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Practical Business Knowledge > Business Law and Ethics > Flashcards

Business Law and Ethics Flashcards

1
Q

What is business law?

A

Business law refers to the body of law that governs business and commercial transactions.

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2
Q

True or False: Business law only applies to large corporations.

A

False

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3
Q

What is the primary purpose of business law?

A

To regulate business practices and ensure fair competition.

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4
Q

Fill in the blank: The _____ is a legal document that outlines the rights and responsibilities of partners in a business.

A

partnership agreement

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5
Q

What does the Uniform Commercial Code (UCC) govern?

A

It governs commercial transactions in the United States.

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6
Q

What is a contract?

A

A contract is a legally binding agreement between two or more parties.

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7
Q

True or False: An oral contract is always enforceable.

A

False

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8
Q

What are the essential elements of a valid contract?

A

Offer, acceptance, consideration, capacity, and legality.

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9
Q

What is tort law?

A

Tort law deals with civil wrongs and damages caused by one party to another.

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10
Q

Multiple Choice: Which of the following is NOT a type of business entity? A) Corporation B) Sole Proprietorship C) Partnership D) Charity

A

D) Charity

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11
Q

What is the purpose of intellectual property law?

A

To protect the creations of the mind, such as inventions, literary works, and symbols.

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12
Q

True or False: Ethics and law are the same thing.

A

False

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13
Q

What is the difference between ethics and law?

A

Ethics refers to moral principles, while law refers to the rules enforced by the government.

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14
Q

Fill in the blank: The _____ is a federal law that governs the protection of consumers.

A

Consumer Protection Act

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15
Q

What is a fiduciary duty?

A

A legal obligation to act in the best interest of another party.

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16
Q

Multiple Choice: Which of the following is a common business ethical issue? A) Fraud B) Honesty C) Transparency D) Fairness

A

A) Fraud

17
Q

What is corporate social responsibility (CSR)?

A

CSR refers to a business model that helps a company be socially accountable to itself, its stakeholders, and the public.

18
Q

True or False: A company can be held liable for the actions of its employees.

A

True

19
Q

What is the Sarbanes-Oxley Act?

A

A federal law enacted to protect investors from fraudulent financial reporting by corporations.

20
Q

Fill in the blank: The _____ is a legal principle that holds that a corporation is a separate legal entity from its owners.

A

corporate veil

21
Q

What is antitrust law?

A

Antitrust law is designed to promote fair competition and prevent monopolistic practices.

22
Q

Multiple Choice: Which of the following is a key principle of ethical business conduct? A) Deception B) Integrity C) Manipulation D) Coercion

A

B) Integrity

23
Q

What is a breach of contract?

A

A breach of contract occurs when one party fails to fulfill its obligations under the contract.

24
Q

True or False: All contracts must be written to be enforceable.

A

False

25
Q

What is the role of the Federal Trade Commission (FTC)?

A

To protect consumers and maintain competition by preventing unfair or deceptive business practices.

26
Q

Fill in the blank: _____ is the legal process by which a business can be dissolved.

A

Dissolution

27
Q

What does the term ‘due diligence’ refer to in business transactions?

A

The investigation of a business or person prior to signing a contract or completing a transaction.

28
Q

Multiple Choice: Which of the following is a type of business ownership? A) Partnership B) Friendship C) Membership D) Relationship

A

A) Partnership

29
Q

What is the concept of ‘business judgment rule’?

A

A legal principle that protects corporate directors from liability for decisions made in good faith.

30
Q

True or False: Insider trading is legal if the information is disclosed to the public.

A

False

31
Q

What is the purpose of employment law?

A

To regulate the relationship between employers and employees.

32
Q

Fill in the blank: The _____ is a law that prohibits discrimination in the workplace.

A

Civil Rights Act

33
Q

What is a warranty?

A

A warranty is a guarantee that a product will meet certain standards of quality and performance.

34
Q

Multiple Choice: Which of the following is an example of a regulatory agency? A) The IRS B) A bank C) A corporation D) A law firm

A

A) The IRS

35
Q

What is the primary objective of contract law?

A

To enforce agreements made between parties.

36
Q

True or False: A minor can enter into a legally binding contract.

A

False

37
Q

What is the purpose of the Equal Employment Opportunity Commission (EEOC)?

A

To enforce federal laws prohibiting employment discrimination.

38
Q

Fill in the blank: _____ is the ethical principle that emphasizes fairness and justice in business practices.

A

Equity

39
Q

What does ‘conflict of interest’ mean?

A

A situation where a person or entity has competing interests or loyalties.

Practical Business Knowledge (13 decks)

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