Chapter 4 Review

MC The single largest employer in the U.S. economy is (a) Microsoft (b) General Motors (c) state, local, and federal government (d) McDonald’s. C

True or false The U.S. government does not play a major role in the American economy. False

MC 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) 17 years (d) 50 years. A

True or false Principles of morality or rules of conduct are called ethics. True

MC 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. C

True or false OSHA is a federal agency that regulates workplace safety standards. True

MC 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. B

True or false Lumber is an example of a nonrenewable resource. False

MC 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. A

True or false Government income is called revenue True

MC 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. D

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

MC Government is mainly concerned with all of the following EXCEPT (a) raising revenue (b) buying goods and services (c) hiring private-sector workers (d) regulating utilities. C

True or false All public utility companies are owned and operated by state governments. False

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

MC Government attempts to prevent monopolies with (a) free-trade zones (b) antitrust laws (c) right-to-work laws (d) enterprise zones. B

True or false Your computer is an example of intellectual property.

MC A(n) ___ is an example of a public utility. (a) professional baseball team (b) fire department (c) insurance company (d) electric company. D

True or false Most goods and services you sue are provided by the U.S. government. False

MC 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. B

Matching contract interstate commerce intrastate commerce copyright conditions of work pollution property tax sales tax conservation patent

Fill in the blank ____ _____refers to the duty of a business to contribute to the well- being of a community. A(n) _____ __ _____ occurs when an individual’s or company’s actions result in an unfair benefit. The four elements of a legal contract are agreement, competent parties, legality, and _____. A(n) __________is an organization that supplies a service or product vital to all people. _____ laws prevent such practices as false advertising and misleading labeling.