Final Exam Flashcards
Compare and contrast the relationships of: (1) employer – employee; (2) principal – agent; and (3) owner – independent contractor
Employer-Employee: most control. absolute control over employee while they are at work. Vicarious Liability.
Principle-Agent: Less control over agent. Only supposed to get business for the principle. pay on commission
Owner-Independent contractor: No control over daily operations or pretty much anything. The contractors are supposed to just come up with the end result.
How is a collective bargaining agreement created and what areas will it typically cover?
unions. collective agreement that union and will represent employees to the management.
MGMT and rep negotiates. signs a contract-usually last three years.
Compare Sarbanes-Oxley with Dodd Frank
Whistle Blowing Protection
Sarbines-Oxley: applies to all types of employment. WB must go to government agency not media/publicity. discrimination by being a WB must be put in as a complaint to OSHA within 90 days.
Dodd Frank: Financial companies only. made to clean up wall street complaint gets turned into government. WB cannot get fired can get 10% of profit of what gets recovered.
Discuss what benefits Workers Compensation provides to injured employees
- Medical Bills are paid by workers comp. employers select hospital/doctor.
- Temp total disability (paid leave- disability) 60% of what you earn.
- Permanent total disability-paid for life
- if killed- family is entitled to the disability for the rest of their lives. children pay ends when they turn 21.
Discuss employer’s rights to monitor telephone calls and e-mails – search lockers, desks – drug and alcohol testing
.hinges on what the employment/agreement states
contract/handbook.
Service Letter –Fair Labor Standards Act
when an employee is terminated. letter of dismissal. Mo. is an At Will service state. employer must respond in 30 days. If not then they will have punitive damages.
letter must include.
when they stated/stopped working for you.
job description, all jobs held within the company
true reason for being fired.
FLSA: interstate commerce. minimum wage requirements. over time after 40 hours.
NLRB
National Labor Relations Board: oversees union activities.
Right to Work Primary picketing
Right to Work: if you have an election and 51% of the people vote to have a union then only that 51% belong to the union. The other 49% does not have to join the union. they can still work at their job.
.usually across the street on a public sidewalk. Informational. Trying to get public support. Can not take place on business property
Mass picketing
Illegal. Takes place on loading dock. business property.
Secondary picketing
Illegal.
ERISA –
Regulates the employees pension plans. Insurance that they are supposed to be getting from their employees.
Defined contribution plan
.joint plan. both put money into an account. employee and employer.
Defined benefit plan
only the employer contributes money into plan. employee will have a set amount money each month after retirement.
Family and Medical Leave Act –
if you are married and are having a baby, adopting a baby or if a family member is really sick. Then you can have unpaid leave but you are able to get your job back.
Social Security –
retirement benefits.
disability benefits.
life insurance
working child benefits.
OSHA –
Sets safety standards for various industries. employers must keep records of who gets hurt.
Discuss the advantages and disadvantages of a sole proprietorship form of business.
.owned by an individual.
pros:
get all profits
Cons:
absorb all losses
absolute vicarious liability.
the business dies with you.
Define the terms “Joint Venture”, “Unincorporated Association” and “Cooperative”.
.Joint: join for a single business undertaking. share profits then they are done.
Unincorporated: run by a group of adults. Not in it for profit but are in it for a purpose. (the kids) boyscouts, soccer clubs etc.
Coop: you put your product with others and you get the money which is proportional with what you put in.
Explain the purpose of a Franchise Disclosure Document and list 5 of the 23 items that must be covered in the Document.
have 15 days to decide if you want to do it.
items:
business experience of other franchiser
any previous litigation
any bankruptcy
material terms of the franchise agreement
initial and recurring payments if they decide to buy the franchise
any restrictions on territory.
average/projected sales, profits, and earnings.
