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Principles of Business 9e Chapter 4

Total questions: 35

Worksheet time: 18mins

Name
Class
Date
1.

Lumber is an example of a nonrenewable resource.

a)

True

b)

False

2.

OSHA is a federal agency that regulates workplace safety standards

a)

True

b)

False

3.

Principles of morality or rules of conduct are called ethics.

a)

True

b)

False

4.

The U.S. government does not play a major role in the American economy.

a)

True

b)

False

5.

Your computer is an example of intellectual property.

a)

True

b)

False

6.

A trademark is a word, letter, or symbol linked with a specific company or product.

a)

True

b)

False

7.

Most goods and services you use are provided by the U.S. government.

a)

True

b)

False

8.

All public utility companies are owned and operated by state governments.

a)

True

b)

False

9.

A monopoly exists when a business has control of the market for a product or service.

a)

True

b)

False

10.

Government income is called revenue.

a)

True

b)

False

11.

Removing workplace barriers for women and accommodating employees who are physically challenged are ways a business can contribute to

a)

environmental protection

b)

job safety

c)

workplace diversity

d)

employee wellness

12.

All of the following are benefits of socially responsible activities EXCEPT

a)

enhanced company image

b)

money spent for wellness program may reduce company profits

c)

reduced need for government regulations

d)

improved quality of life

13.

A set of rules guiding the actions of employees is called a(n)

a)

code of ethics

b)

mission statement

c)

organization chart

d)

statement of purpose

14.

Government is concerned with all of the following EXCEPT

a)

raising revenue

b)

buying goods and services

c)

hiring private-sector workers

d)

regulating utilities

15.

Contracts

a)

must be written to be valid

b)

can be entered into by any two U.S. citizens

c)

need not be accepted to be valid

d)

must be for a product or service that can be legally sold

16.

Copyright protection lasts for

a)

the life of the copyright holder, plus 70 years after the copyright holder’s death

b)

the life of the copyright holder

c)

20 years

d)

50 years

17.

Which of the following is an example of a public utility?

a)

professional football team

b)

police department

c)

insurance company

d)

electric company

18.

Government attempts to prevent monopolies with

a)

free-trade zones

b)

antitrust laws

c)

right-to-work laws

d)

enterprise zones

19.

The single largest employer in the U.S. economy is

a)

Microsoft

b)

General Motors

c)

state, local, and federal government

d)

McDonald’s

20.

Business dealings involving companies in more than one state.

a)

interstate commerce

b)

intrastate commerce

c)

pollution

d)

copyright

21.

Saving scarce resources.

a)

pollution

b)

interstate commerce

c)

intrastate commerce

d)

conservation

22.

The tax levied on the money you earn at your job is called

a)

luxury tax

b)

income tax

c)

sales tax

d)

inheritance tax

23.

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

a)

contract

b)

copyright

c)

patent

d)

conservation

24.

A tax levied on the value of land and buildings.

a)

sales tax

b)

property tax

c)

interstate commerce

d)

intrastate commerce

25.

Business dealings involving companies that do business in only one state.

a)

interstate commerce

b)

conditions of work

c)

patent

d)

intrastate commerce

26.

Occurs when the environment is tainted with the by-products of human actions.

a)

conservation

b)

pollution

c)

patent

d)

conditions of work

27.

A tax levied on goods and services that is collected by the seller.

a)

sales tax

b)

property tax

c)

copyright

d)

contract

28.

An agreement to exchange goods or services for something of value.

a)

patent

b)

pollution

c)

contract

d)

conditions of work

29.

Protects creative work of authors, composers, and artists.

a)

contract

b)

patent

c)

conditions of work

d)

copyright

30.

Clauses in labor contracts that pertain to employee health and safety while on the job.

a)

conditions of work

b)

interstate commerce

c)

intrastate commerce

d)

conservation

31.

Refers to the duty of a business to contribute to the well-being of a community.

a)

social responsibility

b)

conflict of interest

c)

public utility

d)

antitrust laws

32.

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

a)

social responsibility

b)

conflict of interest

c)

public utility

d)

antitrust laws

33.

The four elements of a legal contract are agreement, competent parties, legality, and

a)

consideration

b)

contract

c)

patent

d)

copyright

34.

An organization that supplies a service or product vital to all people.

a)

conditions of work

b)

patent

c)

conservation

d)

public utility

35.

______ laws promote competition and prevent such practices as false advertising and misleading labeling.

a)

Contract

b)

Copyright

c)

Antitrust

d)

Conservation