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

CSR refers to a company's voluntary efforts to operate ethically, contribute to societal goals, and consider stakeholder interests beyond profit.

Question 2

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

Accepted Answer

Thoroughly investigating and verifying information before completing a deal

Answer

Due diligence is the comprehensive investigation of a business or investment opportunity to verify facts and identify risks before proceeding.

Question 3

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

Accepted Answer

Federal Trade Commission (FTC)

Answer

The FTC (Federal Trade Commission) enforces antitrust laws and works to prevent unfair or deceptive business practices.

Question 4

What is 'whistleblowing' in a business ethics context?

Accepted Answer

Reporting illegal or unethical conduct within an organization

Answer

Whistleblowing involves an employee or insider reporting misconduct, fraud, or illegal activity within their organization to authorities.

Question 5

What is a 'trademark'?

Accepted Answer

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

Answer

A trademark is a recognizable sign or symbol that distinguishes a company's products or services from competitors.

FBLA - Future Business Leaders of America Practice Test