Governments Role In Business Flashcards
Corporate income taxes are not imposed by which of the following? State Governments Local Governments Foreign Governments Universal Government
Not Universal Government
Who pays income taxes US Citizens Sole Proprietorships Partnerships All of the above
All of the above
Sales taxes are not added to which of the following? Goods Services Property Merchandise
Not property
Which of the following is an example of an item with excise tax? A)Gasoline B)Clothing C)Produce D)Processed snack foods
Gasoline
Which of the following is the term for a special tax placed on foreign goods sold in the United States?
Tariffs
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
Forbes 40 under 40
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
A) Consumer Price Fixing Commission
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
C) Private schools
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
D) Prevents false/deceptive advertising
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
B) It controls retirement for all US citizens
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
A) Sheriff’s branch
Statutory Law is written by which branch of the government A) Administrative branch B) Executive branch C) Legislative branch D) Judicial Branch
C)Legislative branch
Where did commonly law begin? A)France B)England C)Italy D)Spain
B)England
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
A) Collective bargaining
The Taft-Hartley Act of 1947 legalized which of the following? A)Labor unions B)featherbedding C) closed shops D) right to work laws
D)Right to work laws
ShermanAntitrust Act
Allows government to break up companies with control of a market;prevents monopolies
Clayton Antitrust Act
Passed to amend and clarify the Sherman Anti-trust Act
Federal Trade Commission Act of 1915
Established the Federal Trade Commission
Federal Trade Commission
Promotes fair competition; prevents false/deceptive advertising
Regulation
When a government sets strict rules affecting businesses within certain industries
Deregulation
The removal or relaxation of the rules affecting businesses within certain industries
Small business Administration
Provides low cost loans advice and other assistance to small business
Environmental Protecting Agency
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
Personal income tax
Percentage of total income deducted from your paycheck;graduated tax
Graduated Tax
The more money you make, the higher percentage of taxes you pay
Corporate Income Taxes
Federal taxes paid on corporate profits;also imposed by state, local and foreign governments
Property Taxes
Paid by businesses on land, structures and other property they own
Sales Taxes
Added to the price of goods and services at the time of purchase
Excise Taxes
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
Customs Duties
“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
Executive Branch
Branch of the government that is headed by the government
Legislative branch
Branch of government that includes the two houses of Congress
Judicial branch
Branch of government that is made up of the US Court system
Statutory Law
Law that are written by the legislative branch
Administrative law
Rules,regulations and interpretations of statutory law set forth by administrative agencies and commissions;enforced on corporations by administrative agencies
Common Law
Based on precedents established by judges decisions
Labor unions
Organizations formed to represent workers and prevent unfair labor practices members are typically employees of the same type of occupation and industry
Feather Bedding
Labor unions forcing companies to hire unnecessary workers
Closed shops
Practice requiring businesses to hire only union members
Right to work laws
Allows employees the right to work for a company without joining the union
Wagner act of 1935
(National Labor Relations Act) gives workers the right to organize a union and bargain with management
