Business Test 3

Question 1

Define contract

Answer 1

Agreement to exchange goods or services for something of value

Question 2

Define copyright

Answer 2

Protects the creative work of others, composers, and artist

Question 3

Define utility company

Answer 3

Business that supplies a service or product vital to all people such as water or electric service

Question 4

What is the main method that government used to raise money?

Answer 4

Taxes

Question 5

What is the level of government responsible for city police departments and fire departments?

Answer 5

Local government

Question 6

Define interstate commerce

Answer 6

Business activities that occur in multiple states are said to be interstate commerce

Question 7

What exist in the workplace went employees of different ages and backgrounds are working together?

Answer 7

Diversity

Question 8

Define code of ethics

Answer 8

Set of rules for guiding the actions of employees of a business

Question 9

Define civil case

Answer 9

A civil case is a court case brought against an individual by another individual to solve a dispute

Question 10

Define ethics

Answer 10

Principles of morality or rules of conduct.

Question 11

Define pollution

Answer 11

When the environment is contaminated by human actions

Question 12

What is social responsibility?

Answer 12

The duty of a business to contribute to the well-being of society

Question 13

What regulations promote competition and discourage monopolies from forming?

Answer 13

Antitrust laws

Question 14

Governments borrow money by selling what?

Answer 14

Bonds

Question 15

Define intrastate commerce

Answer 15

Business activities that occur within a single state

Question 16

Define criminal case

Answer 16

A court case brought against an individual or business by the government for a violation of the law

Question 17

Define trademark

Answer 17

Word, letter, or symbol linked with a specific company or product

Question 18

Define nonrenewable

Answer 18

Resources that cannot be easily replaced

Question 19

Define patent

Answer 19

Give an inventor the sole right to make or use or sell an item

Question 20

What is another name for the national government in Washington DC?

Answer 20

Federal government

Question 21

What is the level of government responsible for regulating all business activities in Kansas?

Answer 21

State

Question 22

Define monopoly

Answer 22

When a business that’s complete troll of the market for a product or service

Question 23

Define conservation

Answer 23

Saving scarce natural resources

Question 24

Understand and describe the four categories of social responsibility

Answer 24

1) environmental protection: many companies have a goal to help protect the environment such as conservation of non-renewable resources and helping the pollution problem.
2) employee wellness: businesses need to understand that healthy workforce is a productive workforce. A business might want to offer some type of wellness program to encourage people to make healthier decisions.
3) diversity: a business workforce should reflect the groups in its community. They need to allow equal access to all groups of people (such as training, jobs and advancement)
4) businesses must provide a safe work place for employees. Safety involves: safe work place, proper safety training, knowledge of what to do in an emergency

Question 25

What does a business have to consider when making decisions?

Answer 25

Owners, employees, costumes, suppliers, other businesses, society in general, environment

Question 26

Why is workplace diversity important? Explain 3+ reasons

Answer 26

When differently types of people get together, it helps the business come up ideas that appeal to everyone It attracts more customers of all different types If look at hiring all types of people, it gives you a larger pool of talent to choose from Different people of different types could have a unique mindset to offer

Question 27

Understand benefits and cost of social responsibility program for businesses

Answer 27

Benefits- enhanced company image, reduced need for government actions, improved quality of life for individuals in a community, increased awareness of social issues Cost-money must be spent on social responsibility issues such as non polluting equipment, wellness programs, social projects

Question 28

Three steps to determine if an action is ethical

Answer 28

1 is an action legal? 2 does action violate professional or company standard? 3 who is affected by the action and how?

Question 29

Understand different levels of government

Answer 29

Federal government regulates all business activities that takes place in two or more states State government regulates business activities that take place within their own state border Local governments include county boards and city councels

Question 30

Understand 4 parts of a contract

Answer 30

1. Agreement- an offer must be made and acceptance must occur 2. Competent parties- individuals must be of legal age and mentally competent 3. Consideration-something of value must be exchanged 4. Legality-the product or service must be able to be legally sold and no fraud can exist

Question 31

Determine which intellectual property law protects each idea (invention. Logo/word/slogan. Creative work)

Answer 31

A patent protects an Invention A trademark protects a slogan,word etc A copyright protects a creative work

Question 32

Understand why the government regulates utility companies

Answer 32

Since utilities are vital to humans, they might want to charge a lot and people would still use them. The government makes sure that utility companies don't charge an unfair price

Question 33

Understand how the government prevents unfair business practices

Answer 33

Government promotes competition and discourages monopolies from forming. (Antitrust laws) Helps prevent things like charging different prices to different customers

Question 34

How does the government assist businesses

Answer 34

Government agencies collect and report valuable information for businesses. (Bureau of labor statistics, department of agriculture, department of commerce) Small business administration give information to help new business start, helps with business plan, guarantees privet bank loan

Question 35

Four ways the government raises money

Answer 35

Taxes Selling bonds Fines Fees

Question 36

What does SBA stand for?

Answer 36

Small business administration

Question 37

Osha

Answer 37

Occupational safety and health administration

Question 38

EPA

Answer 38

Environmental protection agency

Question 39

FTC

Answer 39

Federal trade commission