Business Test 3 Flashcards
Define contract
Agreement to exchange goods or services for something of value
Define copyright
Protects the creative work of others, composers, and artist
Define utility company
Business that supplies a service or product vital to all people such as water or electric service
What is the main method that government used to raise money?
Taxes
What is the level of government responsible for city police departments and fire departments?
Local government
Define interstate commerce
Business activities that occur in multiple states are said to be interstate commerce
What exist in the workplace went employees of different ages and backgrounds are working together?
Diversity
Define code of ethics
Set of rules for guiding the actions of employees of a business
Define civil case
A civil case is a court case brought against an individual by another individual to solve a dispute
Define ethics
Principles of morality or rules of conduct.
Define pollution
When the environment is contaminated by human actions
What is social responsibility?
The duty of a business to contribute to the well-being of society
What regulations promote competition and discourage monopolies from forming?
Antitrust laws
Governments borrow money by selling what?
Bonds
Define intrastate commerce
Business activities that occur within a single state
Define criminal case
A court case brought against an individual or business by the government for a violation of the law
Define trademark
Word, letter, or symbol linked with a specific company or product
Define nonrenewable
Resources that cannot be easily replaced
Define patent
Give an inventor the sole right to make or use or sell an item
What is another name for the national government in Washington DC?
Federal government
What is the level of government responsible for regulating all business activities in Kansas?
State
Define monopoly
When a business that’s complete troll of the market for a product or service
Define conservation
Saving scarce natural resources
Understand and describe the four categories of social responsibility
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
What does a business have to consider when making decisions?
Owners, employees, costumes, suppliers, other businesses, society in general, environment
Why is workplace diversity important? Explain 3+ reasons
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
Understand benefits and cost of social responsibility program for businesses
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
Three steps to determine if an action is ethical
1 is an action legal?
2 does action violate professional or company standard?
3 who is affected by the action and how?
Understand different levels of government
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
Understand 4 parts of a contract
- Agreement- an offer must be made and acceptance must occur
- Competent parties- individuals must be of legal age and mentally competent
- Consideration-something of value must be exchanged
- Legality-the product or service must be able to be legally sold and no fraud can exist
Determine which intellectual property law protects each idea (invention. Logo/word/slogan. Creative work)
A patent protects an Invention
A trademark protects a slogan,word etc
A copyright protects a creative work
Understand why the government regulates utility companies
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
Understand how the government prevents unfair business practices
Government promotes competition and discourages monopolies from forming. (Antitrust laws)
Helps prevent things like charging different prices to different customers
How does the government assist businesses
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
Four ways the government raises money
Taxes
Selling bonds
Fines
Fees
What does SBA stand for?
Small business administration
Osha
Occupational safety and health administration
EPA
Environmental protection agency
FTC
Federal trade commission
