Legal Aspects of Business

Question 1

A tax on real estate is called?

Accepted Answer

Real Property tax

Question 2

Exists when one company provides a product or service without competition from other companies.

Accepted Answer

Monopoly

Question 3

The FDA regulates food, drugs, medical devices, cosmetics and veterinary products.

Accepted Answer

True

Question 4

The practice that allows a business to sell its assets to pay its debts is called?

Accepted Answer

Bankruptcy

Question 5

A tax that is imposed on selected products, such as gasoline.

Accepted Answer

Excise tax

Question 6

Distinguishing name, symbol, or mark placed on reserve for one owner.

Accepted Answer

Trademark

Question 7

Applies to products made in one state and sold in other states.

Accepted Answer

Interstate commerce

Question 8

What does FTC stand for?

Accepted Answer

Federal Trade Commission

Question 9

How many years is an invention or process protected under patent protection?

Accepted Answer

20 years

Question 10

Selling to customers located in the same state.

Accepted Answer

Intrastate commerce

Question 11

Setting different prices for different customers is called?

Accepted Answer

Price discrimination

Question 12

Under the bankruptcy law, a record of unpaid debts will stay on file for how many years?

Accepted Answer

10 years

Question 13

Which act outlaws false advertising?

Accepted Answer

Wheeler-Lea Act

Question 14

How many years does an author have to reproduce, publish or sell literary or artistic work?

Accepted Answer

70 years plus the life of the author

Question 15

A tax rate that increases as one’s income increases is called

Accepted Answer

Progressive tax

Question 16

A single tax rate that is the same for everyone.

Accepted Answer

Proportional tax

Question 17

In what year was the Sherman Antitrust Act introduced?

Accepted Answer

1890

Question 18

An inventor may allow others to make or use a product by giving them a license to do so.

Accepted Answer

True

Question 19

It is legal to publish copyrighted work without permission of the copyright owner.

Accepted Answer

False

Question 20

Which act stops competitors from charging different prices to different customers?

Accepted Answer

Robinson-Patman Act

Questions 20