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SOM 122 Midterm > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

ethics

A

beliefs about what is right and wrong or good and bad in actions that affect others

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2
Q

ethical behavior

A

behavior that conforms to individual beliefs and social norms about what’s good or bad

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3
Q

unethical behavior

A

behavior that conforms to individual beliefs and social norms about what is defined as wrong and bad

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4
Q

business ethics

A

ethical or unethical behavior by employees and managers in the context of their jobs

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5
Q

managerial ethics

A

standards of behavior that guide individual managers in their work

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6
Q

conflict of interest

A

activity may benefit the individual to the the detriment of the employer

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7
Q

primary agents of interest

A

customers, competitors, stockholders, suppliers, dealers, unions

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8
Q

ponzi scheme

A

using funds from new clients to pay the returns to the old clients (Madoff)

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9
Q

Assessing Ethical Behavior

A

Gather relevant factual info
Analyze the facts to determine the most appropriate moral values
Make ethical judgment based on the rightness or wrongness of the proposed activity or policy

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10
Q

Ethical Norms

A

utility
rights
justice
caring

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11
Q

utility

A

an act that optimizes the benefits to all parties

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12
Q

rights

A

respect the rights of all

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13
Q

justice

A

consistent with what is fair

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14
Q

caring

A

people’s responsibilities to one another

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15
Q

How do Companies Formalize Top Management Commitment

A

Adopting written codes

Instituting Ethics Programs

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16
Q

social responsibility

A

attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other business, employers, investors, and local communities

17
Q

organizational stakeholders

A

groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

18
Q

what do companies that strive to be responsible focus on

A 
customer
employees
investors
suppliers
local and international communities
19
Q

consumerism

A

form of social activism dedicated to protecting the rights of consumers in their dealing with business

20
Q

collusion

A

illegal agreement between two or more companies to commit a wrongful act

21
Q

price gouging

A

responding to increased demand with overly steep price increases

22
Q

whistle blower

A

employee who detects and trues to put an end to a company’s unethical, illegal, or social irresponsible actions by publicizing them

23
Q

insider trading

A

illegal practice of using special knowledge about a firm for gain or for profit

24
Q

Sarbanes-Oxley Act

A

requires an organizations CFO to personally guarantee the accuracy of all financial reportings

25
Q

Approaches to social responsibility

A

obstructionist stance
defensive stance
accommodative stance
proactive stance

26
Q

obstructionist stance

A

involves doing as little as possible and may involve attempts to deny or cover up violations

27
Q

defensive stance

A

a company meets only the minimum legal requirements in its commitments to groups and individuals

28
Q

accommodative stance

A

a company, if specifically asked to do so, exceed the legal minimums

29
Q

proactive stance

A

company actively seeks for opportunities to contribute to the well beings of groups and individuals

30
Q

regulation

A

establishment of laws and rules that dictate what organizations can and cannot do

31
Q

lobbying

A

use of persons to formally represent an organization or groups of organizations before political bodies

32
Q

political action committees

A

special organization created to solicit money and they distribute to political candidates

33
Q

how do businesses influence government

A

personal contacts
lobbying
political action committees
favors

34
Q

formal organizational dimensions

A

legal compliance
ethical compliance
philanthropic giving

35
Q

legal compliance

A

extent to which the organization conforms to local, state, federal, and international laws

36
Q

ethical compliance

A

extent to which the members of the organization follow basic and ethical legal standards of behavior

37
Q

philanthropic giving

A

awarding of funds or gifts to charities or other worthy causes

38
Q

informal organizational dimensions

A

leadership

whistle blowing

39
Q

corporate social audit

A

formal and thorough analysis of the effectiveness of a firm’s social performance

SOM 122 Midterm (6 decks)

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