Business and Society Concepts
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Questions and Answers

Which of the following lists correctly identifies the five types of stakeholder power?

  • political, marketable, ethical, authoritative, supply chain
  • economic, information, legal, political, voting (correct)
  • ethical, environmental, informational, legitimate, voting
  • informational, environmental, legitimate, sustainable, economic

    • Which action is most likely to encourage honest data when completing a form?

  • Signing your name after completing the form
  • Signing your name on every page of the form
  • Signing your name before submitting the form (correct)
  • Printing and signing your full name

    • Which statement regarding ethical theories is true?

  • Ethical theories may sometimes assign values to human life. (correct)
  • All ethical theories equally value human life.
  • Ethical theories never value human life.
  • Ethical theories can only prioritize economic benefits.

    • What is a primary concern when using utilitarianism for ethical decision-making?

    <p>It inherently favors the majority and disregards minority rights.</p> Signup and view all the answers

    Which approach aligns with the veil of ignorance concept when distributing pizza?

    <p>Cutting the pizza into equal slices</p> Signup and view all the answers

    Which of the following misconceptions about ethical theories is incorrect?

    <p>Ethical frameworks always consider cultural context.</p> Signup and view all the answers

    In which situation would the veil of ignorance be least effective?

    <p>Allocating tasks based on personal preferences</p> Signup and view all the answers

    Which of the following is NOT a common criticism of utilitarianism?

    <p>It is too complicated for practical application.</p> Signup and view all the answers

    A business primarily focused on compliance is mainly concerned with what?

    <p>Following the law</p> Signup and view all the answers

    What is a common concern about the golden rule as a guide for ethical decision making?

    <p>It assumes your preferences are the same as others</p> Signup and view all the answers

    Which of the following is a defining characteristic of a capitalist economy?

    <p>Efficiency, innovation, and investment</p> Signup and view all the answers

    According to recent reports, what percentage of employees feel pressured to compromise their ethics at work?

    <p>Around 10%</p> Signup and view all the answers

    Following Aristotle's concept of the golden mean encourages individuals to do what?

    <p>Avoid extreme behavior</p> Signup and view all the answers

    In ethical decision-making, a significant critique of the golden rule focuses on its assumption that:

    <p>Your values reflect those of others</p> Signup and view all the answers

    Which of the following attributes is not typically associated with a capitalist economy?

    <p>Government regulation</p> Signup and view all the answers

    What underlying principle does the notion of compliance primarily emphasize?

    <p>Legal adherence</p> Signup and view all the answers

    What type of companies has the University of San Diego recently decided to invest in?

    <p>Companies with a positive social impact</p> Signup and view all the answers

    What is the unit of measurement for greenhouse gas emissions?

    <p>tons</p> Signup and view all the answers

    Is it true that employees earn more when paid a salary compared to an hourly wage?

    <p>False</p> Signup and view all the answers

    Can a company pay living wages and still be profitable?

    <p>Yes, many companies do</p> Signup and view all the answers

    Which gas is one of the two largest contributors to climate change alongside carbon dioxide (CO2)?

    <p>Methane</p> Signup and view all the answers

    Are large businesses setting net zero goals?

    <p>Yes, it is a common practice</p> Signup and view all the answers

    Is it illegal to make a profit from prisons in the United States?

    <p>False, it's a multi-billion dollar industry</p> Signup and view all the answers

    What is the penalty for countries that do not meet the Paris Climate Agreement goals?

    <p>There is no penalty</p> Signup and view all the answers

    Can a financial analyst always rely on cost benefit calculations to ensure ethical decision making?

    <p>No, they do not guarantee ethical outcomes.</p> Signup and view all the answers

    What is the most prevalent ethical issue for companies to address?

    <p>Bribery along with other ethical considerations.</p> Signup and view all the answers

    What are the five stakeholders identified by the Business Roundtable?

    <p>Customers, employees, shareholders, suppliers, community (including environment).</p> Signup and view all the answers

    How do shareholders primarily display their stakeholder power?

    <p>By voting at the annual meeting.</p> Signup and view all the answers

    What does corporate governance refer to in a business context?

    <p>The distribution of responsibilities for decision making.</p> Signup and view all the answers

    How can the Human Resources (HR) department incorporate ethics into candidate recruitment?

    <p>By ensuring fairness in candidate recruitment and selection.</p> Signup and view all the answers

    Which of the following is NOT a common ethical issue faced by businesses?

    <p>Conducting annual financial audits.</p> Signup and view all the answers

    What role do ethical considerations play in business decision making?

