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Questions and Answers
What is the primary focus of business ethics?
What is the primary focus of business ethics?
- Implementing cost-cutting measures to increase efficiency
- Establishing legal compliance across all operations
- Judging actions based on moral standards of right and wrong (correct)
- Maximizing profits and shareholder wealth
Which of the following is NOT a category of social responsibility?
Which of the following is NOT a category of social responsibility?
- Innovative responsibility (correct)
- Legal responsibility
- Philanthropic responsibility
- Economic responsibility
How can organizations effectively promote ethical conduct among employees?
How can organizations effectively promote ethical conduct among employees?
- Ignoring minor ethical lapses to maintain productivity
- Reducing employee benefits to stress the importance of ethics
- Enforcing strict penalties for unethical behavior only
- Lead by example and offer ethics training programs (correct)
Which statement best defines corporate social responsibility (CSR)?
Which statement best defines corporate social responsibility (CSR)?
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What does consumerism demand from businesses?
What does consumerism demand from businesses?
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What is a formal code of ethics designed to do?
What is a formal code of ethics designed to do?
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Which category of responsibility is primarily concerned with legal compliance?
Which category of responsibility is primarily concerned with legal compliance?
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What best describes the meaning of ethics in a business context?
What best describes the meaning of ethics in a business context?
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Study Notes
Business Ethics
- Ethics refers to the set of moral standards used to judge whether something is right or wrong.
Ethical Conduct
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- Lead by Example: Ethical conduct is influenced by organizational leaders who champion ethical values.
- Ethics Training Programs: Organizations can offer formal and informal training programs to educate employees about ethical conduct and company policies.
Code of Ethics
- A formal Code of Ethics is a set of guidelines that outlines the standards of behavior expected of employees towards colleagues, customers, and suppliers.
Social Responsibility
- Social Responsibility is the concern of businesses towards the welfare of society as a whole.
- Businesses have responsibilities that go beyond legal or contractual obligations.
Responsibilities to Stakeholders
- Businesses have responsibilities to their stakeholders, individuals or groups who have a vested interest in the company's success.
Responsibilities to Customers
- Consumerism is the public demand for businesses to consider customer needs and wants in their decision-making processes.
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