Governments Role In Business

Question 0

Corporate income taxes are not imposed by which of the following?
State Governments
Local Governments
Foreign Governments
Universal Government

Answer 0

Not Universal Government

Question 1

Who pays income taxes
US Citizens
Sole Proprietorships
Partnerships 
All of the above

Answer 1

All of the above

Question 2

Sales taxes are not added to which of the following?
Goods
Services
Property
Merchandise

Answer 2

Not property

Question 3

Which of the following is an example of an item with excise tax?
A)Gasoline
B)Clothing
C)Produce
D)Processed snack foods

Answer 3

Gasoline

Question 4

Which of the following is the term for a special tax placed on foreign goods sold in the United States?

Answer 4

Tariffs

Question 5

Which of the following is Not information published by the government?
A ) Forbes 40 under 40
B) Rate of Inflation
C) Unemployment statistics
D) Funding for retraining of workers

Answer 5

Forbes 40 under 40

Question 6

Which of the following is Not an Example of protecting consumers?

A)Consumer Price Fixing Commission
B)Consumer Product Safety Commission
C)Fair Packaging and Labeling Act
D)Fair Credit Reporting Act

Answer 6

A) Consumer Price Fixing Commission

Question 7

Which of the following is Not regulated by the government?
A) Local Employee agencies
B) Public Schools
C) Private Schools
D) Funding for retraining of workers

Answer 7

C) Private schools

Question 8

Which of the following is true of the Federal Trade Commission

A) Demotes fair competition
B) prevents monopolies
C) breaks up companies with control of market
D) prevents false/deceptive advertising

Answer 8

D) Prevents false/deceptive advertising

Question 9

Which of the following is not true of the government?
A) It increases/decreases tax rates
B) It controls retirement for all US citizens
C) It regulates the amount of money in the economy with the Federal Reserve Bank
D) It negotiates international treaties and trade agreements

Answer 9

B) It controls retirement for all US citizens

Question 10

Which of the following is Not one of the three branches of government?
A)Sheriffs Branch
B)Executive branch
C)Legislative Branch
D)Judicial branch

Answer 10

A) Sheriff’s branch

Question 11

Statutory Law is written by which branch of the government
A) Administrative branch
B) Executive branch
C) Legislative branch
D) Judicial Branch

Answer 11

C)Legislative branch

Question 12

Where did commonly law begin?
A)France
B)England
C)Italy
D)Spain

Answer 12

B)England

Question 13

When union representatives and management come together to discuss issues between employees and employers it is known as which of the following?
A) collective bargaining C) union strike
B) glass ceiling
D)affirmative action

Answer 13

A) Collective bargaining

Question 14

The Taft-Hartley Act of 1947 legalized which of the following?
A)Labor unions
B)featherbedding
C) closed shops
D) right to work laws

Answer 14

D)Right to work laws

Question 15

ShermanAntitrust Act

Answer 15

Allows government to break up companies with control of a market;prevents monopolies

Question 16

Clayton Antitrust Act

Answer 16

Passed to amend and clarify the Sherman Anti-trust Act

Question 17

Federal Trade Commission Act of 1915

Answer 17

Established the Federal Trade Commission

Question 18

Federal Trade Commission

Answer 18

Promotes fair competition; prevents false/deceptive advertising

Question 19

Regulation

Answer 19

When a government sets strict rules affecting businesses within certain industries

Question 20

Deregulation

Answer 20

The removal or relaxation of the rules affecting businesses within certain industries

Question 21

Small business Administration

Answer 21

Provides low cost loans advice and other assistance to small business

Question 22

Environmental Protecting Agency

Answer 22

Created to protect the natural environment in which we live; stresses clean air, land and water; creates laws to prevent businesses from harming the environment

Question 23

Personal income tax

Answer 23

Percentage of total income deducted from your paycheck;graduated tax

Question 24

Graduated Tax

Answer 24

The more money you make, the higher percentage of taxes you pay

Question 25

Corporate Income Taxes

Answer 25

Federal taxes paid on corporate profits;also imposed by state, local and foreign governments

Question 26

Property Taxes

Answer 26

Paid by businesses on land, structures and other property they own

Question 27

Sales Taxes

Answer 27

Added to the price of goods and services at the time of purchase

Question 28

Excise Taxes

Answer 28

Designed to control potentially harmful practices;are automatically included in the price; produce income which must be used for a purpose related to a tax

Question 29

Customs Duties

Answer 29

"Import taxes" fees imposed on goods brought into the country designed to protect US businesses against foreign competition raise the price of imports to a level comparable to the price of domestic merchandise

Question 30

Executive Branch

Answer 30

Branch of the government that is headed by the government

Question 31

Legislative branch

Answer 31

Branch of government that includes the two houses of Congress

Question 32

Judicial branch

Answer 32

Branch of government that is made up of the US Court system

Question 33

Statutory Law

Answer 33

Law that are written by the legislative branch

Question 34

Administrative law

Answer 34

Rules,regulations and interpretations of statutory law set forth by administrative agencies and commissions;enforced on corporations by administrative agencies

Question 35

Common Law

Answer 35

Based on precedents established by judges decisions

Question 36

Labor unions

Answer 36

Organizations formed to represent workers and prevent unfair labor practices members are typically employees of the same type of occupation and industry

Question 37

Feather Bedding

Answer 37

Labor unions forcing companies to hire unnecessary workers

Question 38

Closed shops

Answer 38

Practice requiring businesses to hire only union members

Question 39

Right to work laws

Answer 39

Allows employees the right to work for a company without joining the union

Question 40

Wagner act of 1935

Answer 40

(National Labor Relations Act) gives workers the right to organize a union and bargain with management