Ethics in Business Practices
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Questions and Answers

What is one aspect of the three-pronged approach companies use to address ethics and social responsibility?

  • Corporate growth strategies
  • Corporate philanthropy (correct)
  • Market expansion
  • Employee satisfaction

Which behavior is identified as unethical within an organization?

  • Participating in training programs
  • Providing constructive feedback
  • Lying to employees (correct)
  • Prioritizing team goals over personal gain

How has technology influenced unethical behavior in organizations?

  • By expanding opportunities for misconduct (correct)
  • By simplifying communication
  • By enhancing employee productivity
  • By increasing regulatory oversight

Which statement best describes how individuals influence the ethical environment of their organization?

<p>They can impact the organization through personal ethics (B)</p> Signup and view all the answers

What can be considered a result of an individual's unethical behavior at work?

<p>Safety violations (D)</p> Signup and view all the answers

What is the definition of business ethics?

<p>The standards of conduct and moral values governing work actions and decisions. (C)</p> Signup and view all the answers

Which of the following best describes social responsibility in a business context?

<p>Enhancing society’s welfare through business decisions. (B)</p> Signup and view all the answers

How can businesses act responsibly to satisfy society?

<p>By engaging in corporate philanthropy and ethical practices. (D)</p> Signup and view all the answers

What is a factor that shapes an organization's ethical conduct?

<p>The organization’s ethical climate. (B)</p> Signup and view all the answers

Which statement is true about codes of conduct in organizations?

<p>They support and encourage doing the right things. (C)</p> Signup and view all the answers

Which of the following illustrates a stakeholder responsibility for businesses?

<p>Balancing the interests of customers, employees, investors, and society. (D)</p> Signup and view all the answers

What is the relationship between business ethics and moral values?

<p>Moral values dictate the standards by which business ethics are formed. (A)</p> Signup and view all the answers

What role does ethical climate play in decision-making within a business?

<p>A positive ethical climate encourages ethical decision-making. (D)</p> Signup and view all the answers

What is a major benefit of Corporate Social Responsibility for consumers?

<p>Improved brand reputation (A)</p> Signup and view all the answers

Which question is NOT included in the Ethical Decision Making Framework at Starbucks?

<p>How would your approach affect employee morale? (C)</p> Signup and view all the answers

What is one requirement of the Sarbanes-Oxley Act for companies?

<p>Development of ethical compliance programs (D)</p> Signup and view all the answers

What is one attribute of ethical behavior that executives must demonstrate?

<p>Use clear, explicit language (C)</p> Signup and view all the answers

What is a key focus of Coca-Cola’s Global Sustainability Goals?

<p>Supporting women's initiatives (A)</p> Signup and view all the answers

Which group is NOT considered a stakeholder according to the social responsibility framework?

<p>Competitors (B)</p> Signup and view all the answers

Which statement about the business environment is accurate?

<p>The vast majority of businesses are ethical. (B)</p> Signup and view all the answers

How does Starbucks rank in terms of social responsibility?

<p>Number one according to Fortune Magazine (C)</p> Signup and view all the answers

What is a key component of measuring a firm's social performance?

<p>Social audits (D)</p> Signup and view all the answers

Which practice is NOT part of promoting ethical leadership?

<p>Reward unethical behavior (B)</p> Signup and view all the answers

What is a significant feature of the oversight board established by the Sarbanes-Oxley Act?

<p>It regulates public accounting firms auditing financial records. (A)</p> Signup and view all the answers

What is one consequence of an ethical business environment on investors?

<p>Greater trust in corporate governance (B)</p> Signup and view all the answers

Which of the following is a qualitative measure of social responsibility?

<p>Environmental concerns (B)</p> Signup and view all the answers

What type of workplace condition is considered in measuring a firm's social responsibility?

<p>Safe and healthy workplace (D)</p> Signup and view all the answers

What is one effect of high-profile investigations on businesses?

<p>Promotes a culture of accountability and transparency (A)</p> Signup and view all the answers

What does the term 'trickle-down' effect refer to in the context of ethical leadership?

<p>Positive ethical behavior filtering through the organization (C)</p> Signup and view all the answers

What is the primary purpose of a code of conduct in an organization?

<p>To define how the organization expects employees to resolve ethical questions (B)</p> Signup and view all the answers

Which of the following is NOT one of the core values emphasized in a code of conduct?

<p>Maximize profits at all costs (C)</p> Signup and view all the answers

What role does ethics training play in a business environment?

<p>It gives employees the chances to apply ethical values to hypothetical situations (D)</p> Signup and view all the answers

How does awareness contribute to an ethical climate in a business?

<p>By helping employees identify ethical problems (A)</p> Signup and view all the answers

Which of these is a proposed approach for enhancing ethical decision-making in firms?

<p>Incorporating an employee hotline with ethics officers (A)</p> Signup and view all the answers

What is a major concern among some individuals regarding ethics?

<p>Many believe ethics cannot be taught at all (A)</p> Signup and view all the answers

What is one benefit of setting realistic goals in ethical decision-making?

