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Flashcards in Business Test 3 Deck (39):
1

Define contract

Agreement to exchange goods or services for something of value

2

Define copyright

Protects the creative work of others, composers, and artist

3

Define utility company

Business that supplies a service or product vital to all people such as water or electric service

4

What is the main method that government used to raise money?

Taxes

5

What is the level of government responsible for city police departments and fire departments?

Local government

6

Define interstate commerce

Business activities that occur in multiple states are said to be interstate commerce

7

What exist in the workplace went employees of different ages and backgrounds are working together?

Diversity

8

Define code of ethics

Set of rules for guiding the actions of employees of a business

9

Define civil case

A civil case is a court case brought against an individual by another individual to solve a dispute

10

Define ethics

Principles of morality or rules of conduct.

11

Define pollution

When the environment is contaminated by human actions

12

What is social responsibility?

The duty of a business to contribute to the well-being of society

13

What regulations promote competition and discourage monopolies from forming?

Antitrust laws

14

Governments borrow money by selling what?

Bonds

15

Define intrastate commerce

Business activities that occur within a single state

16

Define criminal case

A court case brought against an individual or business by the government for a violation of the law

17

Define trademark

Word, letter, or symbol linked with a specific company or product

18

Define nonrenewable

Resources that cannot be easily replaced

19

Define patent

Give an inventor the sole right to make or use or sell an item

20

What is another name for the national government in Washington DC?

Federal government

21

What is the level of government responsible for regulating all business activities in Kansas?

State

22

Define monopoly

When a business that's complete troll of the market for a product or service

23

Define conservation

Saving scarce natural resources

24

Understand and describe the four categories of social responsibility

1) environmental protection: many companies have a goal to help protect the environment such as conservation of non-renewable resources and helping the pollution problem.
2) employee wellness: businesses need to understand that healthy workforce is a productive workforce. A business might want to offer some type of wellness program to encourage people to make healthier decisions.
3) diversity: a business workforce should reflect the groups in its community. They need to allow equal access to all groups of people (such as training, jobs and advancement)
4) businesses must provide a safe work place for employees. Safety involves: safe work place, proper safety training, knowledge of what to do in an emergency

25

What does a business have to consider when making decisions?

Owners, employees, costumes, suppliers, other businesses, society in general, environment

26

Why is workplace diversity important? Explain 3+ reasons

When differently types of people get together, it helps the business come up ideas that appeal to everyone

It attracts more customers of all different types

If look at hiring all types of people, it gives you a larger pool of talent to choose from

Different people of different types could have a unique mindset to offer

27

Understand benefits and cost of social responsibility program for businesses

Benefits- enhanced company image, reduced need for government actions, improved quality of life for individuals in a community, increased awareness of social issues

Cost-money must be spent on social responsibility issues such as non polluting equipment, wellness programs, social projects

28

Three steps to determine if an action is ethical

1 is an action legal?
2 does action violate professional or company standard?
3 who is affected by the action and how?

29

Understand different levels of government

Federal government regulates all business activities that takes place in two or more states

State government regulates business activities that take place within their own state border

Local governments include county boards and city councels

30

Understand 4 parts of a contract

1. Agreement- an offer must be made and acceptance must occur
2. Competent parties- individuals must be of legal age and mentally competent
3. Consideration-something of value must be exchanged
4. Legality-the product or service must be able to be legally sold and no fraud can exist

31

Determine which intellectual property law protects each idea (invention. Logo/word/slogan. Creative work)

A patent protects an Invention
A trademark protects a slogan,word etc
A copyright protects a creative work

32

Understand why the government regulates utility companies

Since utilities are vital to humans, they might want to charge a lot and people would still use them. The government makes sure that utility companies don't charge an unfair price

33

Understand how the government prevents unfair business practices

Government promotes competition and discourages monopolies from forming. (Antitrust laws)
Helps prevent things like charging different prices to different customers

34

How does the government assist businesses

Government agencies collect and report valuable information for businesses. (Bureau of labor statistics, department of agriculture, department of commerce)

Small business administration give information to help new business start, helps with business plan, guarantees privet bank loan

35

Four ways the government raises money

Taxes
Selling bonds
Fines
Fees

36

What does SBA stand for?

Small business administration

37

Osha

Occupational safety and health administration

38

EPA

Environmental protection agency

39

FTC

Federal trade commission