Business Law & Ethics
The legal term for a mutual agreement between two parties that is enforceable by law
What is a contract?
Which department is responsible for training and providing professional to employees?
What is Learning and Development?
What is the primary goal of business operations?
To efficiently produce goods/services
What financial statement shows a company’s revenues and expenses over a specific period?
What is an income statement?
What is the purpose of information management?
To collect, store, and analyze data to support decision-making processes
True or False: A business can be held responsible for breaching a verbal agreement.
What is true?
Name one key trait of effective leadership.
What is communication?
Define "efficiency" in a business context
Achieving maximum productivity with minimum wasted effort or expense
What is opportunity cost?
The value of the next best alternative foregone when making a decision
Define “customer relationship management” (CRM).
A strategy for managing a company’s interactions with current and potential customers.
Differentiate between civil and criminal law in business context.
Civil law deals with disputes between individuals and organizations.
Criminal law involves offenses against the state or public.
How does emotional intelligence benefit workplace interactions?
It enhances interpersonal relationships and aids in conflict resolution.
What is a Work Breakdown structure (WBS)?
A hierarchical decomposition of a project into smaller, more manageable components
How does inflation impact purchasing power?
It decreases the amount of goods or services that can be purchased with a unit of currency
How does market segmentation benefit a company’s marketing efforts?
By allowing targeted marketing strategies tailored to specific consumer groups
A business is sued for false advertising. Which area of law does this pertain to?
What is consumer protection law?
Identify a legal consideration when terminating an employee.
What is ensuring compliance with employment laws?
How does Total Quality Management (TQM) contribute to operational success?
By fostering a culture of continuous improvement focused on customer satisfaction
Fixed vs. variable expenses
Fixed costs remain constant regardless of production levels, while variable costs fluctuate with production volume.
What is the significance of a SWOT analysis in marketing planning?
It helps identify strengths, weaknesses, opportunities, and threats to inform strategic decisions.
Explain the concept "duty of care" and its relevance in negligence lawsuits.
Duty of care refers to the legal obligation of a business to avoid acts or omissions that could foreseeably harm others.
Describe how emotional intelligence can be utilized to mediate a conflict between team members.
By recognizing and managing one’s emotions and empathizing with others to facilitate effective communication and resolution
Explain the concept of "reciprocal task interdependence" in team projects
Tasks are interrelated, requiring constant communication and coordination amongst team members
Explain the role of financial analysis in strategic planning.
It involves evaluating financial data to inform decision-making and guide long-term business strategies
Explain how knowledge management can enhance organizational performance.
By systematically capturing and sharing information to improve efficiency and innovation