Management Principles Study Guide (Ch 4 and 5) Chapter 4 Define the following: Ethics Code of Ethics Intellectual Property Social Audit Stakeholder 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 Laws Ethical Fill in the Blank: 1. In some cultures ________________ is expected, and failure to present them is considered an insult. 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: Unions Patents Copyright Trademark Employment Laws Regulations 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? Consumers Licensing Partners 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 ______________________.