Test bank for the future of business 4th canadian edition by althouse

Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file CHAPTER at https://TestbankDirect.eu/ 1—POLITICS: GOVERNMENTS’ ROLES MULTIPLE CHOICE Which of the following terms best describes an organization that provides goods and services in an effort to earn a profit? a a not-for-profit b the government c a charity d a business ANS: D BLM: Remember PTS: REF: 12 OBJ: What gasoline for a car, ketchup for french fries, and a lady’s scarf have in common? a They are services b They are goods c They are “mixed message” products d They are all in the growth stage of their product life cycle ANS: B PTS: BLM: Higher order REF: 12 OBJ: What Uno’s Pizzeria and LensCrafters have in common? a Their products are examples of intermediate goods b Their products are a mix of goods and services c They offer pure goods d They provide pure services ANS: B PTS: BLM: Higher order REF: 12 OBJ: Body soap, a box of rice, and olive oil are examples of what? a goods b services c convenience products d actual products ANS: A PTS: BLM: Higher order REF: 12 OBJ: Which term refers to the products and goods available to a population for a period of time? a economic growth b entrepreneurship c quality of life d standard of living ANS: D BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 12 OBJ: 1-1 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles People living in Okinawa, Japan, have the longest life spans in the world Researchers have looked at many factors that contribute to their longevity They have found that the people have a very high general level of happiness This is referred to as which of the following? a standard of living b quality of life c self-actualization d contentment ANS: B PTS: BLM: Higher Order REF: 12 OBJ: Which of the following is one of the criteria used to measure quality of life? a political stability and security b GDP c unemployment d level of democracy ANS: A PTS: BLM: Higher Order REF: 12 OBJ: ABC company has been exploring for gold in the Democratic Republic of Congo based on a very promising sample size The infrastructure is very poor there and they have to fly all their workers in to remote parts of the jungle to explore for gold If they discover a large deposit, it will be very lucrative for the company but there is a high probability that the sample could be from an area that has very little gold What is the term to describe their potential for losing time and money on this project? a risk b capital loss c asset right off d liability ANS: A PTS: BLM: Higher Order REF: 12 OBJ: Which of the following best describes the situation when expenses are lower than revenue for a business? a risk b profit c surplus d loss ANS: B PTS: BLM: Higher Order Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 13 OBJ: 1-2 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 10 Who not-for-profit organizations work hand-in-hand with? a churches b investment banks c businesses d universities ANS: C PTS: BLM: Higher Order REF: 13 OBJ: 11 Types of not-for-profit organizations include which of the following? a book stores b museums c movie theatres d hockey rinks ANS: B PTS: BLM: Higher Order REF: 13 OBJ: 12 In which area of society not-for-profit organizations play a critical role? a the media b the community c the stock market d the government ANS: B PTS: BLM: Higher Order REF: 13 OBJ: 13 What are not-for-profit organizations commonly known for supporting? a politicians b community service c companies d sports teams ANS: B PTS: BLM: Higher Order REF: 13 OBJ: 14 Not-for-profit organizations are measured by different standards than for-profit businesses Who is responsible for regulating these organizations? a their customers b their vendors c their suppliers d the government ANS: D PTS: BLM: Higher Order Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 13 OBJ: 1-3 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 15 What are the three levels of government in Canada? a federal, provincial, municipal b federal, state, city c country, province, city d country, province, municipality ANS: A BLM: Remember PTS: REF: 13 OBJ: 16 Which of the following does the federal government have authority over? a defence b education c health care d garbage ANS: A BLM: Remember PTS: REF: 13 OBJ: 17 Which of the following does the federal government have authority over? a health care b education c criminal law d roads ANS: C BLM: Remember PTS: REF: 13 OBJ: 18 Which of the following does the federal government have authority over? a roads b education c health care d employment insurance ANS: D BLM: Remember PTS: REF: 13 OBJ: 19 Which of the following does the provincial government have authority over? a roads b education c trade regulation d employment insurance ANS: B BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 13 OBJ: 1-4 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 20 Which of the following does the provincial government have authority over? a criminal law b health care c trade regulation d defence ANS: B BLM: Remember PTS: REF: 13 OBJ: 21 Which jurisdiction has the responsibility for education? a federal b provincial c municipal d community ANS: B PTS: BLM: Higher Order REF: 13 OBJ: 22 Labour laws are controlled by which level of government? a federal b provincial c municipal d community ANS: B PTS: BLM: Higher Order REF: 13 OBJ: 23 Which of the following does the municipal government