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.

• False

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.