Busn101 Chapter 4 Flashcards

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Questions and Answers

What are ethics?

Standards of moral behavior accepted by society as right versus wrong.

What are compliance-based ethics codes?

Ethical standards that emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers.

What are integrity-based ethics codes?

Ethical standards that define the organization's guiding values and create an environment that supports ethically sound behavior.

Who are whistleblowers?

Insiders who report illegal or unethical behavior. Signup and view all the answers

What is corporate social responsibility (CSR)?

A business's concerns for the welfare of society. Signup and view all the answers

What is corporate philanthropy?

The dimensions of social responsibility that include charitable donations. Signup and view all the answers

What are corporate social initiatives?

Enhanced forms of corporate philanthropy directly related to the company's competencies. Signup and view all the answers

What is corporate responsibility?

The dimension of social responsibility that includes everything from hiring minority workers to making safe products. Signup and view all the answers

What is corporate policy?

The dimension of social responsibility that refers to the position a firm takes on social and political issues. Signup and view all the answers

What is insider trading?

An unethical activity in which insiders use private company information for personal gain. Signup and view all the answers

What is a social audit?

A systematic evaluation of an organization's progress toward implementing socially responsible programs. Signup and view all the answers

What are some things that could be done to restore trust in the free market system?

1.) Punish wrongdoers accordingly 2.) Pass laws for transparent accounting records 3.) Increase accountability. Signup and view all the answers

What is the danger in simply writing new laws to correct behavior?

People may think any behavior within the law is acceptable, reducing ethical standards. Signup and view all the answers

What is the difference between being 'ethical' and being 'legal'?

Being legal means following laws, while being ethical involves broader considerations of right and wrong. Signup and view all the answers

What is meant by the statement 'Many Americans today have no moral absolutes'?

It means many Americans judge right and wrong situationally rather than by fixed moral standards. Signup and view all the answers

What are the common themes identified from various historical texts regarding ethics?

Integrity, respect for human life, self-control, honesty, courage, and self-sacrifice are considered right. Signup and view all the answers

How 'socially minded' are Americans in general?

Recent studies show many Americans do not engage in community service or charity. Signup and view all the answers

What is an 'ethical dilemma'?

A situation in which you must choose between equally unsatisfactory alternatives. Signup and view all the answers

How did teens respond when asked about making ethical decisions?

Most teens felt prepared to make ethical decisions, but 38% thought dishonest actions might be necessary at times. Signup and view all the answers

Describe an ethical dilemma.

A situation in which you must choose between equally unsatisfactory alternatives. Signup and view all the answers

What are three questions to ask yourself when faced with an ethical dilemma?

1.) Is my proposed action legal? 2.) Is it balanced? 3.) How does it affect others? Signup and view all the answers

Study Notes

Ethics and Morality

Ethics refers to standards of moral behavior accepted by society as distinguishing right from wrong.
Ethical behavior goes beyond legality, focusing on fairness and relationships among individuals.

Codes of Ethics

Compliance-based ethics codes prioritize preventing unlawful behavior through strict control and penalties.
Integrity-based ethics codes emphasize organizational values and collective accountability among employees.

Whistleblowers and Reporting

Whistleblowers are individuals who report unethical or illegal practices within their organizations.

CSR involves businesses taking into account the welfare of society in their operations and decisions.
Corporate philanthropy, a subset of CSR, includes charitable donations and social contributions.

Corporate Practices

Corporate social initiatives connect philanthropy to a company's core competencies.
Corporate responsibility encompasses hiring practices, product safety, and positions on social issues.

Insider Trading

Insider trading is considered unethical, involving the misuse of private information for personal gain.

A social audit systematically assesses an organization’s adherence to social responsibility goals.

Restoring Trust in Business

Restoring confidence in the free market can involve punishing illegal actions, enhancing transparency of accounting, and holding business leaders accountable.

Legal vs. Ethical Behavior

Legal actions follow established laws; ethical behavior demands higher standards encompassing collective morals.
Simply adhering to the law can blur the lines distinguishing right from wrong.

Moral Relativism

The notion that many Americans lack moral absolutes suggests individuals justify actions based on situational outcomes.

Common Ethical Principles

Major ethical themes across various philosophical and religious texts include integrity, respect for life, honesty, and courage, contrasted with cheating and cruelty.

Civic Engagement and Ethics

Many Americans show low community involvement and unethical behaviors, including cheating and safety violations, which reflects diminished ethical standards.

Ethical Dilemmas

Ethical dilemmas arise when choosing between equally unsatisfactory alternatives, requiring careful decision-making.

Teens and Ethical Decision-Making

A significant portion of teens are open to making ethical choices but some rationalize unethical actions as sometimes necessary.

Decision-Making Questions

When faced with an ethical dilemma, consider:
- Is the action legal according to laws and policies?
- Is the action balanced, considering the welfare of all parties involved?

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Description

Explore key concepts in business ethics through these flashcards. This quiz covers important terminology such as compliance-based ethics codes and integrity-based ethics codes, essential for understanding moral standards within a business context.