Government Basics & Agencies
This government agency provides low-cost loans and advice to small businesses.
Small Business Administration (SBA)
The government discourages competition among businesses.
False
When union reps and management meet to discuss employee/employer issues.
Collective bargaining
Contracts are usually regulated and enforced by what level of government?
state courts/state law
What is the name of retirement income provided by employers?
Pensions
This type of law is based on precedents established by judges’ decisions.
Common Law
Which act of 1890 outlawed monopolies and encouraged competition?
Sherman Antitrust Act
Which act legalized right-to-work laws?
Taft-Hartley Act of 1947
A product sale is considered a contract.
True
What does OSHA stand for?
Occupational Safety and Health Administration
What year was the Federal Trade Commission established?
1914
What is the term for the removal or relaxation of rules affecting businesses?
Deregulation
An organized group of workers formed to protect and further their rights/interests.
Union
Common law governs the sale of goods.
False - The UCC Uniform Commercial Code.
This type of employee benefit provides medical, dental, or vision coverage to workers.
Health Insurance
Which body determines the size and rate of growth of the money supply?
Federal Reserve
What is a tax on imported goods?
Tariff
What does EEOC stand for?
Equal Employment Opportunity Commission
What is the legal term for the bargain where one party gives something up and another receives something in return?
Consideration
Which law area focuses on workers' health, safety, wages, and rights?
Employment Law
The Federal Reserve seeks to keep the unemployment rate below what percent?
6.5%
What are the three branches of government?
Executive, Legislative, and Judicial branches
List 3 areas of employment law.
Pensions, Collective Bargaining & Unemployment Compensation
A court orders Jane to fulfill her original contract with John to buy his car. What is this known as?
Specific Performance
What is the rule allowing employers or employees to end employment at any time?
Employment-at-will