Business Ethics - Chapter 1

Questions for Chapter 1

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Flip-Modus

Principles are

laws and regulations that guide behavior in the world of business.

mores, values, and customs that guide behavior in general.

specific and pervasive boundaries for behavior that are universal and absolute.

the obligations businesses assume to maximize their positive impact and minimize their negative impact on stakeholders.

the mores, values, and customs that parents teach their children.

Social responsibility is

an organization's obligation to maximize its positive effects and minimize its negative effects on stakeholders.

principles and standards that guide behavior in the world of business.

a business's responsibility not to pollute the environment.

a business's responsibility to manufacture products that function properly.

charitable contributions made by a business to enhance its image.

The ___was/were enacted to restore confidence in financial reporting and business ethics after the accounting scandals of the early 2000s.

Defense Industry Initiative on Business Ethics and Conduct

Sarbanes-Oxley Act

Federal Sentencing Guidelines for Organizations

Foreign Corrupt Practices Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

The term business ethics is best described by the following statement:

It is the study and philosophy of human conduct, with an emphasis on determining right and wrong.

It is an "inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards and rules of conduct."

It is the "study of the general nature of morals and of specific moral choices; moral philosophy; and the rules or standards governing the conduct of the members of a profession."

It is an organization's obligation to maximize its positive effects and minimize its negative effects on stakeholders.

It comprises the principles, values, and standards that guide behavior in the world of business.

Which of the following is not one of the rights spelled out by John F. Kennedy in his "Consumers' Bill of Rights"?

The right to choose

The right to safety

The right to be informed

The right to be ethical

The right to be heard

During the 1990s the institutionalization of business ethics was largely driven by which piece of legislation?

Sarbanes-Oxley Act

Federal Sentencing Guidelines for Organizations

Dodd-Frank Wall Street Reform and Consumer Protection Act