Comm 180 Test 1

Front 1

Ethics

Back 1

standards of moral behavior, that is, behavior that is accepted by society as right versus wrong.

Front 2

Compliance-based ethics codes

Back 2

Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.

Front 3

Integrity-based ethics codes

Back 3

Ethical standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees.

Front 4

whistleblowers

Back 4

people who report illegal or unethical behavior

Front 5

Corporate Social Responsibility

Back 5

a business's concern for the welfare of society

Front 6

corporate philanthropy

Back 6

dimension of social responsibility that includes charitable donations

Front 7

corporate social initiatives

Back 7

enhanced forms of corporate philanthropy that are more directly related to the company's competencies

Front 8

corporate responsibility

Back 8

dimension of social responsibility that includes everything from hiring minority workers to making safe products

Front 9

corporate policy

Back 9

dimension of social responsibility that refers to the position a firm takes on social and political issues.

Front 10

insider trading

Back 10

an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends

Front 11

social audit

Back 11

a systematic evaluation of an organization's progress toward implementing programs that are socially responsible and responsive

Front 12

sole proprietorship

Back 12

a business that is owned, and usually managed, by one person

Front 13

partnership

Back 13

a legal form of business with two or more owners

Front 14

corporation

Back 14

a legal entity with authority to act and have liability separate from its owners

Front 15

advantages/disadvantages of sole proprietorship

Back 15

no special taxes/unlimited liability

Front 16

advantages/disadvantages of partnership

Back 16

no special taxes/unlimited liability

Front 17

general partnership

Back 17

a partnership in which all owners share in operating the business and in assuming liability for the business's debts

Front 18

limited partnership

Back 18

a partnership with one or more general partners and one or more limited partners

Front 19

general partner

Back 19

an owner who has unlimited liability and is active in managing the firm

Front 20

limited partner

Back 20

an owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment

Front 21

limited liability

Back 21

the responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability

Front 22

master limited partnership

Back 22

a partnership that looks much like a corporation (in that it acts like a corporation and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax

Front 23

limited liability partnership

Back 23

a partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision

Front 24

conventional (C) corporation

Back 24

a state-chartered legal entity with authority to act and have liability from its owners

Front 25

advantages/disadvantages of corporations

Back 25

limited liability/double taxation

Front 26

S corporation

Back 26

a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships

Front 27

limited liability company (LLC)

Back 27

a company similar to an S corporation but without the special eligibility requirements

Front 28

merger

Back 28

the result of two firms forming one company

Front 29

acquisition

Back 29

one company's purchase of the property and obligations of another company

Front 30

vertical merger

Back 30

the joining of two companies involved in different stages of related businesses

Front 31

horizontal merger

Back 31

the joining of two firms in the same industry

Front 32

conglomerate merger

Back 32

the joining of firms in completely unrelated industries

Front 33

leveraged buyout

Back 33

an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing

Front 34

franchise agreement

Back 34

an arrangement whereby someone with a good idea sells the rights to use the business name and sell a product or service to others in a given territory

Front 35

franchisor

Back 35

a company that develops a product concept and sells others the rights to make and sell the products

Front 36

franchise

Back 36

the right to use a specific business's name and sell its product or services in a given territory

Front 37

franchisee

Back 37

a person who buys a franchise

Front 38

cooperative

Back 38

a business owned and controlled by the people who use it - producers, consumers, or workers with similar needs who pool their resources for mutual gain

Front 39

entrepreneurship

Back 39

accepting the risk of starting and running a business

Front 40

entrepreneurial team

Back 40

a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product

Front 41

micropreneurs

Back 41

entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle

Front 42

intrapreneurs

Back 42

creative people who work as entrepreneurs within corporations

Front 43

enterprise zones

Back 43

specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support

Front 44

incubators

Back 44

centers that offer new businesses low-cost offices with basic business services

Front 45

small business

Back 45

a business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts

Front 46

business plan

Back 46

a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner

Front 47

venture capitalists

Back 47

individuals or companies that invest in new businesses in exchange for partial ownership of those businesses

Front 48

Small Business Administration

Back 48

A US government agency that advises and assists small businesses by providing management training and financial advice and loans

Front 49

Small Business Investment Company Program

Back 49

A program through which private investment companies licensed by the Small Business Administration lend money to small businesses

Front 50

market

Back 50

people with unsatisfied wants and needs who have both the resources and the willingness to buy

Front 51

Service Corps of Retired Executives (SCORE)

Back 51

an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses)

Front 52

Business Law

Back 52

rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action

Front 53

statutory law

Back 53

state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances - in short, written law

Front 54

common law

Back 54

the body of law that comes from decisions handed down by judges; also referred to as unwritten law

Front 55

precedent

Back 55

decisions judges have made in earlier cases that guide the handing of new cases

Front 56

administrative agencies

Back 56

federal of state institutions and other government organizations created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority

Front 57

tort

Back 57

a wrongful act that causes injury to another person's body, property, or reputation

Front 58

negligence

Back 58

in tort law, behavior that causes unintentional harm or injury

Front 59

product liability

Back 59

part of tort law that holds businesses liable for harm that results from the production, design, sale, or use of products they market

Front 60

strict product liability

Back 60

legal responsibility for harm or injury caused by a product regardless of fault

Front 61

patent

Back 61

a document that gives inventors exclusive rights to their inventions for 20 years

Front 62

copyright

Back 62

a document that protects a creator's rights to materials such as books, articles, photos, and cartoons