Business 100 Final Exam

1. What are the major rights of employees in the United States?

1. Right to Organize and Bargain Collectively § Labor unions: Organizations that represent workers on the job. (Wages, working conditions, etc) 2. The Right to Safe and Healthy Workplace § Occupational Safety and Health Act 3. Job Security and the Right to Due Process § Employment-at-will is a legal doctrine that means employees are hired and retain their jobs "at the will of" the employer. 4. Wages and Income Equality 5. Privacy in the Workplace § Private life can't be intruded by employer 6. Whistle-blowing and Free Speech in the Workplace Whistleblowing: when an employee believes his/her employer has done something that is wrong or harmful to the public, and he/she reports the alleged misconduct to the media, government, or high-level company officials.

1. What are public issues and how do they impact businesses?

A public issue is any issue that is of mutual concern to a business and one or more of its stakeholders.

1. What is the difference between shareholders and stakeholders?

A shareholder is anyone who owns the firm or company, for example shareholders own shares in the company. A stakeholder is any person or group that is affected by a firm's actions.

1. How do companies perform a stakeholder analysis?

A stakeholder analysis is the identification of the relevancy of a stakeholder to a company or situation. They look at § Who are the relevant stakeholders? § What are the interests of each stakeholder? § What is the power of each stakeholder? § How are coalitions likely to form?

1. What is corporate social responsibility and what are the arguments for and against it?

Act in a way that enhances society and be held accountable. Acknowledge any harm to people and society and correct it if possible. May forgo some profits is its social impacts hurt its stakeholders or if its funds are usable for a positive social impact

1. What is an environmental analysis and how do corporations gather environmental intelligence?

An environmental analysis is a method managers use to gain info on external issues and trends. Corporations gather environmental intelligence by analyzing multiple environments affecting organizations.

1. How are large corporations governed?

Board of Directors

1. What is business ethics, why does it matter, and how can businesses make ethical decisions? How are ethics different from laws?

Business ethics is the application of general ethical ideas to business behavior. Ethics are different from laws in that Laws: society's formal written rules about what constitutes right and wrong conduct in various spheres of life. Ethical concepts are more complex than written rules of law.

1. What are the five global ecological problems discussed in class and what can/should governments and businesses do to improve the situation?

Climate Change: Changes in the Earth's climate caused by increasing concentrations of carbon dioxide and other pollutants produced by human activity. Ozone Depletion Resource Scarcity: Fresh water, Arable land Decline of Biodiversity: the number and variety of species and the range of their genetic makeup. Threats to Marine Ecosystems: Eploitation of fish pop., decline of coral reefs, coastal development in ecologically fragile areas, ocean acidification

1. How, in the United States, do businesses influence government? Why do businesses influence government?

Corporate political strategy: Involves the activities taken by organizations to acquire, develop, and use power to obtain an advantage o Information strategy § Businesses seek to provide government policymakers with information to influence their actions. o Financial-incentives strategy § Businesses provide incentives to influence government policymakers to act in a certain way. o Constituency-building strategy § Businesses seek to gain support from other affected organizations to better influence government policymakers to act in a way that helps them. Lobbying: direct contact with a government official to influence the thinking/actions of that person on an issue or public policy. Direct communication: Businesses invite officials to participate in activities that will improve government officials' understanding of management and employee concerns. Expert Witness Testimony: Businesses provide facts, anecdotes, or data to educate or influence government leaders at public forums like congressional hearings. Business Roundtable: Organization of CEOs of leading corporations (founded in 1972). Promote direct communication between business and policymakers

1. What are the elements and types of public policy?

Elements: 1. Public policy inputs: external pressures that shape a government's policy decisions and strategies to address problems. 2. Public policy goals: can be broad and high-minded or narrow and self-serving. 3. Public policy tools: incentives and penalties that government uses to achieve policy goals. 4. Public policy effects: the outcomes arising from government regulation. Types: o Economic policies § Fiscal policy: patterns of government collecting and spending funds to stimulate or support the economy. § Monetary policy: policies that affect the supply, demand, and value of a nation's currency. § Taxation policy: Raising or lowering taxes on business or individuals. § Industrial policy: Directing economic resources toward the development of specific industries. § Trade policy: Encouraging or discouraging trade with other countries. o Social assistance policies § Policies that concern social services for citizens.

1. What are the major areas of Environmental Regulation?

Environmental Protection Agency (EPA), established in 1970. § Air pollution. § Water pollution. Solid and hazardous waste.

1. What is globalization? What are its benefits? What are its costs? Are the benefits distributed equally? What implications does globalization have for consumers? For the workforce?

Globalization: the increasing movement of goods, services, and capital across national borders. Some benefit from globalization, others do not.

