Regulatory Policy Flashcards

Questions and Answers

What must businesses do in order to meet legal and financial regulations?

Disclose information about sales with the media

Disclose product details to the competition

Report their revenue and earnings to the government (correct)

Report details of advertising revenue to managers

Which of these regulations is established at the federal level?

The pay for minimum-wage employees (correct)

The requirements employees must meet

The hours a business can stay open

The types of goods a market can sell

What do OSHA and the SEC have in common?

Both operate independently

Both are overseen by the Bureau of Labor

Both create and enforce regulations (correct)

Both focus on protecting employee finances

What does the FCC regulate?

Communications infrastructure Signup and view all the answers

Which of these laws was created in order to directly protect consumers?

Product safety laws Signup and view all the answers

What are the roles of the FCC in the US? Check all that apply.

Assigning frequencies to television, radio, cable, and satellite providers Signup and view all the answers

How are government regulations established?

Specialized executive agencies respond to a new policy by creating regulations Signup and view all the answers

An economy that balances government intervention with free enterprise is known as a

Mixed market Signup and view all the answers

______________ is defined as the government requiring businesses to perform specific procedures.

Regulation Signup and view all the answers

What happens if regulatory policies for a business are violated?

Fines and sanctions are applied Signup and view all the answers

Study Notes

Regulatory Compliance and Reporting

Businesses must report revenue and earnings to the government to meet legal and financial regulations.
Transparency regarding sales is essential, but media disclosure is not a requirement.

Federal Regulations

Minimum wage pay is regulated at the federal level, impacting employees nationwide.
Local and state regulations may govern hours and types of goods sold by businesses.

Regulatory Bodies

OSHA (Occupational Safety and Health Administration) and SEC (Securities and Exchange Commission) create and enforce regulations to protect employee safety and financial markets.

FCC Regulations

The FCC (Federal Communications Commission) regulates communications infrastructure, essential for broadcasting and telecommunications.
It assigns frequencies to various media providers, ensuring efficient communication.

Consumer Protection Laws

Product safety laws are specifically designed to protect consumers and ensure safe goods in the market.

FCC Roles

The FCC ensures communication technology compatibility and regulates various communication services.
It does not establish safety standards for chemicals or investigate workplace complaints, which are outside its jurisdiction.

Establishment of Government Regulations

Specialized executive agencies are responsible for creating regulations in response to new policies set by lawmakers.

Economic Systems

A mixed market economy combines government intervention with free enterprise, balancing economic freedoms with regulatory oversight.

Definition of Regulation

Regulation involves the government's requirement for businesses to follow specific procedures, ensuring compliance with the law.

Consequences of Violating Regulatory Policies

Violating regulatory policies can lead to fines and sanctions against a business, reinforcing the importance of compliance for operational integrity.

Description

Test your knowledge of regulatory policies and their implications for businesses. This set of flashcards covers important concepts, definitions, and federal regulations that companies must adhere to. Challenge yourself to understand the legal requirements affecting financial reporting and market regulations.