions benefit employees and the community while costing the company nothing

False

Top management has little impact on the ethical conduct of a business

False

The largest source of revenue for the federal government is the

Individual income tax

Business dealings involving companies in more than one state is

Interstate commerce

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 non renewable 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

Monopoly

exist when a business has control of the market for a product or service

Monopoly

In the United States work safety standards are regulated and enforced by the

Occupational safety and health administration

When the by products of human actions taint the environment

Pollution occurs

Antitrust laws protect consumers from all of the following except

Products becoming outdated too quickly

A tax that is based on the value of land and buildings is called

Property tax

Government income is called

Revenue

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

If a company has a code of ethics

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

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

The local government

A word letter or symbol linked with a specific company or product is a

Trademark

Government is the single largest employer in the U.S economy

True

Government plays a role in all economic systems

True

If you write an original song your work can be protected with a copyright

True

Information the government collects in a census can help a business decide where most of its potential customers live

True

The major challenge facing businesses today involves learning how to manage a workforce made up of the diverse cultures in society

True

A public

Utility is an organization that supplies a service or product vital to all people