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Business Ownership
Blevins - Ch. 7 Legal Aspects of Business
| Question | Answer |
|---|---|
| Monopoly | When only one company provides a product or service without competition from other companies |
| Price Discrimination | Setting different prices for different customers |
| False Advertising | Advertising that is misleading in some important way |
| Bankruptcy | A legal process that allows the selling of assets to pay off debts |
| Patent | An agreement in which the federal government gives an investor the sole right for 20 years to make, use, and sell an invention or a process |
| Copyright | When the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author, typically, plus 70 years |
| Trademark | A distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner. |
| Information Liability | The respobsiblity for physical or economic injury arising from incorrect data or wrongful use of data. |
| Cookies | Files of information about the user that some Web sites create and store on the user's own computer. |
| Interstate Commerce | Busincess operations and transactions that cross state lines. |
| Intrastate Commerce | Business transactions within a state. |
| Licensing | A way to limit and control those who plan to enter certain types of businesses. |
| Public Franchise | A contract that permits a person or organization to use public property for private profit. |
| Building Codes | Control physical features of structures. |
| Zoning | Regulations that specify which land areas may be used for homes and which areas may be used for different types of businesses. |
| Proportional Tax | One in which the tax rate remains the same regardless of the amount of which the tax is imposed, also known as a flat tax. |
| Progressive Tax | A tax based on the ability to pay. |
| Regressive Tax | The actual tax rate decreases as the taxable increases. |
| Income Tax | A tax on the profits of businesses and on earnings of individuals. |
| Sales Tax | A tax levied on the retail price of goods and services at the time they are sold. |
| Excise Tax | When a sales tax applies only to selected goods or services, such as cigarettes and gasoline. |
| Property Tax | A tax on material goods owned. |
| Real Property Tax | A tax on real estate, which is land and buildings. |
| Personal Property Tax | A tax on possessions that are movable, such as furniture, machinery, and equipment. |
| Assessed Valuation | The value of property determined by tax officials. |
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sblevins
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