Intro to Business - Chapter 4

All of the following are non-renewable resources EXCEPT:

• Oil

• Gas

• Lumber

• Coal

Principles of morality or rules of conduct.

• Customs

• Traditions

• Cultures

• Ethics

A patent gives an inventor of a new product the sole right to make, use, or sell the item for:

• 7 years

• 20 years

• 25 years

• 50 years

In the United States, police and fire protection is usually provided by:

• the federal government

• the state government

• the local government

• large corporations

Which questions should you NOT ask yourself when considering the ethics of a business situation?

• Is the action legal?

• Does the action violate professional standards?

• Who is affected by the action?

• Can I get away with this action?

Government is mainly concerned with all of the following roles EXCEPT:

• making a profit

• regulating utilities

• hiring public employees

• providing services to citizens

Which of the following would NOT be considered a utility company?

• A gas station

• A cable TV company

• Water works company

• An electric company

Suppose one company owned all of the grocery stores in your state. This situation would be a:

• Monopoly

• Union

• Competitive Environment

• Cartel

Antitrust laws protect consumers from all of the following EXCEPT:

• False Advertising

• Deceptive Packaging

• Products becoming outdated too quickly

• Misleading Labeling

A state or local tax on goods and services that is collected by the seller is called a:

• Sales Tax

• Income Tax

• Property Tax

• Gift Tax