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ลำดับตอนที่ #9 : [[R.S.]]Business Management Test::Chapter.6::18.10.11
Review Sheet of Business Management
Chapter 5 Test :: 18.Oct.11
Chapter.5 :: Businesses, Workers, And The Law [[Page.104]]
5-1 Laws that Regulate Businesses [[Page 106]]
- Many companies hire a government affairs manager, who makes sure that the company knows the laws that regulate its activities.
- Regulations are rules that government agencies issue to implement laws.
1. Corporate law = regulates how businesses can set themselves up to operate as operates
2. Tax law = regulates how much money businesses must pay the government to help provide services or the public
3. Intellectual property law = regulates how businesses can protect inventions and new products
4. Consumer law = protects individuals against business activities that might be harmful to them
5. Commercial law = regulates how businesses enter into contracts with other businesses and with consumers
6. Licensing and zoning law = regulate who can go into certain businesses/where they can establish operations
- There are laws regulating 3 kinds of businesses entities or ownership:
· Sole proprietorship is the simplest kind of business. It is a business owned by a single individual, or proprietor. Small business = sole proprietorships; entrepreneurs = sole proprietors
Advantages | Disadvantages |
· Easy to start · Owner controls the entire business and keep all the profits · Owner can make decisions quickly · Owner pay fewer taxes than other kinds of businesses | · Owner have full responsibility for the business · Owner has full liability for all debts · Owner may have to use personal savings to pay debts for business · Owner can fail entirely if s/he become ill or disabled |
· A partnership is an association of two or more persons who jointly own a for-profit business.
ð The Uniform Partnership Act require partnership to be:
1. A partnership must be owned by two or more persons. A ‘person’ can be a corporation or another organization as well as individual
2. Partners must share the profits from their business
Advantages | Disadvantages |
· Allow partners to combine their talents and their financial resources · Partners share responsibility for making decisions · Partnership pays less taxes than a corporation · Have an easier time getting a loan than sole proprietorship | · Partners have unlimited liability for business debts · Partners may disagree on how the business should be run or how profits should be shared |
· A corporation is a business formed under state or federal statutes that is authorized to act as legal person.
Advantages | Disadvantages |
· Owners have limited liability (only corporations loses) · Offer stockholders limited liability and a share of the profits · Stockholders have no management responsibilities · Can raise money by selling stock · Have an easier time getting credit than any other type of business | · They must comply with many more federal and state laws than either sole proprietorships or partnerships · Corporations must register with a state government agency to being a business · Corporations pay more taxes than any other type of business |
- Taxes are monies paid by corporations and individuals and are used to fund government programs and services.
· The most important tax is called an income tax. An income tax is a tax levied against a business’s profits.
· Property taxes are taxes levied against the property, buildings, or land owned by a business. It is based on an assessed valuation.
ð An assessed valuation is the amount that a piece of property in worth, according to a tax assessor.
· To make up for taxes a business losses, they often pass on costs by charging consumers more money for products
· Businesses also collect taxes from workers. The government requires businesses to withhold income taxes from employees’ earnings & send them to federal government
- Taxes can cut into a company’s profits, but there are also laws that protect business profit. Intellectual property laws protect the inventions & new ideas of businesses. Its 3 kinds include:
· A patent is the document the federal government issues to inventors and companies that gives them the exclusive right to make, use, and sell their inventions for 17 years.
· A trademark is a word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others. Registered trademarks are good for 10 years, and companies can renew them every additional 10 years.
· A copyright is the protection provided to a creative work. The owner of the copyright, usually the person who creates the work, is the only one with the legal right to reproduce the work, sell it, or allow others to use it.
ð After the copyright is over, the work becomes part of “public domain.”
- Consumers are individuals who buy goods and services for their own use.
· The Federal Trade Commissions (FTC) will take action against a company if it receives enough consumer complaints to establish a ‘pattern of wrongdoing.’
