PBMF Final Exam Review

Which of the following correctly lists the three branches of government?

• Executive, legislative and judicial

• Judicial, administrative and sheriff’s

• Administrative, legislative and sheriff’s

• Executive, statutory and administrative

What is the term for the removal or relaxation of the rules affecting businesses within certain industries?

• Regulation

• Deregulation

• Exertion

• Inexertion

When union representatives and management come together to discuss issues between employees and employers, it is known as which of the following?

• Collective bargaining

• Glass ceiling

• Union strike

• Affirmative action

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

Which phase in the business cycle is defined as the period of lowest economic activity?

• Contraction

• Trough

• Peak

• Expansion

Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender?

• Types of competition

• Supply and demand

• Consumer spending

• Interest rate

______ are words, symbols, names or devices used to specify goods and differentiate one good from others.

• Trademarks

• Licenses

• Patents

• Copyrights

Which of the following is the right or license to sell a company's product or service at a designated location?

• Franchise

• Partnership

• Corporation

• Sole proprietorship

Which of the following are the unique names which identify Internet sites and businesses?

• Copyright

• Trademark

• Patent

• Domain name

______ accounts for all income before deductions, but ______ is monetary gain after subtracting operating costs.

• Revenue; profit

• Principle; return

• Return; principle

• Profit; revenue