Business Ethics and Social Responsibility Quiz
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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.

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

In business law, the state or condition of being lawful is referred to as ________.

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

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.

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

All of the following generate discussion about the ethical nature of a decision EXCEPT:

<p>government agency</p> Signup and view all the answers

In a dilemma all of the alternatives have negative consequences, so the less harmful choice is made.

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

A payment made to obtain or retain business and is not considered a bribe within the United States is defined as ___.

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

The practice of offering something (usually money) in order to gain an illicit advantage is called _____.

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

Creating a perception or belief by words that intentionally deceives someone is _____

<p>lying by commission</p> Signup and view all the answers

Which of the following is NOT one of the top types of observed misconduct?

<p>working more hours than reported</p> Signup and view all the answers

Which of the following involve efforts to recruit, hire, train, and promote qualified individuals from groups that have been discriminated against into employment positions?

<p>affirmative action programs</p> Signup and view all the answers

Active bribery is an offense committed by the official who receives the bribe.

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

Abusive or intimidating behavior ___.

<p>can differ from person to person</p> Signup and view all the answers

What are business ethics?

<p>Principles and standards that determine acceptable conduct in business</p> Signup and view all the answers

What is social responsibility?

<p>A business's obligation to maximize its positive impact and minimize its negative impact on society</p> Signup and view all the answers

What is an ethical issue?

<p>An identifiable problem, situation, or opportunity that requires a choice between actions that may be right or wrong.</p> Signup and view all the answers

What are bribes?

<p>Payments, gifts, or special favors intended to influence the outcome of a decision.</p> Signup and view all the answers

What is plagiarism?

<p>The act of taking someone else's work and presenting it as your own without mentioning the source.</p> Signup and view all the answers

What are codes of ethics?

<p>Formalized rules and standards that describe what a company expects of its employees.</p> Signup and view all the answers

What is whistleblowing?

<p>The act of an employee exposing an employer's wrongdoing to outsiders, such as the media or government regulatory agencies.</p> Signup and view all the answers

What is corporate citizenship?

<p>The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders.</p> Signup and view all the answers

What is consumerism?

<p>Activities that independent individuals, groups, and organizations undertake to protect their rights as consumers.</p> Signup and view all the answers

What is sustainability?

<p>Conducting activities in a way that allows for the long-term well-being of the natural environment.</p> Signup and view all the answers

What are lawsuits?

<p>Where one individual or organization takes another to court using civil laws.</p> Signup and view all the answers

What is jurisdiction?

<p>The legal power of a court to interpret and apply the law.</p> Signup and view all the answers

What is a trial court?

<p>The court where the facts of a case are determined and the law is applied.</p> Signup and view all the answers

What is an appellate court?

<p>A court that deals solely with appeals relating to the interpretation of law.</p> Signup and view all the answers

What is arbitration?

<p>The submission of a dispute to one or more third-party arbitrators.</p> Signup and view all the answers

What is the Federal Trade Commission (FTC)?

<p>An organization that influences business activities related to questionable practices.</p> Signup and view all the answers

What is the Uniform Commercial Code (UCC)?

<p>A set of statutory laws covering various business law topics.</p> Signup and view all the answers

What is an express warranty?

<p>Stipulates the specific terms the seller will honor.</p> Signup and view all the answers

What is an implied warranty?

<p>Imposed on the producer or seller by law, even if not written.</p> Signup and view all the answers

What is a tort?

<p>A private or civil wrong other than a breach of contract.</p> Signup and view all the answers

What is fraud?

<p>A purposeful unlawful act to deceive or manipulate others.</p> Signup and view all the answers

What is product liability?

<p>Businesses' legal responsibility for negligence in product design, production, and consumption.</p> Signup and view all the answers

What is a voluntary agreement?

<p>Occurs when one party makes an offer and the other accepts it voluntarily.</p> Signup and view all the answers

What is consideration in a contract?

<p>Money or something of value must be exchanged for fulfilling a contract.</p> Signup and view all the answers

What is contractual capacity?

<p>The legal ability to enter into a contract.</p> Signup and view all the answers

What is a breach of contract?

<p>The failure or refusal to fulfill the obligations of a contract.</p> Signup and view all the answers

What is agency in business?

<p>A common relationship where one person acts on behalf of another.</p> Signup and view all the answers

What is real property?

<p>Consists of real estate and everything permanently attached to it.</p> Signup and view all the answers

What is the Sherman Antitrust Act?

<p>Passed in 1890 to prevent businesses from restraining trade and monopolizing markets.</p> Signup and view all the answers

What is the Clayton Act?

<p>Prohibits price discrimination and exclusive agreements that lessen competition.</p> Signup and view all the answers

What is the Sarbanes-Oxley Act?

<p>Criminalized securities fraud and strengthened penalties for corporate fraud.</p> Signup and view all the answers

______ is/are principles and standards that determine acceptable conduct in business.

<p>Business ethics</p> Signup and view all the answers

To truly create an ethical culture, manager must _________.

<p>show a strong commitment to ethics and compliance.</p> Signup and view all the answers

Social responsibility is defined as ________.

<p>A business's obligation to maximize its positive impact and minimize its negative impact on society</p> Signup and view all the answers

The legal rules and regulations that govern the conduct of business is referred to as ______.

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

Money given in exchange for a special favor is called a ______.

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

What type of misconduct do physical threats, false accusations, and yelling at others fall under?

