By: Krishna PolasaniPrinciples of Business

Social Responsibility

PatentA patent gives the inventor the sole right to

make, use, or sell items for 17 years,Patent is important because it would

prevent other people from making or selling recorders using this process.

The IPOD patent was established in 2001.

CopyrightA copyright protects the creative work of

authors, composers, and artists.Copyright is important because it preserves

the work of intelligent authors so they would not be copied.

TrademarkA trademark is a word, letter, or symbol

linked with a specific company or product.Examples: McDonalds sign, Cisco sign, and

Sony sign

MonopolyA monopoly exist when a business has

control of the market for a product or service.

It is bad because a business could charge high prices for a products or service.

Example: USPS, Bellsouth

U.S Tax Rates for Personal IncomeThe U.S Tax Rates for Personal Income is

17%

Property TaxA major source of revenue is for local

governments is the real estates property tax.

Sales TaxA sales tax is a state or local tax on goods

and services which is collected by the seller.

Gift TaxIT is when you give a gift and they tax you.

The maximum gift tax is $10,000.