Introduction to Business Ethics

<p>Legal compliance (C)</p> Signup and view all the answers

<p>Promoting ethical behavior throughout the company (A)</p> Signup and view all the answers

<p>Noncompliance and violations of the established code (A)</p> Signup and view all the answers

<p>To impose sanctions and penalties for unethical behaviors (B)</p> Signup and view all the answers

<p>Accountability for compliance with the code (A)</p> Signup and view all the answers

<p>Mandatory standardized testing (C)</p> Signup and view all the answers

<p>Adherence to a common code of conduct (A)</p> Signup and view all the answers

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

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

<p>Ethical accountability is focused on individuals, whereas social accountability focuses on organizations. (B)</p> Signup and view all the answers

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

<p>Prioritizing the group's interests over individual concerns (C)</p> Signup and view all the answers

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

<p>Quality of services provided (D)</p> Signup and view all the answers

<p>Analyzing the evolution and influences on ethical theories (B)</p> Signup and view all the answers

<p>Normative Ethics (A)</p> Signup and view all the answers

<p>To ensure full transparency in financial disclosures (A)</p> Signup and view all the answers

<p>Integrity and ethical conduct (A)</p> Signup and view all the answers

<p>The implementation of ethical standards within organizations (B)</p> Signup and view all the answers

<p>To promote ethical conduct and prevent financial scandals (D)</p> Signup and view all the answers

<p>They cannot substitute for moral principles and character. (C)</p> Signup and view all the answers

<p>The reason for not adopting such a code (C)</p> Signup and view all the answers

<p>Disclose personal financial details of executives (A)</p> Signup and view all the answers

<p>Passing an ethics exam for licensing (A)</p> Signup and view all the answers

<p>Reinvigorated interest in business ethics education (D)</p> Signup and view all the answers

<p>Conflicts of interest (C)</p> Signup and view all the answers

<p>It contributes to sustainable well-being and reputation (C)</p> Signup and view all the answers

<p>To instill responsibilities and accountability to society (B)</p> Signup and view all the answers

<p>Incidents of ethical violations and cheating (A)</p> Signup and view all the answers

<p>To require the establishment of a corporate code of conduct (A)</p> Signup and view all the answers

<p>The board should promote a right tone to encourage ethical conduct (D)</p> Signup and view all the answers

<p>Periodically and on an ongoing basis (B)</p> Signup and view all the answers

<p>It should be relevant, useful, and reliable (B)</p> Signup and view all the answers

<p>A culture emphasizing honesty and compliance with regulations (A)</p> Signup and view all the answers

<p>To promote sustainable performance over short-term performance (C)</p> Signup and view all the answers

<p>As moral principles about right and wrong and standards of conduct (D)</p> Signup and view all the answers

<p>Enhancing financial reporting integrity involves ethical senior executives (B)</p> Signup and view all the answers

<p>The nature and meaning of moral concepts and judgments (D)</p> Signup and view all the answers

<p>Self-interest (D)</p> Signup and view all the answers

<p>Consequentialist Theory (A)</p> Signup and view all the answers

<p>The nature of the action itself (B)</p> Signup and view all the answers

<p>Individualist Dimension of Ethical Decision Making (D)</p> Signup and view all the answers

<p>To promote an ethical workplace environment (C)</p> Signup and view all the answers

<p>To set the ethical tone of the company (C)</p> Signup and view all the answers

<p>To encourage ethical reasoning and conduct in future business leaders (C)</p> Signup and view all the answers

A set of principles that guide behavior based on what's right and wrong, often reflecting values and standards of conduct.

A branch of ethics that focuses on how to apply ethical principles to real-world situations, particularly in business.

A set of principles and guidelines that define what is considered ethical behavior within a particular organization.

A type of ethical theory that judges the morality of an action based on its consequences or outcomes.

A type of ethical theory that evaluates the inherent nature of an action, regardless of its consequences, to determine its ethicality.

An ethical perspective centered on the individual's well-being and interests, prioritizing their own and their immediate family's needs and goals.

An ethical perspective that emphasizes the importance of collective well-being and the interests of the group, considering actions based on their impact on the whole.

A type of ethical theory that explores the nature of moral language, concepts, and reasoning, examining the meaning of terms like 'good' and 'right'.

