Ch. 3 Business Ethics and Social Responsibility

Question 1

Code of Ethics

Answer 1

formalized rules and standards that describe what a company expects of its employees

Question 2

Consumerism

Answer 2

the activities that independent individuals, groups, and organizations undertake to protect their rights as consumers

Question 3

Corporation Citizenship

Answer 3

the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders

Question 4

Ethical Issue

Answer 4

an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical

Question 5

Social Responsibility

Answer 5

a business’s obligation to maximize its positive impact and minimize its negative impact on society

Question 6

Whistleblowing

Answer 6

the act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies