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Chapter 4 Review
Test Description: BF
Instructions: Answer all questions to get your test result.
1) The Constitution gives the federal government the power to regulate _____.
A
c. intrastate and foreign commerce
B
a. foreign and interstate commerce
C
d. interstate, intrastate, and foreign commerce
D
b. interstate and intrastate commerce
2) Clauses in labor contracts that pertain to the health and safety of employees while they are on the job are called fringe benefits.
A
False
B
True
3) The role of the government in the economy rarely changes when newly elected officials take office.
A
False
B
True
4) Each of the following is a common role of the U.S. government in the economy except _____.
A
c. regulating utilities and promoting competition
B
b. protecting citizens, consumers, businesses, and workers
C
a. establishing fringe benefits employers must provide to workers
D
d. providing information and support to businesses
5) A monopoly exists when a single business controls the market for a specific product or service.
A
False
B
True
6) A _____ gives the inventor the sole right to make, use, or sell the item for 20 years.
A
trademark
B
copyright
C
logo
D
patent
7) Local governments use most of the revenue from _____ to pay for schools and local services such as police protection and community parks.
A
c. corporate income taxes
B
a. sales taxes
C
b. property taxes
D
d. individual income taxes
8) The _____ monitors and enforces standards for water and air quality.
A
b. Occupational Safety and Health Administration (OSHA)
B
d. Department of Commerce (DOC)
C
a. Bureau of Labor Statistics (BLS)
D
c. Environmental Protection Agency (EPA)
9) A contract must be written to be enforceable.
A
True
B
False
10) In the United States, workers have a basic right to safe working conditions.
A
True
B
False
11) You bought a pair of shoes priced at $60. Your state has a 5 percent sales tax. How much money must the store pay to the state government as a result of this sale?
A
b. $3
B
c. $30
C
a. $57
D
d. $63
12) Valid, enforceable contracts must contain all of the following except _____.
A
d. agreement
B
a. guarantees
C
c. legality
D
b. competent parties
13) Which of the following actions demonstrates a conflict of interest?
A
b. A business owner serves in the government agency that regulates the business she owns.
B
a. An employee makes personal phone calls on company time.
C
c. A business owner lowers the quality of the products he sells to try to earn more profit.
D
d. A business manager raises the price of products his store sells to try to earn more profit.
14) Intellectual property may either be tangible or intangible depending on how it is marketed.
A
False
B
True
15) Socially responsible actions by a business benefit society but not the business.
A
True
B
False
16) Governments obtain revenue through taxing and borrowing.
A
True
B
False
17) Employers are allowed to exclude women applicants from jobs that are physically demanding.
A
False
B
True
18) Which of the following is an example of a nonrenewable resource?
A
a. fish in the ocean
B
b. lumber
C
c. crude oil
D
d. hydroelectric power
19) Federal, state, and local government purchases about _____ percent of all the goods and services sold in the United States.
A
8
B
47
C
32
D
21
20) A _____ is an agreement to exchange goods or services for something of value, usually money.
A
a. consideration
B
b. contract
C
d. bond
D
c. patent
*select an answer for all questions
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