Define ethics. Ethics are a set of moral principles or values that govern behavior.
Explain a code of ethics. Acode of ethics is a written document that outlines the principles of conduct to be used in making decisions within an organization.
Identify four categories of laws relating to ethics in business. These laws apply to competitive behavior, corporate governance, consumer protection, and environmental protection.
Explain social responsibility. Social responsibility refers to the role of business in solving current social issues over and above legal requirements.
Identify the six areas of law that affect business organizations. The six areas of law that affect business organizations are corporate law, tax law, intellectual property law, consumer law, commercial law, and licensing and zoning law.
Identify the types of taxes that affect business profits. These are income taxes, property taxes, and withholding federal taxes.
Explain the differences between copyrights, patents, and trademarks. Apatent 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. Companies apply to the federal government's patents and trademark office when they want to establish a new trademark. Once a company owns its trademark, no other company can use it. 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.
Define intellectual property. Intellectual property laws protect the inventions and new ideas of businesses. The three kinds of intellectual property protections are patents, trademarks, and copyrights.
