Business Ethics
What are the 4 Basic Consumer Rights
1. Right to Safety
2. Right to be Informed
3. Right to Choose
4. Right to be Heard
Abbreviation: SICH
Explain the predatory behavior that is derived from tariffs.
Profits from domestic markets subsidize prices in foreign market which drives foreign competitors out, thus raising prices.
What are the 4 functions of management?
Planning
Organizing
Leading
Controlling
What does IPO stand for?
Initial Public Offering
Define Corporate Social Responsibility.
A business model that helps a company be socially accountable to itself, stakeholders, and public.
A limit on the number of products a nation can
import.
Define innovation.
Exploiting change as an opportunity to form a new business or service.
True or False: Debt Financing is expensive.
True. It is often repaid with interest.
True or False: Arbitration is ONLY binding.
False. Arbitration is both binding and Non-binding
What are the punishments associated with Criminal and Civil Laws?
Criminal: Fines and imprisonment
Civil: Fines
True or False: A sole proprietorship is the hardest form of starting a company.
False. It's the easiest, quickest, and most affordable route!
Is asking friends and family for funding a good idea?
No. There are inherent Dangers
Explain a Tort Law.
A wrongful act that causes injury.
What are the three types of property?
1. Real Estate
2. Personal
3. Intellectual
Name some attributes of partnerships.
Unlimited Liability
Mutual agency
Limited Life
Hard to access capital
Single taxation
True or False: Angel Investors dilute ownership
True. These are private investors who exchange for equity stakes.
What is the difference between Slander and Libel?
Slander: Oral
Libel: Written
Name the one of the elements to a contract. (Bonus points for an additional element)
1. Legal Purpose (Context)
2. Consideration (Compensation)
3. Voluntary Agreement (Signature)
List the P's of the 3P Approach
1. People
2. Planet
3. Profit
List some of the sources of financing
Commercial Banks
Asset-based Lenders
Trade Credit
Credit Unions
Commercial finance firms
Small Business Investment Companies (SBICs)
Small Business Administration (SBA)