Business Ethics: Standards and Purpose

To make businessmen realize they cannot employ double standards = To show businessmen common practices are wrong To serve as a standard or ideal for business conduct = To help determine right and wrong business practices To assist in formulating codes of conduct for business decisions = To guide in making business plans and strategies To evaluate situations according to personal beliefs = To have a universal standard code of ethics

Business ethics involves making moral and right decisions = Covers all conduct, behavior, and judgment in business Businesses are legally bound to conduct business ethically = Based on personal values and standards of individuals engaged in business There is no universal standard code of ethics in the business world today = Individuals evaluate situations according to their beliefs One specific purpose of business ethics is to assist in formulating codes of conduct = Helps in making business plans and strategies

Standards of moral conduct, behavior, and judgment in business = Business ethics Area where businesses are socially obligated to be ethical = Corporate responsibility Business practices that are considered right = Ethical business practices Personal values and standards influencing business behavior = Ethical decision-making

<p>Determining right and wrong in business practices = Purpose of business ethics Guiding principles for ethical behavior in business = Codes of conduct Document outlining acceptable behavior in a company = Code of ethics Set of rules for conducting oneself ethically in business = Business standards</p> Signup and view all the answers

<p>Ethical principles = Acts that may be legal but are considered wrong Business ethical rules of conduct = Observing fair competition and making right choices Uniform standards of right and wrong = Lack of consistent guidelines for business actions Fair business competition = Achieving success through offering better products or services</p> Signup and view all the answers

<p>Economic impact = Influences society through employee wages, supplier payments, and customer prices Social impact = Contributes to the ethical climate of society through corporate governance Environmental impact = Business influence on society through implementation of good environmental policies Impact on business managers = Expected to act in the best interest of the business while following the law and conscience</p> Signup and view all the answers

<p>Corruption in businesses = Raises prices for consumers and compromises product or service quality Breach of legal limitations = Leads to a deteriorating ethical environment and societal ethics suffer Accounting fraud = Contributes to a deteriorating ethical climate in society Offering bribes for work = Negatively affects the ethics of society</p> Signup and view all the answers

<p>Fair living wages for employees = Has a positive social impact on employees and suppliers Paying suppliers fairly and on time = Creates a positive effect on the suppliers Good value for customers' money = Positively impacts customers by providing value for price paid Implementing good environmental policies = Reduces internal costs and promotes a positive company image</p> Signup and view all the answers

<p>The main purpose of business ethics is to help businesses determine what business practices are right and what are wrong.</p> Signup and view all the answers

<p>To make businessmen realize that they cannot employ double standards to their own actions and the actions of others.</p> Signup and view all the answers

<p>Because the business world today does not have one universal standard code of ethics, and individuals evaluate situations according to their own beliefs.</p> Signup and view all the answers

<p>Business ethics covers all conduct, behavior and judgment in business.</p> Signup and view all the answers

<p>To serve as a standard or ideal upon which business conduct should be based.</p> Signup and view all the answers

<p>Business ethics is based on the personal values and standards of each person engaged in business.</p> Signup and view all the answers

<p>The key areas of business influence on society according to the passage are: economic impact, social impact, and environmental impact.</p> Signup and view all the answers

<p>The passage states that while some actions may be legal (not forbidden by law), they can still be considered unethical if they violate ethical principles. There is no uniform standard of right and wrong that all businesses base their actions on.</p> Signup and view all the answers

<p>The passage states that businesses can have a positive social impact by paying fair living wages and benefits to employees, paying suppliers fairly and on time, and providing customers with good value for the prices they pay.</p> Signup and view all the answers

<p>The passage states that businesses that implement good environmental policies to reduce waste and lighten their environmental footprint can not only reduce their internal costs, but also promote a positive image of their company.</p> Signup and view all the answers

<p>The passage states that although a manager is expected to act in the best interest of the business, they cannot be expected to act in a manner that is contrary to the law or to their conscience.</p> Signup and view all the answers