BMT chapter 11 test vocab
Terms
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- Interstate commerce
- Business transactions involving companies in more than one state.
- intrastate commerce
- Business transactions involving companies that do business in only one state.
- Contract
- An agreement to exchange goods or services for something of value.
- Patent
- Gives the inventor the exclusive right to make, use or sell something for 17 years.
- Copyright
- Protects the creative work of authors, composers, and artists.
- Trademark
- a word, letter, or symbol associated with a specific company or product.
- Public Utility
- an organization that supplies a service or product vital to all people.
- Monopoly
- a business that had complete control of the market for a product or service.
- Antitrust laws
- Laws designed to promote competition and fairness to prevent monopolies.
- Revenue
- Government income
- Income tax
- taxes levied on the income of the individuals.
- Property tax
- a tax that is based on the value of the land and the building attached to the land.
- Sales tax
- a state or local tax on goods and services that is collected by the seller.