Intro to Business Name: Lance Sobaski

Ch4 Questions

1. What are four areas of social responsibility that may require the attention of business? P.76-78

Environmental Protection, Workplace Diversity, Job Safety, Employee Wellness

2. What are the main benefits of social responsibility? P.78

Expanded Justice, Enhanced company Image, Reduced need for government action

3. What are the main costs of social responsibility? P.78

Has to make a profit to stay open, Employees will lose job if it closes

4. What does the Constitution give the federal government power to regulate? P.83

Regulate foreign and interstate commerce

5. What are the clauses in the labor contracts pertaining to health and safety called? P.78

Code of Ethics

6. Does the role of the government change when there are newly elected officials? P.82

Yes

7. What are the common roles of the U.S. government in the economy? P.82

Providing Services, Protecting Citizens, Hiring Public Employees, Raising Revenue

8. What is a monopoly and when does a monopoly exist? P.88

When a business has control of the market for a product or service

9. What is a copyright? Trademark? Logo? Patent? P.84-85

Patent- gives the inventor the sole right to make, use, or sell the item for 20 years
Copyright- Protects the creative work of authors, composers, and artists

Trademark- is a word, Letter, or symbol, linked with a specific company or product

10. What revenue is used to pay for schools and local services? P.90

Property Tax

11. Does a contract have to be written to be enforceable? P.83

No certain elements must be included

12. What is the Bureau of Labor Statistics? P.88

Government Assist Company

13. What is the Environmental Protection Agency? P.76

Monitors and enforces those standards

14. What is the Occupational Safety and Health Administration? P.77

They enforce Safety Standards

15. What is the Department of Commerce? P.88

They provide Government Information

16. What are the main elements of a contract? P. 84

Agreement, Competent Parties, Consideration, Legality

17. What must a valid, enforceable contract contain? P.84

Agreement, Competent Parties, Consideration, Legality

18. What are the two things you should always do before signing a contract? P.83

Read everything

Understand it

19. What is a conflict of interest? P.80

When a action of a company results in a unfair benefit

20. What are the three types of intellectual property? P.P.84-85

Patents, Copyrights, Trademarks

21. What is tangible or intangible property? P.84

Intangible has no physical Characteristics, A person can’t touch it

Tangible has Copy rights Patents and Trademarks

22. From where do governments obtain revenue? P.89-91

Income Taxes

23. What is a non-renewable resource? P.76

A resource that you can’t use twice

24. Are employers allowed to exclude women from jobs that are physically demanding? P.77

No that is discrimination

25. What are the percentages of spending of federal, state, and local government for all the goods and services produced in
the U.S? p.89
Government- 16
Goods and Services- 20

26. What are the ethical conduct guidelines? P. 79

Determined by its top image

27. List the seven guidelines for writing a code of ethics. P. 79

1. Determine The purpose of the code

2. Tailor the code to the needs and Values of the organization

3. Consider involving Employees

4. Determine the rules or principles

5. Include info about how the code will be enforced

6. Determine how the code will be implemented

7. Determine how and when the code will get revised

28. What is the purpose of the code of ethics? P. 79

To guide the actions of employees

29. What are ethics? P.79

Principles of morality or rules

30. What is intellectual property? P.84

Purely Intangible, with no physical characteristics

31. What are public utility companies and who owns them? P.87

An organization that supplies a service or product vital to all people. The City
32. What is a code of ethics? P.79

Set of rules to guide the actions of employees

33. What is the single largest employer in the U.S. economy? P.89

The Government

34. Who plays a role in all economic systems? P. 82

The Government

35. What are the seven roles of government? P. 82

1. Providing services for members of society

2. Protecting Citizens, Consumers, Business, and workers

3. Regulating Utilities and promoting competition

4. Providing information and support to business

5. Buying Goods and Services

6. Hiring Public Employees

7. Raising Revenue

36. What are the three levels of government? P. 82-83

Federal, State, and Local

37. What are the main responsibilities of the federal government? P. 82-83

Oversee the activities that involve 2 or more States or other countries

38. What are the main responsibilities of the state governments? P. 83

Regulate business actions within their own border

39. What are the main responsibilities of the local governments? P.83

Provide Services needed for an orderly society, such and police and fire protection

40. What are the government protection activities? P. 83-84

Safety Standards, Inspections, keep record of work related injuries

41. What are the regulatory activities of the government? P.87-88

Safety Standards, Inspections, keep record of work related injuries

42. Why does government regulate utilities? P. 88

To prevent explosions and make sure nobody gets hurt

43. How does government assist business? P. 88-89

Collecting and reporting valuable information

44. How does the government raise money? P. 89-90

Revenue (Taxes)

45. What is the difference between tax revenue and borrowing by government? P. 90-91

Tax is from something you buy and Borrowing is like a loan

46. What is income tax? P.90

Levied on the income of individuals

47. What is sales tax? P.91

A state or local tax put on goods and services

Vocabulary to define:

1. Contract- an agreement to exchange goods and 9. Copyright- the protection of creative work, authors,
services of value, usually money composers, and artists
2. Pollution- Waste of by-products in the environment 10. Conditions of work- clauses related to employee’s
3. Intrastate commerce- business dealings involving well-being on the job
companies in more than one state 11. Social responsibility- the duty of a business to
4. Sales tax- A state or local tax put on goods and contribute to the well-being of a community
services 12. Conflict of interest- a situation in which an action by
5. Property tax- Tax that you pay on land you own, a company or individual results in unfair benefits
Goes to Local Government 13. Consideration- To think about
6. Patent- the exclusive right of an inventor to make, 14. Public utility- an organization that supplies a
sell, and use a product or process service or product vital to all people
7. Conservation- saving scarce natural resources 15. Antitrust laws- Laws that prevent monopolies and
8. Interstate commerce- business dealings involving promote competition and fairness
companies in more than one state