have authority over? a education b water c trade regulation d health care ANS: B BLM: Remember PTS: REF: 14 OBJ: 24 Which of the following does the municipal government have authority over? a health care b sewers c education d trade ANS: B BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 14 OBJ: 1-5 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 25 Who is responsible for ensuring that public resources have been properly allocated? a the government tax department b the police c the government auditor d the government accountants ANS: C PTS: BLM: Higher Order REF: 14 OBJ: 26 The federal government of Canada collects money from all the provinces and then redistributes money from rich provinces to poorer ones Alberta is making a lot of money right now due to the increased production in the Athabasca Tar Sands and the high price of oil Some of the tax money is going from Alberta to Quebec via the federal government What is the term to describe this? a redistribution payments b transfer payments c transfer assistance d rebalancing resource wealth ANS: B PTS: BLM: Higher Order REF: 14 OBJ: 27 What is the name of one of the specific programs used to equalize the wealth across the country? a Canada Equalization Transfer b Canada Social Transfer c Canada Education Transfer d Canadian Province Balance ANS: B PTS: BLM: Higher Order REF: 14 OBJ: 28 Bylaws are controlled by which level of government? a federal b provincial c municipal d community ANS: C PTS: BLM: Higher Order Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 14 OBJ: 1-6 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 29 George is a maple syrup farmer in Northern Ontario As there are a lot of other maple syrup farmers in Canada the market is saturated George wants to sell his maple syrup internationally but does not know how to go about it He hears that the government will assist Canadian companies looking to export Which level of government will assist George? a federal b provincial c municipal d city ANS: A PTS: BLM: Higher Order REF: 15 OBJ: 30 Which of the following government agencies enforces the laws regulating unfair competition? a Business Practices Bureau b Fair Trade Agency c Competition Bureau d Anti-Monopoly Bureau ANS: C PTS: BLM: Higher Order REF: 15 OBJ: 31 To stimulate competition and protect both consumers and workers, what does the federal government do? a It places heavy taxes on companies in monopolistic competition b It creates business systems to meet the needs of all consumers c It creates regulations to intervene in the free market d It places limits on international trade in order to stimulate domestic production ANS: C PTS: BLM: Higher Order REF: 15 OBJ: 32 Jack runs a road construction company He builds roads into peoples cottages in Ontario This is only a small portion of his business though as there are few cottagers that can afford to build a private road Who then would George rely on for most of his revenues? a corporations b individuals c government d not-for-profits ANS: C PTS: BLM: Higher Order REF: 15 OBJ: 33 A patent gives inventors exclusive rights to their inventions for how long? a 20 months b 17 years c 20 years d the lifetime of the inventor plus 50 years ANS: C BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 16 OBJ: 1-7 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 34 Which of the following protects the original work of authors and artists (e.g., their books, photos, or cartoons)? a trademark b copyright c the uniform commercial code d patent ANS: B BLM: Remember PTS: REF: 16 OBJ: 35 The Nike Swoosh and the Golden Arches of McDonald’s are protected by which of the following? a trademark b patent c copyright d commercially protected symbol ANS: A BLM: Remember PTS: REF: 16 OBJ: 36 Who owns the copyright of a cartoon character created by an employee of a company as part of their normal job responsibilities? a the employee who created the cartoon character b the employer of the cartoon character’s creator c all of the employees that worked on the cartoon character d the union that represents the employee ANS: B PTS: BLM: Higher Order REF: 16 OBJ: 37 The intent of a patent is to which of the following? a increase competition in the marketplace b reward innovation and hard work of inventors c slow the growth of monopolies d encourage copycat inventions ANS: B PTS: BLM: Higher Order REF: 16 OBJ: 38 A private wrong that results in physical or mental harm to an individual or results in damage to that person’s property is referred to as which of the following? a tort b punitive judgment c felony d misdemeanour ANS: A BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 18 OBJ: 1-8 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 39 Rio Bravo Theme Park is known for its variety of roller coasters Recently, it was reported that two cars on the Macho Nacho roller coaster left the tracks, resulting in serious injuries to four riders These riders are suing the theme park for damages, claiming that the maintenance procedures for the coasters were carelessly performed by the park’s staff When hearing the lawsuits, the courts will seek to determine whether Rio Bravo Theme park could be which of the following? a guilty of a felony b liable for a breach of contract c guilty of a misdemeanour d liable for an unintentional tort ANS: D PTS: BLM: Higher order REF: 18 OBJ: 40 The judgment handed out in civil court typically entails