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General Science > Business Test 3 > Flashcards

Business Test 3 Flashcards

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1
Q

Define contract

A

Agreement to exchange goods or services for something of value

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2
Q

Define copyright

A

Protects the creative work of others, composers, and artist

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3
Q

Define utility company

A

Business that supplies a service or product vital to all people such as water or electric service

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4
Q

What is the main method that government used to raise money?

A

Taxes

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5
Q

What is the level of government responsible for city police departments and fire departments?

A

Local government

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6
Q

Define interstate commerce

A

Business activities that occur in multiple states are said to be interstate commerce

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7
Q

What exist in the workplace went employees of different ages and backgrounds are working together?

A

Diversity

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8
Q

Define code of ethics

A

Set of rules for guiding the actions of employees of a business

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9
Q

Define civil case

A

A civil case is a court case brought against an individual by another individual to solve a dispute

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10
Q

Define ethics

A

Principles of morality or rules of conduct.

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11
Q

Define pollution

A

When the environment is contaminated by human actions

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12
Q

What is social responsibility?

A

The duty of a business to contribute to the well-being of society

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13
Q

What regulations promote competition and discourage monopolies from forming?

A

Antitrust laws

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14
Q

Governments borrow money by selling what?

A

Bonds

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15
Q

Define intrastate commerce

A

Business activities that occur within a single state

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16
Q

Define criminal case

A

A court case brought against an individual or business by the government for a violation of the law

17
Q

Define trademark

A

Word, letter, or symbol linked with a specific company or product

18
Q

Define nonrenewable

A

Resources that cannot be easily replaced

19
Q

Define patent

A

Give an inventor the sole right to make or use or sell an item

20
Q

What is another name for the national government in Washington DC?

A

Federal government

21
Q

What is the level of government responsible for regulating all business activities in Kansas?

A

State

22
Q

Define monopoly

A

When a business that’s complete troll of the market for a product or service

23
Q

Define conservation

A

Saving scarce natural resources

24
Q

Understand and describe the four categories of social responsibility

A

1) environmental protection: many companies have a goal to help protect the environment such as conservation of non-renewable resources and helping the pollution problem.
2) employee wellness: businesses need to understand that healthy workforce is a productive workforce. A business might want to offer some type of wellness program to encourage people to make healthier decisions.
3) diversity: a business workforce should reflect the groups in its community. They need to allow equal access to all groups of people (such as training, jobs and advancement)
4) businesses must provide a safe work place for employees. Safety involves: safe work place, proper safety training, knowledge of what to do in an emergency

25
Q

What does a business have to consider when making decisions?

A

Owners, employees, costumes, suppliers, other businesses, society in general, environment

26
Q

Why is workplace diversity important? Explain 3+ reasons

A

When differently types of people get together, it helps the business come up ideas that appeal to everyone

It attracts more customers of all different types

If look at hiring all types of people, it gives you a larger pool of talent to choose from

Different people of different types could have a unique mindset to offer

27
Q

Understand benefits and cost of social responsibility program for businesses

A

Benefits- enhanced company image, reduced need for government actions, improved quality of life for individuals in a community, increased awareness of social issues

Cost-money must be spent on social responsibility issues such as non polluting equipment, wellness programs, social projects

28
Q

Three steps to determine if an action is ethical

A

1 is an action legal?
2 does action violate professional or company standard?
3 who is affected by the action and how?

29
Q

Understand different levels of government

A

Federal government regulates all business activities that takes place in two or more states

State government regulates business activities that take place within their own state border

Local governments include county boards and city councels

30
Q

Understand 4 parts of a contract

A
  1. Agreement- an offer must be made and acceptance must occur
  2. Competent parties- individuals must be of legal age and mentally competent
  3. Consideration-something of value must be exchanged
  4. Legality-the product or service must be able to be legally sold and no fraud can exist
31
Q

Determine which intellectual property law protects each idea (invention. Logo/word/slogan. Creative work)

A

A patent protects an Invention
A trademark protects a slogan,word etc
A copyright protects a creative work

32
Q

Understand why the government regulates utility companies

A

Since utilities are vital to humans, they might want to charge a lot and people would still use them. The government makes sure that utility companies don’t charge an unfair price

33
Q

Understand how the government prevents unfair business practices

A

Government promotes competition and discourages monopolies from forming. (Antitrust laws)
Helps prevent things like charging different prices to different customers

34
Q

How does the government assist businesses

A

Government agencies collect and report valuable information for businesses. (Bureau of labor statistics, department of agriculture, department of commerce)

Small business administration give information to help new business start, helps with business plan, guarantees privet bank loan

35
Q

Four ways the government raises money

A

Taxes
Selling bonds
Fines
Fees

36
Q

What does SBA stand for?

A

Small business administration

37
Q

Osha

A

Occupational safety and health administration

38
Q

EPA

A

Environmental protection agency

39
Q

FTC

A

Federal trade commission

General Science (33 decks)

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