Questions and Answers
Bankruptcy is sometimes called ________ insolvency.
legal
A ________ is a mutual agreement between two or more parties that can be enforced in a court if one part chooses not to comply.
contract
According to most states, all of the following contracts should be in writing EXCEPT ___________.
contracts for the sale of goods under $500
The legal ability to enter into a contract is called contractual _________ and may be restricted by age or mental capacity.
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In business law, the state or condition of being lawful is referred to as ________.
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Conflict of interest exists when an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group.
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All of the following generate discussion about the ethical nature of a decision EXCEPT:
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In a dilemma all of the alternatives have negative consequences, so the less harmful choice is made.
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A payment made to obtain or retain business and is not considered a bribe within the United States is defined as ___.
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The practice of offering something (usually money) in order to gain an illicit advantage is called _____.
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Creating a perception or belief by words that intentionally deceives someone is _____
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Which of the following is NOT one of the top types of observed misconduct?
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Which of the following involve efforts to recruit, hire, train, and promote qualified individuals from groups that have been discriminated against into employment positions?
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Active bribery is an offense committed by the official who receives the bribe.
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Abusive or intimidating behavior ___.
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What are business ethics?
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What is social responsibility?
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What is an ethical issue?
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What are bribes?
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What is plagiarism?
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What are codes of ethics?
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What is whistleblowing?
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What is corporate citizenship?
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What is consumerism?
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What is sustainability?
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What are lawsuits?
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What is jurisdiction?
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What is a trial court?
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What is an appellate court?
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What is arbitration?
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What is the Federal Trade Commission (FTC)?
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What is the Uniform Commercial Code (UCC)?
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What is an express warranty?
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What is an implied warranty?
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What is a tort?
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What is fraud?
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What is product liability?
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What is a voluntary agreement?
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What is consideration in a contract?
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What is contractual capacity?
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What is a breach of contract?
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What is agency in business?
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What is real property?
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What is the Sherman Antitrust Act?
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What is the Clayton Act?
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What is the Sarbanes-Oxley Act?
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______ is/are principles and standards that determine acceptable conduct in business.
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To truly create an ethical culture, manager must _________.
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Social responsibility is defined as ________.
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The legal rules and regulations that govern the conduct of business is referred to as ______.
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Money given in exchange for a special favor is called a ______.
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What type of misconduct do physical threats, false accusations, and yelling at others fall under?
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What type of behavior creates a hostile workplace environment but has little legal recourse?
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Which scenario exemplifies a common way employees abuse company resources?
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Fairness and honesty are at the heart of business ______.
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When employees copy the work or ideas of others, it is called __________.
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According to ethical decision-making models, what are key factors influencing ethical decisions?
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Codes of _______ are formalized rules and standards that describe what the company expects of its employees.
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Maribeth reporting her supervisor for insider trading is an example of acting as a _____________.
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An individual's values, principles, and standards of conduct are referred to as _________.
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What is the most common ethical problem for employees?
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In a situation where a person has high moral standards but the opportunity exists to engage in misconduct, what can deter their unethical behavior?
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Match the elements of social responsibility with examples:
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The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by stakeholders is called _______.
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Studies have found a direct relationship between social responsibility and _______.
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Businesses must first be responsible to their owners, who are primarily concerned with _______.
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What is the likely result of a company that listens to employees' grievances and treats them fairly?
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OSHA regulates the _______ of employees in the workplace.
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Organizations that employ a diverse set of leaders tend to be ______ profitable.
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Consumerism is defined as the activities that individuals and groups undertake to protect their rights as ______.
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According to the Consumer Bill of Rights, the right to ________ ensures access to a variety of goods and services.
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Sustainability is conducting activities in ways that provide for the long-term well-being of the ______.
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What is difficult to assess and manage due to diversity in culture and lifestyle?
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Which of the following items represent a misuse of company resources?
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This exists when a person must choose whether to advance his or her own personal interests or those of others.
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A key component of ethical communications from companies to consumers is that the communication be ______.
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Aiden does not offer direction to his employees regarding ethical behavior. What risk does this pose?
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Which question should not be considered in determining whether an action is ethical?
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Ethical issues often emerge from conflict.
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Congress passed the _______ - __________ Act, which includes a 'whistleblower bounty program.'
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What are the three most common factors executives cite for increased employee turnover?
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According to John F. Kennedy, what are the four basic rights of consumers?
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______ is an example of conflict of interest.
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Which behavior is linked to fairness and honesty in workplace misconduct?
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A code of ethics serves to ______.
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Organizations that adopt integrity-based ethical initiatives recognize that _______.
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Abusive behavior is difficult to assess and manage because ________.
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Spending work hours looking at personal email and submitting personal expenses are examples of _______.
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When determining whether an action is ethical, which questions should be considered?
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Match criminal and civil law aspects:
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What source refers to precedents established by judges in law?
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Laws are classified as either criminal or civil. _______ law prohibits specific actions and may impose fines or imprisonment.
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_______ law specifies the rights and duties of individuals and organizations.
