Regulatory compliance basics and business ethics concepts from an intro business law course.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What government body enforces federal trade laws and protects consumers?
- The Federal Trade Commission (FTC)
- Define fiduciary duty in business law.
- A legal obligation to act in another person's or organization's best interest, not one's own
- What is insider trading?
- Trading securities using material non-public information obtained through one's position
- Which US law requires public companies to maintain accurate financial records and internal controls?
- Sarbanes-Oxley Act (SOX), enacted in 2002
- Define whistleblowing.
- Reporting illegal, unethical, or unsafe conduct by an organization to authorities or the public
- What does the SEC regulate?
- Securities markets and the companies that issue stocks and bonds
- Define conflict of interest.
- A situation where a person's personal interests could improperly influence their business decisions
- What are antitrust laws designed to prevent?
- Monopolistic practices and unfair competition that harm consumers
- What is the General Data Protection Regulation (GDPR)?
- European Union law regulating how personal data is collected, stored, and used
- Define due diligence.
- A thorough investigation of a company or asset before entering a business transaction
- What government agency enforces workplace safety standards?
- The Occupational Safety and Health Administration (OSHA)
- Define breach of contract.
- Failure to perform obligations required by a valid, binding contract
- What is civil liability?
- Legal responsibility to pay damages to another party for harm caused
- What is criminal liability?
- Legal responsibility for committing a crime, which can result in imprisonment and fines
- Define corporate governance.
- The system of rules, practices, and processes by which a company is directed and controlled