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