icev risk management, Contract & Employment Law, Ethics In Business, Aspects of a Business Plan
Ethical Dilemma
Complex situation in which people have difficulty choosing between a moral or an immoral act
Legal Behavior
Conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm
Moral Behavior
Conduct in accordance with what a person determines is right versus wrong
Assessment III 1.) What are the two examples John Elliott used to explain ethical dilemmas in the banking business?
Conflicts of interest and suppressing financial information
John and Jane signed a contract for the sale of John's Car. Jane breach the contract, so John see what her, the court is requiring treated to fill the original contract. This is known as which of the following? A. Revoking the contract B. Common law C. Consideration D. Specific performance
D
Which of the following is not an area of employment law? A. Collective bargaining B. Pensions C. Discrimination D. Contract
D
Which of the following is not part of a contract? A. Offer B. Acceptance c consideration D. Introduction
D
Which of the following is true of strict liability torts? A. Involves dangerous activities B. Negligence does not have to be proved C. Could include possession of specific animals D. All of the above
D
Business and Social Resposibility
Duties and obligations of businesses which contribute to the well-being of society
Carol opened a movie rental store a few years ago, and due to new, more convenient movie rental options, her business is failing. This is an example of a business owner failing due to which type of risk?
Economic risk
3.) Which of the following terms is defined as an entrusted person who converts other's assets or property for his or her own use?
Embezzlement
Which of the following is an example of a risk source?
Employees of a company
A lawyer believes his client is guilty, but remains professional and represents his client. This is an example of which of the following?
Ethical Behavior
True or false common law governs the sale of goods
F
True or false oral contracts are made in writing
F
True or false preaching contract and not harm a business's reputation
F
True or false the National Labor Relations Act was passed in 1955
F
Uncertainty is the possibility of loss, damage or any undesirable event.
False
2. ) Which of the following terms is defined as an organization's financial statement containing untrue data which is used to mislead?
False financial statement
What is the EEOC?
Federal agency overseeing most employment discrimination law
What is o s h a?
Federal agency regulating and investigating workplace incidents
National Labor Relations Act
Federal law allowing to join unions and collectively bargain; passed in 1935; created the national labor relations broad to oversee and enforce the NLRA.
How many steps are in the risk management process?
Five
Financial risk is necessary because sometimes greater financial risk equals which of the following?
Greater financial reward
Union
Group formed by employees to negotiate with the employer.
2.) Which of the following did Robert Lin use as an example of an ethical dilemma in the restaurant business?
Health vs. Taste
Assessment II 1. ) Which of the following is NOT a cause of unethical behavior?
Miscommunication among a diverse workforce
Integrity
Moral principles, the act of being honest, acting fair in situations of difficulty
Collective Bargaining
Occurs when employers and employees negotiate their salary and work requirements.
Counteroffer
Occurs when the original offer of a contract is not accepted and a new offer is returned in the original offer's place.
What are pensions?
Payments made to employees after they have retired
Pensions
Payments made to employees after they have retired, similar to a retirement plan; regulated by the Employee Retirement Income Security Act.
Parties
People, organizations or corporations.
Which of the following is NOT one of the four types of risk?
Political
Which of the following is NOT one of the four categories of risk?
Practical
According to the American Management Association (AMA) and Human Resource Institute (HRI), what is the number one cause of unethical business conduct?
Pressure of Meeting a deadline
Implementing the plan does NOT include which of the following?
Prioritizing risks
Risk identification involves source analysis and __________ analysis.
Problem
5.) According to Judge Parker, which of the following is an ethical behavior of lawyers?
Remaining calm and patient in a stressful case
Risks can be assessed by which of the following equations?
Risk = probability x impact
Which of the following is the risk identification method which combines all of the other methods and creates an in-depth look at potential risks?
Risk charting
Which of the following is NOT one of the four risk management techniques?
Risk evasion
Installing security cameras is an example of which risk management technique?
Risk reduction
Marshall's business experiences a lot of theft so he has installed security cameras in his store and security devices in his merchandise. Which technique for dealing with risk is Marshall applying to his risk of theft?
Risk reduction
Which technique for dealing with risk is generally used when the known loss of a risk will be extremely small?
Risk retention
Which of the following is the most common risk management technique?
Risk transfer
Which technique for dealing with risk often involves the purchasing of insurance?
Risk transfer
Which of the following is an example of risk avoidance?
Running a background check on employees
Uniform Commercial Code
Section of law governing the sale of goods.
Ethics
Set of standards of conduct that guide decisions and actions based on duties derived from core values
Code of Ethics
Set of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values
Which category of risk can be predicted and occur when there is a change of either a profit or loss?
Speculative risks
4.) Which of the following situations did Bryan Mudd NOT mention as an example of unethical behavior in a newsroom?