<p>It helps transform decisions into ethical actions (B)</p> Signup and view all the answers

What fundamental issue arises from ethical dilemmas within organizations?

<p>They can lead to an ethical climate collapse (A)</p> Signup and view all the answers

What does a country's true wealth primarily rely on?

<p>Its people (A)</p> Signup and view all the answers

Which of the following is NOT a benefit of corporate philanthropy?

<p>Increased production costs (D)</p> Signup and view all the answers

What is the effect of cause-related marketing?

<p>Promotes a company's sponsorship (A)</p> Signup and view all the answers

Which of the following describes consumerism?

<p>The public's expectation for businesses to consider customer needs (B)</p> Signup and view all the answers

Which of the following rights do consumers NOT have?

<p>The right to be exempt from liability (A)</p> Signup and view all the answers

What does product liability refer to?

<p>Responsibility for damages caused by products (B)</p> Signup and view all the answers

The UPS Foundation believes that tree planting contributes to which of the following?

<p>Improving environmental conditions (D)</p> Signup and view all the answers

Which of the following is a consequence of corporations donating to not-for-profit organizations?

<p>Strengthened customer loyalty (B)</p> Signup and view all the answers

Flashcards

Business Ethics

Standards of conduct and moral values that guide work actions and decisions in a business.

Social Responsibility

How a business decision affects the environment, employees, and customers. It's about improving society through actions, policies, and procedures.

Ethical Climate

The overall ethical environment within an organization. It influences how ethical decisions are made.

Codes of Conduct

Formal rules outlining acceptable behavior within a business.

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Ethical Standards

Principles used to judge the rightness or wrongness of conduct within a business.

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Responsibilities to Customers

Treating customers fairly and ethically.

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Responsibilities to Employees

Ensuring a positive and ethical work environment.

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Responsibilities to Investors

Acting ethically to build trust and protect investments.

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Responsibilities to Society

Contributing positively to the overall well-being of society.

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High-profile investigations

Publicly known investigations, often involving prominent figures or companies, usually related to unethical or illegal activities.

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Corporate Social Responsibility (CSR)

Companies' commitment to considering the impact of their business on society, and to operating ethically and sustainably.

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Enron Scandal

A major corporate accounting scandal involving the energy company Enron, highlighting a failure of ethics and governance at a large company

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Starbucks Ethical Ranking

Starbucks's high ranking in social responsibility according to a reputable magazine.

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Sarbanes-Oxley Act (SOX)

A 2002 law that aims to improve corporate governance practices and protect investors by adding oversight and regulations for publicly traded companies.

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Ethical compliance programs

Internal company structures and procedures designed to ensure adherence to ethical standards and deter misconduct.

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Whistleblowers

Individuals who report unethical or illegal activities within an organization, often to authorities.

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Codes of ethics

Formal statements of company values and rules for conducting business in an ethical manner.

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Corporate Philanthropy

Companies donating money or resources to non-profit organizations.

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Cause-Related Marketing

Businesses connecting their brands with a social cause to boost image and sales.

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Consumerism

Public demand for businesses to consider customer needs when making decisions.

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Product Liability

Manufacturers' responsibility for damages caused by their products.

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Customer Rights

Consumer rights to safety, information, choice, and to voice concerns.

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Ethical Compliance Officers

People responsible for ensuring ethical behavior in companies.

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Three-pronged approach to ethics

Companies use philanthropy, risk management, and value creation to be ethical.

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Ethical dilemmas

Tough choices about what is right and wrong in business.

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Unethical behavior examples

Examples include prioritizing self-interest, lying, misrepresenting time, safety violations, and inappropriate internet use.

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Individual impact on ethics

One person's actions can significantly affect the ethical environment.

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Personal ethics development

Developing one's personal ethics involves external rules, social influence, and considering society's needs.

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Ethical Awareness

Understanding of ethical principles and how to apply them in business situations.

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Starbucks Ethical Decision Making

A framework used by Starbucks employees to identify and address ethical problems, focusing on mission, conduct standards, laws, and creating a positive example.

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Code of Conduct

Formal guidelines for ethical behavior within an organization.

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Ethical Leadership

Executives demonstrating ethical behavior through clear communication and fostering a strong ethical culture within the company.

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Ethical Dilemmas

Situations requiring difficult choices between competing ethical values.

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"Trickle-Down" Effect (Ethics)

The idea that ethical behavior at the top levels of a company influences ethical conduct at all levels.

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Ethics Training

Programs to teach ethical decision-making and problem-solving skills.

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Social Responsibility

Measured by a social audit, a company's performance in contributing to the well-being of society, with equal consideration of profits, consumer satisfaction, and societal well-being.

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Social Audit

Assessing a company's responsibility towards society by evaluating aspects like employment, diversity, environment, workplace safety and contributions to the community.

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Ethical Action

Applying ethical principles in real-world business decisions.

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Employee Hotline

A way for employees to report ethical concerns quickly.

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Core Values

Fundamental beliefs guiding ethical decision-making.

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