BUS 263 CHAPTER 1-5 EXAM VERIFIED STUDY GUIDE
Law - Answers - A body of enforceable rules governing relationships among individuals
and between individuals and their society
Precedent - Answers - A court decision that furnishes an example or authority for
deciding subsequent cases involving identical or similar facts
Jurisdiction - Answers - The authority of a court to hear and decide a specific case.
Concurrent Jurisdiction - Answers - Jurisdiction that exists when two different courts
have the power to hear a case
In Personam Jurisdiction - Answers - "Personal Juridiction" over any person or business
that resides in a certain geographic area.
In Rem Jurisdiction - Answers - "Jurisdiction over the thing" over property that is located
within its boundaries
Arbitration - Answers - The settling of a dispute by submitting it to a disinterested third
party who renders a decision that is often legally binding
Cost-Benefit Analysis - Answers - A decision-making technique that involves weighing
the costs of a given action against the benefits of that action
Ethics - Answers - Moral principles and values applied to social behavior
Categorical Imperative - Answers - An ethical guideline according to which an action is
evaluated to which an action is evaluated in terms of what would happen if everyone
else in the same situation (category) acted the same way
Religious Ethical Standards - Answers - Religious rules are absolute with respect to the
behave of their adherents (ex. Ten Commandments)
Principle of Rights - Answers - The principle that human beings have certain
fundamental rights. A key factor in determining whether a business decision is ethical is
how it affects others' rights.
Utilitarianism (Theory) - Answers - An approach to ethical reasoning in which an action
is evaluated in terms of its consequences for those whom it will affect. A "good" action is
one that results in the greatest good for the greatest number.
Right of Privacy - Answers - U.S. And state constitutions secure individuals' privacy
rights, often to a significant degree
Law - Answers - A body of enforceable rules governing relationships among individuals
and between individuals and their society
Precedent - Answers - A court decision that furnishes an example or authority for
deciding subsequent cases involving identical or similar facts
Jurisdiction - Answers - The authority of a court to hear and decide a specific case.
Concurrent Jurisdiction - Answers - Jurisdiction that exists when two different courts
have the power to hear a case
In Personam Jurisdiction - Answers - "Personal Juridiction" over any person or business
that resides in a certain geographic area.
In Rem Jurisdiction - Answers - "Jurisdiction over the thing" over property that is located
within its boundaries
Arbitration - Answers - The settling of a dispute by submitting it to a disinterested third
party who renders a decision that is often legally binding
Cost-Benefit Analysis - Answers - A decision-making technique that involves weighing
the costs of a given action against the benefits of that action
Ethics - Answers - Moral principles and values applied to social behavior
Categorical Imperative - Answers - An ethical guideline according to which an action is
evaluated to which an action is evaluated in terms of what would happen if everyone
else in the same situation (category) acted the same way
Religious Ethical Standards - Answers - Religious rules are absolute with respect to the
behave of their adherents (ex. Ten Commandments)
Principle of Rights - Answers - The principle that human beings have certain
fundamental rights. A key factor in determining whether a business decision is ethical is
how it affects others' rights.
Utilitarianism (Theory) - Answers - An approach to ethical reasoning in which an action
is evaluated in terms of its consequences for those whom it will affect. A "good" action is
one that results in the greatest good for the greatest number.
Right of Privacy - Answers - U.S. And state constitutions secure individuals' privacy
rights, often to a significant degree
