EXAM 1 Flashcards
Define the Sarbanes-Oxley Act.
Act of 2002 is a law the US Congress passed on July 30th to help protect investors from fraudulent financial reporting by corporations. It mandated stricter reforms to securities regulations and imposed tough new penalties on lawbreakers.
What is trust?
Trust is an arrangement whereby a trustee holds property as its nominal owner for the good of one or more beneficiaries.
Define Conflict of Interest.
A situation in which the concerns or aims of two different parties are incompatible.
Define capital.
Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
What’s an owner?
A person or group who has legal or rightful title to a business.
In your opinion what are soft skills?
Soft skills are personal skills such as communication, listening and time management skills. These skills contribute a successful workplace.
What’s a bribe?
Bribes are payments, gifts, or special favors used with intent to influence the outcome of a decision.
Define Production.
The activities and processes used in making tangible products.
What is promotion?
An advancement to a higher level job with increased authority, responsibility, and pay.
What are the two business that are recession proof?
Funeral homes and liquor stores.
What is the biggest retailer in the world?
Wal-Mart
What’s a Manager?
Individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization’s activities to reach its objectives.
What is business ethics?
Business ethics are the principles and standards that determine acceptable conduct in business.
Define profit.
The difference between what it costs to make and sell a product and what a customer pays for it.
Define social responsibility.
A business’s obligation to maximize it’s positive impact and minimize it’s negative impact on society.
