LESSON 1 FINALS

Question 1

is the process or procedure to ensure that an organization
follows relevant laws, regulations and business rules.

Answer 1

Legal compliance

Question 2

within an organization is done for the benefit of the company
and the employees.

Answer 2

Ethical compliance

Question 3

can both reduce the chances of a workplace lawsuit
and help to create a positive work environment.

Answer 3

ethical standards

Question 4

includes the negotiation and execution of the contracts and other
legal documents associated with the acquisitions and endeavors of an organizations.

Answer 4

legal obligations

Question 5

simply means the legal responsibility for one’s actions and omissions, and the
obligation to compensate the person harmed by those acts or omissions.

Answer 5

Liability

Question 6

Is the legal responsibility to meet one’s financial and performance
obligations included within a contract.

Answer 6

Contractual liability

Question 7

may result from misrepresentation or the failure to inform, provide
accurate information, investigate, or deliver.

Answer 7

Professional liability

Question 8

is concerned with wrongful acts or non-contractual duties that allow an injured
person to obtain compensation from the person or entity that caused the harm or loss

Answer 8

Tort law

Question 9

is the thorough and objective investigation to determine the accuracy of
claims made by parties to a transaction and to evaluate the financial and organizational
stability, the conditions that may cause harm, and the technical capacity and/or
infrastructure necessary to deliver on those claims

Answer 9

Due diligence

Question 10

an agreement that is enforceable at law. It is a primary tool through
which institution’s govern relationships and understanding with the other party.

Answer 10

Contracts

Question 11

Contracts should contain anything that is important to both parties, and parties
can agree to anything that is not illegal or against public policy. T OR F

Answer 11

TRUE

Question 12

include concerns of quality, value, and honesty as well
as the category of corporate responsibility.

Answer 12

Ethical issues

Question 13

Involves a sense of protection in offering safe products
for consumers that are created through decent working environments for the
people who manufacture or create them.

Answer 13

Corporate responsibility

Question 14

is a branch of medicine which is concerned with the
intersection of work and health.

Answer 14

Occupational health

Question 15

focuses on work practices and has a
different focus to other forms of health and safety-related activities, such as public
health, environmental protection, traffic safety, consumer protection, fire safety
and personal health.

Answer 15

Occupational health and safety (OHS)

Question 16

is a systematic approach to identifying what can go wrong
in a situation. involves anticipating a specific hazard based on specific
events or known risks at local, national, regional or even global levels, and
establishing operational procedures for response, based on expected resource
requirements and capacity.

Answer 16

Contingency planning

Question 17

represents a written plan or series of steps a
company takes to ensure if remains a going concern. These plans are often put in to
action when a company needs to recover from a disaster or put new management
into place to maintain future business operations.

Answer 17

Business continuity planning

Question 18

is a term used to describe the consumption of resources that
occurs when a company sustains financial losses in the course of conducting
business.

Answer 18

Risk financing

Question 19

Assuming
there are two or more partners in the business venture, each partner agrees to
assume a percentage of the risk, and creates their own reserves to manage that
risk.

Answer 19

risk pooling

Question 20

is a life insurance policy with special arrangements made for
the payment of the policy premiums.

Answer 20

Financed insurance

Question 21

can be an investment vehicle and an integral part of a wealth
transfer plan for high worth individuals.

Answer 21

Life insurance