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