Question 1

About ________ percent of patent applications are approved.

Accepted Answer

A)  35 
B)  45 
C)  55 
D)  65 
A)  35 
B)  45 
C)  55 
D)  65

Question 2

A tax credit is a document that increases a tax bill.

Accepted Answer

A) True 
 B)False

Question 3

Some economists advocate a ________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda, in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

Accepted Answer

A)  progressive tax 
B)  sin tax 
C)  flat tax 
D)  tax credit 
A)  progressive tax 
B)  sin tax 
C)  flat tax 
D)  tax credit

Question 4

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called

Accepted Answer

A)  environmentalism. 
B)  capitalism. 
C)  socialism. 
D)  consumerism. 
A)  environmentalism. 
B)  capitalism. 
C)  socialism. 
D)  consumerism.

Question 5

The Nike swoosh and the golden arches of McDonald's are examples of a

Accepted Answer

A)  trademark. 
B)  submarine patent. 
C)  copyright. 
D)  commercially protected symbol. 
A)  trademark. 
B)  submarine patent. 
C)  copyright. 
D)  commercially protected symbol.

Question 6

Decisions made by judges in previous cases are an important part of common law.

Accepted Answer

A) True 
 B)False

Question 7

The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

Accepted Answer

A) True 
 B)False

Question 8

The Clayton Act of 1914 prohibits price discrimination.

Accepted Answer

A) True 
 B)False

Question 9

Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted.

Accepted Answer

A) True 
 B)False

Question 10

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Accepted Answer

Tort law is an example of common law.
A

Question 11

Several states now allow for competition in the electric power industry. Business customers, for example, can purchase their electric service from several different utility companies. This activity reflects a movement toward ________ in the utility industry.

Accepted Answer

A)  re-regulation 
B)  monopoly pricing 
C)  deregulation 
D)  privatizing 
A)  re-regulation 
B)  monopoly pricing 
C)  deregulation 
D)  privatizing

Question 12

Which of the following industries has been deregulated?

Accepted Answer

A)  chemicals 
B)  agriculture 
C)  airlines 
D)  steel 
A)  chemicals 
B)  agriculture 
C)  airlines 
D)  steel

Question 13

A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors.

Accepted Answer

A) True 
 B)False

Question 14

Implied warranties are guarantees legally imposed on the seller.

Accepted Answer

A) True 
 B)False

Question 15

A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created.

Accepted Answer

A) True 
 B)False

Question 16

Under contract law, damages are the monetary settlements awarded to a person who is injured by a breach of contract.

Accepted Answer

A) True 
 B)False

Question 17

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 18

If Brad agrees to sing at Sean's wedding for free and then doesn't show up, Sean may sue Brad for breach of contract.

Accepted Answer

A) True 
 B)False

Question 19

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

Accepted Answer

A) True 
 B)False

Question 20

The U.S. court system is organized solely at the federal and state levels.

Accepted Answer

A) True 
 B)False

Exam 21: Appendix: Working Within the Legal Environment

About ________ percent of patent applications are approved.

A tax credit is a document that increases a tax bill.

Some economists advocate a ________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda, in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called

The Nike swoosh and the golden arches of McDonald's are examples of a

Decisions made by judges in previous cases are an important part of common law.

The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

The Clayton Act of 1914 prohibits price discrimination.

Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted.

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Several states now allow for competition in the electric power industry. Business customers, for example, can purchase their electric service from several different utility companies. This activity reflects a movement toward ________ in the utility industry.

Which of the following industries has been deregulated?

A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors.

Implied warranties are guarantees legally imposed on the seller.

A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created.

Under contract law, damages are the monetary settlements awarded to a person who is injured by a breach of contract.

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

If Brad agrees to sing at Sean's wedding for free and then doesn't show up, Sean may sue Brad for breach of contract.

The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

The U.S. court system is organized solely at the federal and state levels.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Appendix: Using Technology to Manage Information

Appendix: Managing Risk

Appendix: Managing Personal Finances

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