Define Business Ethics
Comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from the legal system that primarily guide individual and group behavior in business
When do ethical decisions occur?
when accepted rules no longer serve and decision makers must weigh values and reach a judgment
Define these 3 words:
a) Refer to a person’s personal philosophies about what is right or wrong
b) Specific and pervasive boundaries for behavior that should not be violated
c) Enduring beliefs and ideals that are socially enforced
Name examples for misconduct inthe workplace.
Misuse of company resources
Conflicts of interest
Name the 4 principles of JFKs Consumer Bill of Rights.
to be informed
to be heard
What was the goal of the Corporate social responsibility?
an organization’s obligation to maximize positive impact and minimize negative impact on stakeholders
Name three goals of The Federal Sentencing Guidelines for Organizations (FSGO) in 1991 and name on which initiative it was founded.
- Set tone for compliance
- Preventative actions against misconduct
- A company could avoid/minimize potential penalties
Defense Industry Initiative on Business Ethics and Conduct (DII)
What was the goal of the Sarbanes-Oxley Act (2002)?
Increased accounting regulations