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Study Resources (Business Management)

    101) The legal remedies for breach of contract are designed to put the nonbreaching party in the same position as if the contract had been carried out.   102) Today, the marketplace follows a policy of caveat venditor–"Let the seller beware." 103) An express warranty can be created by words or by.
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    71) ________ frequently attempt to free one party of all responsibility and liability for an injury or damage that might occur. A) Intent clauses B) Conditional clauses C) Exculpatory clauses D) Liability clauses   72) ________ is an order from the court ordering a party to stop engaging in some activity. A) A subpoena B) An injunction C).
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    91) If a company has a written code of ethics and provides clear instructions to employees, two-way communication is unimportant in maintaining ethical standards.   92) It is important that any ethical code is enforced fairly and consistently. 93) The best insurance against ethical violations is the hiring of people with strong moral.
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  132) What are the nine general factors an entrepreneur should consider when choosing the form of small business ownership? List and explain at least six of them. 133) Why would an entrepreneur choose a sole proprietorship? What drawbacks should be considered?   134) Identify what items are included in a standard partnership agreement.       .
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    121) Businesses have a responsibility to the communities in which they operate, according to your authors.   122) What managers and owners say is more important in determining employee ethical behavior than what they do. 123) Employees are at the heart of increases in productivity and they add the personal touch that puts.
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    111) Coping with AIDS in the workplace is not like managing normal health care issues..   112) Most small business owners know exactly what their legal obligations are to employees with AIDS.   113) An employer can be held liable for sexual harassment if he/she knew or should have known of the harassment.
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    141) The Great Depression of the 1930's triggered a great deal of regulation of business.   142) In 1974 Congress passed the Consumer Credit Act, an amendment to the Truth in Lending Act. 143) Conservation and Recovery Act (RCRA) goal is to prevent solid waste from contaminating the environment.   144) There are.
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    1) The key to choosing the "right" form of ownership is: A) knowing the cost factor in time and money. B) understanding how each form affects both business and personal circumstances. C) having an experienced attorney and accountant to advise you in the choice. D) the fact you cannot change the form of ownership.
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    21) There are a number of "tests" of ethical behavior in business. The one that prioritizes choosing the option that results in the greatest good for the greatest number of people is known as: A) the utilitarian principle. B) the professional ethic. C) the Golden Rule. D) Kant's categorical imperative.   22) If your ethical conduct.
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  150) How can managers implement and maintain ethical principles into their companies?   151) What are a business's responsibilities to its employees? Briefly outline and explain each.   152) What can the small business owner do to develop an effective drug prevention program? 153) What is the small business's responsibility to employees in terms of.
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    1) Something of legal value that the parties exchange as part of a bargain. A) Contract B) Legality C) Agreement D) Consideration   2) A contract entered into by a(n) ________ person can be void, voidable, or valid, depending on the mental state of the person. A) minor B) insane C) intoxicated D) All of the above   3) What are, if.
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  145) Define the key terms: stakeholders and business ethics. 146) Describe the three levels of ethical standards.   147) Your authors suggest a four-step process for developing an ethical framework. Identify and explain each of the four steps.   148) What are the benefits of moral management?   149) What causes ethical lapses?     .
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    101) A partner cannot legally bind the other partners to a business agreement. 102) A foreign corporation is one chartered in a foreign country.   103) A corporation formed and chartered in Kansas is considered a domestic corporation when doing business in Kansas.   104) Most states do not require a Certificate of Incorporation or.
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    51) Businesses have which of the following responsibilities to their customers? A) The right of choosing the products they buy and use B) Properly managing a diverse workforce C) Reducing packaging, reusing material, and recycling when possible D) Earning a profit while being socially responsible   52) The Audi 5000 sedan was reported to have sudden,.
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    11) To cope successfully with the many ethical decisions they face, entrepreneurs must develop a workable ________ framework to guide themselves and the organization. A) legal B) ethical C) spiritual D) global 12) Once a manager recognizes the ethical dimensions involved in a dilemma or decision, his/her next step in establishing a workable ethical framework.
