Intro to Business Semester 2 Final Exam
with Answers
An agreement to exchange goods or services for something of value is called a - correct
answer-Contract
One of the functions of government is to prevent unfair business practices - correct
answer-True
Government regulates business to promote competition and fairness - correct answer-
True
Bonds issued by our Federal Government are considered to be risky - correct answer-
False
One of the ways in which governments borrow money is through the selling of bonds -
correct answer-True
Patent laws are designed to discourage people from inventing so many new things -
correct answer-False
Only federal and state governments have to raise revenue - correct answer-False
Which of the following is true about public utilities - correct answer-*They are regulated
for the public benefit.
They are generally regulated by government.
Most are small business.
Most are owned by the government.
Which of the following is considered a contract? - correct answer-Lease to rent an
apartment
Credit card agreement
Signed written agreement to have a new roof installed.
*All of the above.
, Some of the things provided by government include . . . - correct answer-Schools
Roads
National Defense
*All of these.
When individuals or companies create new products, they may seek to obtain - correct
answer-A copyright
A contract
*A patent
None of these
An electric company is considered a public utility. - correct answer-True
Prices of goods and services are usually higher when there is competition among
several businesses. - correct answer-False
A contract must be written to be enforceable. - correct answer-False
Business transactions involving companies in more than one state are referred to as -
correct answer-Intrastate Commerce
*Interstate Commerce
Multiple State Business
None of these
Except for public utilities, the government does what it can to encourage monopolies. -
correct answer-False
A copyright protects the creative work of authors. - correct answer-True
Interstate commerce involves just ONE state. - correct answer-False
The correct term for state governments regulating business activities within their state
only is - correct answer-Interstate Commerce
One state commerce
Multiple state commerce
with Answers
An agreement to exchange goods or services for something of value is called a - correct
answer-Contract
One of the functions of government is to prevent unfair business practices - correct
answer-True
Government regulates business to promote competition and fairness - correct answer-
True
Bonds issued by our Federal Government are considered to be risky - correct answer-
False
One of the ways in which governments borrow money is through the selling of bonds -
correct answer-True
Patent laws are designed to discourage people from inventing so many new things -
correct answer-False
Only federal and state governments have to raise revenue - correct answer-False
Which of the following is true about public utilities - correct answer-*They are regulated
for the public benefit.
They are generally regulated by government.
Most are small business.
Most are owned by the government.
Which of the following is considered a contract? - correct answer-Lease to rent an
apartment
Credit card agreement
Signed written agreement to have a new roof installed.
*All of the above.
, Some of the things provided by government include . . . - correct answer-Schools
Roads
National Defense
*All of these.
When individuals or companies create new products, they may seek to obtain - correct
answer-A copyright
A contract
*A patent
None of these
An electric company is considered a public utility. - correct answer-True
Prices of goods and services are usually higher when there is competition among
several businesses. - correct answer-False
A contract must be written to be enforceable. - correct answer-False
Business transactions involving companies in more than one state are referred to as -
correct answer-Intrastate Commerce
*Interstate Commerce
Multiple State Business
None of these
Except for public utilities, the government does what it can to encourage monopolies. -
correct answer-False
A copyright protects the creative work of authors. - correct answer-True
Interstate commerce involves just ONE state. - correct answer-False
The correct term for state governments regulating business activities within their state
only is - correct answer-Interstate Commerce
One state commerce
Multiple state commerce