    <p>They are essential for long-term business success.</p> Signup and view all the answers

    What is the federal government's limit on the value of gifts in a business context?

    <p>$20</p> Signup and view all the answers

    What does the veil of ignorance refer to in ethical decision-making?

    <p>making decisions without considering knowledge of the people involved</p> Signup and view all the answers

    Is nepotism in business always considered unethical?

    <p>False</p> Signup and view all the answers

    According to PricewaterhouseCoopers (PwC), what approximately percentage of CEOs were fired?

    <p>40%</p> Signup and view all the answers

    What factor has the greatest influence on employee behavior within an organization?

    <p>behavior of peers and coworkers</p> Signup and view all the answers

    If a student is unable to attend class, when must they email for their absence to be excused, according to the professional behavior policy?

    <p>immediately after the missed class</p> Signup and view all the answers

    Which ethical issue is most prevalent in business according to the Institute of Ethics data?

    <p>employee mistreatment</p> Signup and view all the answers

    Is it true that socially responsible investing (SRI) usually generates lower returns than traditional investing?

    <p>No, SRI is expected to generate financial and social returns.</p> Signup and view all the answers

    Why is the concept of behavior of peers and coworkers crucial in an organizational context?

    <p>it affects team dynamics and morale</p> Signup and view all the answers

    What is the legal requirement for paid holidays for for-profit businesses in the United States?

    <p>0 holidays per year</p> Signup and view all the answers

    Why did the pharmaceutical company Mylan face scrutiny regarding the EpiPen?

    <p>They raised the price significantly.</p> Signup and view all the answers

    Is it accurate to say that most minimum wage workers in the U.S. are teenagers earning extra money?

    <p>No, they are primarily single adults.</p> Signup and view all the answers

    What does the acronym ESG stand for in recent investment discussions?

    <p>Environmental, Social, Governance</p> Signup and view all the answers

    Are most for-profit companies reluctant to join the Global Compact due to its high standards for corporate social responsibility?

    <p>No, the principles are not very demanding.</p> Signup and view all the answers

    Who established the Sustainable Development Goals (SDGs) and what is their deadline?

    <p>None of the above</p> Signup and view all the answers

    How many Sustainable Development Goals (SDGs) exist?

    <p>None of the above</p> Signup and view all the answers

    Study Notes

    Business and Society Study Notes

    • Alternative to "splitting the pie": Businesses and society can benefit by growing the pie (rather than just dividing it). Purpose-driven businesses aim for mutual benefit
    • Tyranny of the majority: The majority's interests can negatively impact the minority, which is a potential issue in utilitarianism.
    • Capitalism's future: Reimagining capitalism involves maximizing long-term value creation and ensuring equal opportunities for everyone.
    • Ethical decision-making: Applying deontology means a decision is legal; applying virtue ethics means a decision promotes "good"
    • Ethical organizations: Ethical organizations function along four central pillars: implicit intentions, thoughts during judgment, sustainability and virtue
    • Stakeholder power: Medical journals exhibiting a product's potential health impacts are an example of information power from a stakeholder.
    • Most important business expense: Payroll is the most important operating expense for many businesses and not stakeholder management
    • At-Will employment: At-will employment means either the employer or the employee may terminate employment at any time, with or without cause or prior notice.
    • Virtue ethics: Virtue ethics is focused on the character of the individual and determining what kind of person you want to be
    • Stakeholder Power Display: Shareholders display their stakeholder power primarily through voting at annual meetings.
    • Ethical professions: People trust nurses, doctors, teachers, and police officers the most.
    • Extra Credit: Extra credit in the course includes working with a team, attending scheduled events , and/or doing a one-page summary
    • Academic Honesty: Students are expected to avoid plagiarism and use of unauthorized resources
    • Common ethical issues: Employee mistreatment, false marketing, and employee theft are some of the most important ethical issues in business
    • Ethical motivation: Money is not always the most effective motivator for ethical behavior in the workplace; instead, recognition, respect, and appreciation are important, too.
    • Impact of Ethical Behavior: Companies doing well ethically outperforming those that don't
    • Corporate governance: Corporate governance refers to the distribution of responsibilities for decision-making in an organization.
    • Ethics incorporation: HR departments can incorporate ethics by ensuring fairness in candidate recruitment and selection.

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    Description

    Explore the dynamics between businesses and society in this quiz that delves into ethical decision-making, stakeholder power, and reimagining capitalism. Understand the implications of actions taken by purpose-driven businesses and how they can benefit both society and the economy. Test your knowledge on key concepts and ethical frameworks.

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