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Match business-related terms with their descriptions:
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Real, personal, and intellectual property are covered under ______ law for ownership disputes.
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What protects ownership rights on materials such as books and music?
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Study Notes
Business Ethics and Social Responsibility
- Business ethics are principles determining acceptable conduct in business settings.
- Social responsibility involves a business's duty to enhance positive societal impacts while minimizing negatives.
- Ethical issues present problems requiring choices about right and wrong actions, impacting decision-making in organizations.
Unethical Practices
- Bribes refer to payments or gifts intended to sway decisions.
- Plagiarism involves using another person's work without acknowledgment, constituting intellectual theft.
Organizational Ethics
- Codes of ethics provide formal rules outlining employee expectations within a company.
- Whistleblowing is when an employee reports unethical practices to external parties, such as government agencies.
- Corporate citizenship measures a business's adherence to legal, ethical, and voluntary responsibilities to stakeholders.
Consumer and Environmental Considerations
- Consumerism encompasses activities aimed at protecting consumer rights against unethical business practices.
- Sustainability emphasizes practices that support the long-term health of the natural environment.
Legal Framework Surrounding Business
- Jurisdiction defines the court's power to make legal decisions.
- Trial courts determine facts and applicable laws in cases.
- Appellate courts handle appeals regarding legal interpretations without retrying cases.
Business Law and Contracts
- Arbitration involves resolving disputes through a neutral third party, with binding outcomes.
- Federal Trade Commission (FTC) oversees unfair business practices affecting consumers.
- Uniform Commercial Code (UCC) governs sales agreements pertinent to goods and services.
- Express warranties detail specific guarantees made by sellers, while implied warranties are legally mandated assurances of quality.
Torts and Fraud
- Torts entail civil wrongdoings outside of contractual obligations.
- Fraud involves deceitful actions aimed at harming others for personal gain.
- Product liability holds businesses accountable for negligence related to their products.
Ethical Culture and Decision-Making
- Creating an ethical culture requires managerial commitment to ethical practices.
- Factors influencing ethical decisions include the presence of misconduct opportunities and the ethical standards of peers and supervisors.
- Conflict of interest arises when personal interests may interfere with professional responsibilities.
Employee Relations and Diversity
- Fair treatment of employees leads to higher morale; companies benefit economically from diverse leadership.
- OSHA ensures workplace safety, promoting a safe working environment.
Social Responsibility Dimensions
- Businesses demonstrate social responsibility through economic viability, compliance with laws, ethical standards, and philanthropic efforts.
- Strong links exist between social responsibility and profitability, with community engagement often manifesting through charitable donations.
Legal Distinctions
- Criminal law involves offenses enforced by the state, while civil law covers disputes between individuals or organizations.
- Common law results from judicial precedents, setting legal standards over time.
Contracts and Legal Obligations
- A contract represents a mutual agreement enforceable by law; key aspects include contractual capacity and legal compliance.
- Bankruptcy is legally defined insolvency and refers to the inability to meet debt obligations.
Ethical Issues and Dilemmas
- Ethical dilemmas often involve decisions with negative outcomes, requiring careful consideration of alternative actions.
- Integrity-based ethical initiatives integrate ethics into core corporate values for holistic compliance and governance.
Misconduct and Company Resources
- Common examples of misusing company resources include personal use of company equipment and misleading expense reports.
- The Dodd-Frank Act includes provisions for whistleblowers, promoting transparency in business practices.### Lying Concepts
- Lying by Omission: Failing to disclose important information, leading others to a false assumption.
- Lying by Intent: Deliberately providing false information with the purpose of deceiving.
- Noise: Refers to distractions or distortions that affect communication, potentially altering the understanding of the message.
- Lying by Commission: Actively providing false information or statements to mislead others.
- White Lie: A benign or trivial lie often told to avoid hurting someone's feelings or to maintain social harmony.
Misconduct Types
- Working More Hours than Reported: Not considered one of the top types of observed misconduct.
-
Top Misconduct Types:
- Internet use abuse
- Lying to employees
- Abusive behavior
- Putting one's own interests ahead of the organization
Affirmative Action Programs
- Definition: Initiatives aimed at recruiting, hiring, training, and promoting qualified individuals from historically discriminated groups into employment positions.
-
Related Concepts:
- Employment quotas
- Facilitation payments
- Optimization
- Dual relationships
Active Bribery
- False Statement: Active bribery involves the official who receives the bribe, emphasizing the role of the recipient in the offense.
Abusive Behavior
- Subjectivity: Abusive or intimidating behavior can differ significantly from person to person, highlighting its subjective nature.
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Related Factors:
- Not limited to profanity
- Can include ignoring someone
- Intent is a factor, but not necessarily a requirement
- Defined by legal systems, though interpretations may vary.
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Description
Test your knowledge on business ethics and social responsibility concepts. This quiz covers ethical issues, unethical practices, and organizational ethics. Challenge yourself to understand the principles guiding acceptable conduct in business settings.