Final answer:
The correct action when approaching a school bus that is loading or unloading is to stop and wait until the process is finished to ensure the safety of students.
Step-by-step explanation:
When approaching a school bus that is loading or unloading students, the correct action to take is to stop and wait until the bus has finished its process. This is a critical safety rule designed to protect students who might be crossing the road in front of or behind the bus. It is not only a best practice for safety but also a legal requirement in many places. Honking, driving around, or speeding past the bus could lead to dangerous situations and is against traffic safety rules.