Business Ethics Vocabulary Quiz and Flashcards

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Questions and Answers

What is the term for spreading false information about competitors' products?

Dishonest Advertising

Trade Libel (correct)

Deception

Unfair Competition

What is the situation where competitors have unequal terms in a competition?

Unfairness in Business

Unequal Competition (correct)

Unfair Advantage

Unjust Treatment

What is the term for a company's deceptive use of a competitor's name or logo?

Trade Libel

Trademark Imitation

Trade Deception

Trademark Infringement (correct)

What is the term for behavior in the workplace that has serious consequences if unaddressed?

Toxic Work Environment Signup and view all the answers

What is the term for unjust or unreasonable treatment in accordance with accepted rules or principles?

Unfair Treatment Signup and view all the answers

What is the term for dishonest and illegal activities to gain an advantageous financial outcome?

Racketeering Activities Signup and view all the answers

What is the primary focus of customer relationships in a company?

Nurturing positive relationships with customers Signup and view all the answers

What is the primary goal of pricing strategies?

Setting prices considering the cost of inputs, distribution, and overhead Signup and view all the answers

What is the main concept of business ethics?

Setting standards for morally right and wrong conduct Signup and view all the answers

What should be the center of ethical decision-making processes?

Protecting employee and customer rights Signup and view all the answers

What should you do if you want to remove a partner from a business?

Buy out their interest in the business Signup and view all the answers

What is an example of gross negligence?

Not acting in good faith concerning a partner Signup and view all the answers

What is the fundamental right of every citizen, according to the constitution?

The right to be protected from unemployment and underemployment Signup and view all the answers

What is the reality faced by job seekers, who are often breadwinners?

A choice between joblessness and underemployment Signup and view all the answers

What is the consequence of unethical behavior in the workplace if left unaddressed?

A toxic work environment Signup and view all the answers

What is the role of a human resources department or manager in addressing unethical behavior in the workplace?

To provide a way for employees to voice their concerns about unethical behavior Signup and view all the answers

What is the challenge faced by smaller businesses in addressing unethical behavior?

Creating an avenue for reporting or disclosing unethical behavior Signup and view all the answers

What is the idealism embodied in the constitution regarding employment?

That full employment is a fundamental right of every citizen Signup and view all the answers

What is the consequence of the failure of markets according to environmental economics?

Environmental degradation Signup and view all the answers

What is the main difference between regular workers and temporary workers in contractualization?

The duration of their employment Signup and view all the answers

What is the underlying reason for the right to adequate work and full employment?

To fulfill our intrinsic nature to self-preservation and support our family Signup and view all the answers

What is the term used to describe the deterioration of the environment through depletion of resources?

Environmental degradation Signup and view all the answers

What is the result of replacing regular workers with temporary workers who receive lower wages and fewer benefits?

Underemployment Signup and view all the answers

What is a breach of contract in the context of law?

A failure to honor a binding agreement Signup and view all the answers

What is the primary characteristic of content that scores a 4 in the Content and Development criterion?

Content is comprehensive, accurate, and persuasive Signup and view all the answers

What is the key difference between a score of 3 and a score of 4 in the Organization and Structure criterion?

The structure outlines all the issues and is easy to follow Signup and view all the answers

What is the main reason why content would score a 1 in the Content and Development criterion?

Content is incomplete, and major points are not clear Signup and view all the answers

In the Organization and Structure criterion, what is the primary characteristic of a score of 2?

Structure of the code is not easy to follow Signup and view all the answers

What is the primary difference between a score of 3 and a score of 2 in the Content and Development criterion?

Content is not comprehensive, but major points are stated Signup and view all the answers

In the Organization and Structure criterion, what is the primary characteristic of a score of 3?

Structure is mostly easy to follow Signup and view all the answers

Study Notes

Ethical Issues in Entrepreneurship

Unethical business practices: include dishonest and illegal activities for financial gain, such as unfair treatment, trade defamation, and trademark infringement.
Fairness: a key principle in ethical decision-making, ensuring employee and customer rights, and protecting the common good.
Basic rights: include the right to full employment, protection from unemployment and underemployment, and the right to adequate work.

Unethical Behavior in the Workplace

Consequences: can lead to a toxic work environment, affecting employees and business.
Addressing unethical behavior: requires a proactive approach, including policies, procedures, and training, and creating an avenue for reporting or disclosing unethical behavior.

Breach of Contract

Definition: a legal cause of action when a binding agreement or bargained for exchange is not honored by one or more parties.
Causes: include non-performance or interference with the other party’s performance.

Environmental Degradation

Definition: the deterioration of the environment through depletion of resources, destruction of ecosystems, and extinction of wildlife.
Causes: include the failure of markets, leading to opportunities in market failure.

Contractualization or Labor Contractualization

Definition: the replacement of regular workers with temporary workers who receive lower wages with no or fewer benefits.
Types: include contractures, trainees, apprentices, helpers, casuals, piece raters, agency-hired, and project employees.
Impact: is a form of underemployment, violating the right to full employment and adequate work.

Important Principles

Ethical decision-making: should center on protecting employee and customer rights, ensuring fair and just business operations, and protecting the common good.
Proactive approach: is necessary to address unethical behavior in the workplace, including creating an avenue for reporting or disclosing unethical behavior.
Right to full employment: is essential to all men and women of legal age, and is a fundamental right to self-preservation and supporting one's family.

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Description

Test your knowledge of business ethics terms and concepts. Identify the correct words based on their definitions and statements. Improve your understanding of ethical practices in business.

Business Ethics Vocabulary