**Legal Environment****Entrepreneurship Test Chapter 8****30 Points****Period**: 4th---### Multiple Choice**Identify the choice that best completes the statement or answers the question.**1. A percentage of the price of an item that goes to a state or local government is a - a. patent - b. sales tax - c. contract - d. agreement2. Which of the following terms means that you are legally able to enter into a binding agreement? - a. legality - b. consideration - c. agreement - d. capacity3. A binding legal agreement or promise to do something is a - a. law - b. permit - c. contract - d. license4. The federal agency that monitors product safety for items such as cosmetics, food items, and suntan lotions is the - a. Federal Trade Commission - b. Food and Drug Administration - c. American Bar Association - d. Consumer Product Safety Commission5. The law that established a minimum wage and maximum working hours is the - a. Robinson-Patman Act - b. Equal Pay Act - c. Fair Labor Standards Act - d. Occupational Safety and Health Act6. A warranty that assures the buyer that the product purchased is of at least average quality and fit for the purpose for which it was intended is a(n) - a. extended warranty - b. warranty of merchantability - c. creditor warranty - d. buyer's warranty7. The act that says that all employers must pay men and women the same wage for the same work is the - a. Robinson-Patman Act - b. Equal Pay Act - c. Fair Labor Standards Act - d. Consumer Credit Protection Act8. The act that requires those who give credit to reveal all the terms and conditions of their credit agreements is the - a. Consumer Credit Protection Act - b. Robinson-Patman Act - c. Fair Packaging and Labeling Act - d. Clayton Act---### Completion**Complete each statement.**9. Before an entrepreneur can open the doors of a business, he or she must get a(n)

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Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. b. sales tax. c. patent. (d, contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? b. legality consideration c. agreement d. capacity 3. A binding legal agreement or promise to do something is a a. law, C. contract. permit. d. license.

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. b. sales tax. c. patent. (d, contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? b. legality consideration c. agreement d. capacity 3. A binding legal agreement or promise to do something is a a. law, C. contract. permit. d. license.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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