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Business > Professionalism And Ethics/teamwork > Flashcards

Professionalism And Ethics/teamwork Flashcards

1
Q

Director resigns from position in company because of insider trading is displaying…

A

Accountability

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2
Q

What is the STAGE that the team assigns unrelated members where they achieve common aim?

A

Forming

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3
Q

What factors influence whether team achieves synergy?

A

Beliefs, diversity, prejudice.

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4
Q

What characteristic of a customer would you consider in a professional employee?

A

Respectful and knowledgeable about the business they work in.

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5
Q

A BOXER EMPLOYEE provides confidential information/trade secrets is practicing:

A

Insider trading

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6
Q

When an employee reveals information within a private/public organization that’s deemed illegal or immoral is…

A

Whistle blowing

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7
Q

The increase in price of collection of goods and services over a period is..

A

Price inflation

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8
Q

An illegal activity where an employee deliberately avoided paying tax is…

A

Tax evasion

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9
Q

THREE factors that successful teams have in common?

A
  1. They have synergy
  2. Good communication within team to achieve common goal
  3. CHALLANGE their ideas, brainstorm potential ideas where they share ideas to overcome the problems to work together to ACHIEVE GOAL.
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10
Q

What is the forming stage of a team development?

A

Management identifies individuals to form a team that shares common goal.

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11
Q

THREE pitfalls of teamwork:

A
  1. Commitment vs avoidance = WASTE OF OPERATIONAL TIME
  2. Challanger vs challenging = MEMBERS COULD LEAVE
  3. UNETHICAL BEHAVIOR = BECOME TO FIMILIAR WITH EACHOTHER (eg: insider trading, inappropriate gifts)
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12
Q

How does PREJEDUCE, CULTURAL DIVERSITY, and VALUES positively contribute to performance of the team?

A
  1. PREJEDUCE= people from different backgrounds that experience PREJEDUCE create a spark for change in a team and bring people closer (SYNERGY)
  2. CULTURAL DIVERSITY= through different beliefs, it can create awareness and spark communication that leads to RESPECT.
  3. VALUES= the CODE OF CONDUCT shows how everyone must have shared values. Creates a safe, hardworking space with boundaries, where it creates a closer team that respects eachother and their shared values.
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13
Q

Legally binding document:

A

Protected by law

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14
Q

What fee does a franchise have to pay every month ?

A

A ROYALTY FEE = a MONTHLY REOCCURING FEE that the **franchisee pays pays to the franchiser after buying the franchise. **

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15
Q

What are the factors that make the CONTRACT between you and franchise a LEGALLY BINDING DOCUMENT?

A
  1. Both parties must have equally decided on the terms and conditions of the contract, and what is the consequence when the contract is breached.
  2. (Sound mind, possible, reputation, contractual capacity= 18 yrs or older, legal) = both parties must be reasonable and agree to the contracts content.
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16
Q

What is a “national franchise opportunity” and what goes into the franchise agreement?

A

National franchise opportunity = taking on management of an EXISTING company branch in South Africa (nation)

A franchise agreement should include clauses pertaining to LOCATION, DURATION, OPERATION, FEES, AND USE OF INTELLECTUAL PROPERTY. professional legal advice is necessary as this is long and important contract.

17
Q

What SIX elements are in the contract of employment that is between the franchisers and their employees?

A
  1. Name and address of both parties
  2. Job title and responsibilities
  3. Leave details
  4. Remuneration/salary fee
  5. Consequence when breach of contract
  6. Code of Conduct
18
Q

What is a contract and what are the 2 parties doing?

A

It’s a written document or verbal agreement that’s LEGALLY BINDING between 2 or more parties.

1 person is making an offer, the 2nd is accepting the CONTRACT

19
Q

What are the 5 contractual obligations and give a definition:

A
  1. CONTRACTUAL CAPACITY: (legally allowed to enter contract =18 or older)
  2. SOUND MIND: (don’t suffer from any mental illnesses)
  3. REASONABLE: (conditions of contract is reasonable)
  4. POSSIBLE: (activities in contract must be physically possible to achieve
  5. LEGAL: (duties carried out from contract must be legal and ethical)
20
Q

A breach in the contact occurs when:

A
  1. If (Reasonable, contractual capacity, legal, sound mind, possible) NOT MET
  2. If Parties fail to fulfill requirements in contract
  3. If False/misleading info in contract
  4. If Requirements unclear to one of the parties
21
Q

BCEA:

A

Basic Conditions of Employment Act (prohibits employment of anyone under age of 15= requires employer to verify age of domestic worker with a copy of birth certificate)

22
Q

Organizational culture:

A

Common perception of business regarding what’s right vs wrong and acceptable vs unnacceptable behavior

23
Q

Insurer vs insured:

A

INSURER: Carries risk and protects insured against possibility of loss

INSURED: protects assets against loss. Pays monthly payments to insurer to transfer the risk

(Eg: car insurance)

24
Q

Lessor vs lessee:

A

LESSOR: owner of goods

LESSEE: Uses goods agreed on, but GOODS DONT BECOME PROPERTY OF LESSEE!!

25
Q

Franchiser vs franchisee:

A

Franchiser: original/existing business that sells right to use its name and idea.

Franchiser: purchases the right to sell the franchisers goods/services

= by using the business model and trademark.

26
Q

NCA:

A

National credit act= protects rights of both parties *that enter installment sale agreement *

27
Q

A hire/installment purchase is when a seller allows a buyer to…

A
  1. Pay deposit
  2. IMMEDIATELY take possession of goods
  3. Pays goods off in monthly installments
28
Q

RHA:

A

Rental housing act= looks after rights of both parties in a rental agreement

Tenant pays monthly rent to the landlord , property does not become the tenants.

29
Q

Name the SIX different types of legal contracts:

A
  1. Employment
  2. Insurance
  3. Lease
  4. Installment
  5. Rental
  6. Franchise
30
Q

Explain MIS and the concept of it

A

MANAGEMENT INFORMATION SYSTEMS: Ensures necessary technology is available WHERE and WHEN it is needed.

Business (5 decks)

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