· The Food and Drug Administration (FDA) protects consumers against problems with mislabeled and impure foods, drugs, cosmetics, and medical devices.
· The Fair Packaging and Labeling Act requires manufacturers of foods, drugs, cosmetics, and medical devices to clearly label products with the name of the manufacturer, the contents, and the amount the package contains.
- The basic commercial law document is called the Uniform Commercial Code.
· A contract is an agreement between two parties to carry out a transaction. It creates an obligation between the parties, or those agreeing to the contract, that can be enforced in a court of law.
ð Knowing what you are signing is the best way to avoid problems with a contract later on
· Business sales contracts are often short, simple documents that meet the requirements of the Uniform Commercial Code.
· Managers are involved at every stage of assembling and reviewing a contract.
- State and local governments use licensing as a way to limit and control people who plan to enter certain types of businesses.
· Government officials can take away a license from a business that is not complying with laws and regulations.
· Local government also may regulate businesses through building codes, which regulate physical features or structures of buildings.
5-2 Workers and the Law [[Page 120]]
- Employment laws regulate the relationship between companies and their workers and give workers significant rights and benefits. There are 5 major kinds of employment laws:
1. Equal Employment Opportunity (EEO) laws = prohibit companies from discriminating against workers
2. Occupational safety and health laws = require employers and employees to comply with safety & health standards established by federal, state, and local government
3. Wage-hour laws = establish minimum wage, overtime& child labor standards for employees
4. Benefits laws = guarantee that workers will receive certain benefits regardless of what happens to them on the job
5. Labor relations laws = protect the right of employees to organize into unions to bargain collectively for better wages and working conditions
- In early 1960s, there major federal equal EEO laws that protect workers from discrimination by companies were passed:
· Title VII of the Civil Right Act of 1964 = companies cannot discriminate against an employee because of race, color, religion, sex, or national origin. The Equal Employment Opportunity Commission (EEOC) can sue a company if it discriminates employees.
· Age Discrimination in Employment Act = companies cannot discriminate against employees because of their age (in hiring, promotions, or retirement)
· Americans with Disabilities Act = companies cannot discriminate against persons with disabilities. Also, they must accommodate a worker’s disabilities as well.
- The Occupational Safety and Health Act sets standards for keeping workplaces clean and free of hazards. Businesses must keep records of employee illnesses, injuries, and deaths and submit them to the U.S. Department of Labor.
- In 1938, Congress passed the Fair Labor Standard Act (FLSA) also known as the Wage-Hour Law to protect workers in three ways
· It sets the minimum wage companies can pay their workers
· It sets the number of hours employees can work in a week without receiving overtime pay
· It prohibits companies from employing children under the age of 14
- Companies must comply with 5 different benefits law:
1. Social Security Act = provide workers and their families with income after retirement. It also support disabled workers and provides health insurance for senior citizens
2. Employee Retirement Income Security Act (ERISA)= protects money put into an employee’s retirement fund by companies and workers
3. Unemployment Insurance Laws = provide workers with financial assistance during periods of unemployment. But in order to get that, workers must have lost their jobs through no fault of their own and must have worked a certain length of time.
4. Worker’s Compensation Laws = insure workers against injury, illness, or death because of job conditions.
5. Family and Medical Leave Act (FMLA) = requires companies to give employees up to 12 weeks of leave to care for a child, spouse, or parent. It only affects companies with 50 or more employees.
- The most important labor relations law is the National Labor Relations Act (NLRA), which gives employees the right to organize into unions.
· Unions are groups of workers who collectively bargain for rights such as higher wages.
· Businesses don’t have to agree to everything the union wants, but they cannot dismiss union demands without at least making a counteroffer.
· Strikes are a union’s ultimate weapon.
· The Teamsters, the National Education Association, and the AFL-CIO are 3 of the most powerful and well-organized unions, but any group of employees can unionize.
Ps. Sry.. it’s really long! This chapter really has a lot of things :(
Hope you all get perfect on the test!
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