Chapter 4

Question 1

Define ethics

Answer 1

Set of beliefs about rights and wrong

Question 2

Universal ethic standards

Answer 2

Ethical norms that apply to all people across a spectrum of situations

Question 3

Code of ethics

Answer 3

A formal written document that defines the ethical standards of an organization

Question 4

Stakeholders

Answer 4

Employee: creating jobs that work
Customer: delivering value by providing quality products at fair prices
Investors: meeting legal requirements, being honest and spending money wisely
Community
Environment

Question 5

Sustainable development

Answer 5

Doing business to meet the needs of the current generation without harming the ability of future generations to meet their needs

Question 6

Consumerism

Answer 6

A social movement that focuses on four key consumer rights, the right to be safe, the right to be informed, the right to choose, the right to be heard

Question 7

Corporate philanthropy

Answer 7

All business donations to non profit groups, including money, products and employee time

Question 8

Corporate responsibility

Answer 8

Business contributions to the community through the actions of the business itself rather than donations of money and time