Sba Flashcards
(16 cards)
What is ethics
Ethics is defined as a set of moral principles of a profession according to Which a person should behave
it can also be called I said off rules of conduct that provide the distinction between right and wrong behavior
What is the code of ethics
This explains the responsibility of the employee towards the public,clients,colleagues and employers.
What is the purpose of the code of ethics
To promote an ethical culture in the financial profession and guide employees in performing professional services
How does a code of ethics affect the business
1 it explains the values,beliefs and ethics of the organisation
2 Informs everyone in the organisation of the expected standard of behaviour
3 prevents the development of undesirable which could affect yhe nus
What are examples of unethical behaviour
Dishonesty
Fraud
Declaring bankruptcy in order to cancel a labour contract and cut wages
Explain fraud
Fraud is dishonest dealing with Kama cheating and any misrepresentation of the truth in order to take money from a person
When does fraud occur
When a person occur company intentionally makes an untrue representation of an important fact and the victim believes this and act upon the untrue representation leading to the victim suffering a loss of money or property
Explain integrity as a principle of business ethics
It can be described as the quality a person possesses to be honest and to possess strong moral values
Explain objectivity as a principle of business ethics
Objectivity is the ability to behave and partially, honestly and without prejudice an objective person will meet decisions based off facts and not based on any feelings
Professional competence and do care as a principle in business ethics
Less refers to the ability to be able to do your work well UK ensures that task are done responsibly, carefully, promptly and diligently
Explain confidentiality as a principle in business ethics
Confidentiality refers to the ability to handle any information concerning the business as made known to you as an employee it may not be given to anyone outside the business unless required professionally or by law
Explain personal behavior as a principle in business ethics
Professional behavior refers to the manner in which a person behaves in the workplace employees never behave in any way that may have a negative impact on rotation of their profession or employer
What is a code of conduct
It is a written set of norms and values about how to behave ethically and correctly
Why are internal controls created
Internal controls are created and implemented to ensure that the cause of the business are achieved
What are some goals of the business
Ensure that financial information is accurate and reliable ensure that employees abide by a policy, guidelines, and the rules of the business protect the assets of the business
