Business Law and Ethics Quiz

Four Elements for "Doing What's Right"

• Business Law
  • Provides guidelines for legal activities
  • Labor law, Uniform Commercial Code, Environmental protection and Industry specific regulations are key areas
• Ethical Decision Making
  • Focuses on what "should happen" rather than "what does happen"
  • Unethical behavior happens due to internal and external factors
  • Moral awareness, judgement, intention and action are key steps for ethical decision-making
• Core Values
  • Underlying norms of behavior and actions expected of employees
  • Reinforce values through example and action
• Corporate Social Responsibility (CSR)
  • Organizations recognize and proactively respond to the needs of their stakeholders (customers, suppliers, employees etc.)
  • It's not just the "right" thing to do but the "smart" thing to do as well
  • Proactive leaders act as role models, use empathy and create a broader vision for CSR implementation

Doing What's Right

• Johnson & Johnson Credo - A famous example of a company's core values
• Corporate Social Responsibility
  • Acts of an organization to respond to needs and expectations of stakeholders
  • The right thing to do is also the smart thing
  • Leaders act as role models through words and action, use empathy and create a broader vision

Learning Goals

• Identify the four key elements of "Doing What's Right"
• Identify and describe four major areas of legal regulations that govern business activities
• Identify the reasons for unethical behavior in business and the steps to take when facing an ethical decision
• Define "Core Values" and explain their importance in enabling businesses to "Do What's Right"
• Define Corporate Social Responsibility and describe the approach for implementing CSR in an organization

Doing What’s “Right”

• Businesses should consider four key elements for doing what’s “right”: Business law, ethical decision making, core values, and corporate social responsibility.

Business Law

• Business law impacts the activities of businesses in four key areas:
  • Labor Laws
  • Uniform Commercial Code
  • Environmental Protection
  • Industry Specific Regulations
• Business Law reflects norms of expected behavior and actions for all employees

Ethical Decision Making

• Businesses should take steps to prevent unethical behavior, as it often occurs.
• Examples of unethical behaviors happen in business.
• There are both internal and external factors that influence behavior which can lead to unethical behavior.
• Ethical decision-making involves a five-step process: moral awareness, moral judgement, moral intention, action, and implementation.
• There are six ethical standards: Utilitarian, Individualism, Moral Rights, Justice, Impartial Opinion, and Full Disclosure

Core Values

• Core values are the underlying norms of behavior expected of all employees
• Core values should be reinforced by example and actions

Corporate Social Responsibility (CSR)

• Companies should make efforts to proactively recognize and respond to the needs and expectations of all stakeholders
• Stakeholders include customers, suppliers, distributors, employees, communities, and more.
• Companies should not just focus on doing the “right” thing but also the “smart” thing.
• CSR includes three proactive actions by leaders: acting as a role model, using empathy, and creating a broader vision

Test your knowledge on the principles of business law and ethical decision-making. Explore key concepts such as corporate social responsibility, core values, and guidelines for ethical behavior in organizations. This quiz will help you understand the importance of ethics in the business context.