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Business Ownership

Blevins - Ch. 7 Legal Aspects of Business

QuestionAnswer
Monopoly When only one company provides a product or service without competition from other companies
Price Discrimination Setting different prices for different customers
False Advertising Advertising that is misleading in some important way
Bankruptcy A legal process that allows the selling of assets to pay off debts
Patent An agreement in which the federal government gives an investor the sole right for 20 years to make, use, and sell an invention or a process
Copyright When the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author, typically, plus 70 years
Trademark A distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner.
Information Liability The respobsiblity for physical or economic injury arising from incorrect data or wrongful use of data.
Cookies Files of information about the user that some Web sites create and store on the user's own computer.
Interstate Commerce Busincess operations and transactions that cross state lines.
Intrastate Commerce Business transactions within a state.
Licensing A way to limit and control those who plan to enter certain types of businesses.
Public Franchise A contract that permits a person or organization to use public property for private profit.
Building Codes Control physical features of structures.
Zoning Regulations that specify which land areas may be used for homes and which areas may be used for different types of businesses.
Proportional Tax One in which the tax rate remains the same regardless of the amount of which the tax is imposed, also known as a flat tax.
Progressive Tax A tax based on the ability to pay.
Regressive Tax The actual tax rate decreases as the taxable increases.
Income Tax A tax on the profits of businesses and on earnings of individuals.
Sales Tax A tax levied on the retail price of goods and services at the time they are sold.
Excise Tax When a sales tax applies only to selected goods or services, such as cigarettes and gasoline.
Property Tax A tax on material goods owned.
Real Property Tax A tax on real estate, which is land and buildings.
Personal Property Tax A tax on possessions that are movable, such as furniture, machinery, and equipment.
Assessed Valuation The value of property determined by tax officials.
Created by: sblevins