Chapter 4 Principles of Business

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

• True

• False

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

• True

• False

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

• True

• False

Intrastate commerce involves companies doing business in only one state.

• True

• False

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

• True

• False

Wal-Mart is the single largest employer in the United States.

• True

• False

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

• True

• False

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

• True

• False

Results in an unfair benefit

• antitrust laws

• code of ethics

• copyright

• conflict of interest

Save scarce natural resources

• antitrust laws

• code of ethics

• nonrenewable resources

• conservation