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200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 General Business Laws Federal Agencies Protection of Business Taxes
When competition is lacking for a product or service this exists.
What is a monopoly?
This is the rivalry among companies for the consumers’ dollars.
What is competition?
The responsibility for physical or economic injury arising from incorrect data or wrongful use of data.
What is information liability?
A government control that helps limit those who plan to enter certain types of businesses.
What is licensing?
Regulation of businesses through physical features of structures, and how land areas can be used.
What are building codes and zoning?
This law forbids competitors setting prices together.
What is the Sherman Act?
This law prohibits a company from taking over another company if they are creating a monopoly.
What is the Clayton Act?
The law that prohibits false advertising.
What is the Wheeler-Lea Act?
This was enacted to prevent price discrimination among customers.
What is the Robinson-Patman Act?
Law that prohibits the sale of unhealthful products that people eat, take as medicine, or apply to their bodies.
What is the Federal Food, Drug, & Cosmetic Act?
Administers most of the federal laws dealing with fair competition.
What is the FTC (Federal Trade Commission)?
Regulates radio, television, telephone, cable, etc.
What is the FCC (Federal Communications Commission)?
Regulates food, drugs, cosmetics, and veterinary products.
What is the FDA (Food & Drug Administration)?
Regulates stocks and bonds.
What is the SEC (Securities & Exchange Commission)?
Regulates safety standards, airplane accidents, take-offs and landings.
What is the FAA (Federal Aviation Administration)?
An agreement given to an inventor for the sole rights for 20 years to make, use, and sell an invention.
What is a patent?
Given to an author for the life of the author plus 70 years to reproduce, publish, and sell literary work.
What is a copyright?
The McDonald’s Arches; the Nike Swoosh
What is a trademark?
A form of bankruptcy where the business would liquidate the assets to pay off debts.
What is Chapter 7 Bankruptcy?
A form of bankruptcy where the business is reorganized and relieved of unpaid debt.
What is Chapter 11 Bankruptcy?
Aka – flat tax
What is proportional tax?
As income increases, the tax increases.
What is progressive tax?
As income increases, the tax decreases.
What is regressive tax?
The largest source of revenue for the federal government.
What is income tax?
The type of excise tax levied on cigarettes and alcohol.
What is sin tax?
Businesses, Workers, and the Law
Chapter 7 Legal Aspects of Business
Our Free Enterprise System
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