American Business Merit Badge Requirements

Requirements

1. # Copy link to requirement 1
   Do the following:
   1. # Copy link to requirement 1.a
      Explain four features of the free enterprise system in the United States. Describe the difference between freedom and license. Tell how the Scout Oath and Scout Law apply to business and free enterprise.
   2. # Copy link to requirement 1.b
      Describe the Industrial Revolution and tell about the major developments that marked the start of the modern industrial era in the United States. Discuss three people who had a great influence on business or industry in the United States and describe what each did.
   3. # Copy link to requirement 1.c
      Identify and describe to your counselor the five primary areas of business.
   4. # Copy link to requirement 1.d
      Explain the history of labor unions in the United States and the importance of labor unions and employers working together. Identify two major labor unions currently in existence.
   5. # Copy link to requirement 1.e
      Discuss with your counselor how business impacts the local, national, and global economy.
2. # Copy link to requirement 2
   Do the following:
   1. # Copy link to requirement 2.a
      Explain the three basic types of financial statements (income statement, balance sheet, and statement of cash flows). Discuss with your counselor how each statement can help business leaders make better decisions.
   2. # Copy link to requirement 2.b
      Explain how changes in interest rates, taxes, and government spending affect the flow of money into or out of business and industry.
   3. # Copy link to requirement 2.c
      Explain how a sole proprietorship, partnership, or limited liability company gets its capital. Discuss and explain four ways a corporation obtains capital.
   4. # Copy link to requirement 2.d
      Name five kinds of insurance useful to business. Describe their purposes.
3. # Copy link to requirement 3
   Do the following:
   1. # Copy link to requirement 3.a
      Explain the place of profit in business.
   2. # Copy link to requirement 3.b
      Describe to your counselor green marketing and sustainable business practices.
   3. # Copy link to requirement 3.c
      Explain how ethics plays a role in business decision making.
   4. # Copy link to requirement 3.d
      Discuss the differences between operating a brick-and-mortar business versus an online business.
4. # Copy link to requirement 4
   Describe the role of the U.S. Department of Labor. Discuss TWO of the following topics with your counselor:
   1. # Copy link to requirement 4.option1
      Fair Labor Standards Act (FLSA)
   2. # Copy link to requirement 4.option2
      Occupational Safety and Health Act (OSHA)
   3. # Copy link to requirement 4.option3
      Family and Medical Leave Act (FMLA)
   4. # Copy link to requirement 4.option4
      Employee Retirement Income Security Act (ERISA)
5. # Copy link to requirement 5
   Choose a business and research how it applies to each of the primary areas of business (accounting, finance, economics, marketing, and management). Share what you have learned with your counselor.
6. # Copy link to requirement 6
   Do ONE of the following:
   1. # Copy link to requirement 6.a
      Choose one of the primary areas of business and identify three career opportunities. Select one and research the education, training, and experience required for this career. Discuss this with your counselor and explain why this interests you.
   2. # Copy link to requirement 6.b
      Select a business leader and interview this individual to learn more about his or her company and career path. Discuss the role ethics plays in making business decisions. Share what you have learned with your counselor.