Government and Business 1
How does the federal government pay for the regulations and services it provides?
Tariffs intend to raise government revenues and promote the sale of ______________ products.
American Made
Which type of business ownership involves a single owner with unlimited liability?
sole proprietorship
What must a business file to legally establish itself as a corporation?
articles of incorporation
What is the smallest country in the world?
the Vatican
What fiscal policy tools does government use to stimulate the economy?
lower taxes
Which government agency enforces the food and drug laws?
FDA
In which type of business structure are the owners called members?
LLC
Which type of business ownership involves selling shares on a stock exchange?
Public Corp
What is the capital of Canada?
Ottawa.
The Federal Reserve, also called the “central bank” and the “Fed”, was created in 1913, and currently has a dual mandate – what mandates are part of the dual mandate?
achieve stable prices (keep inflation in check) and achieve maximum sustainable employment
Healthcare privacy is protected by:
HIPPA
What is the primary disadvantage of a C Corporation?
double taxation
What is one feature of a Limited Liability Partnership (LLP)?
partners are not liable for other partners actions
What is acrophobia a fear of?
heights
Which monetary policy tools does government use to stimulate the economy?
lower interest rates
Local governments can refuse to grant, or take away existing _____________ to certain businesses that aren’t qualified or that are performing poorly.
business licenses
Which business structure passes corporate income (or loss) to its shareholders for tax purposes?
S Corp
What is a significant advantage of being a public corporation?
raising capital by selling shares
Who was the Ancient Greek God of the Sun?
Apollo
Which government agency enforces fair competition laws?
FTC
Consumers have the most power with this type of market model.
pure competition
What is a major regulatory requirement for public corporations?
public reporting of financial info
What is a key characteristic of a general partnership?
unlimited liability for all partners
What is the name of the world's first artificial satellite?
Sputnik 1