Values Clarification Quiz
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Questions and Answers

Which of the following is NOT considered a core value in the securities industry?

  • Integrity
  • Honesty
  • Competitiveness (correct)
  • Trust

What could be compromised if an RR lacks integrity, trust, honesty, or competency?

  • The reputation of the industry only
  • The integrity of the RR only
  • The reputation of the RR only
  • The reputation of the RR and the industry (correct)

What makes it difficult to define the meaning of a particular value according to the text?

  • Different interpretations of values by different people (correct)
  • Lack of understanding of values by individuals
  • The ever-changing nature of values
  • Lack of importance of values in society

What is critically important for individuals and companies according to the text?

<p>Understanding personal values (B)</p> Signup and view all the answers

What is the process of becoming aware of the values that drive your day-to-day decisions and behaviour?

<p>Values clarification (C)</p> Signup and view all the answers

What are end values in the context of personal goals?

<p>Values that define personal goals (D)</p> Signup and view all the answers

Which type of value system is one in which end values and means values mutually reinforce and support each other?

<p>Unified value system A (C)</p> Signup and view all the answers

Why do people and corporations get into trouble according to the text?

<p>When unconscious drives overpower values (D)</p> Signup and view all the answers

What is the main focus of ethical managers according to the text?

<p>Creating client and firm profit through ethical actions (A)</p> Signup and view all the answers

Why is it important for a company to articulate new sets of ethically tuned standards?

<p>To create a corporate norm of good behavior (C)</p> Signup and view all the answers

What does Wealth Makers Securities Inc. (WMS) expect from its RRs?

<p>Maintaining high levels of productivity regardless of circumstances (A)</p> Signup and view all the answers

What is the result of ethically tuned employees doing the right thing for fear of punishment?

<p>The same result as if they did it out of respect for authority (A)</p> Signup and view all the answers

What is the main focus of laws?

<p>Setting standards of allowable behavior (A)</p> Signup and view all the answers

What is the primary concern of ethics?

<p>Interpersonal relationships and societal benefit (A)</p> Signup and view all the answers

Why is it important to have a strong code of ethics?

<p>To prevent strictly legal but highly unethical behavior (D)</p> Signup and view all the answers

What is a common example of the legal-versus-ethical dilemma?

<p>Minority shareholder rights (C)</p> Signup and view all the answers

What role do ethics play in the securities industry, according to the text?

<p>Providing a foundation for a comprehensive set of rules (A)</p> Signup and view all the answers

Why is it important to have an effective ethics program in the securities industry?

<p>To create a strong corporate culture (A)</p> Signup and view all the answers

What do ethics represent, as defined in the text?

<p>A set of values and standards guiding individual behavior (B)</p> Signup and view all the answers

What should individuals strive to maintain and improve in the context of professional conduct?

<p>Their professional knowledge (B)</p> Signup and view all the answers

How are laws related to society's overall ethical sensibility?

<p>Laws are based on values held by society (B)</p> Signup and view all the answers

What informs our life goals and influences the decisions we make according to the text?

<p>Cultural measures of worth (D)</p> Signup and view all the answers

How is our personal ethical stance built according to the text?

<p>Built on cultural values (D)</p> Signup and view all the answers

What is the benefit of an explicit values statement according to the text?

<p>Providing a sense of stability and continuity in a rapidly changing environment (C)</p> Signup and view all the answers

What is the primary purpose of having a well-thought-out philosophy with a set of core beliefs?

<p>To provide direction and meaning to life (D)</p> Signup and view all the answers

How does knowing one's core values benefit individuals according to the text?

<p>It allows individuals to hold them consciously in place as they make daily decisions (C)</p> Signup and view all the answers

What is the next step if you determine that there is only one right choice in an ethical dilemma?

<p>Stop the process and take the correct action (A)</p> Signup and view all the answers

In Murray's case, what kind of dilemma did he identify?

<p>Truth vs loyalty (C)</p> Signup and view all the answers

What type of relationship does Murray have with the day traders?

<p>Casual contact when markets are performing well (B)</p> Signup and view all the answers

What should you do if you determine that you are facing an ethical dilemma?

<p>Move on to the next step (A)</p> Signup and view all the answers

What is the primary ethical dilemma that Murray is facing?

<p>Meeting WMS's high productivity requirement by keeping only his top 90 clients (C)</p> Signup and view all the answers

What might be a consequence if Murray closes out the small accounts of major clients' teenaged children?

