Business Ethics

Question 1

Ethics is defined as the….

Answer 1

discipline dealing with what is good and bad and with moral duty and obligation

Question 2

are ethics of business different from social ethics?

Answer 2

Yes

Question 3

What is conflict of interest?

Answer 3

A conflict of interest involves a person or entity that has two relationships competing with each other for the person’s loyalty. For example, the person might have a loyalty to an employer and also loyalty to a family business.

Question 4

WHAT ARE 2 TESTING TECHNIQUES IN ETHICAL DECISION-MAKING

Answer 4

Mirror test

Consequences test

Question 5

4 Examples of Socially Responsible activities?

Answer 5

Environmental efforts
 Philanthropy
 Ethical labor practices
 Volunteering

Question 6

The Code requires that chartered accountants should comply with five fundamental principles of professional ethics which are as follows:

Answer 6

 integrity
 objectivity
 professional competence and due care
 confidentiality
 professional behavior

Question 7

_ is defined as “set of moral principles which guide organizations what is right, wrong, and appropriate in the workplace.

Answer 7

Business ethics

Question 8

_is defined as “conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues”

Answer 8

Corporate Social Responsibility