Responsibilities of Business
What responsibilities do businesses have to employees?
fair wages & working conditions, to be respected & treated well
How many owners are there in a sole proprietorship and in a partnership?
sole proprietorship- 1
partnership- 2 or more
Who owns a corporation?
Stockholders
What is the difference between a strike and a lockout?
strike- workers refuse to work until they get a contract
lockout- company refuses to allow workers to work until a contract is reached
What do you call unfair treatment based on prejudice against a certain group?
discrimination
What responsibility does a business have to its consumers?
to provide a quality product
What do you call formal legal papers specifying the arrangement between partners?
articles of partnership
What is stock and why do companies sell it?
Ownership share of a corporation, to raise money
What is the purpose of a union?
to improve wages and working conditions using the power of many
What is the obligation that a business has to pursue goals that benefit society as well as themselves?
social responsibility
Give an example of how a business could be responsible to the community.
Answers can vary. Mr. Doty determines validity of answer.
What type of liability is found in a partnership?
unlimited liability
What type of government document is needed to organize a corporation?
Charter
What do you call the process by which unions and employers negotiate the conditions of employment?
collective bargaining
What is the process of making business deals more visible to everyone?
transparency
Which two groups of people has Walmart let down?
Employees & Communities
What type of liability is found in a sole proprietorship?
unlimited liability
What type of liability exists in corporations?
Limited liability
What are the 3 types of shops?
Closed, union, modified union
What laws make it illegal to require individuals to pay any money to a union?
right to work laws
To what 4 groups do businesses have a responsibility to?
employees, consumers/customers, the community, owners (stockholders in a corporation)
Which is more common, sole proprietorships or partnerships?
Sole proprietorship
Who are the people elected by the shareholders of a corporation to act on their benefit?
board of directors
Which act did we read about that changed the laws about closed shops and union shops?
Taft-Hartley Act
What do you call money used to buy the tools and equipment used in production?
financial capital