Business Managment Test Review

An example of a non-renewable resource would be

The American Disabilities Act (ADA) requires that a company

A code of ethics is designed to

True or False. International trade with other countries is the responsibility of state local governments

True or False. An oral contract can be legally binding.

Fire and police protection is the main responsibility of

A ______________ would protect the composer's musical score

Antitrust Laws are designed to

A(n) ____________ tax is a common source of revenue for state and local governments.

True or False. A monopoly is never a benefit to consumers.

To be valid and enforceable, contracts must be writing and signed by both parties.

A logo is a trademark linked with a specific company or product.

The Age Discrimination in Employment Act protects people once they reach age 65.

Intrastate commerce involves companies doing business in only one state

When a business controls the market for a product or service, it has a monopoly.

Microsoft Coporation is the single largest employer in the United States.

The government's sole source of income is taxes, such as income, property, and sales taxes.

A business's duty to contribute to the well-being of the community is its social responsibility.

Results in an unfair benefit

Cannot be replaced once it has been used up

Protects the work of authors, composers, and artists

Saves scarce natural resources

Guides the actions of employees

Prevent unfair business practices

Supplies a product or service vital to all people

Regulates safety standards

Monitors and enforces standards for water and air quality

Provides information to help companies make good business decisions

Helps new businesses get started by offering business loans

Works closely with businesses to reduce pollution

The constitution gives the federal government the power to reuglate

Clauses in labor contracts that pertain to the health and safety of the employees while they are on the job are called fringe benefits

Te role of the government in the economy rarely change when newly elected officials take office

Each of the following is a common role of the U.S government in the economy except

A monoploy exists when a single business controls the market for a specific product or service

A ______ gives the inventor the sole right to make, use, or sell the item for 20 years

Local governments use the most revenue from _______ to pay for schools and local services such as police protection and community parks

The _______ monitors and enforces standards for water and air quality

A contract must be written to be enforceable

You bought a pair of shoes at $60. Your state has a 5% sales tax. How much money must the store pay the government as a result of this sale.

Valid, enforceable contracts must contain all of the following except

Which of the following actions demonstrate a conflict of interest?

Intellectual property may either be tangible or intangible depending on how it is marketed

Socially responsible actions by a by business benefit society but no the business

Governments obtain revenue through taxing and borrowing

Which of the following is an example of non-renewable resource

Total federal, state, local government spending makes up about ___ percent of all the goods and services produced in the United Sates

A ____ is an agreement to exchange goods or services for something of value, usually money

Fringe benefits clause in a labor contract deals with the health and safety of employees