Business Law Test 1 review

The Sherman Antitrust Act of 1890 allows the government to break up companies with control of a market; prevents monopolies.

• True

• False

Using Deregulation the government sets strict rules affecting businesses within certain industries.

• True

• False

Regulation is the removal or relaxation of the rules affecting businesses within certain industries.

• True

• False

Property Taxes are paid by businesses on land, structures and other property they own.

• True

• False

Excise Taxes are designed to control potentially harmful practices; are automatically included in the price; produce income which must be used for a purpose related to a tax.

• True

• False

The Executive Branch branch of the government which is headed by the U.S. President.

• False

• True

The Judicial Branch is the House.

• False

• True

Statutory Law are laws that are written by the legislative branch.

• True

• False

Common Law is based on precedents established by judges decisions

• True

• False

Labor Unions organizations are formed to represent workers and prevent unfair labor practices; members are typically employees of the same type of occupation or industry.

• True

• False