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Chapter 3 Business Basics SS Flashcards | StudBud
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Chapter 3 Business Basics SS
Chapter 3 Business Basics SS
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#businessbasics
Flashcards
30 cards
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Questions
30
Answers
1
Which of the following is not part of the finance function of business?
Buying advertising space
Developing a budget
Paying expenses
Receiving payments
2
The Sarbanes-Oxley Act was passed in 2002 to require companies to
consult the National Do Not Call Registry
provide safe products to consumers
abide by truth-in-advertising standards
use open and honest accounting and reporting practices
3
Type of laws determines how a business's debts are handled when it is no longer profitable?
anti-trust laws
bankruptcy laws
securities laws
consumer protection laws
4
Type of laws determines how a business's debts are handled when it is no longer profitable?
bankruptcy laws
consumer protection laws
securities laws
anti-trust laws
5
All of the activities involved in developing and exchanging goods and services is
profit
business
management
budgeting
6
Money that is earned for working
unit of value
wage
money
store of value
7
The function of business that includes all the activities involved in making product
finance
marketing
management
production
8
entity that exists to serve some public purpose
non-profit organization
corporation
sole proprietorship
partnership
9
Health claims made in product advertisements must be backed by
endorsements
local authorities
technological research
scientific evidence
10
Protect consumers from fraudulent phone sales calls and allows them to opt out of sales calls.
Sherman Antitrust Act
Telemarketing Sales Rule
Consumer Product Safety Act
Sarbanes-Oxley Act
11
What is bartering?
the exchange of a good/service for another good/service
an agreement to pay for a good or service at a later time
the provision of a good or service without charge
the exchange of money for a good or service
12
Relationship between two or more people who join to create a business
partnership
non-profit organization
sole proprietorship
corporation
13
Which federal agency investigates workplace accidents?
Occupational Safety and Health Administration
Bureau of Consumer Protection
Equal Employment Opportunity Commissions
US Securities and Exchange Commission
14
Which US Department enforces workplace laws and regulations?
US Department of State
US Department of Health and Human Services
US Department of Labor
US Department of Homeland Security
15
Overstating the features and benefits of a product is a form of
antitrust
false advertising
monopoly
endorsement
16
The function of business that includes all the activities involved in making product
finance
production
marketing
management
17
business owned by one person
sole proprietorship
corporation
partnership
non-profit
18
Which type of laws regulates businesses that have publicly traded stocks and bonds?
anti-trust laws
consumer protection laws
bankruptcy laws
securities laws
19
Which agency regulates corporations that are publicly traded?
Federal Trade Commission
Consumer Product Safety Commission
Bureau of Consumer Protection
US Securities and Exchange Commission
20
What is the purpose of an antitrust law?
to prevent companies from forming a monopoly
to protect consumers who purchase goods and services online
to ensure that products are safe to use as directed
to ensure that a company's environmental claims are truthful
21
Anything of value that is accepted in return for goods or services
budget
store of value
money
unit of value
22
The federal agency responsible for protecting consumers and promoting business competition is
Occupational Safety and Health Administration
Equal Employment Opportunity Commission
Federal Trade Commission
Food and Drug Administration
23
Business that is legally separate from its owners and has most of the legal right of a person
partnership
non-profit organization
corporation
sole proprietorship
24
A company's ____ is the difference between its income and expenses
accounting
wages
profit
money
25
Which of the following is NOT a function of the Consumer Product Safety Commission?
performing inspections to ensure that workplaces are safe
researching potential product hazards
issuing and enforcing mandatory safety standards
informs and educates consumers about product safety issues
26
Financial plan for a fixed period of time
store of value
wage
medium of exchange
budget
27
The business market of businesses selling primarily to other businesses is called _____.
consumer-to-business
action-to-business
business-to-business
business-to-consumer
28
Something that can be saved and used later
wage
store of value
unit of value
medium of exchange
29
Item that is accepted in exchange for goods and services
medium of exchange
unit of value
money
store of value
30
Common measure of what something is worth
store of value
wage
unit of value
medium of exchange