<p>The parents would be offended and close out their own accounts (A)</p> Signup and view all the answers

What is a key concern for Murray regarding maintaining a relationship with his elderly clients?

<p>They are unlikely to find another advisor to care for their accounts (D)</p> Signup and view all the answers

What is a potential consequence of maintaining a relationship with the day traders with relatively dormant accounts?

<p>Losing focus on maintaining relationships with other key clients (C)</p> Signup and view all the answers

What are the three tests that can be used to determine whether you are dealing with a right-versus-wrong issue?

<p>The legal test, the front page test, and the Mom test (D)</p> Signup and view all the answers

What is the third step in the ethical decision-making process?

<p>Gather the facts (A)</p> Signup and view all the answers

What is Murray's responsibility in the given situation?

<p>To gather the facts and make the decision (A)</p> Signup and view all the answers

What should individuals subject each choice to, given a set of choices, before proceeding?

<p>The legal test, the front page test, and 3.the Mom test (B)</p> Signup and view all the answers

What type of dilemma does Murray's conflict with his elderly clients represent?

<p>Justice-versus-mercy dilemma (B)</p> Signup and view all the answers

Which dilemma demands a cost-benefit analysis to determine the greatest good for the greatest number of people?

<p>End-based ethical thinking (A)</p> Signup and view all the answers

What is the sensible short-term choice for Murray according to the text?

<p>Concentrate on his wealthy clients (D)</p> Signup and view all the answers

Which group of clients does Murray consider letting go because they do not fit the new criteria?

<p>Elderly clients (D)</p> Signup and view all the answers

What should be the next step if it is determined that there is only one right choice in an ethical dilemma?

<p>Stop the process and take the correct action immediately (D)</p> Signup and view all the answers

What does Murray's dilemma with his elderly clients illustrate?

<p>A truth-versus-loyalty dilemma (A)</p> Signup and view all the answers

What is the purpose of asking the question 'Is this an individual-versus-group dilemma?'

<p>To identify whether there is a conflict between individual and collective interests (A)</p> Signup and view all the answers

When is it necessary to determine whether an ethical dilemma is a right-versus-wrong issue or a right-versus-right issue?

<p>If there are conflicting core values at play (D)</p> Signup and view all the answers

Which concept can be specifically defined as the study of the general nature of morals and the moral choices made by individuals?

<p>Ethics as a concept (C)</p> Signup and view all the answers

What is the primary reason that people may follow rules without believing it is the right or moral thing to do?

<p>They must do so (A)</p> Signup and view all the answers

Why can it be possible to act unethically even when complying strictly with the rules?

<p>Rules cannot encompass every possible situation (A)</p> Signup and view all the answers

What distinguishes moral principles from ethics according to the text?

<p>Moral principles are based on reason (A)</p> Signup and view all the answers

What is the primary distinction between end values and mean values as discussed in the text?

<p>End values guide everyday actions, while mean values shape long-term personal goals. (D)</p> Signup and view all the answers

In the context of personal decision-making, what impact can unconscious drives have according to the text?

<p>Unconscious drives can lead to impulsive decision-making and risky behavior. (B)</p> Signup and view all the answers

Why does the text emphasize the importance of a unified value system?

<p>To avoid potential trouble that arises from conflicting end values and mean values. (C)</p> Signup and view all the answers

What is the potential catastrophic consequence of ethical relativism in the securities industry?

<p>People in positions of power will put their own interests before those of their clients (A)</p> Signup and view all the answers

What serious flaw is ethical relativism based on, according to the text?

<p>It rejects the idea of universal moral principles (B)</p> Signup and view all the answers

In what context can ethical relativism lead to a 'me first' stance and the value of greed, as mentioned in the text?

<p>Securities industry transactions (B)</p> Signup and view all the answers

Why is ethical relativism considered to have catastrophic consequences in the securities industry?

<p>It allows people in power to put their own interests before those of clients (B)</p> Signup and view all the answers

What is the concept under which the client's interests come before those of the RR?

<p>Professional duty of care (A)</p> Signup and view all the answers

What did Hans Küng and Rushworth Kidder's findings suggest about major world religions and world leaders?

<p>They commonly hold universal moral principles (B)</p> Signup and view all the answers

What did the text imply regarding the industry's standards of conduct and universal moral principles?

<p>The industry's standards of conduct align with universal moral principles (D)</p> Signup and view all the answers

Why is there much work to be done in terms of values education, as mentioned in the text?

<p>To ensure that securities professionals understand and prioritize clients' interests (C)</p> Signup and view all the answers

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