Question 1One major difference between fraud and a mistake is:1 pointConcealmentCover-upThe actConversion (benefit to the perpetrator)

The major difference between fraud and a mistake is the element of "Concealment".

Here's why:

1. Fraud is a deliberate act of deception intended for personal gain or to cause a loss to another party. The key word here is 'deliberate'. This means the person committing fraud is aware of their actions and intends to deceive.

2. A mistake, on the other hand, is an action or judgment that is misguided or wrong. This is not done deliberately and there is no intent to deceive or cause harm.

3. The option "Concealment" fits into the definition of fraud because it involves hiding the truth. A person committing fraud will often try to conceal their actions to avoid detection.

4. The other options "Cover-up", "The act", and "Conversion (benefit to the perpetrator)" can also be associated with fraud, but they are not what primarily distinguishes fraud from a mistake.

So, the major difference between fraud and a mistake is the element of "Concealment".