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  169) Explain the basic prohibitions on trade practices of the Sherman Anti-Trust Act, the Clayton Act, and the Robinson-Patman Act.   170) The government has created a number of laws and regulations in the area of consumer protection. Discuss. 171) Discuss government regulation in the area of consumer credit, identifying key legislation.
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    121) When a company files for Chapter 11 bankruptcy, every creditor must approve its plan for reorganization.   122) Reorganization is covered by a Chapter 7 bankruptcy.   123) A Chapter 11 bankruptcy provides a second chance for success.   124) The regulations and restrictions the government imposes on businesses place a disproportionate burden on small.
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    71) Tradition, while important, is not essential to a successful family business.   72) A willingness to learn is not as important to a family business as a nonfamily business because the variety of talents and personalities within the family minimize the importance of new ideas and techniques from the outside.   73) "Playing.
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    31) Insurance companies are able to assume so much risk because: A) they are stock-based companies with deep pockets. B) they are "gamblers" who bet they are going to make money before they have to pay off any claims. C) they share the risk among numerous policy holders. D) they are backed by the.
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    81) If a sole proprietorship fails, the owner is not liable for its debts since the business is a separate legal entity.   82) One of the advantages of a sole proprietorship is that skills and capabilities are unlimited because you, as sole proprietor, are able to assume all of these responsibilities.   83).
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    31) A ________ defines the values underlying the entire company and its ethical responsibilities to its stakeholders. A) fidelity B) promise-keeping C) company credo D) code of ethics   32) Cultural diversity in the small business brings several benefits to its owner, including: A) less government scrutiny of his/her business practices. B) local and state tax breaks. C) a.
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    131) Progressive companies are taking their environmental policies a step further, creating redesigned, "clean" manufacturing systems that focus on avoiding waste and pollution.   132) Social responsibility is the awareness by a company's managers of the social, environmental, political, human, and financial consequences their actions produce.   133) One of the best ways to.
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    61) The ________ requires lenders and sellers who extend credit to disclose fully the terms and conditions of credit arrangements to enable consumers to "shop around." A) Fair Credit Reporting Act B) Truth-In-Lending Act C) Consumer Product Safety Commission D) Equal Credit Opportunity Act 62) The Truth-In-Lending Act: A) applies to all installment contracts with more.
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    121) The Supreme Court has defined a partnership as "an artificial being, invisible, intangible, and existing only in contemplation of the law."   122) Failing to keep corporate and personal funds separate is most often a problem in closely held corporations   123) An S Corporation can have more than 75 shareholders.   124) The Internal.
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    61) Which of the following statement is correct? A) Entrepreneurs must recognize that actions taken which conflict with society's ethical standards incur a very high price. B) The reputation of a business can be harmed severely by the actions of a single employee. Trust, once broken, is difficult to mend. C) Customers.
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    41) A dentist or an attorney would buy malpractice insurance to transfer the risk of lawsuits. This is a type of ________ insurance. A) casualty B) surety C) liability D) comprehensive   42) ________ covers losses from the theft or loss of computers and data, the impact of computer viruses and computer system failures, intrusion by.
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    71) Stakeholders are the individuals and groups affected by a decision.   72) Ethics are the fundamental moral values and behavioral standards that form the foundation for the people of an organization as they make decisions and interact with stakeholders.   73) Small business owners seldom feel the pressure to violate ethical standards or.
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    1) ________ are the various groups and individuals who affect and are affected by a business A) Consequentialists B) Workers C) Stakeholders D) Objectivists   2) ________ consists of the fundamental moral values and behavioral standards that form the foundation for the people of an organization as they make decisions and interact with stakeholders. A) Business ethics B).
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    131) Recent consumer protection laws have reduced the required information on product labels to relieve the financial burden on small business.   132) The CPSC has the power to ban the production of any product it considers hazardous to consumers.   133) The owner of a stolen credit card is liable for all charges.
