MGT 2050 FINAL EXAM STUDY GUIDE
Functions of laws - Answers - Keep the peace, Enforce rules to maintain
order, Facilitate planning, Promote social justice, Prevent undesirable
behavior, Settle private and public disputes, Provide clear rules on how
institutions (like governments) should run
Risk management - Answers - an evaluation of risks and how to minimize
those risks
Jurisprudence - Answers - the study of law
Administrative Law - Answers - Regulates aspects of how business is
conducted and attempts to mitigate some of the harms created by business
Judicial Review - Answers - the court has the power to find any law
unconstitutional. The court has the final say on how the constitution should
be interpreted and applied
PreTrial - Answers - begins with the pleadings, complaint is filed
Trial - Answers - trial by jury
PostTrial - Answers - either party can appeal the judgement
IRAC - Answers - Issue, Rule, Analysis, Conclusion
Issue - Answers - What question the court must decide
Rule - Answers - What laws, precedent, or principles must the court us to
answer the question?
Analysis - Answers - How does the court answer the question (longest part)
Conclusion - Answers - What is the court's answer to the question?
, Majority Opinion - Answers - a judgement based on the majority if more
than one judge is sitting on a panel to hear the case
Concurring Opinion - Answers - If more than one judge is hearing a cse,
some members of the court may choose to write a separate opinion
Dissenting Opinion - Answers - an opinion that disagrees with both of the
reasoning and the conclusion of the majority opinion
Morals - Answers - an individual's internal compass as to what is right and
wrong
Ethics - Answers - an external system of right and wrong
Moral Action - Answers - requires moral awareness, moral standard, moral
intent, moral courage
Moral Awareness - Answers - the person must understand that a moral
problem exists
Moral Intent - Answers - they must be invested enough in the controversy
to do something
Moral Courage - Answers - courage to take action and do what is moral
Teleological School of Thought - Answers - primarily concerned with the
outcomes of actions
Utilitarianism - Answers - idea that a moral action creates the greatest
amount of happiness for the greatest amount of people (teleological)
Deontological School of Thought - Answers - looks at the act themselves in
determining the ethicality of an action, irrespective of the consequences
Virtue Ethics School of Thought - Answers - focuses not on actions or the
consequences of those actions but instead focuses on the motivations and
character of the person
Advantages of a Sole Proprietorship - Answers - Owner is in complete
control and receives all profits, Flexibility, Ease of creation; maintenance
Functions of laws - Answers - Keep the peace, Enforce rules to maintain
order, Facilitate planning, Promote social justice, Prevent undesirable
behavior, Settle private and public disputes, Provide clear rules on how
institutions (like governments) should run
Risk management - Answers - an evaluation of risks and how to minimize
those risks
Jurisprudence - Answers - the study of law
Administrative Law - Answers - Regulates aspects of how business is
conducted and attempts to mitigate some of the harms created by business
Judicial Review - Answers - the court has the power to find any law
unconstitutional. The court has the final say on how the constitution should
be interpreted and applied
PreTrial - Answers - begins with the pleadings, complaint is filed
Trial - Answers - trial by jury
PostTrial - Answers - either party can appeal the judgement
IRAC - Answers - Issue, Rule, Analysis, Conclusion
Issue - Answers - What question the court must decide
Rule - Answers - What laws, precedent, or principles must the court us to
answer the question?
Analysis - Answers - How does the court answer the question (longest part)
Conclusion - Answers - What is the court's answer to the question?
, Majority Opinion - Answers - a judgement based on the majority if more
than one judge is sitting on a panel to hear the case
Concurring Opinion - Answers - If more than one judge is hearing a cse,
some members of the court may choose to write a separate opinion
Dissenting Opinion - Answers - an opinion that disagrees with both of the
reasoning and the conclusion of the majority opinion
Morals - Answers - an individual's internal compass as to what is right and
wrong
Ethics - Answers - an external system of right and wrong
Moral Action - Answers - requires moral awareness, moral standard, moral
intent, moral courage
Moral Awareness - Answers - the person must understand that a moral
problem exists
Moral Intent - Answers - they must be invested enough in the controversy
to do something
Moral Courage - Answers - courage to take action and do what is moral
Teleological School of Thought - Answers - primarily concerned with the
outcomes of actions
Utilitarianism - Answers - idea that a moral action creates the greatest
amount of happiness for the greatest amount of people (teleological)
Deontological School of Thought - Answers - looks at the act themselves in
determining the ethicality of an action, irrespective of the consequences
Virtue Ethics School of Thought - Answers - focuses not on actions or the
consequences of those actions but instead focuses on the motivations and
character of the person
Advantages of a Sole Proprietorship - Answers - Owner is in complete
control and receives all profits, Flexibility, Ease of creation; maintenance
