Government's Role in Business/Contract & Employment Law Review

Which of the following does NOT require a contract in writing?

• Real estate

• Goods over $500

• Goods under $200

• Actions taking longer than one year

Which of the following is NOT true of the government?

• It increases/decreases tax rates

• It controls the retirement of all U.S. citizens

• It regulates the amount of money in the economy with the Federal Reserve Bank

• It negotiates international treaties and trade agreements

Which of the following is true of the Federal Trade Commission?

• Demotes fair competition

• Prevents monopolies

• Breaks up companies with control of a market

• Prevents false/deceptive advertising

Which of the following is NOT information published by the government which businesses can use?

• Forbes 40 under 40

• Rate of inflation

• Unemployment statistics

• Consumer spending

Which of the following is NOT an agency which protests consumers?

• Consumer Price Fixing Commission

• Consumer Product Safety Commission

• Fair Packaging and Labeling Act

• Fair Credit Reporting Act

Corporate income taxes are NOT imposed by which of the following?

• State governments

• Local governments

• Foreign governments

• Universal governments

Sales taxes are added to the price of goods and services at the time of purchase.

• True

• False

Which of the following is an example of an item with excise tax?

• Gasoline

• Clothing

• Produce

• Processed snack foods

Which of the following is the term for a special tax placed on foreign goods sold in the United States?

• Tea tax

• Tariffs

• Excise tax

• Customs

Statutory law is written by which branch of the government?

• Administrative branch

• Executive branch

• Legislative branch

• Judicial branch