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Business Law > Governments Role In Business > Flashcards

Governments Role In Business Flashcards

0
Q 
Corporate income taxes are not imposed by which of the following?
State Governments
Local Governments
Foreign Governments
Universal Government
A

Not Universal Government

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1
Q 
Who pays income taxes
US Citizens
Sole Proprietorships
Partnerships 
All of the above
A

All of the above

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2
Q 
Sales taxes are not added to which of the following?
Goods
Services
Property
Merchandise
A

Not property

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3
Q 
Which of the following is an example of an item with excise tax?
A)Gasoline
B)Clothing
C)Produce
D)Processed snack foods
A

Gasoline

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4
Q

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

A

Tariffs

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5
Q 
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
A

Forbes 40 under 40

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6
Q

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

A) Consumer Price Fixing Commission

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7
Q 
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
A

C) Private schools

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8
Q

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

A

D) Prevents false/deceptive advertising

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9
Q

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

A

B) It controls retirement for all US citizens

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10
Q 
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

A) Sheriff’s branch

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11
Q 
Statutory Law is written by which branch of the government
A) Administrative branch
B) Executive branch
C) Legislative branch
D) Judicial Branch
A

C)Legislative branch

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12
Q 
Where did commonly law begin?
A)France
B)England
C)Italy
D)Spain
A

B)England

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13
Q

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

A) Collective bargaining

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14
Q 
The Taft-Hartley Act of 1947 legalized which of the following?
A)Labor unions
B)featherbedding
C) closed shops
D) right to work laws
A

D)Right to work laws

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15
Q

ShermanAntitrust Act

A

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

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16
Q

Clayton Antitrust Act

A

Passed to amend and clarify the Sherman Anti-trust Act

17
Q

Federal Trade Commission Act of 1915

A

Established the Federal Trade Commission

18
Q

Federal Trade Commission

A

Promotes fair competition; prevents false/deceptive advertising

19
Q

Regulation

A

When a government sets strict rules affecting businesses within certain industries

20
Q

Deregulation

A

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

21
Q

Small business Administration

A

Provides low cost loans advice and other assistance to small business

22
Q

Environmental Protecting Agency

A

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

23
Q

Personal income tax

A

Percentage of total income deducted from your paycheck;graduated tax

24
Q

Graduated Tax

A

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

25
Q

Corporate Income Taxes

A

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

26
Q

Property Taxes

A

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

27
Q

Sales Taxes

A

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

28
Q

Excise Taxes

A

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

29
Q

Customs Duties

A

“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

30
Q

Executive Branch

A

Branch of the government that is headed by the government

31
Q

Legislative branch

A

Branch of government that includes the two houses of Congress

32
Q

Judicial branch

A

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

33
Q

Statutory Law

A

Law that are written by the legislative branch

34
Q

Administrative law

A

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

35
Q

Common Law

A

Based on precedents established by judges decisions

36
Q

Labor unions

A

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

37
Q

Feather Bedding

A

Labor unions forcing companies to hire unnecessary workers

38
Q

Closed shops

A

Practice requiring businesses to hire only union members

39
Q

Right to work laws

A

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

40
Q

Wagner act of 1935

A

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

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