Business Ethics Quiz

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Questions and Answers

What event led to the dissolution of Arthur Andersen, one of the largest accounting and consulting firms at the time?

  • Ethical leadership
  • Enron scandal (correct)
  • Sarbanes-Oxley Act
  • Regular ethics training

What characteristics are associated with ethical leadership?

  • Adaptability, creativity, innovation, risk-taking, ambition
  • Charisma, charm, persuasiveness, enthusiasm, sociability
  • Confidence, assertiveness, competitiveness, independence, dominance
  • Honesty, respect, fairness, empathy, accountability (correct)

What is the role of an ethical leader in stakeholder relations?

  • Balancing the needs of stakeholders ethically (correct)
  • Promoting the interests of employees only
  • Ignoring the concerns of stakeholders
  • Maximizing profits for shareholders

Which event resulted in one of the largest normative and legislative reforms to financial record keeping and reporting for publicly traded companies?

<p>Sarbanes-Oxley Act (C)</p> Signup and view all the answers

What is one of the strategies for ethical leadership mentioned in the text?

<p>Developing and adhering to a code of ethics (D)</p> Signup and view all the answers

What is the scope of business ethics as mentioned in the text?

<p>Human Resource Management (C)</p> Signup and view all the answers

What is the importance of business ethics highlighted in the text?

<p>Ethical practices lead to sustainable business success (D)</p> Signup and view all the answers

What are the principles of business ethics mentioned in the text?

<p>Leadership, Integrity, Transparency (A)</p> Signup and view all the answers

What are the cons of business ethics highlighted in the text?

<p>Ethical practices are not linked to outperforming peers and competitors (A)</p> Signup and view all the answers

What is the definition of business ethics?

<p>The application of ethical values to business behaviour (A)</p> Signup and view all the answers

Business ethics only applies to the conduct of individuals within an organization, not to the organization as a whole.

<p>False (B)</p> Signup and view all the answers

Ethical behavior in business has no impact on corporate integrity or reputation.

<p>False (B)</p> Signup and view all the answers

The scope of business ethics includes health and safety practices.

<p>True (A)</p> Signup and view all the answers

Ethical business practices can lead to sustainable business success.

<p>True (A)</p> Signup and view all the answers

The World’s Most Ethical Companies consistently underperform their peers and competitors.

<p>False (B)</p> Signup and view all the answers

Enron scandal led to the dissolution of WorldCom, another large accounting and consulting firm at the time.

<p>False (B)</p> Signup and view all the answers

The Sarbanes-Oxley Act of 2002 was a minor reform to financial record keeping for publicly traded companies.

<p>False (B)</p> Signup and view all the answers

The characteristics of ethical leadership include dishonesty, disrespect, and unfairness.

<p>False (B)</p> Signup and view all the answers

One of the strategies for ethical leadership mentioned in the text is developing a code of ethics.

<p>True (A)</p> Signup and view all the answers

The role of an ethical leader in guiding the team does not involve ensuring ethical behavior.

<p>False (B)</p> Signup and view all the answers

Business ethics only applies to the conduct of individuals within an organization, not to the organization as a whole.

<p>False (B)</p> Signup and view all the answers

The World’s Most Ethical Companies consistently underperform their peers and competitors.

<p>False (B)</p> Signup and view all the answers

Ethical behavior in business has no impact on corporate integrity or reputation.

<p>False (B)</p> Signup and view all the answers

The Sarbanes-Oxley Act of 2002 was a minor reform to financial record keeping for publicly traded companies.

<p>False (B)</p> Signup and view all the answers

The role of an ethical leader in guiding the team does not involve ensuring ethical behavior.

<p>False (B)</p> Signup and view all the answers

Enron scandal was one of the largest US bankruptcy filings

<p>True (A)</p> Signup and view all the answers

The Sarbanes-Oxley Act resulted in one of the largest normative and legislative reforms to financial record keeping and reporting for publicly traded companies

<p>True (A)</p> Signup and view all the answers

The dissolution of Arthur Andersen was a consequence of the ENRON scandal

<p>True (A)</p> Signup and view all the answers

Ethical leadership characteristics include empathy and accountability

<p>True (A)</p> Signup and view all the answers

The importance of ethical leadership in setting the tone for organizational culture is highlighted in the text

<p>True (A)</p> Signup and view all the answers

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Study Notes

Ethical Leadership and Business Ethics

  • The Enron scandal led to the dissolution of Arthur Andersen, one of the largest accounting and consulting firms at the time.
  • Characteristics of ethical leadership include empathy, accountability, and respect.
  • The role of an ethical leader in stakeholder relations involves ensuring ethical behavior and setting the tone for organizational culture.
  • The Sarbanes-Oxley Act of 2002 resulted in one of the largest normative and legislative reforms to financial record keeping and reporting for publicly traded companies.
  • One strategy for ethical leadership is developing a code of ethics.

Business Ethics

  • The scope of business ethics includes health and safety practices, and is not limited to individual conduct, but also applies to the organization as a whole.
  • Ethical behavior in business has a significant impact on corporate integrity and reputation.
  • The importance of business ethics is highlighted in the text, as it can lead to sustainable business success.
  • The principles of business ethics include empathy, accountability, and respect.
  • There are no cons of business ethics highlighted in the text.
  • The definition of business ethics is not explicitly stated, but it encompasses the principles and practices that guide an organization's behavior and decision-making.

Enron Scandal and Its Consequences

  • The Enron scandal was one of the largest US bankruptcy filings.
  • The scandal led to the dissolution of Arthur Andersen, and resulted in the Sarbanes-Oxley Act of 2002.

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