<p>abusive behavior</p> Signup and view all the answers

What type of behavior creates a hostile workplace environment but has little legal recourse?

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

Which scenario exemplifies a common way employees abuse company resources?

<p>Callie uses her company computer to shop online and check her Facebook page.</p> Signup and view all the answers

Fairness and honesty are at the heart of business ______.

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

When employees copy the work or ideas of others, it is called __________.

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

According to ethical decision-making models, what are key factors influencing ethical decisions?

<p>The opportunity to engage in misconduct, individual moral standards, and the influence of managers and coworkers.</p> Signup and view all the answers

Codes of _______ are formalized rules and standards that describe what the company expects of its employees.

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

Maribeth reporting her supervisor for insider trading is an example of acting as a _____________.

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

An individual's values, principles, and standards of conduct are referred to as _________.

<p>personal ethics</p> Signup and view all the answers

What is the most common ethical problem for employees?

<p>abusive behavior</p> Signup and view all the answers

In a situation where a person has high moral standards but the opportunity exists to engage in misconduct, what can deter their unethical behavior?

<p>The behavior of their manager's and co-workers.</p> Signup and view all the answers

Match the elements of social responsibility with examples:

<p>Financial viability = Starbucks offers investors a healthy return on investment. Compliance with legal requirements = Starbucks specifies lawful payments to officials. Ethics, principles, and values = Starbucks offers healthcare benefits to part-time employees. Philanthropic activities = Starbucks created the Starbucks Foundation to give back.</p> Signup and view all the answers

The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by stakeholders is called _______.

<p>corporate citizenship</p> Signup and view all the answers

Studies have found a direct relationship between social responsibility and _______.

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

Businesses must first be responsible to their owners, who are primarily concerned with _______.

<p>earning a profit</p> Signup and view all the answers

What is the likely result of a company that listens to employees' grievances and treats them fairly?

<p>Higher morale among employees</p> Signup and view all the answers

OSHA regulates the _______ of employees in the workplace.

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

Organizations that employ a diverse set of leaders tend to be ______ profitable.

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

Consumerism is defined as the activities that individuals and groups undertake to protect their rights as ______.

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

According to the Consumer Bill of Rights, the right to ________ ensures access to a variety of goods and services.

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

Sustainability is conducting activities in ways that provide for the long-term well-being of the ______.

<p>natural environment</p> Signup and view all the answers

What is difficult to assess and manage due to diversity in culture and lifestyle?

<p>abusive behavior</p> Signup and view all the answers

Which of the following items represent a misuse of company resources?

<p>All of the above</p> Signup and view all the answers

This exists when a person must choose whether to advance his or her own personal interests or those of others.

<p>conflict of interest</p> Signup and view all the answers

A key component of ethical communications from companies to consumers is that the communication be ______.

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

Aiden does not offer direction to his employees regarding ethical behavior. What risk does this pose?

<p>manipulation, dishonesty, conflicts of interest</p> Signup and view all the answers

Which question should not be considered in determining whether an action is ethical?

<p>Will this activity further my career?</p> Signup and view all the answers

Ethical issues often emerge from conflict.

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

Congress passed the _______ - __________ Act, which includes a 'whistleblower bounty program.'

<p>Dodd- Frank</p> Signup and view all the answers

What are the three most common factors executives cite for increased employee turnover?

<p>Loss of trust in the company, unfair treatment, a lack of transparency among leaders.</p> Signup and view all the answers

According to John F. Kennedy, what are the four basic rights of consumers?

<p>The right to choose, be heard, be informed, and be safe.</p> Signup and view all the answers

______ is an example of conflict of interest.

<p>Insider trading</p> Signup and view all the answers

Which behavior is linked to fairness and honesty in workplace misconduct?

<p>Sandra takes reams of copy paper from the office for personal use.</p> Signup and view all the answers

A code of ethics serves to ______.

<p>Help establish uniform ethical conduct, alert employees about important issues and risks, and provide a foundation for evaluating ethical decision-making.</p> Signup and view all the answers

Organizations that adopt integrity-based ethical initiatives recognize that _______.

<p>Ethics should be part of core organizational values.</p> Signup and view all the answers

Abusive behavior is difficult to assess and manage because ________.

<p>People have very diverse cultures and lifestyles.</p> Signup and view all the answers

Spending work hours looking at personal email and submitting personal expenses are examples of _______.

<p>The misuse of company resources.</p> Signup and view all the answers

When determining whether an action is ethical, which questions should be considered?

<p>Are there legal restrictions? How does this activity fit with your own beliefs? Is this action customary?</p> Signup and view all the answers

Match criminal and civil law aspects:

<p>Criminal law = Enforced by the state, imposes fines or imprisonment, prohibits specific actions. Civil law = Enforced through courts, specifies rights and duties, imposes fines but not imprisonment.</p> Signup and view all the answers

What source refers to precedents established by judges in law?

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

Laws are classified as either criminal or civil. _______ law prohibits specific actions and may impose fines or imprisonment.

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

_______ law specifies the rights and duties of individuals and organizations.

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

Match business-related terms with their descriptions:

<p>Social responsibility = Relates to the impact of business activities on society. Business ethics = Relates to an individual's or group's decisions evaluated as right or wrong.</p> Signup and view all the answers

Real, personal, and intellectual property are covered under ______ law for ownership disputes.

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

What protects ownership rights on materials such as books and music?

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

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.
  • 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.
  • 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.
  • 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.
  • 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.

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