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