Business Law and Ethics Flashcards
6 cards from real FBLA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Business Law and Ethics flashcards as text
What is 'corporate social responsibility' (CSR)?
Answer: A business's commitment to ethical behavior and positive social impact
CSR refers to a company's voluntary efforts to operate ethically, contribute to societal goals, and consider stakeholder interests beyond profit.
What does 'due diligence' mean in a business transaction?
Answer: Thoroughly investigating and verifying information before completing a deal
Due diligence is the comprehensive investigation of a business or investment opportunity to verify facts and identify risks before proceeding.
Which federal agency enforces U.S. antitrust laws to prevent anti-competitive business practices?
Answer: Federal Trade Commission (FTC)
The FTC (Federal Trade Commission) enforces antitrust laws and works to prevent unfair or deceptive business practices.
What is 'whistleblowing' in a business ethics context?
Answer: Reporting illegal or unethical conduct within an organization
Whistleblowing involves an employee or insider reporting misconduct, fraud, or illegal activity within their organization to authorities.
What is a 'trademark'?
Answer: A word, symbol, or design that identifies a company's goods or services
A trademark is a recognizable sign or symbol that distinguishes a company's products or services from competitors.
Which type of business ownership involves two or more people sharing management and profits?
Answer: Partnership
A partnership is a business owned and operated by two or more individuals who share responsibilities, profits, and liabilities.