Business Ethics and Legalities Flashcards

What is the primary purpose of the Occupational Safety and Health Act (OSHA)?

Answer: To ensure safe and healthful working conditions for employees

OSHA was enacted in 1970 to ensure safe and healthful working conditions by setting and enforcing standards, and by providing training, outreach, education, and assistance.

What does the term 'conflict of interest' mean in a business context?

Answer: A situation where personal interests could compromise professional judgment

A conflict of interest occurs when an individual's personal interests could potentially influence or compromise their professional decisions and responsibilities.

Which federal law prohibits discrimination in employment based on race, color, religion, sex, or national origin?

Answer: Title VII of the Civil Rights Act of 1964

Title VII of the Civil Rights Act of 1964 is the landmark federal law that prohibits employment discrimination based on race, color, religion, sex, or national origin.

What is a non-disclosure agreement (NDA)?

Answer: A legal contract requiring parties to keep certain information confidential

A non-disclosure agreement is a legally binding contract that establishes a confidential relationship between parties, requiring them to protect specified information from being shared with others.

What is the purpose of a code of ethics in a business organization?

Answer: To establish standards of behavior and guide decision-making

A code of ethics establishes the values, principles, and standards of behavior that guide how employees and the organization conduct business and make decisions.

What does 'intellectual property' refer to in business law?

Answer: Creations of the mind protected by law, such as patents, copyrights, and trademarks

Intellectual property refers to creations of the mind that are protected by law through patents, copyrights, trademarks, and trade secrets.