Business 104 Test 1

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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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False
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What is the direct cost of unethical business practice.
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True
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Purpose of Grayson-Himes pay for performance act
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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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Ethics refers to what?
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how human beings should properly live their lives.
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What does the well-being promoted by ethical values entail
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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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Which statement is true about ethical decision making in business
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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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Term that means anyone who affects or is affected by decision making in a firm
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Stakeholders
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What approach is avicated by teaching ethics
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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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Philosophers often emphasize that ethics is what?
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Normative- it deals with our reasoning about how we should act.
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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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Values
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Example from history including Nazi Germany and South Africa demonstrates what.
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The one’s ethical responsibility may run counter to the law.
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Enron and WorldCom led to creation of what act?
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Sarbanes-Oxley Act
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Answer to fundamental questions of theoretical reason
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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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(Essay) Describe advantages associated with ethical decision making.
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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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First Step in making decisions that are ethically responsible.
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Determine the facts of the situation.
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What is inattentional blindness
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-results from focusing failures.
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Who are stakeholders
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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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Critical element and comparing and weighing the alternatives is what
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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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Second step in ethical decision making process
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requires the ability to recognize a decision or issue as an ethical decision or ethical issue.
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Term that refers to short sighedness
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Normative Myopia
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Identify the step in which moral imagination is critical
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Compare and weighing the alternatives
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Explain the term satisficing
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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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Putting ethics into practice requires not simply decision making, but _____ decision making.
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Accountable
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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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Peer Pressure
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Explain the importance of determining the facts when making a responsible ethical decision.
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There is a role for science and theoretical reason in any study of ethics
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Give 3 examples of social roles and institutional roles
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Social: Friend, Son/Daughter, spouse, neighbor. Institutional: Manager, Teacher, Student-body president.
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Ethics attempts to answer the question of what
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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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Philosophical and reason ethics must provide justification for what
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that must be applicable to all people regardless of their religious starting points.
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What is principle based ethics
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directs us to act on the basis of moral principles such as respecting human rights.
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Utilitarianism is a social philosophy that opposes what
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policies that aim to benefit only a small social, economic, or political minority.
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Utilitarianism has been called 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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Three major categories of an ethical framework
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Ethics of consequences, ethics of principles, and ethics of personal character.
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The study of various character traits can contribute to what
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or to obstruct a happy and meaningful human life
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What ethical approaches binds us to act or decide in a certain way.
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Duties
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Select statement that reflects the approach of a principle based ethical tradition
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Legal rules,
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According to Immanuel Kant there is essentially one fundamental moral duty
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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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Which statement is inferred from Rawl’s theory of justice
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A fair decision is an impartial decision
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What view holds that people act out of self interest only
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Egoism
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Which one focuses on concept of business practices and what type of people this practices are creating.
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