FBLA Business Law and Ethics 2

Question 1

What is 'corporate social responsibility' (CSR)?

Accepted Answer

A business's commitment to ethical behavior and positive social impact

Answer

A company's legal requirement to pay taxes

Answer

The process of auditing financial statements

Answer

A strategy for maximizing shareholder profit only

Question 2

What does 'due diligence' mean in a business transaction?

Accepted Answer

Thoroughly investigating and verifying information before completing a deal

Answer

Paying invoices on time

Answer

Filing required government reports

Answer

Training employees on compliance

Question 3

Which federal agency enforces U.S. antitrust laws to prevent anti-competitive business practices?

Accepted Answer

Federal Trade Commission (FTC)

Answer

Securities and Exchange Commission (SEC)

Answer

Consumer Financial Protection Bureau (CFPB)

Answer

Occupational Safety and Health Administration (OSHA)

Question 4

What is 'whistleblowing' in a business ethics context?

Accepted Answer

Reporting illegal or unethical conduct within an organization

Answer

Promoting company products publicly

Answer

Terminating an underperforming employee

Answer

Announcing quarterly earnings results

Question 5

What is a 'trademark'?

Accepted Answer

A word, symbol, or design that identifies a company's goods or services

Answer

Protection for an inventor's new product for 20 years

Answer

Copyright on a written work

Answer

A license to operate in a specific territory

Question 6

Which type of business ownership involves two or more people sharing management and profits?

Accepted Answer

Partnership

Answer

Sole proprietorship

Answer

Franchise

Answer

Corporation