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List of Benchmarks for Business Education

Standard 18.Understands how ethics, government, and different forms of business ownership affect the entrepreneurial venture
  Level IV (Grade 9-12)
   1. Knows that even though entrepreneurs may feel overwhelmed by the number and scope of government regulations, those regulations promote competition and protect various groups or society as a whole (e.g., government sets standards for pure food and drugs)
   2. Knows that government regulations can affect the daily operations and basic decisions involved in the running of a business (e.g., what prices can be charged, what percentage of profit can be kept)
   3. Knows federal, state, and local, code, licensing, and tax requirements
   4. Knows key regulatory agencies pertaining to the operation of small businesses (e.g., Federal Trade Commission, Equal Employment Opportunity Commission, Occupational Safety and Health Administration, Environmental Protection Agency)
   5. Understands that most of the transactions done in business involve contracts (e.g., oral or written legally enforceable agreements between two or more people), and that contracts contain five basic elements (e.g., agreement, consideration, capacity, legality, mutuality of consent)
   6. Knows that choosing the type of ownership depends on many factors (e.g., personal feelings about risk, financial situation, tax laws, business needs) and that there is not one best form of ownership
   7. Knows sources available to help entrepreneurs choose a form of ownership (e.g., attorneys, accountants, Small Business Administration, clubs)