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Definition:
The value of property determined by tax officials.
Assessed Valuation
Definition:
Codes that control physical features of structures.
Building Codes
Definition:
Files of information about a user that some Web sites create and
store on the user’s computer.
Cookies
Definition:
Responsibility for physical or economic injury arising from
incorrect data or wrongful use of data.
Information Liability
Definition:
A way to limit and control those who plan to enter certain types of
businesses.Licensing
Definition:
Situation created when only once company provides a product or
service without competition from other companies.
Monopoly
Definition:
Tax on material goods owned.
Property Tax
Definition:
A contract that permits a person or organization to use public property
for private profit.
Public Franchise
Definition:
Taxation wherein the actual tax rate decreases as the taxable amount
increases.
Regressive Tax
Definition:
Tax levied on the retail price of goods and services at the time
they are sold.
Sales Tax
Because the sales tax applies to purchases rather than to income,
the general sales tax is __________.
Regressive
A _________ provides legal protection for a business’s
name or symbol.
Trademark
A tax rate that increases as one’s income increases is
called __________.
Progressive Tax
Regulations that identify where specific types of
businesses can be located are known as ___________
Zoning Restrictions
The _______ act forbids businesses to require buyers to purchase other
goods in order to get the product they want from that business.
Clayton Act
The __________ act outlaws unfair practices, such as false
advertising.
Wheeler-Lea Act
Who grants an author the sole right to reproduce, publish, and sell
literacy or artistic work for the life of the author plus 70 years.
The Federal Government
When filing __________, the law excuses the business from paying
unpaid debts when cash is not available after assets are sold.
Bankruptcy
Japan’s patents promote technology sharing but U.S. patents protects _______.
Inventors
The Nike “swoosh” is a _______.
Trademark
Businesses are required by ____ to recall, repair, or stop selling
defective products.
Law
It is ______ to publish copyrighted work without
permission of the copyright owner.
Illegal
Records of unpaid debts of a bankrupt firm stay on file for
_____ years.
10 Years
After filing bankruptcy, a firm can not file again for ____ years.
8 Years
Prices are usually _____ where a monopoly exists than where
competition exists.
Higher
__________ pricing causes less efficient companies to struggle
for survival.
Competitive Pricing
It is a ________ for any unauthorized person to access a computer system and view, use,
or change data.
Crime
______ are files created by some websites that track customers on
the internet to identify their marketing preferences.
Cookies
Who can refuse to license a new business just because there are already enough of those type of
businesses operating.
The Government
TRUE or FALSE
Interstate commerce is defined as business transacted within a state.
FALSE
TRUE or FALSE
It is possible to both copyright and license a software program.
TRUE
TRUE or FALSE
In proportional taxation, those with lower incomes pay more dollars than
those with higher incomes.
FALSE
TRUE or FALSE
A regressive tax is one in which the actual tax rate increases as the
taxable amount drops.
FALSE
TRUE or FALSE
Taxes in foreign countries are usually lower than taxes in the United States.
FALSE
If a customer is refused a loan because a store gave an incorrect credit balance
to a bank, the bank is as liable as the store that provided the incorrect
information.
TRUE
TRUE or FALSE
Stealing patents is an acceptable practice in some countries.
TRUE
Through a patent, the federal government gives an inventor a
monopoly on newly created products for the life of the inventor.
FALSE
TRUE or FALSE
The Shermon Antitrust Act allows competitors to agree to set the same selling prices on goods.
FALSE
TRUE or FALSE
A monopoly exists as long as there are at least two producers.
FALSE