Unit 1 - Ethical Business Principles (15)

Question 1

Code of ethics should reflect

Answer 1

Ethical business principles.

Question 2

Ethics in business refers to

Answer 2

Principles and standards that guide its conduct.

Question 3

Business ethics determines

Answer 3

the manner whereby it conducts its internal relations and how it interacts with third parties.

Question 4

Goal of business ethics is to

Answer 4

Help managers decide what’s right and wrong and how to achieve the right and avoid the wrong.

Question 5

Businesses must develop a set of

Answer 5

Values and morals for its management and employees based on generally accepted behaviour and organisation values. These values are stated in the code of ethics.

Question 6

Business principles addressed in code of ethics

Answer 6

Integrity
Professionalism
Objectivity
Diligence
Competence
Accountability
Service delivery
Transparency
Fairness

Question 7

Integrity

Answer 7

Probably the most important because it influences the entire culture and image of a business. Integrity implies honesty, fairness, ethics and moral character. It means doing the right thing even if you don’t gain personally from it. It includes sincerity, keeping your word and agreements, truthfulness and justice.

Question 8

Professionalism

Answer 8

Includes attitude, communication, the way you work, view yourself and the people you work with.

Question 9

Objectivity

Answer 9

Involves trying to reduce bias, prejudice or subjective evaluations by relying on verifiable data.

Question 10

Transparency

Answer 10

Implies openness, communication & accountability. Means operating in a way that it is easy for others to see what actions are performed.

Question 11

Service delivery

Answer 11

Main goal should be to deliver products or services of a high quality to their customers. Deliver what they promised when they promised it.

Question 12

Diligence

Answer 12

Paying proper attention to a task and being very thorough. Hard and persistent effort when doing a task. This influences the productivity and the profitability of the business.

Question 13

Competence

Answer 13

Ability to do job properly. Promise from business that their employees have the necessary skills, knowledge & experience.

Question 14

Accountability

Answer 14

Is the obligation to account for its activities, accept responsibility and disclose results in a transparent manner.

Question 15

Fairness

Answer 15

Means being just to all parties, impartial and free of favouritism.