Kaitlyn Understands That Even Small Businesses Like Her Local Catering

question 144

Multiple Choice

Kaitlyn understands that even small businesses like her local catering business have certain responsibilities to society. She knows that she must abide by the laws that apply to her business and try to make a profit. What are the other obligations Kaitlyn should know?

• A)Ethical and moral
• B)Economic and ethical
• C)Philanthropic and legal
• D)Environmental and ethical
• E)Ethical and philanthropic

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Definitions:

Altered Instrument

A legal term referring to a document, particularly a negotiable instrument, that has been illegally modified in a way that changes its original terms.

Collateral

Under Article 9 of the Uniform Commercial Code, the property subject to a security interest.

Impair

To weaken or damage something, especially a legal right, financial value, or physical condition.

FTC Rule 433

Known as the "Holder in Due Course" rule, it protects consumers entering into a credit transaction by preserving their right to assert claims against the seller, even when the debt is sold to a third party.