Answer each question fully. Complete sentences are not necessary.
Lesson 1 (5.0 points)
1. What is globalization? (0.5 points)
2. What is the difference between global trade and domestic trade? (1.0 points)
3. What is importing? (0.5 points)
4. What is exporting? (0.5 points)
5. What is a tariff? (0.5 points)
6. What is exchange rate risk? (1.0 points)
7. What are three factors that affect exchange rates? (1.0 points)
Lesson 2 (5.0 points)
1. What is an agency relationship? (1.0 points)
2. What is administrative law? (0.5 points)
3. What are three things that are defined by the FLSA? (1.0 points)
4. What does the FTC do? (0.5 points)
5. What does the SEC do? (0.5 points)
6. What does the EPA do? (0.5 points)
7. What is organized labor? (1.0 points)
Lesson 3 (5.0 points)
1. In a civil case, what is the difference between a plaintiff and a defendant? (1.0 points)
2. What three parts of a contract are necessary in order for it to be legally binding? (0.5 points)
3. What is breach of contract? (0.5 points)
4. What is a tort? (0.5 points)
5. What is fraud? (0.5 points)
6. What is defamation? (0.5 points)
7. What is interference? (0.5 points)
8. What are the three types of intellectual property? (1.0 points)
Lesson 4 (5.0 points)
1. What is ethical behavior? (1.0 points)
2. What is unethical behavior? (1.0 points)
3. When does a conflict of interest occur for an employee? (1.0 points)
4. When does a conflict of interest occur for a company? (1.0 points)
5. What are five areas of business in which ethics are especially important? (1.0 points)