Spending a long time to prepare a news story
True or false collective bargaining is common in the sports industry
T
True or false contract law affects all fields of business
T
True or false contract law on employment lawyer interrelated
T
True or false employee law typically consist of thousands of laws
T
True or false there are three basic torts
T
Risk identification which breaks down and groups risks into categories based on previous experience and knowledge is known as which of the following?
Taxonomy-based
Which of the following is the risk identification method which groups risks into categories based on previous experience and knowledge?
Taxonomy-based
Problem analysis identifies which of the following?
The effect of a risk
True or false the product sales considered a contract
True
When are business risks generally greatest for a business?
When a business first begins operation
You should review your risk management techniques every __________.
Year
Breach Of Contract
occurs when one party intentionally or unintentionally does not fulfill their contractual obligations; awards the non-breaching party some kind of remedy under law such as monetary damages or cancellation of the entire contract.
Which of the following is likely reason for a decrease in unionization since 1980? A. Downturn of manufacturing industry B. Growing healthcare industry C. Increasing taxes D. All of the above
A
Which of the following is not an employment law you mentioned in the presentation? A. Franchise agreement B. Pensions C. Collective bargaining D. Unemployment compensation
A
What is a union?
A group formed by employees negotiate with the employer
Competent
Able to execute the contract.
Ethical Behavior
Action guided by a set of principles of morality
Stakeholders
All the parties which interact with the business
Embezzlement
An entrusted person converts other's assets or properties for his or her own use
False Financial Statement
An organization's financial statement containing untrue data which is used to mislead
What percentage of businesses which close because of a natural disaster or incident never re-open?
At least one-fourth
Which of the following is a group formed by employees to negotiate with employers? A. Collective bargaining B. Union C. Task force D. Agents
B
Contracts are usually regulated enforced by which of the following? A. The city in which they are written B. The country in which are written C. The state in which they are written D. The county in which they are written
C
The acronym EEOC stands for which of the following? A. Equal employment opportunity Council B. Employment equality opportunity Council C. Equal employment opportunity commission Equal employment opportunity commission D. Employment equal opportunity commission
C
Which of the following does not require a contract in writing? A real estate B goods over $500 C goods under $200 D actions taking longer than one year
C
Which of the following is a legal term for the bargain occurring when one party gives something up and another priority receive something in return? A. Offer B. Counteroffer C. Consideration D. Negotiation
C
Which of the following occurs when one party attentionally or unintentionally does not fulfill their contractual obligations? A. Counter offer B. Acceptance C. Breach of contract D. Consideration
C
Which of the following occurs when the original offer is not accepted and a new offer is returned in place? A. Replacement offer B. Acceptance C. counter offer D. Consideration
C
Negligence tort
Category a tort which results in harm or injury due to the failure of an individual using ordinary care
Intentional tort
Category of tort which causes intentional harm to someone else
Strict liability tort
Category of tort which results in the defendant being held liable for a plaintiff's damages without proof or negligence
Tort
Civil or private wrong against an individual or business
4.) Which of the following is defined as a set of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values?
Code of Ethics
The Equal Pay Act focuses on discrimination of wages based on which of the following? A. Gender B. Age C. Race D. Disability
A
Which of the following are laws that protect workers? A. employment laws B. Health insurance laws C. Financial laws D. Wage laws
A
Which of the following governs the sales of goods? A. Uniform comercial Code B. Unified commercial code C. Trade of good commission D. Sales commission
A
Common Law
Judge-made law passed down over the years; governs everything except for the sale of goods.
3.) Which of the following did Bryan Mudd use as an example of an ethical dilemma in the news industry?
Juvenile Cases
Americans With Disabilities Act Of 1990
Law making it unlawful to discriminate employees based on a disability.
Unemployment Compensation Law
Law providing funds for workers which are unemployed due to layoffs; allows time for workers to find another job; established by the federal Social Security Act in 1935; funded by taxpayers.
Equal Pay Act
Law stating you cannot discriminate wages based on gender.
Employment Discrimination Law
Laws aiming to prevent employment discrimination based on race, sex, age, religion or physical disability.
Which of the following terms is defined as "conduct based on or authorized by law which is established by society to maintain order and protect people and property from harm?"
Legal Behavior
Contract
Legally enforceable document between two or more parties creating an obligation; usually regulated and enforced by the state in which it was made.
5.) Which of the following should a person NOT do when facing an ethical dilemma?
Make a choice based on the company's profits
Anna owns a neighborhood bakery. She consults her accountant to make sure she pays proper taxes, uses good quality ingredients for her products, and provides her employees a safe working environment. Which of the following CANNOT be used to describe Anna's actions?
Mannerly Behavior
Employment Law
large area of law which covers all of the aspects of the employer and employee relationship; consists of thousands of laws; includes many laws enacted at protect workers.
