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Hr Cert > Lesson 2 Business Environment > Flashcards

Lesson 2 Business Environment Flashcards

1
Q

False claims act 1863

A

Applied- all individuals
Provisions- prohibits knowingly, submitting false claims to the government. Allows private citizens to file suits on behalf of the government called QUITAM suits against those who have defrauded the government and to share in the recovery
Complaiance - also known as the Lincoln law, penalties went from double the government damages plus a penalty of $2000 for each false claim to triple damages plus a penalty that is linked to inflation

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2
Q

Trademark act of 1946

A

Applies to all US businesses and individuals
Provisions – creates federal protection for trademarks, and service marks , any word named symbol or device used to distinguish one business goods or services from another, anything that can be viewed or heard
Compliance – originally called Lanham trademark act

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3
Q

Us parent act 1952

A

Applies to everyone
Provisions - prevent stealing, and or claiming inventions created by others- 3 types of patents 1. Utility, design and plant
Compliance - enforced, according to federal statutes, renamed patent office to patent and trademark office, created title 35 of the US code

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4
Q

Utility patent

A

Invent a new and useful process article of manufacture, machine, or a composition of matter

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5
Q

Design patent

A

Original new in ornamental design for manufactured product

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6
Q

Plant patents

A

Produces discovers and invents a new kind of plant capable of reproduction

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7
Q

Title 35 of us code

Originally divided the patent laws into three parts and added part 4 in 1970

A

Part 1- patent and trademark office
Part 2 – patent ability and invention and grant of patents
Part three – patent and protect protection of patent rights
Part four patent cooperation treaty

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8
Q

Title 35 of us code

Originally divided the patent laws into three parts and added part 4 in 1970

A

Part 1- patent and trademark office
Part 2 – patent ability and invention and grant of patents
Part three – patent and protect protection of patent rights
Part four patent cooperation treaty

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9
Q

Part one patent and trademark office

A

Provisions, governing that office, its powers and duties and related matters

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10
Q

Part two patent ability and invention and grant of patents

A

Set out under conditions which patent may be obtained and the related procedures

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11
Q

Part 3 patents and protection of patent rights

A

Related to the patents themselves and the protection of rights under patents

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12
Q

Part 4 patent cooperation treaty

A

Simplifies filing of patent applications I for an invention in different countries
-helps expand established programs of American industry to file foreign patent applications
- encourages smaller businesses and individual investors to become more active in seeking patent protection abroad

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13
Q

Business management acts

A
  1. The revenue act (78)
  2. Tax reform (86)
  3. Whistleblower protection act (89)
  4. Small business job protection act (96)
  5. Taxpayer relief act (97)
  6. Sarbanes-oxley (02)
  7. Dodd Frank Wall Street reform and consumer protection act (10)
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14
Q

The revenue act (78)

A

Applies to private businesses and individuals
Provisions - business
- reduces corporate tax rates, top rate falling from 48 to 46%
- reduces the rates of taxation on realized capital gains to 28%
- repeals the non business exemption for state and local gasoline taxes
-HR
— section 125 flexible spending accounts
— also called cafeteria plan
— allows employees to use pre tax money to pay for certain medical expenses

401k

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15
Q

Tax reform act (1986)

A

Applies to all private businesses and individuals
Provisions- business- reduces tax rates 50% to 35%
- reduces allowances for certain business expenses such as business meals, travel, and entertainment and for restricted deductions.
Personal
- constantly changing top and bottom tax rates
-50 to 28%
- bottom tax from 11 to 15%
-eliminates the distinction between long term capital gains and ordinary income
- increases personal exemptions and standard deductions indexed to inflation
- requires dependents children to have social security numbers on tax returns

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16
Q

Whistleblowing

A

Applies to all private sector, employers and employees
- provisions: protects employees who report conduct that they have reasonably believed, violates federal securities laws, and file testifying or assist in our proceeding related to securities fraud
Employer cannot take adverse action or discriminate against employees for taking in part of protective activities
Compliance- civil rights act, osha, msha, sox, ada

17
Q

Sarbanes-Oxley act 2002

A

Applies to all publicly traded corporations, public corporation, boards, management and public accounting firms.
Provisions :
Business, increases regulatory, visibility, and accountability of companies and their finances , strengthen the independence and financial literacy of corporate boards, requires public companies to hire independent auditors to review their accounting practices.
HR, requires plan administrators to provide clearly written notice of blackout., When more than three consecutive business days minimum 30. Notice period. Restrict directors or executive officers from trading of company stock, protects employees that report and testify against employers fraudulent acts.
Compliance, enacted as a reaction to several major corporate and accounting scandals, including Enron and WorldCom .
SEC, created regulations to define how public corporate are to comply, established public company, accounting oversight, board

18
Q

The Dodge Frank, Wall Street, reforming consumer protection act 2010

A

Applies to all federal financial regulatory agencies and most US financial service industry
Provisions, provides executive compensation and corporate governance, non-binding vote for shareholder on executive compensation, golden parachute, and return of executive compensation based on inaccurate financial statements. CEO to report pay compared to average employee compensation. Provisions of financial rewards for whistleblower. Provide provides transparency and accountability roles for credit rating agencies.
Compliance, increased regulation of payment clearing and settle systems, increased transparency, and accountability for exotic instruments, enforced regulations on the books

19
Q

Amendments to FCRA Dodd Frank ACT

A

If any adverse action is taken against an applicant or employee either partly or holy because of information contained in the consumer report, additional notification requirements include:

  1. Individuals credit score used.
  2. Range of credit score as possible under the credit scoring model used.
  3. Each factor that adversely affected credit score
  4. Date score was created.
  5. Name of the consumer reporting agency or person that furnished credit score
20
Q

Business strategy in-depth

A

-vision
Mission
Values

21
Q

Types of business structures

A
  1. Sole proprietorship
  2. Partnerships
  3. Corporations
  4. Special business types
22
Q

Sole proprietorship

A
  1. One owner full responsibility.
  2. Generally a service oriented small business.
  3. No legal or financial distinction between owner and business.
23
Q

Partnerships

A

2 or more entity
Each partner equally responsible
Registered for irs purposes

24
Q

Limited liability partnership LLP

A

2 or more entities
-some may not actively participate in daily responsibilities
Partnership liability limited to investment
Can be costly to set up

25
Q

Corporations

A

LLC
they have one or more owners
Blend of partnership and corporation
No personal property at risk
Less regulations taxes paid by owners
Corporation
Independent body
Stock may be issued to raise capital
Managed by board of directors, elected by shareholders
Corporate tax filing

26
Q

Special business types

A

NPO
Businesses for furthering causes
Earnings pay business expenses
Can apply for tax exempt status
COOPERATIVE COOP
Owned by its members for their benefit
Each member has one vote despite capital contribution
Earnings divided among members
FRANCHISE
Permission to replicate a successful business
Purchaser operates independently, but shares profits with the selling business owner

27
Q

Michael e porter
Generic competitive strategies

A

SCOPE
1. Cost leadership strategy.
2. Focus strategy
BROAD NARROW
1. Differentiation strategy.
2. Focus strategy differentiation

28
Q

Vuca environment

A

Volatility -> visionary
Speed, magnitude, turbulence, and dynamics of change
Uncertainty-> understanding
Unfamiliar territory and unpredictable outcome
Complexity -> clarity
Multiple interdependencies amidst global inter connectivity
Ambiguity -> agility
Multiple interpretations and presentations of scenarios

29
Q

Strategy planning SWOT

A
  1. Strategy
  2. Weakness
  3. Opportunities
  4. Threats
30
Q

Environmental scanning of external factors

A

P - political
E- economic growth
S- social
T- technological
E- environmental
L- legal

Hr Cert (12 decks)

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