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