Ethical Descision Maimg

Question 1

What is ethics?

Answer 1

A set of moral principles or values

This definition is subjective as moral values vary from person to person.

Question 2

How is ethical decision-making defined?

Answer 2

The principles, norms and standards of conduct governing an individual or group

Definition by Treving and Nelson.

Question 3

According to Manuel Velasquez, what is true about ethical standards?

Answer 3

There are no ethical standards that are true absolutely

The truth of all ethical standards depends on what a particular culture accepts.

Question 4

What do organizations develop regarding ethical conduct?

Answer 4

Rules of ethical conduct that include:
* Corporate values
* Norms of dealing with suppliers and customers
* Professionally accepted behavior
* Gift policies
* Other rules as to what is allowed or not within the working premises.

Question 5

What is required for high ethical standards in business?

Answer 5

Conformity to moral principles and values.

Question 6

How do businesses develop an honorable reputation?

Answer 6

By conforming to ethical standards.

Question 7

What are the benefits of a high ethical standing in the corporate world?

Answer 7

Leads to:
* Increased profits
* Growth.

Question 8

How does a commitment to ethical behavior impact relationships with stakeholders?

Answer 8

Builds positivity in relationships with:
* Employees
* Customers
* Investors
* General public
* Other stakeholders.

Question 9

What factor contributes to employee commitment?

Answer 9

Trust that the company is working for the benefit of employees and the public.

Question 10

What happens when employees feel their employer is not ethical?

Answer 10

They are more likely to break the ethical code of conduct and compromise the company’s values.

Question 11

What do investors look for in a company beyond financial fundamentals?

Answer 11

A strong ethical foundation.

Question 12

What risks does an organization without ethical standards face?

Answer 12

Exposure to:
* Lawsuits
* Bad reputation
* Loss of customers
* Loss of profits.

Question 13

What is crucial for customer satisfaction?

Answer 13

Trust in the company.

Question 14

What can lead to significant loss for a company?

Answer 14

Unethical decisions potentially leading to litigation.

Question 15

What should companies do to maintain a good relationship with suppliers?

Answer 15

Pay suppliers on time and treat them fairly.

Question 16

What is an ethical issue?

Answer 16

A problem, situation, or opportunity requiring a choice among actions evaluated as right or wrong.

Definition by Fraedrich and Ferrell

Question 17

What distinguishes normal circumstances regarding ethical decisions?

Answer 17

There is a clear distinction between what is right and wrong.

Question 18

What are ethical dilemmas?

Answer 18

Situations where norms and values conflict, and alternatives lie between right and wrong.

Question 19

What characterizes the alternatives in ethical dilemmas?

Answer 19

They are not entirely right or wrong but fall somewhere in between.

Question 20

What is the goal when selecting an option in ethical dilemmas?

Answer 20

To select the best option among all possibilities.

Question 21

What does the decision-making process in ethical dilemmas often lead to for decision-makers?

Answer 21

A state of confusion requiring guidance.

Question 22

What is the origin of the American Accounting Association (AAA) Model?

Answer 22

A report by Langenderfer and Rockness in 1990.

Question 23

What is the first step in the AAA Model for ethical decision-making?

Answer 23

What are the facts of the case?

Question 24

What questions should be asked to identify facts in the AAA Model?

Answer 24

What? Who? Where? When? How?

Question 25

What is the second step in the AAA Model?

Answer 25

What are the ethical issues in the case?

Question 26

What does the second step involve?

Answer 26

Examining facts and identifying ethical issues at stake.

Question 27

What is the focus of the third step in the AAA Model?

Answer 27

What are the norms, principles, and values related to the case?

Question 28

What should be discussed in the third step of the AAA Model?

Answer 28

Governance, transparency, obedience, independence, etc.

Question 29

What is the fourth step in the AAA Model?

Answer 29

What are the alternative courses of action?

Question 30

What should be compiled in the fourth step?

Answer 30

A complete set of major practical alternatives.

Question 31

What should the alternatives in the fourth step not consider?

Answer 31

The norms, principles, and values identified in Step 3.

Question 32

What is the fifth step in the AAA Model?

Answer 32

Matching norms, principles, and values to options.

Question 33

What is analyzed in the sixth step of the AAA Model?

Answer 33

The consequences of each course of action.

Question 34

What is the final step in the AAA Model?

Answer 34

The decision.

Question 35

What should the decision in the last step analyze?

Answer 35

Implications and consequences of each alternate course of action.

Question 36

What aspects should be considered for the analysis in the last step?

Answer 36

Short and long run, positive and negative.

Question 37

What is excellence described as?

Answer 37

A continuous process and not an accident

Question 38

On what basis is an intended decision assessed?

Answer 38

Law of the land, professional body codes

Question 39

What does rule ethics intend to follow?

Answer 39

The duty and norms relevant to the problem

Question 40

What is the goal of utilitarianism or end-point ethics?

Answer 40

Seek the greatest benefit for the greatest number of stakeholders

Question 41

How does utilitarianism differ from egoism?

Answer 41

Utilitarianism focuses on the greatest good, while egoism focuses on self-interest

Question 42

What must one concentrate on to determine if an action is right or wrong?

Answer 42

Its likely consequences

Question 43

What does value analysis help with?

Answer 43

Making a balanced decision for all stakeholders

Question 44

What two approaches can explain the Tucker Model?

Answer 44

Value judgment and sustainability

Question 45

What are the five questions in the Tucker Model used for?

Answer 45

To identify the best possible choice to make

Question 46

List the types of values considered in the Tucker Model.

Answer 46

* Environmental values * Personal values * Legal values * Social values * Market values

Question 47

What should a final decision demonstrate?

Answer 47

That the selected option is a well-informed ethical decision

Question 48

What does continuing professional development involve?

Answer 48

Knowledge and experience gained during initial professional development

Question 49

What is required for the final decision in the Tucker Model?

Answer 49

Application of professional judgment

Question 50

Fill in the blank: The _______ approach seeks the greatest benefit for the greatest number of stakeholders.

Answer 50

Utilitarianism

Question 51

True or False: Rule ethics focuses on individual self-interest over the common good.

Answer 51

False