Ethics Chapter 5 Flashcards

Questions and Answers

What is ethics?

The study of what constitutes right and wrong behavior.

What does business ethics focus on?

What constitutes ethical behavior in the business world.

What is one way that businesses can promote ethical behavior?

Institute corporate compliance programs.

What is the 'moral minimum' with respect to business ethics?

Compliance with the law. Signup and view all the answers

What does Kant's 'categorical imperative' state?

The morality of an action should be judged by the effects it would have if everyone acted the same way. Signup and view all the answers

Which act requires companies to set up confidential systems for reporting unethical practices?

The Sarbanes-Oxley Act. Signup and view all the answers

What are the two fundamental approaches to ethical reasoning in a business environment?

The duty-based and the outcome-based. Signup and view all the answers

What actions does the Foreign Corrupt Practices Act prohibit?

The bribery of a prime minister of a foreign country to obtain a government contract. Signup and view all the answers

Where do duty-based ethical standards often derive from?

Principles rooted in religion. Signup and view all the answers

What is the primary focus of utilitarian ethics?

The outcome of actions. Signup and view all the answers

Study Notes

Ethics and Business Ethics

Ethics is the study of determining what constitutes right and wrong behavior.
Business ethics specifically examines ethical behavior within the business sector.

Promoting Ethical Behavior

Corporate compliance programs are effective in fostering ethical behavior in workplaces.

Moral Minimum

The "moral minimum" in business ethics refers to adhering to legal requirements.

Kant's Categorical Imperative

Kant's principle suggests that an action's morality is judged based on its potential universal application—if everyone acted the same way in similar circumstances.

Sarbanes-Oxley Act

This act mandates companies to establish confidential reporting systems for employees to report suspected illegal and unethical practices related to auditing and accounting.

Approaches to Ethical Reasoning

Two main approaches to ethical reasoning in business are:
- Duty-based ethics: focuses on adherence to rules.
- Outcome-based ethics: concentrates on the results of actions.

Foreign Corrupt Practices Act

This legislation prohibits bribing foreign officials, such as prime ministers, to gain favorable governmental contracts.

Duty-Based Ethical Standards

Duty-based ethical standards often stem from religious principles, emphasizing moral obligations.

Utilitarian Ethics

The primary concern of utilitarian ethics is the outcomes of actions, evaluating the benefits versus detriments.

Description

Test your knowledge of ethics with these flashcards covering key concepts from Chapter 5. Learn definitions and important aspects of business ethics, including right and wrong behavior and corporate compliance programs. Perfect for students looking to reinforce their understanding of ethical practices in the business world.