BLAW 200 — Quiz 1 Review Sheet Flashcards

Comprehensive practice flashcards covering key civil and criminal legal principles, constitutional clauses, government hierarchy, ethics, and regulatory laws for BLAW 200 Quiz 1 review.

What is the Moral Minimum in business ethics?

The Moral Minimum is simply complying with the law, representing the lowest ethical standard society will tolerate. Legal behavior does not automatically mean ethical behavior.

How do Duty-Based Ethics and Outcome-Based Ethics (Utilitarianism) differ?

Duty-Based Ethics evaluates whether the act itself is inherently right or wrong based on absolute standards regardless of outcome. Outcome-Based Ethics (Utilitarianism) evaluates consequences to achieve the greatest good for the greatest number using cost-benefit analysis.

What is a stakeholder and what is the difference between profit maximization and optimal profits?

A stakeholder is anyone affected by a business decision (employees, owners, suppliers, customers, community, retirees). Profit maximization focuses strictly on maximizing profits, whereas optimal profits seeks maximum profit while avoiding improper harm to stakeholders.

What does the Foreign Corrupt Practices Act (FCPA) prohibit and what exception does it allow?

The FCPA prohibits bribing foreign government officials to influence discretionary decisions for business opportunities. It permits "grease payments" to minor officials to accelerate routine, ministerial administrative actions if lawful in that country.