Test 2

Question 0

Products and services that are produces in one country and sent to another country to be sold

Answer 0

Exports

Question 1

Payment that is made to an insurance company to cover the cost of insurance; price paid to cover a specific risk for period of time

Answer 1

premium

Question 2

Methods for keeping foreign businesses from c competing with domestic producers

Answer 2

Trade Barriers

Question 3

Application of the principles of right and wrong to issues that come up in the workplace

Answer 3

Business Ethics

Question 4

A set of standards or rules that outline the ethical behavior demanded by an individual, a business, or a culture

Answer 4

Code of Ethics

Question 5

A wrong against people or organizations for which the law grants a remedy

Answer 5

Tort

Question 6

Risk that offers the chance to gain as well as lose from an event or activity

Answer 6

Speculative Risk

Question 7

Competitors can not get together to set prices at a certain level
discussing pricing with competitors is illegal

Answer 7

Sherman Act

Question 8

Offered when one business allows another business to buy now and pay later

Answer 8

Trade Credit

Question 9

A grant of property right to an inventor to exclude others from making, using, or selling his or her invention

Answer 9

Patent

Question 10

Bans business activities that do not promote competitions

Answer 10

Antitrust Laws

Question 11

Form of intellectual property law that protects original works of authorship, including literary, dramatic, musical, and artistic works

Answer 11

Copyright

Question 12

The original, creative work of an artistic or inventor, including such things as songs, novels, artistic designs, and inventions

Answer 12

Intellectual Property

Question 13

Limit on the amount of a product that can be imported into a country over a particular period of time

Answer 13

Quota

Question 14

Tax on imports that governments use to protect domestic manufactures or products that compete with imports

Answer 14

Tarrif

Question 15

The study of moral choices and values; involves choosing between right and wrong

Answer 15

Ethics

Question 16

Risk that presents the chance of loss but no opportunity for gain

Answer 16

Pure Risk

Question 17

Cause by the actions of individuals

Answer 17

Human Risk

Question 18

t is illegal for a business too:
Require a customer to buy exclusively from it
Force a customer to purchase one good in order to be able to purchase another good

Answer 18

Clayton Act

Question 19

Local governments often establish zoning regulations that control what types of buildingscan be built in specific areas

Answer 19

Zoning laws

Question 20

Legally binding agreement between two or more persons or parties

Answer 20

Contract

Question 21

The person who authorizes another person (the agent) to enter into legal relationships

Answer 21

Principal

Question 22

Involves taking action to prevent or reduce the possibility of loss to a business

Answer 22

Risk Managment

Question 23

Involves looking at all aspects of a business and determine the risks it faces

Answer 23

Risk Assessent

Question 24

Unfair or deceptive actions or practices by business that may cause an unfair competitive advantage are banned False-Advertising

Answer 24

Wheeler Act

Question 25

It is illegal to discriminate by charging different prices to different customers

Answer 25

Robinson- Patman Act

Question 26

4 areas of law dealing with fair competition administer by the FTC

Answer 26

false advertising price setting by competitors price discrimination product misrepresentations

Question 27

Sherman Act

Answer 27

Competitors can not get together to set prices at a certain level - discussing pricing with competitors is illegal - Example: owner of one business decides to raise his prices, he can't ask the owner of a competing business to raise their prices by the same amount

Question 28

Clayton Act

Answer 28

- It is illegal for a business to: - Require a customer to buy exclusively from it - Force a customer to purchase one good in order to be able to purchase another good

Question 29

Robison-Patman Act

Answer 29

-It is illegal to discriminate by charging different prices to different customers -some economically sound reasonable that allow for different prices include: volume discounts and special distribution

Question 30

Wheeler-Lea Act

Answer 30

-Unfair or deceptive actions or practice by businesses that may cause an unfair competitive advantage are banned False Advertising Business are required to warn consumers about possible negative features of their product

Question 31

Advantages and disadvantages of starting you own international business

Answer 31

- differences in language - legal and cultural differences - production medications might be required to meet the needs of global trade - different currency systems - exchange rate

Question 32

4 types of human risk and how you would protect your company

Answer 32

shoplifting, employee theft, bounced checks, robbery | security system, enforce a strong anti theft policy for employees, extra cost for check/ not accept checks

Question 33

5 reasons to establish an ethical workplace

Answer 33

- ethical behavior is good for business because it gains the trust of customers - employees are more likely to act ethically if they see the business owner acting in an ethical manner - acting ethically reduces the possibility of being sued - you want to do the right thing - you want to serve as a role model to others