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Understanding various laws affecting hiring, trade, taxes, and consumer protection is crucial in business. Learn about Equal Opportunity Employment Commission, wrongful termination, Fair Labor Standards Act, OSHA regulations, trade issues, price discrimination, and tax obligations.
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PowerPoint Presentation • Section 8.2 • Pages 128-137
8.2 Handling Government Regulations What you’ll learn • The laws that affect the hiring of employees • The laws dealing with trade issues • The laws dealing with taxes
8.2 Handling Government Regulations Why it’s important • Handling government regulation is an ongoing expense • Learning regulations while researching business can prevent problems.
8.2 Handling Government Regulations Key Terms Equal Opportunity Employment Commission wrongful termination price discrimination Uniform Commercial Code warranty of merchantability bait-and-switch FICA
8.2 Handling Government Regulations I. BUSINESS LAWS
8.2 Handling Government Regulations II. LAWS THAT AFFECT EMPLOYEES There are many laws that affect the hiring, firing, and paying of employees.
8.2 Handling Government Regulations III. LAWS AGAINST DISCRIMINATION OF HIRING A. The Equal Employment Opportunity Commission (EEOC)protects the rights of employees.
8.2 Handling Government Regulations B. The EEOC ensures that employers do not discriminate based on age, race, color, national origin, religion, gender, or physical challenge.
8.2 Handling Government Regulations IV. WRONGFUL TERMINATION When an employee is fired for reasons, it is called wrongful termination.
8.2 Handling Government Regulations V. EQUAL PAY ACT OF 1963 This act states that all employers must pay men and women the same wage for the same work.
8.2 Handling Government Regulations VI. FAIR LABOR STANDARDS ACT A. The Fair Labor Standard Act established a minimum wage and maximum working hours.
8.2 Handling Government Regulations B. Children under 16 cannot work full time, unless employed by their parents.
8.2 Handling Government Regulations VII. OCCUPATIONAL SAFETY AND HEALTH ACT OSHA was passed in 1970 to ensure safe and healthy employee working conditions.
8.2 Handling Government Regulations VIII. DEALING WITH TRADE ISSUES Key trade laws were created to preserve competition and fairness in the workplace.
8.2 Handling Government Regulations IX. PRICE DISCRIMINATION Price discrimination occurs when a business sells the same product to different people at different prices.
8.2 Handling Government Regulations X. CONSUMER PROTECTION Most laws are designed to protect consumers. A. Unscrupulous sellers B. Unreasonable credit terms C. Unsafe products D. Mislabeling of products
8.2 Handling Government Regulations XI. THE FOOD AND DRUG ADMINISTRATION The FDA researches and tests new products, and inspects the operations of food and drug manufacturers.
8.2 Handling Government Regulations XII. THE CONSUMER PRODUCT AND SAFETY COMMISSION The CPSC creates safety standards for products.
8.2 Handling Government Regulations XIII. THE CONSUMER PRODUCT AND LABELING ACT
8.2 Handling Government Regulations A. The Consumer Product and Labeling Act requires that manufacturers truthfully list all raw materials used in the production of products.
8.2 Handling Government Regulations B. It also requires that a product’s size and weight be on the label.
8.2 Handling Government Regulations XIV. THE UNIFORM COMMERCIAL CODE A. The Uniform Commercial Code (UCC) applies to sales transactions between merchants.
8.2 Handling Government Regulations B. The UCC covers everything from sales to bank deposits and investment securities.
8.2 Handling Government Regulations XV. FORMATION OF CONTRACTS A valid contract includes the terms of price, place, delivery date, and quantity.
8.2 Handling Government Regulations XVI. WARRANTIES AND PRODUCT LIABILITY A warranty of merchantability assures that a product is of at least average quality and fit for the purpose for which it was intended.
8.2 Handling Government Regulations XVII. TRUTH IN LENDING A. The Truth in Lending Act requires those who give credit to reveal all the terms and conditions of their credit agreement.
8.2 Handling Government Regulations B. The Truth in Lending Act is regulated by the FTC and applies to anything purchased over a period of time greater than four months.
8.2 Handling Government Regulations XVIII. TRUTH IN ADVERTISING • Misleading ads are illegal. B. Sales prices only may be offered after regular prices have been established.
8.2 Handling Government Regulations C. Price comparisons must include actual sold-for amounts. D.Bait-and-switch advertising uses a lower priced item to lure potential customers into a store.
8.2 Handling Government Regulations XIX. PAYING TAXES All business owners whose goal is to make a profit are responsible for certain taxes.
8.2 Handling Government Regulations A.Sales tax: a percentage of the price of an item that goes to a state or local government. B. Payroll tax: deducted from employee earnings.
8.2 Handling Government Regulations C.FICA: Federal Insurance Contribution Act, also known as social security. D. The Federal Unemployment Tax Act (FUTA): designed to help workers who are temporarily unemployed.
8.2 Handling Government Regulations E. Business Income Tax: federal and possibly state and local taxes on the income a business earns.
8.2 Handling Government Regulations XX. GETTING LEGAL ADVICE A.American Bar Association B. National Resource Center for Consumers of Legal Services
8.2 Handling Government Regulations C. Commissioner of Patents and Trademark D. IRS E. Local Library F. Internet
End of Section 8.2 8.2 Handling Government Regulations
