Principles of Business, Marketing, and Finance – Chapter 3 – Flashcards
Unlock all answers in this set
Unlock answersquestion
a legally binding agreement between two or more people or businesses
answer
contract
question
a proposal to provide a good or service
answer
offer
question
means that all parties involved must agree to the terms of the contract
answer
acceptance
question
means that something of value must be promised in return
answer
consideration
question
means that a person is legally able to enter into a binding agreement
answer
capacity
question
regulates how contracts are written, executed, and enforced
answer
contract law
question
when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
answer
breach of contract
question
list the goods or services provided by a business and the price the customer pays in exchange
answer
sales and service contract
question
a contract to rent something
answer
lease
question
describes the terms of employment between a business and the employee
answer
employment contract
question
this number is assigned by the IRS for businesses to use when preparing federal tax returns and forms
answer
employer identification number (EID)
question
are basic expectations of fair treatment of consumers
answer
Consumer Bill of Rights
question
an order to remove or repair unsafe products in the market
answer
recall
question
rules of behavior based on a group's ideas about what is right and wrong
answer
ethics
question
the honesty of a person's actions
answer
integrity
question
an individual's ideas of what is right and wrong
answer
morals
question
a document that dictates how business should be conducted
answer
code of ethics
question
handbook that outlines expectations of employee behavior
answer
code of conduct
question
means that specific information about a company or its employees is never shared, except with those who have clearance to receive it
answer
confidentiality
question
an work created by company employees on the job that is owned by that company
answer
proprietary information
question
confidential information a company needs to keep private and protect form theft
answer
trade secret
question
overstating the features and benefits of products or making false claims about them
answer
false advertising
question
behaving with sensitivity to social, environmental, and economic issues
answer
social responsibility
question
all the actions taken by a business to promote social good
answer
corporate social responsibility
question
how the owners and employees of a company think, feel, and act as a business
answer
corporate culture
question
promoting the welfare of others
answer
philanthropy
