1. What is the difference between lying and fraud?

2. Public company directors spend an average of 219 hours [per year] on their responsibilities. Discuss this fact: is it good or bad? What does it indicate about corporate governance?

3. In what ways does the U.S. legal system/laws strive to reduce conflicts of interest in business? Be sure to identify particular laws when possible in your answer.

4. What are concerns about high executive pay? "According to the AFL-CIO, the average CEO compensation of an S&P 500 index company is nearly $12.5 million, approximately 335 times the average worker making $36,900" (p.46). Explain why this might AND might not be problematic.