Lesson 1: Ethics and Business Topics

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What is the main characteristic of a profession?

Specialized services in exchange for fees (correct)

Providing goods for profit

Production and distribution of goods

Generating employment opportunities

Which term refers to an individual providing services to someone else in exchange for a salary or wage?

Business owner

Employee (correct)

Professional

Employer

What is the main aim of business as an economic activity?

To acquire goods

To earn profit (correct)

To provide specialized services

To generate employment

Which of the following is NOT a characteristic of business as an economic activity?

Customer Satisfaction Signup and view all the answers

Why is ethics important in business?

To maintain trust and integrity Signup and view all the answers

What differentiates a professional from an employee in terms of services provided?

Professional provides specialized services while employees provide general services Signup and view all the answers

What are the two double-purpose intentions that every individual lives with?

Survival and flourishing Signup and view all the answers

Which type of profit is related to gains of property?

Monetary profit Signup and view all the answers

What is the primary way to flourish according to the text?

Making profit Signup and view all the answers

Which term is used in the text to describe a gain in health and fitness?

Physiological profit Signup and view all the answers

What is considered moral profit?

Profit used to elevate life from poverty Signup and view all the answers

Why do some people assert that money may unmake the lives of others according to the text?

Misuse or negative impact caused by money Signup and view all the answers

What is the nature of business according to Urwick and Hunt?

An enterprise that provides services and goods for which people are willing to pay Signup and view all the answers

What is the main purpose of economic activities as described in the text?

To earn income and satisfy human wants with limited resources Signup and view all the answers

What does 'nature of business' refer to in the context of the text?

The fundamental characteristics and features of business as an economic activity Signup and view all the answers

Why do individuals engage in economic activities?

To earn income, money, and wealth while using limited means Signup and view all the answers

Which statement best describes the relationship between man's wants and economic activities?

Man has innumerable wants which require economic activities to maximize limited resources Signup and view all the answers

How does the text define 'economic activity'?

Activities aimed at maximizing the use of scarce resources to satisfy human wants Signup and view all the answers

What does Business Ethics support in terms of profit making?

Fair profit making Signup and view all the answers

In the context of Business Ethics, what is Culture primarily defined as?

Set of shared understandings Signup and view all the answers

What is the key belief in Religion that influences Business Ethics?

Defeating wrongdoing through grace and prayer Signup and view all the answers

Which of the following is NOT supported by Business Ethics in business activities?

Illegal activities for growth Signup and view all the answers

How does Business Ethics view the idea of exploiting investors?

Unethical behavior Signup and view all the answers

From the sources of Business Ethics mentioned, what is the primary focus of Culture?

Knowledge and values transfer Signup and view all the answers

What are the two ways mentioned in the text through which a man can generate profits?

By taking actions beneficial to himself and irrelevant to others, or by collaborating with others for a common goal Signup and view all the answers

What kind of system does the text suggest is necessary for a man to flourish freely in obtaining profit?

Laissez-faire capitalism Signup and view all the answers

What is the meaning of arbitrage opportunity as described in the text?

A strategy that guarantees profit with no risk involved Signup and view all the answers

What principle is used to justify the importance of profit for Christians?

Good stewardship Signup and view all the answers

How does the text describe the role of laissez-faire capitalism in profit-seeking activities?

Allowing individuals to engage in profit-seeking activities without complications or interventions Signup and view all the answers

What is highlighted as a requirement for a man to act in his best interest and flourish up to his ceiling?

Freedom from restrictions on his choices and strategies Signup and view all the answers