1. Definition: The value of property determined by tax officials. Assessed Valuation

2. Definition: Codes that control physical features of structures. Building Codes

3. Definition: Files of information about a user that some Web sites create and store on the user’s computer. Cookies

4. Definition: Responsibility for physical or economic injury arising from incorrect data or wrongful use of data. Information Liability

5. Definition: A way to limit and control those who plan to enter certain types of businesses. Licensing

6. Definition: Situation created when only once company provides a product or service without competition from other companies. Monopoly

7. Definition: Tax on material goods owned. Property Tax

8. Definition: A contract that permits a person or organization to use public property for private profit. Public Franchise

9. Definition: Taxation wherein the actual tax rate decreases as the taxable amount increases. Regressive Tax

10. Definition: Tax levied on the retail price of goods and services at the time they are sold. Sales Tax

11. Because the sales tax applies to purchases rather than to income, the general sales tax is __________. Regressive

12. A _________ provides legal protection for a business’s name or symbol. Trademark

13. A tax rate that increases as one’s income increases is called __________. Progressive Tax

14. Regulations that identify where specific types of businesses can be located are known as ___________ Zoning Restrictions

15. The _______ act forbids businesses to require buyers to purchase other goods in order to get the product they want from that business. Clayton Act

16. The __________ act outlaws unfair practices, such as false advertising. Wheeler-Lea Act

17. Who grants an author the sole right to reproduce, publish, and sell literacy or artistic work for the life of the author plus 70 years. The Federal Government

18. When filing __________, the law excuses the business from paying unpaid debts when cash is not available after assets are sold. Bankruptcy

19. Japan’s patents promote technology sharing but U.S. patents protects _______. Inventors

20. The Nike “swoosh” is a _______. Trademark

21. Businesses are required by ____ to recall, repair, or stop selling defective products. Law

22. It is ______ to publish copyrighted work without permission of the copyright owner. Illegal

23. Records of unpaid debts of a bankrupt firm stay on file for _____ years. 10 Years

24. After filing bankruptcy, a firm can not file again for ____ years. 8 Years

25. Prices are usually _____ where a monopoly exists than where competition exists. Higher

26. __________ pricing causes less efficient companies to struggle for survival. Competitive Pricing

27. It is a ________ for any unauthorized person to access a computer system and view, use, or change data. Crime

28. ______ are files created by some websites that track customers on the internet to identify their marketing preferences. Cookies

29. Who can refuse to license a new business just because there are already enough of those type of businesses operating. The Government

30. TRUE or FALSE Interstate commerce is defined as business transacted within a state. FALSE

31. TRUE or FALSE It is possible to both copyright and license a software program. TRUE

32. TRUE or FALSE In proportional taxation, those with lower incomes pay more dollars than those with higher incomes. FALSE

33. TRUE or FALSE A regressive tax is one in which the actual tax rate increases as the taxable amount drops. FALSE

34. TRUE or FALSE Taxes in foreign countries are usually lower than taxes in the United States. FALSE

35. If a customer is refused a loan because a store gave an incorrect credit balance to a bank, the bank is as liable as the store that provided the incorrect information. TRUE

36. TRUE or FALSE Stealing patents is an acceptable practice in some countries. TRUE

37. Through a patent, the federal government gives an inventor a monopoly on newly created products for the life of the inventor. FALSE

38. TRUE or FALSE The Shermon Antitrust Act allows competitors to agree to set the same selling prices on goods. FALSE

39. TRUE or FALSE A monopoly exists as long as there are at least two producers. FALSE