Chapter 4 new book

Question 1

Financial plan for a fixed period of time.

Accepted Answer

budget

Question 2

robocalling using a computerized automatic dialing device for prerecorded sales messages are banned in the United States

Accepted Answer

True

Question 3

Money that is earned for working.

Accepted Answer

wage

Question 4

Something that can be saved and used later.

Accepted Answer

store of value

Question 5

Any use of copyrighted material without permission is called plagiarism.

Accepted Answer

False

Question 6

Property or an item of value owned by a business

Accepted Answer

asset

Question 7

Common measure of what something is worth.

Accepted Answer

unit of value

Question 8

Businesses employ people in exchange for wages, which are used to buy what people need.

Accepted Answer

True

Question 9

Which type of laws determine how a business’s debts are handled when the business is no longer profitable?

Accepted Answer

bankruptcy laws

Question 10

Which agency regulates corporations that are publicly traded?

Accepted Answer

US Securities and Exchange Commission

Question 11

Copyrighted information such as text, graphics, or illustrations cannot be used without obtaining permission from owner.

Accepted Answer

True

Question 12

The production function of a business is responsible for creating goods and services

Accepted Answer

True

Question 13

Accounting is an important part of the finance function that keeps track of all money that enters or leaves a business.

Accepted Answer

True

Question 14

Health claims made in product advertisements must be backed by ____.

Accepted Answer

scientific evidence

Question 15

Time value of money is the concept that the money increases in value over time.

Accepted Answer

False

Question 16

item that is accepted in exchange for goods and services.

Accepted Answer

medium of exchange

Question 17

A debt of a business

Accepted Answer

liability

Question 18

Relationship between two or more people who join to create a business.

Accepted Answer

partnership

Question 19

Owner’s equity is a snapshot that shows the value of a business on a specific date.

Accepted Answer

False

Question 20

The ____ helps protect consumers from fraudulent telephone sales calls and allows them to opt out of sales calls.

Accepted Answer

Telemarketing Sales Rule

Question 21

The federal agency responsible for protecting consumers and promoting business competition is the ____.

Accepted Answer

Federal Trade Commission

Question 22

Which type of laws regulate businesses that have publicly traded stocks and bonds?

Accepted Answer

securities laws

Question 23

Another word for currency is profit.

Accepted Answer

False

Question 24

The general term for all of the activities involved in developing and exchanging goods and services is ____.

Accepted Answer

business

Question 25

Business owned by one person.

Accepted Answer

sole proprietorship

Question 26

Which federal agency investigates workplace accidents?

Accepted Answer

Occupational Safety and Health Administration

Question 27

Which US department enforces workplace laws and regulations?

Accepted Answer

US Department of Labor

Question 28

Anything of value that is accepted in return for goods or services.

Accepted Answer

money

Question 29

Financial statement that shows the revenue and expenses for a business during a specific period of time.

Accepted Answer

income statement

Question 30

Financial statement that reports a business’s assets, liabilities, and owner’s equity.

Accepted Answer

balance sheet

Question 31

A company’s profit is the difference between its income earned and expenses incurred during a specific time period.

Accepted Answer

True

Question 32

The Sarbanes-Oxley Act was passed in 2002 to require companies to ____.

Accepted Answer

use open and honest business accounting and reporting practices

Question 33

Overstating the features and benefits of a product is a form of ____.

Accepted Answer

false advertising

Question 34

What is bartering?

Accepted Answer

the exchange of a good or service for another good or service

Question 35

Business that is legally separate from its owners and has most of the legal right of a person.

Accepted Answer

corporation

Question 36

The legal process of bankruptcy allows a company to reorganize or go out of business when it runs out of funding.

Accepted Answer

True

Question 37

A business owner’s sales and profits are examples of intellectual property.

Accepted Answer

False

Question 38

Entity that exists to serve some public purpose.

Accepted Answer

nonprofit organization

Question 39

What is the purpose of an antitrust law ?

Accepted Answer

to prevent companies from forming a monopoly

Question 40

The function of business that includes all activities involved in making a product is ____.

Accepted Answer

production

Question 41

A first-level manager reports directly to a top-level manager.

Accepted Answer

False

Question 42

Which of the following is not a function of the Consumer Product Safety Commission?

Accepted Answer

performing inspections to ensure that workplaces are safe and healthy

Question 43

The FTC enforces antitrust laws, which promote fair trade and prevent companies from forming a monopoly.

Accepted Answer

True

Chapter 4 new book

Questions 43

Chapter 4 new book

Questions 43