Unit 5 Review - Government, Laws, and Ethics in Business

Which of the following is an example of a nonrenewable resource?

• Oil

• Money

• Fire

• Dirt

Principles of morality or rules of conduct are called ethics. True or False?

• True

• False

An oral contract can be legally binding. True or False?

• True

• False

Occurs when an individual's or company's actions result in an unfair benefit.

• Conflict of interest

• Antitrust laws

• Consideration

• Legality

Gives an inventor sole right to make, use, or sell an item for 20 years.

• Patent

• Copyright

• Trademark

• Contract

All of the following are examples of contracts EXCEPT...

• Lease for an apartment

• Credit card agreement

• Intellectual property

• Cell phone contract

Fire and police protection is the main responsibility of __________.

• Local government

• State government

• Federal government

• All of the above

How many years does a patent last?

• 10 years

• 20 years

• 30 years

• 50 years

What percent of all goods and services bought in the US are purchased by state, local, and federal government?

• 40%

• 75%

• 32%

• 15%

Business dealings involving companies that do business in ONLY ONE state.

• Intrastate commerce

• Interstate commerce

• Local commerce

• State commerce