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Questions and Answers
What is ethics?
What is ethics?
The study of what constitutes right and wrong behavior.
What does business ethics focus on?
What does business ethics focus on?
What constitutes ethical behavior in the business world.
What is one way that businesses can promote ethical behavior?
What is one way that businesses can promote ethical behavior?
Institute corporate compliance programs.
What is the 'moral minimum' with respect to business ethics?
What is the 'moral minimum' with respect to business ethics?
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What does Kant's 'categorical imperative' state?
What does Kant's 'categorical imperative' state?
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Which act requires companies to set up confidential systems for reporting unethical practices?
Which act requires companies to set up confidential systems for reporting unethical practices?
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What are the two fundamental approaches to ethical reasoning in a business environment?
What are the two fundamental approaches to ethical reasoning in a business environment?
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What actions does the Foreign Corrupt Practices Act prohibit?
What actions does the Foreign Corrupt Practices Act prohibit?
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Where do duty-based ethical standards often derive from?
Where do duty-based ethical standards often derive from?
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What is the primary focus of utilitarian ethics?
What is the primary focus of utilitarian ethics?
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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.
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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.
