Management Principles Study Guide (Ch 4 and 5)
Chapter 4
Define the following:
Code of Ethics
Intellectual Property
Social Audit
Social Responsibility
What are some areas that a code of ethics might cover?
What are the three schools of thought about the roles of corporations?
How are intellectual property rights guaranteed in the US?
What do each of the following do?
The Sherman Act
The Clayton Act
The Wheeler-Lea Act
The Federal Food, Drug, and Cosmetic Act
The Consumer Product Safety Commission
Truth in Lending Act
Equal Credit Opportunity Act
Trustee Management
Social Responsibility
Employee Theft
Gift Giving
Fill in the Blank:
1. In some cultures ________________ is expected, and failure to present them is considered an
2. The philosophy of __________________ recognized that owners of businesses have obligations
to do more than just earn profits.
3. _____________________ behavior helps employees gain the trust of the people with whom
they work.
4. Over the years various ____________ have been enacted that directly relate to the issue of
ethics in business.
5. Corporations demonstrate their sense of ___________ by contributing time and money to
charitable, cultural, and civic organizations.
6. Submitting a false expense account is an example of __________________.
Chapter 5
Define the following:
Employment Laws
What kind of business is owned by a single individual?
What are the advantages and disadvantages of a corporation?
What are taxes levied against buildings and land owned by a business called?
What is a contract?
What are the employment laws with which companies must comply?
What does the American with Disabilities act protect against?
List and describe two benefit laws that help workers
What does the Federal Trade Commission do?
What are the three different kinds of business entities?
Labor Relations Reduce Assessed Valuation
Fill in the Blank:
1. __________ are individuals who buy goods and services for their own use.
2. Income taxes paid to the government ______________ the amount of profit to a business.
3. Congress has enacted ______________ laws that protect groups of employees from unfair
working conditions
4. Joint owners in a business are known as _________________.
5. State and local governments use ______________ as a way to limit and control people who plan
to enter certain types of businesses.
6. The amount that a property is worth is known as its ______________________.