Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Ethics > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

common law

A

de facto practices created by precedent torts that have yet to be formalized as statute laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

de facto statute laws

A

used by govt agencies to force businesses to do things that are beyond the stated legal powers of govt agencies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

factors affecting an employers use of the at-will doctrine

A 
explicit contract exceptions
implied contract exceptions
discrimination suits by protected classes 
public policy exceptions 
good faith/fair dealing covenants
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

good faith and fair dealing covenants

A

employers must prove “just cause” and the absence of self-interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

natural law theory

A

the view that eternal human values determine the laws of a society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

corporate cronyism

A

laws are only what people in power want them to be

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

rent seeking

A

businesses/professionals band together to haver a state board created whose task is to restrict competition through discriminatory regulations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

public-private partnerships

A

corporations join with local economic development authorities to force private individuals to sell them their land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

penumbra of the law

A

areas where an activity is lawful but in some way harmful or unfair

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

international law

A

a collection of contractual arrangements between govts and businesses and between govts and govts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what loophole in the FCPA allows bribery to continue as a practice by American businesses

A

the law allows for unlimited facilitation payments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

facilitation payments

A

covers both legal and illegal contributions to politicians and bureaucrats in foreign countries to influence their purchasing decisions and their regulatory laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

basic elements in U.S. Federal Sentencing Guidelines for Organizations

A

penalties apply to corporations, not individuals
fines are based upon a scoring system
corporate officers are to receive formal ethical training

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

why law alone is not enough

A

there exists in humanity the idea that one can do anything at which they can’t be caught and if caught, can’t be proven guilty in a court of law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

special purpose entities

A

limited partnerships or companies created to fund or manage risks associated with specific assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

3 key issues in the ethics of accounting and where do they occur?

A

creative bookkeeping - accounting
conflicts of interest - auditing
hidden fees and an inevitable exposure to higher hidden interest rates - financial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

purpose of GAAP

A

to assure accurate financial statements that present an organization’s true financial stability, operational efficiency, and potential growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

purpose of the sarbanes-oxley act

A

create a governmental accounting board and mandatory compliance with a broad range of accepted accounting procedures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

monopsony

A

business which is the only buyer of a particular good or service

20
Q

corporate governance

A

the system by which businesses are directed and controlled

21
Q

shareholders responsibilities

A

decide who is to serve on the board of directors

approve/reject by law changes

22
Q

board of directors responsibilities

A

creates/approves corporate policies
chooses board chair
approves/disapproves recommendations for the committees

23
Q

executive committee responsibilities

A

chooses the agenda for board meets

approves major contracts

24
Q

two-tiered board

A

one where the executive committee makes all the real decisions leaving te other members of the board with no real power

25
Q

vested stakeholder

A

organization or individual with a claim to the organization’s future earnings

26
Q

four examples of corporate vested stakeholders

A

shareholders
unpaid creditors
pension holders
public service providers (utilities)

27
Q

stakeholders

A

vested interests as well as those who are or can be affected by the operations of the organization

28
Q

TI/AI

A

annual income of the top executive divided by the annual income of the organization’s average wage earner

29
Q

say on pay

A

the right of shareholders to have a direct vote regarding executive compensation

30
Q

code of conduct

A

written set of rules and procedures adopted by an organization which outlines their commitment to the accepted rules of the social contract

31
Q

four types of social contract

A

international
government
corporate
professional

32
Q

OECD

A

voluntary entity that promotes 10 elements common to many business codes of conduct

33
Q

UN Global Compact

A

entity promotes international good corporate citizenship by promoting human rights, fair labor standards, environmental protection & rejection of corruption

34
Q

transparent organization

A

organization that maintains open and honest communications with all stakeholders

35
Q

libertarianism

A

the view that individuals should as much as possible be free of govt social initiatives

36
Q

free enterprise

A

economic system where the decision as to what is to be produced is determined by individual citizens allowed to own the tools of production

37
Q

free markets

A

economic activity where the decision as to what is to be purchases is determined by individual citizens allowed to keep the major portion of their income

38
Q

pareto improvement

A

any free market exchange of goods which makes both parties better off

39
Q

pareto optimality

A

the point in free markets where the exchange of goods is so efficient that one more exchange would make someone feel worse off

40
Q

capitalism

A

free market system using money as an exchanged commodity

41
Q

usury

A

rental of money at unfairly high interest rates

42
Q

socialism

A

economic system where the decision as to what is to be produced is determined by a govt allocating the tools of production to itself and its own contractors

43
Q

communism

A

view that for socialism to work, govt must also direct individual career choices

44
Q

egalitarianism

A

view that a society should promote the equal treatment of every citizen

45
Q

two forms of professional conduct

A

knowledge and ability to follow procedural standards

knowledge and ability to follow ethical standards

46
Q

integrity

A

willingness to conduct oneself in accordance with principles that promote fairness to all

47
Q

statute law

A

the formal laws of a politically defined society; most common interpretation of law because it is the most influential in every society

Ethics (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions