principles of business ch 3

Question 1

corporate social responsibility

Answer 1

all the actions taken by a business to promote social good

Question 2

philantrophy

Answer 2

promoting the welfare of others

Question 3

US Department of Labor (DOL)

Answer 3

enforces workplace laws and regulations

Question 4

integrity

Answer 4

the honesty of a person’s actions

Question 5

morals

Answer 5

an individual’s ideas of what is right and wrong

Question 6

confidentiality

Answer 6

specific information about a company or its employees is never shared, except with those who have clearance to receive it

Question 7

trade secret

Answer 7

confidential information a company needs to keep private and protect from theft (may be called proprietary information)

Question 8

social responsibility

Answer 8

behaving with sensitivity to social, environmental, and economic issues

Question 9

corporate culture

Answer 9

describes how the owners and employees of a company think, feel, and act as a business

Question 10

examples of us laws that regulate financial activities of businesses

Answer 10

antitrust, bankrupt, securities laws

Question 11

contract

Answer 11

legally binding agreement between two or more people or businesses

Question 12

offer

Answer 12

a proposal to provide a good or service

Question 13

acceptance

Answer 13

all parties involved must agree to the terms of the contract

Question 14

consideration

Answer 14

something of value must be promised in return

Question 15

capacity

Answer 15

a person is legally able to enter into a binding agreement

Question 16

contract law

Answer 16

regulates how contracts are written, executed, and enforced

Question 17

breach of contract

Answer 17

when one or more parties do not follow the agreed terms of a contract without having a legitimate reason

Question 18

sales and service contract

Answer 18

list the goods or services provided by a business and the price the customer pays in exchange

Question 19

lease

Answer 19

contract to rent something

Question 20

employment contract

Answer 20

the terms of employment between a business and an employee

Question 21

employer identification number (EIN)

Answer 21

assigned by the IRS for businesses to use when preparing federal tax returns and forms

Question 22

consumer bill of rights

Answer 22

basic expectation of fair treatment of consumers

Question 23

recall

Answer 23

an order to remove or repair unsafe products in the market

Question 24

ethics

Answer 24

rules of behavior based on a group’s ideas about what is right and wrong

Question 25

code of ethics

Answer 25

a document that dictates how business should be conducted

Question 26

code of conduct

Answer 26

a document that outlines expectations of employee behavior

Question 27

proprietary information

Answer 27

any work created by company employees on the job that is owned by that company

Question 28

false advertising

Answer 28

overstating the features and benefits of products or making false claims about them

Question 29

Environmental Protection Agency (EPA)

Answer 29

a governmental agency that enforces federal laws regarding human health and the environment.