which of the following? a only imprisonment b compensation for injury c public reprimands d a combination of fines and imprisonment ANS: B PTS: BLM: Higher order REF: 18 OBJ: 41 The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called which of the following? a environmentalism b capitalism c socialism d consumerism ANS: D BLM: Remember PTS: REF: 19 OBJ: 42 The warranty you receive in the box with your new DVD is which of the following? a implied warranty b express warranty c uniform warranty d commercial warranty ANS: B PTS: BLM: Higher order REF: 20 OBJ: 43 Which of the following guarantees that the product you buy will conform to the customary standards of the trade/industry? a implied warranty b express warranty c uniform warranty d commercial warranty ANS: A PTS: BLM: Higher order Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 20 OBJ: 1-9 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 44 A warranty guarantees which of the following? a The seller will replace or repair the product at no charge if the customer finds a cheaper substitute b The buyer has read and understood the information provided in the owners’ manual c Consumers will have access to a customer complaint resolution hot line d The product sold will be acceptable for the purpose for which the buyer intends to use it ANS: D PTS: BLM: Higher order REF: 20 OBJ: 45 Which of the following holds a company responsible for negligence in the production, design, sale, or use of products the company markets? a breach of contract b price discrimination c unintentional harm responsibility d product liability ANS: D PTS: BLM: Higher Order REF: 20 OBJ: 46 Which of the following holds a company liable for damages caused by a defective product even if the company was unaware of the defect at the time of sale? a network responsibility b managerial liability c patent infringement d strict product liability ANS: D PTS: BLM: Higher Order REF: 20 OBJ: 47 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 which of the following? a restricted endorsement b fault free obligations c patent infringement d strict liability ANS: D PTS: BLM: Higher Order Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 20 OBJ: 1-10 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 48 Under the doctrine of strict product liability, a manufacturer can be held liable under which of the following conditions? a for any injury or damage caused by products that not meet industry standards b only if the company knowingly sold a hazardous product c only if the company purposefully was negligent in the design or production of the product d only if the company intentionally introduced a defective product ANS: A PTS: BLM: Higher order REF: 20 OBJ: 49 The Competition Act aims to ensure which of the following? a no mergers of large corporations that restrict competition b there is discriminatory pricing c there are no monopolies d competition is not cut-throat ANS: C PTS: BLM: Higher order REF: 20 OBJ: 50 What are taxes sometimes seen as? a the price we pay to live in this country b a necessary evil c a civic duty d a waste of money ANS: A BLM: Remember PTS: REF: 21 OBJ: 51 Progressive income taxes can be best described as which of the following? a everyone pays the same tax rate percentage b tax rates increase as income increases c tax rates decline as income increases d the rich get more tax breaks ANS: B BLM: Remember PTS: REF: 21 OBJ: 52 What type of income taxes businesses pay? a progressive b flat c regressive d incremental ANS: B BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 21 OBJ: 1-11 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 53 What are the four main types of taxes other than income taxes? a gas, alcohol, sales and property b excise, property, sales and alcohol c property, payroll, sales and excise d property, payroll, sales and GST ANS: C BLM: Remember PTS: REF: 21 OBJ: 54 What term is used to describe the value which property taxes are based on? a assessed value b fair value c market value d determined value ANS: A BLM: Remember PTS: REF: 21 OBJ: 55 Which province is the only one where there is no sales tax? a Ontario b British Columbia c Quebec d Alberta ANS: D BLM: Remember PTS: REF: 21 OBJ: 56 What does Sustainable Development Technology Canada provide money for? a creating technology to deal with climate change issues b developing technology to sustain our food supply c trying and creating new startup companies d advancing Canada’s research programs across the country ANS: A BLM: Remember PTS: REF: 22 OBJ: 57 What is Canada doing to deal with our lack of skilled workers? a creating a program to attract skilled immigrants b investing money in colleges c giving companies tax breaks for more training d giving scholarships for the skilled trade programs ANS: A BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 22 OBJ: 1-12 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 58 What does The Code of Conduct for Procurement try to ensure for both public servants and vendors? a more transparency b more taxes c more bidders d more competition ANS: A PTS: BLM: Higher order REF: 22 OBJ: 59 The Government of Canada’s primary training provider for Foreign Service is which of the following? a Canadian Foreign Service Institute b Canadian Armed Forces c United Nations d Canadian School for Foreign Service ANS: C BLM: Remember PTS: REF: 23 OBJ: 60 This position is responsible for a