MGT 302 Chapter 17

An act of Congress that makes it illegal to discriminate against people who are older than 40 years of age

Age Discrimination in Employment Act

An act of Congress that requires that businesses make provisions for access by disabled people

Americans with Disabilities Act of 1990

The level of probability that the future economic state of the business will be worse than expected

Business Risk

Insurance that provides money to owners of a business to buy the shares of ant decreased owner from the owner's heirs

Buyout Insurance

A series of acts by Congress that prohibit discrimination on the basis of race, color, religion, sex, or national origin

Civil Rights Act of 1991

A contract stipulation that requires a policyholder to carry insurance in an amount equal to a stated minimum percentage of the market value of the property insured

Co-insurance

Contractual provisions of insurance policies that specific what risks the insurance company is assuming

Coverages

An amount of loss that will not be paid by an insurance company

Deductible

Misappropriation of business property by employees of that business

Employee Theft

A commission established to enforce the provisions of the equal employment opportunity act

Equal Employment Opportunity Commission (EEOC)

Bonds, also called dishonesty bonds, that repay employers for losses caused by dishonest or negligent employees

Fidelity Bonds

The amount of an asset for which a company will write an insurance policy

Insurable Value

A conflict between two or more parties in which one party agrees for a fee, to assume the risk of another

Insurance

A set of rules and procedures that work to limit the opportunity for employee theft or malfeasance

Internal Control

An agreement between two or more entities to pool resources in order to complete a project

Join Venture

Employees whose experience and skills are critical to the success of a business

Key Employees

A government agency created to enforce safety in the workforce

Occupational Safety and Health Administration (OSHA)

States of being that are expressly prohibited from suffering discrimination: race, color, religion, sex, national origin, gender, age, or disability

Protected Classes

Laws and governmental rules that limit the freedom of business owners to manage their businesses as they please

Regulation of the workplace

An act of Congress that requires that businesses make provisions for access by disable people

Rehabilitation Act of 1973

A type of internal control that separates the physical control of an asset from the person accounting for that asset

Separation of duties

An agreement with an insurance or bonding company that will pay a specified amount in the event that the entity bonded fails to comply with specified contractual requirements

Surety Bonds

Laws and regulations that specify the requirements of taxation

Tax Codes