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Chapter 3: Business Law and Ethics Flashcards | StudBud
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Chapter 3: Business Law and Ethics
Chapter 3: Business Law and Ethics
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1
Bankruptcy laws apply to the handling of business debts when a business is no longer profitable.
True
False
2
____is a contract to rent something.
Partnership agreement
Lease
Software license
Sales and service contracts
3
____is a proposal to provide a good or service.
Contract
Acceptance
Offer
Consideration
4
____ is the honesty of a person’s actions.
Code of ethics
Morals
code of conduct
Integrity
5
Antitrust laws relate to businesses buying or investing in other businesses.
False
True
6
Which of the following is a business contract?
Employment contract
Sales and service contracts
Software license
All the above.
7
______ includes all the actions taken by a business to promote social good.
Corporate culture
Corporate social responsibility
Social responsibility
None of the above.
8
____means that all parties involved must agree to the terms of the contract.
Offer
Consideration
Acceptance
Contract
9
Federal Trade Commission (FTC) enforces International antitrust laws.
False
True
10
___was established by the US Dept. of Labor to assure safe working conditions for employees
SOS
OSHA
FDA
USDA
11
A recall is an order to remove or repair unsafe products in the market
False
True
12
Proprietary information is any work created by company employees on the job that is owned by that company.
True
False
13
Ethics are rules of behavior based on a group’s ideas about what is right and wrong.
False
True
14
_____ is a document that dictates how business should be conducted.
Integrity
code of conduct
Morals
Code of ethics
15
US Department of Labor (DOL) enforces workplace laws and regulations.
True
False
16
Capacity means that a person is legally able to enter into a binding agreement
False
True
17
False advertising is overstating the features and benefits of products or making false claims about them.
True
False
18
Contracts ensure which of the following?
Businesses have materials and resources to operate
Customers understand their role and rights
All the above.
All parties understand terms of agreement and consequences
19
Required elements of legal contracts are which of the following?
All the above.
Offer
Consideration
Intention of legal consequences
20
US Equal Employment Opportunity Commission (EEOC) enforces federal laws that regulate unfair employment practices.
False
True
21
A ____ is typically a handbook that outlines expectations of employee behavior
Code of ethics
Integrity
Morals
code of conduct
22
Which act states: It is illegal for employers to discriminate against people who are 40 or older in age.
Section 501 of the Rehabilitation Act
Age Discrimination in Employment Act
Title VII of the Civil Rights Act
Equal Pay Act
23
Contract is a legally binding agreement between two or more people or businesses
True
False
24
______ describes how the owners and employees of a company think, feel, and act as a business.
None of the above.
Corporate social responsibility
Corporate culture
Social responsibility
25
Which Act is this: Establishes the allowable water pollutant levels emitted by US businesses.
Clean Air Act
Clean Water Act
Noise Control Act
Energy Policy Act
