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Exam 21: Appendix A: Using Technology to Manage Information

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Question 111

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Some economists advocate a ____________ on the consumption of such products as gasoline,liquor,cigarettes,and even soda pop,in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

A) progressive tax
B) sin tax
C) flat tax
D) tax credit

E) All of the above
F) None of the above

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Question 112

True/False

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Brian and Sondra own a very successful Cajun restaurant.They recently built their own building and own all of the decorations in the restaurant,along with the equipment needed to run the business.They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment.

A) True
B) False

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Question 113

True/False

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When a payee signs the back of a check the payee's signature is referred to as an endorsement.

Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town,Cajun Cookin' Inc.They own the land and building and have a brand-new kitchen as well as a lovely seating area,filled with mementos from the South.They have a liquor license and make wonderful Southern drinks.They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work.They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -Sondra was expecting a shipment of food from one of her suppliers and it didn't come.When she called the supplier the phone was disconnected.Later Sondra read that the supplier had gone out of business because it couldn't pay its debts.The supplier likely declared Chapter __________ bankruptcy.

The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce.

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

Congress is responsible for passing legislation that is enforced by the judiciary.

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to:

The regulation of marriages and payments for personal injuries is covered by:

Business law creates the legal framework for the enforcement of criminal statutes.

Under contract law,a 15-year-old may be a party to a contract.

Public utility commissions are federal agencies.

The Robinson-Patman Act applies only to sellers who "knowingly" induce an unlawful discrimination in price.

If an automobile manufacturer unknowingly sells a defective product that causes an injury,the manufacturer is protected from product liability lawsuits.

With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

The primary objective of a sin tax is to generate additional revenue for the government.

A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies.These public utility commissions are examples of state administrative agencies.

Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company.Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of:

Under contract law,"consideration" means something of value.

Compare and contrast the protection offered by patents,copyrights,and trademarks.