TRUE /FALSE
1. In our private enterprise system, the government's role is less extensive
than in other economic systems.
T...
Multiple Choice
Identify the letter of the choice that best completes the statement or
answers the question.

_a___ 11. Bu...
__d__ 15. Which of the following is true about public utilities?
a. Most are owned by the government.
b. Most are small bu...
_a___ 19. Which of the following is the largest source of revenue for local
governments?
a. sales tax
b. income tax

c. re...
_a___ 23. A word, letter, or symbol associated with a specific company or
products is its ____.
a. copyright

c. patent

b...
_a___ 28. Some of the things provided by both government and private
businesses are ____.
a. package delivery c. retiremen...
33. ____________________ laws are designed to promote competition and to
prevent monopolies and other unfair business prac...
Short Answer

41. Discuss how a logo can increase sales.

42. Explain how some owners of companies depend on the governmen...
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  1. 1. TRUE /FALSE 1. In our private enterprise system, the government's role is less extensive than in other economic systems. T____ 2. Intrastate commerce refers to business transactions involving companies that do business only in one state. _F___ 3. An example of government protection is through contracts. _T___ 4. A contract must be written to be enforceable. _F___ 5. Intellectual property is tangible. _t___ 6. A patent protects the creative work of authors, composers, and artists. _F___ 7. One of the functions of government is to prevent unfair business practices. T____ 8. Governments can help businesses in many ways but not through loans. _F___ 9. Revenue is another name for government income. _T___ 10. One of the ways in which governments borrow money is through the selling of bonds.
  2. 2. Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _a___ 11. Business transactions involving companies in more than one state are referred to as ____. a. intrastate commerce c. multiple state business b. interstate commerce d. none of the above _b___ 12. An agreement to exchange goods or services for something of value is called a ____. a. contract b. bargain c. copyright d. market ___c_ 13. When individuals or companies create new products, they may seek to obtain ____. a. a copyright c. a patent b. a contract d. none of the above __c__ 14. Which of the following is a correct description of a copyright? a. issued for 17 years b. issued for inventions c. lasts for 50 years only d. continues for the life of the person receiving it, and beyond
  3. 3. __d__ 15. Which of the following is true about public utilities? a. Most are owned by the government. b. Most are small businesses. c. They are not generally regulated by the government. d. They are regulated for the public benefit. _a___ 16. Which of the following is NOT true about a monopoly? a. controls a market for a particular product or service b. operates in some cases with the permission of government c. promotes competition and tends to set fair prices d. can charge higher prices and provide low-quality service _a___ 17. Which of the following is true about our federal government? a. It is the largest employer in our economy. b. It is an important economic force because of its purchasing power. c. It must raise money to fund operations and pay wages. d. all of the above _b___ 18. Which of the following is NOT one of the ways in which government raises money? a. through taxes b. through selling stock c. through selling bonds d. through fees and licenses
  4. 4. _a___ 19. Which of the following is the largest source of revenue for local governments? a. sales tax b. income tax c. real estate property tax d. excise tax __d__ 20. A trucking company that ships products to several states would be regulated by the ____. a. local government c. federal government b. state government d. none of the above __c__ 21. A trucking company that hauls products only within a state's boundaries would be regulated by the ____. a. local government c. federal government b. state government d. none of the above __a__ 22. Which of the following is considered a contract? a. lease to rent an apartment b. credit card agreement c. signed written agreement to have a new roof installed d. all of the above
  5. 5. _a___ 23. A word, letter, or symbol associated with a specific company or products is its ____. a. copyright c. patent b. trademark d. none of the above _a___ 24. When a business has control of the market for a product or service, it is called ____. a. a patent c. a monopoly b. a trademark d. none of the above _b___ 25. Antitrust laws prevent ____. a. false advertising c. misleading labeling b. deceptive pricing d. all of the above _d___ 26. Some of the things provided by government are ____. a. roads c. national defense b. schools d. all of the above __c__ 27. Public utilities provide ____. a. gas c. electricity b. water d. all of the above
  6. 6. _a___ 28. Some of the things provided by both government and private businesses are ____. a. package delivery c. retirement program b. health insurance d. all of the above Completion Complete each sentence or statement. 29. _Interstate___________________ refers to business transactions involving companies in more than one state. 30. An agreement to exchange goods and services for something of value is a(n) ____________________ 31. A(n) ____________________ is a word, letter, or symbol associated with a specific company or product. 32. A(n) ____________________ exists when a business has control of the market for a certain product or service.
  7. 7. 33. ____________________ laws are designed to promote competition and to prevent monopolies and other unfair business practices. 34. A(n) ____________________ gives an inventor the exclusive right to make, use, and sell the item for 17 years. 35. A(n) ____________________ protects the creative work of authors, composers, and artists. 36. Utility companies are usually privately owned and usually are closely regulated by government (rates, etc.) and are known as ____________________ utility companies. 37. Governments borrow money by selling ____________________. 38. Government income is known as their ____________________. 39. Government raises money by levying of taxes and ____________________ money. 40. If Fieldale has 9,000 employees who work for the government, what percent of the 45,000 employees in the city work for the government?____________________
  8. 8. Short Answer 41. Discuss how a logo can increase sales. 42. Explain how some owners of companies depend on the government for money even though theydo not work for the government.

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