Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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____
are principles of morality or rules of conduct. a. | Customs | b. | Traditions | c. | Cultures | d. | Ethics | | |
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2.
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Antitrust laws protect consumers from all of the following EXCEPT a. | false
advertising. | b. | deceptive packaging. | c. | products
becoming out-of-date too quickly. | d. | misleading labeling. | | |
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3.
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Suppose one company owned all of the grocery stores in your state. This situation
would constitute a(n) a. | monopoly. | b. | union. | c. | competitive environment. | d. | cartel. | | |
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4.
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Which
of the following would NOT be considered a utility company? a. | a gasoline
station | b. | a telephone company | c. | a water
works | d. | an electric company | | |
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5.
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About
how many American workers are public employees? a. | 1 out of every 2 workers | b. | 1 out of every 9
workers | c. | 1 out of every 17 workers | d. | 1 out of every
50 workers | | |
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6.
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The
Age Discrimination in Employment Act protects all persons aged ____ and older from employers who
attempt to use age as a basis for employment decisions.
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7.
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The
largest source of revenue for the federal government is the a. | inheritance
tax. | b. | luxury
tax. | c. | corporate income
tax. | d. | individual
income tax. | | |
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8.
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Which
of the following is a way the United States government gets involved in business
activities? a. | It orders
certain people to take specific jobs. | b. | It tells all businesses what they should produce and what they
can charge their customers. | c. | It owns almost all of the factors of
production. | d. | It attempts to prevent unfair business
practices. | | |
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9.
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Which
of the following is a copyright symbol? a. | ™ | b. | ® | c. | © | d. | all of the above
are types of copyright symbols | | |
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10.
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A
state or local tax on goods and services that is collected by the seller is called a a. | sales
tax. | b. | income
tax. | c. | property
tax. | d. | gift
tax. | | |
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11.
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Government is mainly concerned with all of the following roles EXCEPT a. | making a
profit. | b. | regulating utilities. | c. | hiring public
employees. | d. | providing services to citizens. | | |
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12.
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Governments borrow money by selling a. | stock. | b. | bonds. | c. | promissory
notes. | d. | all of the above | | |
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13.
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Property tax revenue is used to pay for all of the following EXCEPT a. | schools. | b. | police protection. | c. | Medicare and
Medicaid. | d. | community parks. | | |
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14.
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Valid, enforceable contracts must contain consideration, which is defined
as a. | something of
measurable value that must be exchanged by the parties involved. | b. | wording that is
kind and unobjectionable to the parties involved. | c. | the requirement
that those entering into the contract must be of legal age and mentally
competent. | d. | the requirement that the contract must be for a product or
service that may be legally sold. | | |
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15.
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In
the U.S., total government purchases of goods and services make up about ____ percent of all the
goods and services the country produces.
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16.
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In
the United States, police and fire protection is usually provided by a. | the federal
government. | b. | the state government. | c. | the local
government. | d. | large corporations. | | |
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17.
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If a
company has a code of ethics, a. | employees will always know how to behave under all
circumstances. | b. | the company will more easily be able to identify proper
employee behavior. | c. | it should be worded in such a way as to stress forbidden
actions rather than acceptable behavior. | d. | all of the above are true | | |
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18.
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All
of the following are non-renewable resources EXCEPT a. | oil. | b. | gas. | c. | lumber. | d. | coal. | | |
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19.
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Which
question should you NOT ask yourself when considering the ethics of a business
situation? a. | Is the action
legal? | b. | Does the action violate professional
standards? | c. | Who is affected by the action? | d. | Can I get away
with this action? | | |
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20.
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A
patent gives an inventor of a new product the sole right to make, use, or sell the item
for a. | 7
years. | b. | 17 years. | c. | 25
years. | d. | 50 years. | | |
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Completion
Complete each sentence or
statement.
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21.
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A tax
that is based on the value of land and buildings is called ____________________ tax.
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22.
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A
____________________ of interest occurs when an action by a company or individual results in an
unfair benefit.
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23.
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Business dealings involving companies in more than one state is ____________________
commerce.
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24.
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A
word, letter, or symbol linked with a specific company or product is a(n)
____________________.
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25.
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When
the by-products of human actions taint the environment, ____________________ occurs.
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26.
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Government income is called ____________________.
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27.
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In
the United States, work safety standards are regulated and enforced by the ____________________
Safety and Health Administration.
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28.
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A
valid contract must contain ____________________: an offer must be made, and an acceptance must
occur.
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29.
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A(n)
____________________ exists when a business has control of the market for a product or
service.
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30.
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A(n)
____________________ is an agreement to exchange goods or services for something of
value.
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31.
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Business ____________________ are rules about how businesses and their employees ought
to behave.
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32.
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Saving scarce natural resources is called ____________________.
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33.
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A(n)
____________________ protects the creative work of authors, composers, and artists.
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34.
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A
public ____________________ is an organization that supplies a service or product vital to all
people.
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Short Answer
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35.
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What
is social responsibility? Name at least two broad categories of social responsibility.
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36.
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What
is the difference between interstate commerce and intrastate commerce?
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