Business 104 Test 1
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False
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Ethical decision making in business is limited to major corporations.
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False
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In Business, every decision can be covered by economic, legal, or company rules and regulations.
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True
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What is the direct cost of unethical business practice.
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To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards.
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Purpose of Grayson-Himes pay for performance act
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how human beings should properly live their lives.
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Ethics refers to what?
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its not a personal and selfish well-being. "Ethical values are those beliefs and principles that impartially promote human well-being"
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What does the well-being promoted by ethical values entail
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its not at all limited to the type of major corporate decisions with dramatic social consequences. OR Not every decision can be covered by economic. legal, or company rules and regulations.
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Which statement is true about ethical decision making in business
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Stakeholders
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Term that means anyone who affects or is affected by decision making in a firm
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To treat students as active learners and to engage them in an active process of thinking, questioning, and deliberating. Challenge students to think for themselves.
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What approach is avicated by teaching ethics
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Normative- it deals with our reasoning about how we should act.
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Philosophers often emphasize that ethics is what?
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Values
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Which one term are underlining beliefs that causes us to act or decide one way rather than another.
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The one's ethical responsibility may run counter to the law.
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Example from history including Nazi Germany and South Africa demonstrates what.
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Sarbanes-Oxley Act
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Enron and WorldCom led to creation of what act?
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There is no single methodology that can in every situation provide one clear and unequivocal answer to that question.
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Answer to fundamental questions of theoretical reason
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A firm's reputation can provide a competitive edge in the marketplace with customers, suppliers, and employees. Trust, loyalty, commitment, creativity, and initiative are some organizational benefits.
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(Essay) Describe advantages associated with ethical decision making.
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Determine the facts of the situation.
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First Step in making decisions that are ethically responsible.
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-results from focusing failures.
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What is inattentional blindness
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include all of the group and/or individuals affected by a decision, policy or operation of a firm or individual.
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Who are stakeholders
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the consideration of ways to mitigate, minimize, or compensate for any possible harmful consequences or to increase and promote beneficial consequences.
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Critical element and comparing and weighing the alternatives is what
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requires the ability to recognize a decision or issue as an ethical decision or ethical issue.
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Second step in ethical decision making process
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Normative Myopia
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Term that refers to short sighedness
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Compare and weighing the alternatives
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Identify the step in which moral imagination is critical
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Minimum decision criteria. We select the option that people can live with, even if it might not be the best.
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Explain the term satisficing
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Accountable
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Putting ethics into practice requires not simply decision making, but _____ decision making.
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Peer Pressure
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We tend to give in to _____ and our professional environment because we want to fit in and achieve success.
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There is a role for science and theoretical reason in any study of ethics
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Explain the importance of determining the facts when making a responsible ethical decision.
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Social: Friend, Son/Daughter, spouse, neighbor. Institutional: Manager, Teacher, Student-body president.
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Give 3 examples of social roles and institutional roles
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to Answer the question of how we should live, but it also give reasons to support their answers.
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Ethics attempts to answer the question of what
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that must be applicable to all people regardless of their religious starting points.
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Philosophical and reason ethics must provide justification for what
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directs us to act on the basis of moral principles such as respecting human rights.
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What is principle based ethics
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policies that aim to benefit only a small social, economic, or political minority.
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Utilitarianism is a social philosophy that opposes what
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a consequentialist approach to ethics and social policy: we should act in ways that produce better consequences than the alternatives we are considering.
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Utilitarianism has been called what
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Ethics of consequences, ethics of principles, and ethics of personal character.
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Three major categories of an ethical framework
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or to obstruct a happy and meaningful human life
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The study of various character traits can contribute to what
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Duties
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What ethical approaches binds us to act or decide in a certain way.
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Legal rules,
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Select statement that reflects the approach of a principle based ethical tradition
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To treat each person as an end in themselves and never only as means to our own ends. To treat people as subjects capable of living their own lives and not as mere objects that exists for our purposes.
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According to Immanuel Kant there is essentially one fundamental moral duty
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A fair decision is an impartial decision
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Which statement is inferred from Rawl's theory of justice
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Egoism
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What view holds that people act out of self interest only
