36.
The Uniform Commercial Code has been adopted entirely by the U.S. state of Louisiana.
37.
A tort is a wrongful act by one party that results in injury to a second party’s person,
property or reputation for which the first party is liable.
38.
Tort laws do not involve any form of economic restitution for damages or losses incurred.
39.
Bankruptcy is the inability to procure funds to start a small business.
40.
Under bankruptcy law, people can petition the courts to be relieved of the obligation to
pay debts they cannot repay.
41.
Ordinary bankruptcy occurs when a creditor files an application with a court claiming that
debts exceed assets and asks to be declared bankrupt.
42.
Voluntary bankruptcy is a situation in which one or more creditors file a bankruptcy
petition against the debtor.
43.
Chapter 11 of the Bankruptcy Reform Act of 1978 contains a provision for reorganizing a
bankrupt business.
44.
The Small Business Administration provides direct and guaranteed loans for small firms.
45.
The Service Corps of Retired Executives is sponsored by the Minority Business
Development Agency.
46.
Small Business Development Centers provide counseling, training, and technical
assistance in all aspects of small business management.
47.
Small Business Development Centers are wholly funded by the Small Business
Administration.
48.
The Census Bureau of the U.S. Department of Commerce furnishes demographic
information for small business owners.
49.
Unlike the U.S. Department of Commerce, the U.S. Department of Agriculture does not
offer any assistance to small business owners.
50.
Small firms are exempted from many federal regulations and even some state and local
regulations.
51.
For small business owners, compliance with government regulations is simple and
inexpensive.
52.
In theory, a regulatory agency is more flexible and sensitive to the needs of society than
the U.S. Congress.
53.
When regulations are imposed on one industry or business, they often create opportunities
for other small entrepreneurs.
54.
An advantage of government regulations for small businesses is that they require minimal
paperwork.
55.
Government regulations encourage small firms to hire more employees.
56.
One of the first things one should do while forming a business is to retain a competent
lawyer.
57.
Personal responsibility is defined as the obligation of a business to follow desirable
courses of action in terms of society’s values and objectives.
58.
Consumerism is an organized effort to protect customers from the undesirable effects of
poorly produced products.
59.
Enlightened employee relations involves a concern for employee rights, especially as to
meaningful employment.
60.
Consumerism involves the practice of reprocessing used items for future use.
61.
Business ethics are the standards used to judge the rightness or wrongness of a
business’s relations to others.
62.
One’s personal ethic is one’s own belief system that tells one what to do if or when the
laws and/or any pertinent codes of ethics are silent.
Essay Questions
63.
What is the Uniform Commercial Code?
64.
Describe the two types of bankruptcy.
65.
What is the function of the Small Business Administration?
66.
What are the four major areas of concern that small firms have in relation to government
regulations?
67.
Where can a small business owner look for a lawyer to deal with government regulations?
68.
What is consumerism?
69.
What is meant by environmental protection and pollution control in the context of small
businesses?
70.
What is meant by enlightened employee relations?
71.
Describe community relations as a form of social responsibility practiced by small firms.
72.
What are business ethics?