WorksheetsChapter 4 Study Guide - Intro to Business
Total questions: 63
Worksheet time: 32mins
OSHA is a federal agency that regulates:
Taxes
Workplace safety standards
Copyright laws
Advertising
Principles of morality or rules of conduct are called:
Customs
Ethics
Traditions
Laws
A trademark is:
A government document protecting inventions
A word, letter, or symbol linked with a company
An intangible asset like knowledge
A type of contract
A monopoly exists when:
One business controls a market
Government sets all prices
Two firms merge
All companies sell at equal prices
Government income is called:
Revenue
Exports
Utility payments
Gross domestic product
Removing barriers for women and accommodating employees with disabilities are examples of:
Environmental protection
Job safety
Workplace diversity
Consumer rights
Copyright protection lasts:
20 years
Life + 70 years
50 years
100 years
Which is an example of a public utility?
Fire department
Electric company
Baseball team
Insurance company
Government prevents monopolies with:
Tariffs
Antitrust laws
Free-trade agreements
Patents
The largest employer in the U.S. is:
Microsoft
Federal, state, and local government
General Motors
Walmart
The Age Discrimination in Employment Act protects workers age:
30+
40+
50+
60+
Which is NOT a benefit of socially responsible actions?
Enhancing company image
Holding down production costs
Improving quality of life
Reduced government regulation
A code of ethics helps:
Employees identify proper behavior
Companies avoid taxes
Eliminate contracts
Replace laws
Which question should you NOT ask when considering ethics?
Is it legal?
Who is affected?
Can I get away with this action?
Does it violate standards?
Police and fire protection are mainly provided by:
Federal government
Local government
State government
Corporations
Consideration in a contract means:
Both parties exchange something of measurable value
Both parties are polite
Both parties are of legal age
The deal must be written
A patent gives exclusive rights for:
7 years
20 years
50 years
70 years
The symbol © represents:
Trademark
Copyright
Patent
Franchise
The largest source of U.S. federal revenue is:
Property tax
Individual income tax
Sales tax
Corporate tax
Government borrows money by selling:
Stocks
Bonds
Promissory notes
Taxes
The duty of a business to contribute to community well-being is called ___________.
social responsibility
profit maximization
market segmentation
corporate lobbying
A(n) __________ occurs when actions result in an unfair benefit.
conflict of interest
ethical dilemma
business transaction
legal contract
The four elements of a valid contract are ___________.
agreement, competent parties, consideration, legality
offer, acceptance, performance, breach
promise, obligation, enforcement, penalty
intention, execution, registration, fulfillment
44. A(n) __________ supplies vital services to people.
public utility
private company
retail store
restaurant
45. __________ promote competition and prevent unfair practices.
antitrust laws
tax codes
labor unions
patent offices
Saving scarce natural resources is called ___________.
conservation
pollution
deforestation
urbanization
Work safety standards are enforced by ___________.
Occupational Safety and Health Administration (OSHA)
Environmental Protection Agency (EPA)
Food and Drug Administration (FDA)
Federal Communications Commission (FCC)
48. Business __________ are rules of conduct for companies and employees.
ethics
profits
products
locations
A word, letter, or symbol linked with a company is a ___________.
trademark
copyright
patent
logo
50. Government income is called ___________.
revenue
expenditure
loan
subsidy
Lumber is an example of a nonrenewable resource.
True
False
Businesses benefit from social responsibility with no costs.
True
False
Top management greatly influences business ethics.
True
False
All written contracts are automatically enforceable.
True
False
A copyright protects the creative work of authors and artists.
True
False
A public utility may be privately owned but regulated.
True
False
Census data can help businesses decide where to locate.
True
False
Government is the single largest employer in the U.S.
True
False
All goods and services are provided by the government.
True
False
Antitrust laws promote competition.
True
False
Tax on land/building value. Fill in the blank with the correct term.
Property tax
Income tax
Sales tax
Excise duty
Tax on goods/services collected by sellers. Fill in the blank with the correct term.
Sales tax
Income tax
Property tax
Excise duty
By-products of human actions harming the environment. Fill in the blank with the correct term.
Pollution
Photosynthesis
Erosion
Condensation
Legal agreement to exchange goods/services for value. Fill in the blank with the correct term.
