PRIN BMF Unit 1 CH 3 Quiz

Which of the following is not a required element of a contract?

• A. Offer

• B. Breach

• C. Acceptance

• D. Consideration

Which is a contract used when two or more individuals create a business?

• Partnership agreement

• Lease

• Employment agreement

• Employment offer

Which government agency works to prevent unfair competition and deceptive business practices?

• Consumer Product Safety Commission

• US Food and Drug Administration

• Federal Trade Commission

• US Department of Labor

Businesses are required by federal law to give all workers

• equal employment and advancement opportunities

• equal pay

• annual pay raises

• collective bargaining

Environmental laws and regulations apply to

• issues only relating to air and water pollution

• only companies with a certain number of employees

• problems related to worker compensation

• every type of business in every industry

Businesses are expected to demonstrate ethical behavior

• only when required by government regulation

• even when government regulations do not apply

• only when required by a contract

• except when it conflicts with corporate culture

A company’s code of conduct is likely to include rules on

• hourly pay

• processes for handling outside contractors

• personal use of company Internet access

• signing a company confidentiality agreement

describes how the owners and employees think, feel, and act as a business.

• Social responsibility

• Corporate culture
• Philanthropy

• Integrity

Principles that help define appropriate behavior in a business setting are

• business ethics

• business regulations

• corporate culture

• morals

Overstating the features and benefits or products is

• a breach of confidentiality

• not subject to governmental regulations

• false advertising

• sometimes socially responsible