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Intro Bus Chapter 4
| Question | Answer |
|---|---|
| Lumber is an example of a nonrenewable resources | F |
| OSHA is a federal agency that regulates workplace safety standards. | T |
| Principles of morality or rules of conduct are called ethics. | T |
| The US government does not play a major role in the American economy. | F |
| Your computer is an example of intellectual property. | F |
| A trademark is a word, letter, or symbol linked with a specific company or product. | T |
| Most goods and services you use are provided by the US government. | F |
| All public utility companies are owned and operated by state governments. | F |
| A monopoly exists when a business has control of the market for a product or service. | T |
| Government income is called revenue. | T |
| Removing workplace barriers for women & accommodating employees who are physically challenged are ways a business can contribute to | workplace diversity |
| Benefits of a socially responsible activities are an enhanced company image; reduced need for government regulations; and improved quality of life. | money spent for wellness program may reduce company profits is not a benefit. |
| A set of rules guiding the actions of employees is called | A code of ethics |
| Government is concerned with raising revenue, buying goods and services, regulating utilities | but NOT hiring private-sector workers |
| Contracts can be entered into by any ___ US citiznes | TWO citizens |
| Copyright protection lasts for | the life of the copyright holder, plus 70 years after the death of the copyright holder |
| Name an example of a public utility:. | The electric company |
| Government attempts to prevent monopolies with | anti-trust laws |
| The single largest employer in the US economy is | the state, local and federal government |
| When you give up something to have something else, you are making a | trade-off |
| A mixed economy combines elements of | command and market economies |
| Capitalist economies doe not have much | government ownership of resources |
| The quantity of a good or service that businesses are willing and able to provide is called | supply |
| An example of something that would be included in a measure of GDP? | finished automobiles |
| About how many people are employed in the U.S. | 155 million |
| An indicator that is NOT a characteristic of a depression | rapidly rising GDP |
| The interest rate banks make available to their best business customers is called the | Prime Rate |
| This results when a government spends less than it takes in, | budget surplus |
| Items bought from other countries are called | imports |
| The difference between a country's total export and total imports is called the | balance of trade |
| The interest rate banks make available to their best business customers is called the | Prime Rate |
| This results when a government spends less than it takes in, | budget surplus |
| Items bought from other countries are called | imports |
| The difference between a country's total export and total imports is called the | balance of trade |
| Infrastructure refers to a country's | transportation, communication, and utility systems |
| The right to use a company name or business process in a specific way is called | a proprietorship |
| This group was created in 1995 to promote trade around the world. | World Trade Organization |
| Requiring employees to wear hardhats in certain parts of a factory is a way of business can contribute to | job safety |
| A set of rules guiding the actions of employees | code of ethics |
| For a contract to be valid, something of a measurable value must be exchanged by the parties involved. This is the principle of | consideration |
| A patent gives the inventor the sole right to make, use or sell the item for | 20 years |
| The tax levied on goods and services that is collected by the seller is called | sales tax |
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smithcarla
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