Chapter 4 Business Test

T or F: Larry's Trucking Company is located in Columbus, Ohio. The company delivers products to its sole customer, a factory in Toledo, Ohio, twice everyday. Both the state of Ohio and the federal government are responsible for regulating the business actions of Larry's Trucking Company.

False

T or F: Top management has little impact on the ethical conduct of business.

False

T or F: Government plays a role in all economic systems.

True

T or F: If you write an original song, your work can be protected with a copyright.

True

T or F: Information the government collects in a census can help a business decide where most of its potential customers live.

True

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

True

A patent gives an inventor of a new product the sole right to make, use, or sell the item for 7 20 25 50

20 years

The Age Discrimination in Employment Act protects all person aged ___ and older from employers who attempt to use age as a basis for employment decisions. 30 40 50 60

40

T or F: A public utility company is a company that is owned by the government.

False

T or F: All written contracts are legal.

False

T or F: Socially responsible actions benefit employees and the community while costing the company nothing.

False

Which of the following would NOT be considered a utility company? a gas station a telephone company a water works an electric company

a gas station

In the United States, police and fire protection is usually provided by the federal government the state government the local government large corporations

the local government

T or F: Government is the single largest employer in the U.S. economy.

True

Governments borrow money by selling stock bonds promissory notes all of the above

bonds

The largest source of revenue for the federal government is the inheritance tax luxury tax corporate income tax individual income tax

individual income tax

About how many American workers are public employees? 9 16 22 29

16 percent

In the United States, total government purchases of goods and services make up about ____ percent of all the goods and services the country produces 10 20 50 75

20

Property tax revenue is used to pay for all of the following EXCEPT... schools police protection Medicare and Medicaid community parks

Medicare and Medicade

Which of the following is a copyright symbol? tm r (in a circle) c (in a circle) all of the above are types of copyright symbols

c (in a circle)

Which question should you NOT ask yourself when considering the ethics of a business situation? is the action legal? does the action violate professional standards? who is affected by the action? can i get away with this action?

can I get away with this action?

___ are principles of morality or rules of conduct. customs traditions cultures ethics

ethics

Which of the following is a way the United States government gets involved in business activities? it orders certain people to take specific jobs it tells all businesses what they should produce and what they can charge their customers it owns almost all of the factors of production it attempts to prevent unfair business practices

it attempts to prevent unfair business practices

All of the following are non-renewable resources EXCEPT... oil gas lumber coal

lumber

Governments is mainly concerned with all of the following roles EXCEPT... making a profit regulating utilities hiring public employees providing services to citizens

making a profit

Suppose one company owned all of the grocery stores in your state. This situation would constitute a monopoly union competitive environment cartel

monopoly

Antitrust laws protect consumers from all of the following EXCEPT... false advertising deceptive packagining products becoming outdated too quickly misleading labeling

products becoming outdated too quickly

A state or local tax on goodes and services that is collected by the seller is call a sales tax income tax property tax gift tax

sales tax

Valid, enforceable contracts must contain consideration, which is defined as something of measurable value that must be exchanged by the parties involved wording that is kind and unobjectionable to the parties involved the requirement that those entering into the contract must be of legal age and mentally competent the requirement that the contract must be for a product or service that may be legally sold

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

If a company has a code of ethics, employees will always know how to behave under all circumstances the company will more easily be able to identify proper employee behavior it should be worded in such a way as to stress forbidden actions rather than acceptable behavior all of the above are true

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