1. What should be the role of business in local communities?

Help communities for the greater good out of the greatness of their hearts.

1. Successful diversity and inclusion management requires companies to do what?

It requires them to break the glass ceiling, which will allow minorities and women to reach higher positions.

1. What is affirmative action and what are the arguments for and against it?

Purpose: to reduce job discrimination by encouraging companies to take positive steps to overcome past discriminatory employment practices.

1. How is technology, especially recent technological advances, influencing business?

Technology gives businesses big data; the access to a great deal of info. Technology is making business want to innovate to keep up with their competition.

1. What should the role of technology be with respect to jobs - help us or replace us?

Technology should help us.

1. What is the relationship between business and society?

The relationship between business and society is that a business provides a service or product, and the society consumes it.

1. How do companies that manage diversity effectively have a strategic advantage?

They have the ability to attain different views, boost innovation essentially.

1. What role does OSHA and the US Government play in protecting these employee's rights?

They make laws and acts to help employees in the workplace.

1. What can employees do when they feel their rights are being violated?

They whistle-blow; report the misconduct to the media, gov, or high level company officials.

1. What is workforce diversity and how is it represented in business?

Workforce diversity is having a diverse set of employees in your workspace, diversity is represented through minorities and women.

1. How are companies managing for sustainability?

o An emerging role at many leading firms is the Chief Sustainability Officer § Top management commitment. § Clear goals and metrics. § Employee engagement. § Alignment of rewards and incentives. · Environmental Auditing and Reporting o A way for leading companies to track their progress toward meeting sustainability goals. o Integrated reporting occurs when companies report to stakeholders not just their financial results but also their environmental and social impacts. · Environmental Partnerships o Two companies working together for the betterment of the environment.

1. What Is the role of business in local communities?

o Housing help o Corporate giving o Charity o In-Kind (Product or service) Volunteer work

1. What is the issue management process and how do corporations effectively manage public issues?

o Identify issue o Analyze issue o Generate options o Take action o Evaluate results

1. What forces of change are accelerating the Ecological crisis?

o Overshooting of the earths carrying capacity o Heavy usage of earths finite resources

1. What CSR issues do supply chains create for global businesses?

o Social Issues § Wages, working conditions, and health and safety of employees in supplier factories. o Ethical Issues § Human trafficking § Child labor o Environmental Issues § Suppliers partaking in climate change, pollution

1. What are some ways that supply chains can be regulated?

o Supply chain transparency o Auditing: A supply chain audit monitors a supplier's performance to determine if it is in compliance with the relevant code of conduct. § Internal Audit § External Audit o Private regulation: Non-governmental institutions that govern, enable and constrain economic activities.

1. What is sustainable development?

o Sustainable development requires that human society use natural resources at a rate that can be continued over an indefinite period. o Sustainable development is about fairness. The benefits and burdens of the use of natural resources must be distributed equitably: § Between developed and developing countries. § Between present and future generations.

1. How can human society restore the balance between the Earth's carrying capacity and Society's demands?

o Technological innovation: Develop new technologies to produce energy, food, and other necessities of human life more efficiently and with less waste. o Changing patterns of consumption: Individuals and organizations concerned about environmental impact could decide to consume less or choose less harmful products and services. o "Getting the prices right": Some economists have called for public policies that impose taxes (carbon tax) on environmentally harmful products or activities.

1. Who are shareholders and what rights do they have?

o The legal owners of business corporations (also called stockholders or investors). o Types of shareholders: o Individual shareholders are people who directly own shares of stock issued by companies. o Institutions (also called institutional investors). o Receive dividends if declared o To Vote on: o Members of board of directors. o Major mergers and acquisitions. o Charter and bylaw changes. o Proposals by stockholders. o To receive annual reports on the company's financial condition o To bring shareholder suits against the company and officers. o To sell their own shares of stock to others.

1. How do businesses engage and interact with stakeholders?

§ Market stakeholders: engage in economic transactions with the company · Shareholders, suppliers, employees § Nonmarket stakeholders: people or groups who do not engage in economic exchange with the firm, but are still affected by its actions · Community, government, business, support groups § Internal stakeholders: work inside the firm and contribute their skill and effort to everyday operations · employees, managers § External stakeholders: may have important transactions with the firm but are not on payroll.

1. What are the positive and negative effects of corporate power?

§ Positives · Job creation · Higher standard of living · Significant tax base § Negatives: · Disproportionate political influence · Dominate public discourse · Squash competition

1. What is a public corporation?

§ Securities are traded on public markets § Company required to disclose financial information regularly to the public

1. What are the basic rights and responsibilities of the consumer?

· Rights of Consumers o The right to be informed. o The right to safety. o The right to choose. o The right to be heard. o The right to privacy. · Responsibilities o Provide feedback