Contract
Invoice
Receipt
Quotation
Exclusive right to make/sell an invention for 20 years. Fill in the blank with the correct term.
Patent
Copyright
Trademark
License
Social responsibility is defined as a business's obligation to act in ways that benefit society. Which of the following are examples of how businesses can practice social responsibility?
Donating to local charities and reducing environmental pollution
Maximizing profits at any cost and ignoring community needs
Focusing only on advertising and increasing sales
Avoiding compliance with labor laws and regulations
Interstate commerce involves trade between different states, while intrastate commerce occurs within a single state. This distinction matters because federal laws regulate interstate commerce, whereas state laws govern intrastate commerce. Which of the following best explains the difference and its significance?
Interstate commerce is trade between states and is regulated by federal law, while intrastate commerce is within one state and regulated by state law.
Interstate commerce is only about international trade, while intrastate commerce is about local businesses.
Intrastate commerce involves trade between states, and interstate commerce is within one state.
Both interstate and intrastate commerce are only regulated by state laws.
Patents, copyrights, and trademarks are all forms of intellectual property. Which of the following best describes the difference between them?
Patents protect inventions, copyrights protect creative works, and trademarks protect brand identifiers.
Patents protect brand names, copyrights protect inventions, and trademarks protect creative works.
Patents protect creative works, copyrights protect brand identifiers, and trademarks protect inventions.
Patents, copyrights, and trademarks all protect the same type of intellectual property.
Government raises revenue and taxation is necessary because:
It funds public services and infrastructure.
It increases inflation directly.
It reduces the need for government spending.
It eliminates the need for a budget.
Fill in the blank: ________ is the obligation of a business to contribute to society.
Social responsibility
Profit maximization
Market segmentation
Product differentiation
Fill in the blank: A ________ occurs when a person or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other.
Conflict of interest
Chain of command
Division of labor
Code of conduct
Fill in the blank: The four elements of a valid contract are ________, ________, ________, and ________.
Agreement, competent parties, legality, consideration
Offer, acceptance, performance, damages
Intention, promise, breach, remedy
Proposal, acceptance, execution, penalty
Fill in the blank: A ________ is an organization that provides a service to all members of a community.
Public utility
Private company
Non-profit club
Retail store
Fill in the blank: ________ laws are regulations that promote competition and restrict monopolies.
Antitrust laws
Copyright laws
Tax laws
Environmental laws
Fill in the blank: ________ is the careful management of the environment and natural resources.
Conservation
Pollution
Deforestation
Negligence
Fill in the blank: ________ is the Occupational Safety and Health Administration, which ensures safe and healthy working conditions.
OSHA
FDA
EPA
CDC
Fill in the blank: ________ are moral principles that govern a person's behavior or the conducting of an activity.
Ethics
Laws
Habits
Opinions
Fill in the blank: A ________ is a symbol, word, or words legally registered or established by use as representing a company or product.
Trademark
Copyright
Patent
Logo
Fill in the blank: ________ is the income generated from normal business operations.
Revenue
Liability
Expense
Asset
Social responsibility refers to a business's obligation to act in ways that benefit society. Which of the following is an example of how businesses can practice social responsibility?
Donating to local charities and reducing environmental pollution
Maximizing profits at any cost and ignoring community needs
Focusing only on advertising and product promotion
Avoiding compliance with labor laws and regulations
Interstate commerce involves trade between different states, while intrastate commerce occurs within a single state. Why does this distinction matter?
Because interstate commerce is regulated by the federal government, while intrastate commerce is regulated by state governments.
Because both are regulated by the same authority regardless of location.
Because intrastate commerce involves international trade.
Because interstate commerce only applies to local businesses.
Patents, copyrights, and trademarks are all forms of intellectual property. Which statement best describes the difference between them?
Patents protect inventions, copyrights protect creative works, and trademarks protect brand identifiers.
Patents protect brand names, copyrights protect inventions, and trademarks protect creative works.
Patents protect creative works, copyrights protect brand identifiers, and trademarks protect inventions.
Patents, copyrights, and trademarks all protect the same type of intellectual property.
The government raises revenue primarily through which method, and why is taxation necessary?
By taxation, to fund public services and infrastructure
By borrowing, to increase national debt
By printing money, to control inflation
By donations, to support government expenses