provincial department’s day-to-day operations? a Minister b Deputy Minister c Assistant Minister d Head Minister ANS: C BLM: Remember PTS: REF: 23 OBJ: TRUE/FALSE Businesses are primarily focused on creating profits by offering products and services desired by the consumer ANS: T BLM: Remember PTS: REF: 12 OBJ: Businesses focus on consumer needs by providing goods and services ANS: T BLM: Remember PTS: REF: 12 OBJ: A car wash is an example of a pure service ANS: T BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 12 OBJ: 1-13 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles Many products combine elements of both goods and services ANS: T BLM: Remember PTS: REF: 12 OBJ: When businesses create more goods and services, their activities increase the standard of living, but have no impact on the quality of life ANS: F BLM: Remember PTS: REF: 12 OBJ: The standard of living reflects the output of goods and services available to a nation’s population ANS: T BLM: Remember PTS: REF: 12 OBJ: “Quality of life” is a narrow measure of social welfare that is based exclusively on the quantity and quality of goods and services produced by a society ANS: F BLM: Remember PTS: REF: 12 OBJ: One characteristic of all not-for-profit organizations is that they not earn any revenue ANS: F BLM: Remember PTS: REF: 13 OBJ: A group of concerned community leaders formed Homeless Help, a not-for-profit organization providing shelter for homeless individuals Aside from the fact that it doesn’t seek a profit, Homeless Help is likely to operate much like a regular business in many respects ANS: T PTS: BLM: Higher Order REF: 13 OBJ: 10 Government taxation policies, called fiscal policy, have a certain flexibility In times of a weak economy, taxes may be lowered temporarily to stimulate the economy ANS: T PTS: BLM: Higher Order REF: 13 OBJ: 11 The provincial governments are responsible for banking, criminal law, and employment insurance ANS: F BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 13 OBJ: 1-14 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 12 Municipalities use bylaws to regulate how businesses operate ANS: T BLM: Remember PTS: REF: 14 OBJ: 13 The federal government provides significant financial support to the provinces and territories in the form of transfer payments ANS: T BLM: Remember PTS: REF: 14 OBJ: 14 A patent gives inventors exclusive rights to their inventions for 20 years ANS: T BLM: Remember PTS: REF: 17 OBJ: 15 A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors ANS: T BLM: Remember PTS: REF: 17 OBJ: 16 The recording industry’s legal action against individuals who download music without paying involves the infringement of a copyright ANS: T BLM: Remember PTS: REF: 17 OBJ: 17 Congratulations! You’ve just finished composing a song that will be the next big hit You’re next step is to apply for a patent through the Canadian Intellectual Property Office ANS: F PTS: BLM: Higher Order REF: 17 OBJ: 18 The Nike Swoosh and the McDonald’s Golden Arches are examples of corporate trademarks ANS: T BLM: Remember PTS: REF: 17 OBJ: 19 A tort is a private wrong that results in physical or mental harm to an individual or damage to that person’s property ANS: T BLM: Remember PTS: REF: 18 OBJ: 20 Consumerism is a social movement that seeks to increase and strengthen the rights and powers of buyers in transactions with businesses ANS: T BLM: Remember PTS: Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ REF: 19 OBJ: 1-15 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 21 The warranty you receive in the box with a DVD player is an express warranty ANS: T BLM: Remember PTS: REF: 20 OBJ: 22 The offer of a year or 36,000 mile warranty by a car dealer on a new vehicle is an example of an implied warranty ANS: F BLM: Remember PTS: REF: 20 OBJ: 23 The sole purpose of Canada’s federal Competition Act is to ensure that all advertising done by corporations meets government standards ANS: F BLM: Remember PTS: REF: 20 OBJ: 24 PEI is the only province that does not collect provincial sales tax ANS: F BLM: Remember PTS: REF: 21 OBJ: 25 Canada’s federal government has decreased its investment in clean energy projects as there are doubts about global warming ANS: F BLM: Remember PTS: REF: 22 OBJ: SHORT ANSWER What is a business and how does it survive and maintain a profit? ANS: A business is an organization that provides goods and/or services in an effort to earn a profit In order to survive and maintain a profit, a business must efficiently produce goods and services that satisfy the needs of customers Thus, the company must be aware of changes in consumer attitudes and preferences that represent new opportunities It must also be aware of new and innovative ways to lower costs and/or improve quality PTS: REF: 12 Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ OBJ: BLM: Remember 1-16 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles Describe the similarities and differences between “quality of life” and “standard of living.” ANS: Standard of living is the quality and quantity of goods and services available to a population, typically measured by gross national income per capita Quality of life is the overall sense of well-being experienced by either an individual or a group Since the goods and services a nation’s citizens consume affect their well-being, the standard of living clearly affects the quality of life But the quality of life also