Mgmt 2 Study guides, Class notes & Summaries

What are the purposes of tort law? CORRECT ANSWER - Appeasement - Justice - Deterrence - Social Insurance A tort's purpose it to make guilty party pay Appeasement CORRECT ANSWER the purpose of the law is to limit the negative impact of the infliction of injury to the event of the injury itself Justice CORRECT ANSWER Ethical retribution and Ethical compensation Ethical retribution CORRECT ANSWER places emphasis on the fact that the payment of compensation is harmful to the tortfeas...

MGMT 200 Exam #2 Purdue Questions with 100% Correct Answers | Latest Version 2024/2025 | Expert Verified | Ace the Test

MGMT 200 (Purdue) Exam 2| QUESTIONS WITH COMPLETE SOLUTION

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no...

MGMT 2103 UARK Exam 2 Questions And Answers With Latest Updates MGMT 2103 UARK Exam 2 Questions And Answers With Latest Updates

NLRB v. Mackay Radio & Telegraph Co. CORRECT ANSWER This doctrine clearly establishes the legality of using permanent strike replacements in economic strikes NLRB v. Washington Aluminum Co. CORRECT ANSWER non-unionized workers walk off job and protest due to poor conditions = fired = firing is ruled illegal by NLRB due to activity of mutual aid/ protection Anti-Injunction Act CORRECT ANSWER see Norris- LaGuardia Act of 1932. 1) Outlawed "yellow dog contracts". 2) makes it difficult for emp...

Is contract law statutory or common law? CORRECT ANSWER Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts CORRECT ANSWER Dictate Performance Allocate Risk Contract law definition CORRECT ANSWER System of rules for enforcing promises and the breaking of promises Least cost avoider of risks CORRECT ANSWER Better at minimizing costs associated with risks Efficient legal rules are one that enforce ...

MGMT 200 (Purdue) Exam 1| 150 QUESTIONS| WITH COMPLETE SOLUTIONPreparing a budget for a business is considered A. financial accounting. B. managerial accounting B Accounting is the information system that A. measures business activities B. communicates the results to decision makers C. processes information into reports D. all of the above. D Which of the following is not an external user of a business's financial information? A. Taxing authorities B. Customers C. Employees D. Investors C Which...