Which of the Following Statements Accurately Distinguishes Between Laws and Ethics

question 79

Multiple Choice

Which of the following statements accurately distinguishes between laws and ethics?

• A)Ethics deal with personal and moral principles while laws are society's values and are enforceable in the courts.
• B)Ethics deal with internal (personal)issues, and laws deal with external (social)issues.
• C)Ethics deal with religious and moral beliefs, and laws deal with social, economic, and environmental behaviours.
• D)Laws reflect the beliefs of the majority, and ethics reflect the beliefs of smaller individual segments of society.

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Definitions:

New Partner

An individual who joins an existing partnership, contributing capital, and sharing in profits, losses, and liabilities.

Unlimited Liability

A legal structure where a business owner or partners are personally responsible for the debts of the business.

General Partner

An owner of a partnership who has unlimited liability and is active in the management of the partnership.

Capital Balance

The amount of money that a partner has invested in a partnership minus any withdrawals or distributions.