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Chapter Quiz
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1
An assessed valuation is the amount that a piece of property is worth, according to a tax assessor.
A)True
B)False
2
The three kinds of intellectual property protections are patents, trademarks, and licenses.
A)True
B)False
3
The Consumer Product Safety Commission takes action against a company if it receives enough consumer complaints to establish a pattern of "wrongdoing".
A)True
B)False
4
The Wheeler-Lea Act of 1938 bans false advertising.
A)True
B)False
5
A stakeholder is anyone who invests in or owns a business.
A)True
B)False
6
A business that is operated by a single individual is called a:
A)sole proprietorship.
B)turnkey operation.
C)corporation.
D)partnership.
E)franchise.
7
A business organization in which owners have limited liability is called a:
A)sole proprietorship.
B)multinational organization.
C)corporation.
D)partnership.
E)franchise.
8
A tax levied against a business's profits is called a(n):
A)import tax.
B)income tax.
C)tariff.
D)embargo.
E)property tax.
9
A document that the federal government issues for inventions is called a(n):
A)contract.
B)copyright.
C)code of ethics.
D)patent.
E)trademark.
10
The Nike swoosh is an example of a(n):
A)slogan.
B)patent.
C)trademark.
D)copyright.
E)invention.
11
A copyright could be applied to all of the following EXCEPT:
A)plays.
B)computer programs.
C)books.
D)paintings.
E)inventions.
12
An agreement between two parties to carry out a transaction is called a(n):
A)obligation.
B)treaty.
C)contract.
D)regulation.
E)sole proprietorship.
13
A document that outlines the principles of conduct to be used in making decisions within an organization is called a:
A)code of ethics.
B)code of moral principles.
C)mission statement.
D)statement of social responsibility.
E)financial statement
14
Which act makes it illegal to charge different prices to different wholesale customers?
A)The Sherman Act of 1890
B)The Clayton Act of 1914
C)The Wheeler-Lea Act of 1938
D)The Toxic Substances Control Act of 1976
E)The Price Control Act of 1977
15
Consumer protection laws cover all of the following EXCEPT:
A)food.
B)drugs.
C)industrial products.
D)loans.
E)consumer products.
16
Which act created the Environmental Protection Agency?
A)The Clean Air Act of 1970
B)The Toxic Substances Control Act of 1976
C)The Wheeler-Lea Act of 1938
D)The Clean Water Act of 1977
E)The National Environmental Policy Act of 1969
17
Ownership of books, movies, and computer programs refers to:
A)intellectual property.
B)consumer protection.
C)commercial law.
D)trademarks.
E)social responsibility.
18
The obligation that individuals or businesses have to help solve social problems refers to:
A)ethics.
B)consumer protection.
C)trademarks.
D)social responsibility.
E)moral reliability.
19
A(n) __________ is a method used by management to evaluate the success or lack of success of programs designed to improve the social performance of an organization.
A)environmental audit
B)social audit
C)financial audit
D)social statement
E)financial statement





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