bus 101 final study guide

bus 101 final study guide - 16:11 Bus101FinalStudyGuide...

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Bus 101 Final Study Guide  16:11 Theories Ownership Theory- firm is seen as property of owners, and owners are worried about just making a profit Stakeholder Theory- the interests of all stakeholders is taken into consideration Laws for Businesses Sarbanes Oxley- 2002- expanded the powers of the sec. Put more rules and regulations into play to help companies not to mislead owners and make firms run smoothly. Auditor independence; independence of audit committee CEO/ CFO certify financial statements / detailed financial disclosure Protects whistle blowers/ code of ethics disclosure Title VII Civil Rights Act 1964- protects individuals from discrimination in hiring/firing, promoting compensation except in situations where there is a bone in qualification requirement (Gender, race, religion, nationality, age and disability. In government jobs employees are protected from sexual orientation discrimination) Fair Labors Standards Act- sets minimum wage and protects against child labor. National Labor Relations Act 1935- protects the right to assemble and organize strike. Equal Employment Opportunity Commission- cannot hire and fire under discriminatory reasons. Government Agencies SEC- regulate and protect the interests of owners. Founded in 1934 after the great depression. Federal Trade Commission- competitive pricing, deceptive practices, packaging and labeling, privacy Food and Drug Commission- safety and effectiveness of labeling foods and drugs, toxic chemical research Consumer Product Safety Commission- safety standards for products, hazardous product prevention (no food products) OSHA- gives the right to know about the environment you are working in; puts into place safe environment standards (makes sure employees are safe) Environmental Protection Agency- sets standards for environmental protection and makes sure that companies are following these standards (conducts research and can file suit)
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Bus 101 Final Study Guide  16:11 Owners as Stakeholders Legal Rights o Receiving dividends if declared o Annual Reports from the firm o Elect members of BOD o Can bring suit against company o Selling of stock Agency and Legal Protections – government protects the owners o SEC- full disclosure/ stops insider trading o SOX Legality Contract – contract on return on investment Law of Agency- fiduciary responsibility Regulatory – SEC/ SOX Interests o Satisfactory return on investment, appreciation of stock, dividends, financial gain over time , revenue up/ costs down, growth and sustainability Other o Board of directors- care, loyalty and obedience/ Fiduciary responsibility and corporate governance Employee as a Stakeholder
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Bus 101 Final Study Guide  16:11 Legal Rights- rights that are protected by law o Minimum wage (fair labor standards act) o Discrimination (Title VII 1964/ EEOC) o Right to assemble organize and strike (National Labor Relations (1935) o Right to know, Safe environment (OSHA 1970)
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This note was uploaded on 09/20/2011 for the course BUS 101 taught by Professor Rollins during the Spring '08 term at Miami University.

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bus 101 final study guide - 16:11 Bus101FinalStudyGuide...

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