Which term refers to the act of misleading or withholding information?

The term "equivocate" appropriately refers to the act of misleading or withholding information, often by using ambiguous language that allows for multiple interpretations. When someone equivocates, they may not provide straightforward answers but instead speak in a way that can be interpreted differently by different people, effectively allowing them to avoid commitment to a specific stance or fact. This makes it a particularly useful term in contexts where clarity and honesty are required, but the speaker deliberately chooses to obfuscate the truth.

The other terms listed do not fit this definition in the same way. "Exculpate" refers to the act of clearing someone from blame or accusations, which is the opposite of misleading. "Eulogy" is a speech or tribute given in honor of someone who has passed away, showing respect rather than misdirection. "Euphemism" is a figure of speech used to soften harsh realities, which does not necessarily imply deceit but rather a gentler way of expressing an idea. Hence, "equivocate" is the most fitting choice in this context.