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    151) An offer's terms need not be definite.   152) Under promissory estoppel, a promise that induces another party to act can be enforceable without consideration if the promisee substantially and justifiably relies on the promise.   153) If at the time of entering into a contract, a person was so mentally incompetent.
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    11) The courts use the presence or absence of a(n) ________ to distinguish between serious promises and those that are not serious. A) consideration B) contractual capacity C) agreement D) written communication   12) John offers to buy steel from Tom in Cleveland for a specific price. Tom therefore plans to ship to John and does.
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    51) A Chapter 11 filing can be A) involuntary. B) voluntary. C) Both A and B D) None of the above   52) The act that is the foundation on which antitrust policy in the United States is built is: A) the Clayton Act. B) the Sherman Anti-Trust Act. C) the Robinson-Patman Act. D) the Miller-Tydings Act.   53) The ________ forbids.
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    61) A ________ is a special type of irrevocable trust and has become one of the most popular tools for entrepreneurs to transfer ownership of a business while maintaining control over it and minimizing estate taxes. A) Grantor Retained Leverage Trust B) Grantor Retained Annuity Trust C) Guarantee Retained Annuity Trust D) Grantor Retained.
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    41) When dealing with AIDS in the workplace, small business owners should: A) treat AIDS positive employees as they would any other employees with life threatening illnesses. B) make certain their employment policies comply with local regulations but not worry about federal regulations. C) require HIV screening as part of the hiring process. D).
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  165) Outline and briefly explain the concepts of sales and sales contracts, breach of sales contract, sales warranties, and product liability as described in the Uniform Commercial Code. 166) What part do patents, trademarks, and copyrights play in protecting intellectual property rights?   167) Explain the law of agency, who is an agent,.
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    11) Probably the most important feature of a partnership agreement is: A) that it identifies the name of the partnership. B) that it states the purpose and location of the business. C) that it determines how the partnership will pay taxes and fees. D) that it resolves potential sources of conflict. 12) Which of the.
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    91) The Uniform Partnership Act covers three elements of a partnership; the common ownership interest, sharing profits or losses, and management participation rights.   92) There is no legal limit to the number of general partners a partnership must have, but it must have one.   93) A limited partner is liable only for.
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    81) The four-step process for developing an ethical framework is very similar to the process for problem-solving in business.   82) Although companies set standards for ethical behavior, the ultimate decision on whether to abide by ethical principles rests with the individual.   83) While corporate culture influences employees' ethical decisions, managers have little.
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    51) Shared power refers to: A) family members should allow those with the greatest expertise, ability, and knowledge in particular areas to handle decisions in those areas. B) the skills and talents of family members may run in different directions. C) Both A and B D) None of the above   52) What are the exit.
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  161) What constitutes an agreement? What are the two key elements to agreement? Offer an example of each.   162) What is contractual capacity and who cannot legally enter into a contract?   163) What is assent in a contract and what invalidates it?   164) Briefly explain the concept of breach of contract and the.
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    111) A professional corporation is created in the same way as a regular corporation, and exists to provide limited liability to doctors, lawyers, etc.   112) An S-corporation can issue both voting and non-voting common stock to its shareholders.   113) Like "C" corporations, S-corporations must pay taxes on any assets that have appreciated.
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    101) The only way to achieve diversity in the small business is to let it take care of itself as society increases in diversity.   102) The starting point for managing diversity is learning your own biases and prejudices.   103) The management of diversity will require ongoing adjustments of your company to your.
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  135) What advantages does a partnership offer the entrepreneur over forming a sole proprietorship?   136) What are the pluses and minuses for the owners of a company in choosing to incorporate their business?   137) Why would someone choose an S-corporation? Discuss who can, how it is done, how it is different from.
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    91) To be enforceable, a contract must be written. 92) Failure to perform as agreed in a contract constitutes breach.   93) In breach of contract, the injured party may only recover compensatory damages, moneys which place him/her in the same position he/she would have been had the contract been performed.   94) The Uniform.
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