includes factors not directly measured by gross national income, such as political freedoms, the distribution (rather than simply the average amount) of income, environmental quality, and leisure time PTS: REF: 12 OBJ: BLM: Remember Explain the differences between a for-profit organization and a not-for-profit organization ANS: All businesses are regulated by the government and must comply with established standards Like their profit-driven counterparts, not-for-profit organizations also offer products and services, collect revenues, and employ workers For-profit organizations are profit driven and have the opportunity to offer their consumer products and services for a fee Not-for-profit organizations’ primary goal is to improve the quality of life for society They also partner with their communities by providing services to those who are not financially capable to purchase their products or services PTS: REF: 13 OBJ: BLM: Remember Explain the difference between monetary and fiscal policy and explain how they are formulated ANS: Fiscal policy refers to government efforts to influence the economy through taxation and spending decisions that are designed to encourage growth, boost employment, and curb inflation This type of policy is enacted by the government through the budget process Monetary policy refers to actions that shape the economy by influencing interest rates and the supply of money The Bank of Canada manages Canadian monetary policy It does so by controlling the amount of reserves banks have available for making loans PTS: REF: 13 OBJ: BLM: Remember Describe some of the areas that the federal government has authority over? ANS: Money and banking, trade regulation, external relations, defence, criminal law, employment insurance, copyrights and transportation PTS: REF: 13 Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ OBJ: BLM: Remember 1-17 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles Describe some of the areas that the provincial government has authority over? ANS: Labour laws, education, health and welfare, natural resources, and protection of property, civil rights, and the environment PTS: REF: 13 OBJ: BLM: Remember What is a transfer payment? ANS: Transfer payments are a redistribution of money from the wealthier provinces like Alberta to the poorer ones like in the Maritimes so that all Canadians can be provided with the same level of services like health care PTS: REF: 14 OBJ: BLM: Remember Why does the government provide incentives to individuals? ANS: To encourage individuals to take courses to upgrade their skills or provide student loans to make post-secondary education more accessible so people can get better jobs that will help the economy and bring in more tax revenue for the government PTS: REF: 15 OBJ: BLM: Remember Compare and contrast the protection offered by patents, copyrights, and trademarks ANS: Patents are for inventions; copyrights are for works of art, music, or literature; and trademarks are for exclusive designs, a name or distinctive mark that a manufacturer uses to identify its goods in the marketplace Patents provide inventors exclusive rights to their inventions for 20 years from the date they file the patent applications with the Canadian Intellectual Property Office Patent owners have the right to sell or license the use of a patent to others Copyrights protect a creator’s ownership rights to materials such as books, articles, photos, music, paintings, and cartoons Copyrights filed with the government provide for protection for the lifetime of the author or artist plus 50 years, which can be passed on to the creator’s heirs A trademark is a legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years PTS: REF: 17 Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ OBJ: BLM: Remember 1-18 Test Bank for The Future of Business 4th Canadian Edition by Althouse Full file at https://TestbankDirect.eu/Chapter Politics: Governments’ Roles 10 Why was the Competition Act established? ANS: To protect consumers from things like conspiracies, monopolies, and mergers PTS: REF: 20 OBJ: BLM: Remember 11 What is the difference between a progressive tax and a flat tax? ANS: A progressive tax like personal income tax sees the rate go up the more your income goes up whereas a flat tax like the income taxes for business are flat, meaning the same rate is applied to everyone PTS: REF: 21 OBJ: BLM: Remember 12 What are sales taxes charged on? ANS: Sales taxes are charged on goods when they are sold and are a percentage of the sales price The rates vary from province to province PTS: REF: 21 OBJ: BLM: Remember 13 Why is Alberta receiving $10 million from Sustainable Development Technology Canada? ANS: To help make the oil sands less damaging to the environment by testing using solvent instead of water to recover oil sands that are too deep to mine PTS: REF: 22 OBJ: BLM: Remember 14 What is Canada doing to deal with our lack of skilled workers? ANS: They created a Federal Skilled Worker Program to attract skilled immigrants to address the shortage PTS: REF: 22 OBJ: BLM: Remember 15 What does The Code of Conduct for Procurement try to ensure for both public servants and vendors? ANS: More transparency in marketing, operations, and corporate social responsibility from Canadian businesses and government PTS: REF: 22 Copyright © 2014 Nelson Education Ltd Full file at https://TestbankDirect.eu/ OBJ: BLM: Remember 1-19