Provides practical principles for ethical behavior. It guides individuals on what is right or wrong in various situations.

Applies ethical principles to specific professions or societal segments. Examples include business ethics, environmental ethics, and medical ethics.

Focuses on creating and maintaining a strong ethical work environment. It promotes ethical conduct from leadership to all employees.

Financial scandals often stem from unethical practices. Ethical dilemmas often have financial consequences.

The control environment of an organization, including ethical conduct and integrity, is a crucial part of managing risk effectively.

An individual or organization's commitment to behaving in an honorable and ethical manner.

The impact of an organization's actions and behavior on its stakeholders, including society, the environment, competitors, suppliers, customers, employees, and other organizations.

A key principle of professional ethics that emphasizes honesty, fairness, and trustworthiness.

A key principle of professional ethics that requires professionals to be impartial and unbiased in their judgments and decisions.

A key principle of professional ethics that requires professionals to have the necessary skills, knowledge, and training to perform their duties competently and with due care.

A key principle of professional ethics that requires professionals to protect confidential information shared with them.

A key principle of professional ethics that requires professionals to behave in a way that reflects positively on the profession and maintains public trust.

The principles and standards that guide the conduct of individuals in a profession.

Section 406 of the Sarbanes-Oxley Act (SOX) requires public companies to disclose if they have a corporate code of conduct in their annual financial statements.

A company's code of conduct outlines the ethical standards and principles that employees are expected to follow.

The top leaders of a company play a crucial role in promoting ethical behavior by setting the tone and expectations for ethical conduct.

Policies and procedures are essential for ensuring that ethical conduct is clearly defined, communicated, and enforced throughout the organization.

Financial reporting integrity refers to the accuracy, reliability, and trustworthiness of a company's financial information.

Companies should establish policies and procedures that ensure the production of high-quality financial information that is relevant, reliable, and useful for decision-making.

Companies should foster a culture that values ethical behavior and financial reporting integrity by rewarding employees who uphold these principles.

Professional codes of conduct are guidelines for ethical behavior in specific fields, like accounting. They act as a reference point for individuals, establish rules, and provide a way to enforce ethical standards.

Market-based incentives encourage ethical behavior by making unethical actions costly. Organizations and individuals that engage in unethical practices face consequences like reduced sales or legal issues.

Regulatory-based incentives promote ethical behavior by implementing rules and regulations. These rules can include fines, penalties, or sanctions for unethical actions, effectively discouraging such behavior.

Ethical behavior involves doing 'the right thing' beyond just following the law. It involves a principle-based approach to decision-making, prioritizing what is morally right.

A company's code of ethics is a set of written standards designed to prevent unethical behavior. It encourages transparency, accountability, and compliance with relevant laws and regulations.

The SEC rule describes a code of ethics as a set of written standards that promote transparency, avoid conflicts of interest, and ensure ethical conduct within a company.

The SEC extended code of ethics requirements to both the company's principal financial officers and principal executive officers, mandating these executives to adhere to ethical standards.

A company's culture of trust is essential for promoting ethical behavior. It involves fostering transparency, open communication, and a sense of shared responsibility for ethical conduct within the company.

The NYSE's rules go beyond the SEC's, demanding listed companies to create and disclose a code of conduct for everyone, not just top executives. They also have to make public any exceptions to this code for directors and top leaders.

Examples of topics that should be addressed by a company's code of ethics include conflicts of interest, confidentiality, protecting company assets, fair dealing, reporting unethical behavior. These help guide employees towards ethical actions and decision-making.

The focus is on teaching future business leaders about their responsibilities to their profession and society, aiming to foster ethical decision making and accountability.

Many states require accountants to pass an ethics exam before being allowed to practice and also require them to include ethics training in their continuing education.

Ethical scandals in business have led to renewed focus on ethics in business schools. Investors are more aware of the potential impact of unethical behavior, and schools acknowledge the importance of training ethical future business leaders.

These incidents have highlighted the importance of ethical behavior in academia, emphasizing the need for maintaining academic integrity and ethical conduct among both students and faculty.

Maintaining ethical conduct in academia is crucial for the well-being and reputation of institutions. It fosters a culture of trust, accountability, and fair practices within the learning environment.