The Importance of Business Ethics

Question 1

Business Ethics

Answer 1

the study of business situations, activities and decisions where issues of right and wrong are addressed.
or
Rules, standards codes or principles which provide guidelines for morally right behavior and truthfulness in specific situations

Question 2

What factors do you need to pay attention to? I am

Answer 2

am I doing the right things.
do I have good intentions.
am I respecting those involved in the situation.

Question 3

Morals

Answer 3

Refer to a persons personal philosophies about what is right and wrong

Question 4

Principles

Answer 4

Specific and pervasive boundaries for behavior that should not be violated

Question 5

Values

Answer 5

Enduring beliefs and ideals that are socially enforced

Question 6

Ethics come from

Answer 6

Reflections of social values
Family Groups
Educational institutions
Religious beliefs

Question 7

The reason for studying business ethics

Answer 7

so that you will able to be work with ethical issues in an organizations.

and your values don’t always align with others, so you need to learn a more universal approach.

Question 8

Typical observed misconduct in the workplace

Answer 8

Misuse of company resources 
Abusive behaviors 
harassment 
accounting fraud 
conflict of interest 
Defective products  
Bribery 
Employee theft

Question 9

Ethical culture in a company

Answer 9

Acceptable behavior as defined by the company industry.

Goal to minimize need for enforced compliance and
Maximize utilization of principles

Question 10

Ethics commitment

Why? ECO

Answer 10

for emotion-based reasons
cost-based reasons
Obligation-based reasons

Question 11

Ethical contribution towards Investor loyalty and trust

EPP

Answer 11

Ethical culture provides a foundation for efficiency, productivity, and profitability

Question 12

Shareholder Viewpoint

Answer 12

A business that exists solely to make money and to maximize profits.

Question 13

Stakeholder Viewpoint

Answer 13

A business has a responsibility to do more than maximize profits.

Question 14

Stakeholder Theory

NDI

Answer 14

Normative
Principles and values help identify ethical guidelines that dictate how to treat stakeholders

Descriptive
Focuses on actual behaviour, addressing decisions and strategies in stake holder relationships

Instrumental
Examines stakeholder relationships and describes outcomes for particular behaviours

Question 15

Social Responsibility

SCSC

Answer 15

Social
Deals with concerns that affect the welfare of our entire society, associated with the common good.

Consumer Protection
Thee company has the responsibility of taking precautions to prevent consumer harm

Sustainability
Businesses can no longer afford to ignore the natural environment as a stakeholder

Corporate Governance
Research shows corporate has a strong positive relationship with social responsibility

Question 16

Corporate Governance

AOC

Answer 16

Accountability
How closely workplace decisions align with a firms strategic direction

Oversight
A system of checks and balances to minimize opportunities for misconduct

Control
The process of auditing and improving organizational decisions and actions