Government and Business Ch 2

Question 1

Intellectual property is _________________.

Accepted Answer

intangible

Question 2

How long does a patent last?

Accepted Answer

17 years

Question 3

Who is the largest consumer in the US?

Accepted Answer

Government

Question 4

What can you get a patent for?

Accepted Answer

a process

Question 5

What is another word for the Moderate Command System?

Accepted Answer

Socialism

Question 6

How long does a copyright last?

Accepted Answer

life+50 years

Question 7

Which of the following is NOT a function of government in our economy?

Accepted Answer

to give vacations

Question 8

How long does a trademark last?

Accepted Answer

forever

Question 9

Who is the largest employer in the US?

Accepted Answer

Government

Question 10

Which of the following is NOT a function of the government in our economy?

Accepted Answer

to enforce the Consititution

Question 11

One of the functions of government in business is to Assist.

Accepted Answer

true

Question 12

What is another word for the income a business receives for selling goods/services?

Accepted Answer

Revenue

Question 13

Electricity, gas, water, and phone service are all considered __________________ .

Accepted Answer

public utilities

Question 14

One of the functions of government in business is to Prevent Unfair Business Pactices.

Accepted Answer

true

Question 15

One of the functions of business is Protection.

Accepted Answer

true

Question 16

One of the functions of government in business is Regulation.

Accepted Answer

true

Question 17

Which type of commerce describes actions that occur between two or more states?

Accepted Answer

Interstate

Question 18

Which of the following would constitute a contract?

Accepted Answer

all of them

Question 19

In what economic system does the government play a strong role in business?

Accepted Answer

Strong Command

Question 20

In truth, all countries have a __________ economy.

Accepted Answer

Mixed

Question 21

Who governs or regulates commerce with more than one state?

Accepted Answer

Federal Gov't

Question 22

A ________ protects the creative work of authors, composers, and artists.

Accepted Answer

copyright

Question 23

What do we call the word, letter, or symbol associated with a company or product?

Accepted Answer

logo

Question 24

One of the functions of government in business is to Offer Refunds.

Accepted Answer

false

Question 25

What do antitrust laws help prevent?

Accepted Answer

all of these

Question 26

One of the functions of government in business is to supply Military and local Law Enforcement.

Accepted Answer

true

Question 27

One of the functions of government in business is Regulation.

Accepted Answer

true

Question 28

A _________ exists when a business has control of the market for a certain product or service.

Accepted Answer

monopoly

Question 29

Another word for income is ________ .

Accepted Answer

revenue

Question 30

Which of the following is considered a contract?

Accepted Answer

an apartment lease, purchasing a car with a loan, buying a hairdryer, a credit card agreement

Question 31

Which of the following is a type of protection offered by the government?

Accepted Answer

trademark, patent, copyright

Question 32

Who governs or regulates commerce within one state?

Accepted Answer

State Gov't

Question 33

True or False: All contracts must be written.

Accepted Answer

false

Question 34

Intellectual property is protected by all of the following EXCEPT:

Accepted Answer

logos

Question 35

A word, letter, symbol, or color associated with a specific company or product is it's _______.

Accepted Answer

trademark

Question 36

Which type of commerce describes actions that occur within a state's boundaries?

Accepted Answer

Intrastate

Question 37

What is another word for a Market Economy?

Accepted Answer

Capitalism

Question 38

In what economic system does the government play the least role in the decision making?

Accepted Answer

Market

Question 39

A ________ protects the identifying features of a company or brand.

Accepted Answer

trademark

Question 40

What type of company offers a vital service and is regulated by the government?

Accepted Answer

Public Utilities

Question 41

A ________ gives an inventor the exclusive right to make, use, and sell an item for 17 years.

Accepted Answer

patent

Question 42

True or False: Customers purchasing a product from you means you made a contract with them.

Accepted Answer

true

Question 43

How does the government generate revenue?

Accepted Answer

Taxes and bonds

Question 44

What is another word for the Strong Command economic system?

Accepted Answer

Communism

Question 45

The government raises revenue by doing what two things?

Accepted Answer

selling bonds and levying taxes

Question 46

One of the functions of government in business is to Raise Money.

Accepted Answer

true

Question 47

One of the functions of government in business is to Employee People.

Accepted Answer

true

Question 48

What can you get a trademark for?

Accepted Answer

color, logo

Question 49

In which economic system does the government and business share in the decision making?

Accepted Answer

Moderate Command

Question 50

What is one thing the SBA does for businesses?

Accepted Answer

offer trainings, offer loans

Question 51

Which of the following is automatic and does not have to be registered?

Accepted Answer

copyright

Question 52

____ laws help promote competition and prevent monopolies and other unfair business practices.

Accepted Answer

Antitrust

Question 53

When a business has control of the market for a product or service, it is called a _________.

Accepted Answer

monopoly

Question 54

What can you get a copyright for?

Accepted Answer

art, a book, music

Question 55

All of the following are the same EXCEPT

Accepted Answer

Command Economy

Government and Business Ch 2

Questions 55

Government and Business Ch 2

Questions 55