Business Ethics: Chapter One Quiz
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Questions and Answers

What is the primary focus of business ethics?

  • Minimizing competition in the market
  • Maximizing profits at any cost
  • Balancing responsibilities to oneself and others (correct)
  • Avoiding legal compliance

    • What does Warren Buffett's quote imply about reputation?

  • It takes a long time to build and can be easily rebuilt
  • It is essential and can be quickly damaged (correct)
  • It is influenced by personal integrity only
  • It is irrelevant in business

    • What does the text emphasize about ethical decision making in business?

  • It is solely based on personal integrity
  • It involves considerations of social responsibility (correct)
  • It is unrelated to practical reasoning
  • It is not important in the business environment

    • Why does the text suggest that it takes 20 years to build a reputation?

    <p>To underscore the importance of long-term reputation building</p> Signup and view all the answers

    What is the primary concern of ethics in the business environment according to the text?

    <p>Balancing responsibilities to oneself and others</p> Signup and view all the answers

    Business ethics examines the responsibilities we owe to ourselves and to each other.

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

    Ethical decision making is not considered a form of practical reasoning according to the text.

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

    Personal integrity and social responsibility are considered to be the same in terms of ethics.

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

    Ethics is not important in the business environment.

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

    Ethical responsibilities are limited to legal compliance according to the text.

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

    What distinguishes ethics from other practical decisions within business?

    <p>Normative approach</p> Signup and view all the answers

    In the context of ethics, what do social sciences primarily focus on according to the text?

    <p>Descriptive reasoning</p> Signup and view all the answers

    What type of reasoning do philosophers emphasize in the context of ethics, according to the text?

    <p>Normative approach</p> Signup and view all the answers

    What does ethics seek an account of in relation to human behavior?

    <p>How and why people should act a certain way</p> Signup and view all the answers

    How does the text describe the focus of ethics compared to social sciences in relation to human decision making?

    <p>Ethics focuses on normative reasoning, while social sciences focus on descriptive reasoning</p> Signup and view all the answers

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