Law & Ethics Basics
Rules of conduct that dictate how to start, manage, buy, sell, or close any type of business
What is business law?
Hiding the origin of illegally earned money so it looks legitimate.
What is money laundering?
Stock collapsed when company's leaders and accounting firm hid massive debt by using tricky accounting methods and fake companies
Who is Enron?
Legislative, Executive, Judicial.
What are the three branches of government established by the Constitution?
Selling a defective product without warning
What is Illegal?
Laws are rules enforced by authorities; ethics are personal or professional standards of right and wrong.
What is the difference between laws and ethics?
Using new investors’ money to pay earlier investors, not from real profits.
What is a Ponzi scheme?
Bernie Madoff
Who ran the largest Ponzi scheme in history?
State courts handle state laws; federal courts handle national laws and disputes between states.
What is the difference between state and federal courts?
Paying minimum wage but not offering benefits when the company can afford it
What is unethical?
Paying minimum wage but not offering benefits when affordable.
What is unethical but legal behavior in business?
Tricking people into investing in fake or misleading ventures.
What is investment fraud?
Sold stock after secret tip about FDA denial (ImClone)
Who is Martha Stewart?
Requesting a higher court to review a lower court’s decision.
What is an appeal?
Discriminating based on polictical beliefts
What is unethical?
Values and behavior expected in the workplace.
What are professional ethics?
Trading stocks based on confidential, nonpublic information.
What is insider trading?
Telecommunications company in the U.S. that went bankrupt due to one leader's dishonest accounting tricks.
Who is WorldCom?
Supreme Court of Virginia
What is the highest court in Virginia
Company legal charitable donations
What is legal and ethical?
Employee getting written up
What are consequences of unethical behavior at work?
Unlawfully taking someone else’s property with intent to keep it.
What is larceny?
Falsely reporting profits and defrauding Medicare.
Who is HealthSouth?
What is the main job of a magistrate? |
Refusing Services based on sexual orientation
What is illegal?