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Business Ethics Midterm-Sanders – Flashcards

Kayden Hussain

8 July 2022

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Which of the following is not listed as a general issue involving social or ethical ramifications within the relationship between business and society.

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Death Penalties

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The collection of private, commercially oriented organizations, ranging in size from sole proprietorships to large corporations is referred to as:

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Business

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Which of the following characteristics of an industry does not add to the creation of visible and controversial social problems?

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Geographic Location

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A community, nation, or broad grouping of people having common traditions, values, institutions, and collective activities and interests is a:

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Society

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A purposeful aggregation of people who represent a common cause or share common beliefs is called an:

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Interest Group

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Segments of business's macro environment include all of the following except:

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The Natural Environment

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The demographics, lifestyles, and social values of a society determine the firm's:

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Social Environment

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Gross national product, inflation, interest rates, and unemployment rates are included in a finn's:

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Economic Environment

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The process by which laws are enacted and government officials are elected are a part of the:

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Political Environment

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Technology-based advancements and progress in the applied sciences that help achieve a practical purpose is part of a firm's:

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Technological Environment

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Decentralization and diversity of power concentrations lead to:

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A Pluralistic Society

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Strengths of pluralism include all of the following except:

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Pursuit of Self-interest

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Which of the following is not a weakness of pluralism?

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Prevention of Concentrations of Power

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The sheer numbers of relationships that business has with other segments of society indicate the of its social environment.

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Complexity

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Carrying the idea of a pluralistic society to an extreme leads to:

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A Special-interest Society

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Because of the sheer member, and specificity of special interest groups, the groups often:

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Work at Cross-Purposes

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Television raises our level of awareness about business in all of the following ways except:

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Paper-View Programs

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Movies are a significant source of business criticism because:

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Corporations are seen as powerful, profit-seeking enterprises that have no redeeming values.

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The belief that each succeeding generation should have a higher standard of living that its predecessor and that major institutions should continually improve known as:

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The Revolution of Rising Expectations

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A gap between society's expectations of social conditions and the current social realities is recognized as:

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A Social Problem

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An entitlement mentality is:

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An Outgrowth of the Revolution of Rising Expectations:

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This is a result of the growing numbers of individuals and groups who see themselves as having been victimized by society:

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Victimization Philosophy

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The business power wielded by an individual firm is known as:

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Micro-level Power

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CEOs such as Virginia Rometty or Tim Cook of Apple hold which level of power?

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Individual

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Which of the following is not a sphere of power indicated in the text?

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Intermediate

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The set of two-way understandings that characterize the relationships between major social institutions is called the:

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Social Contract

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The ability to produce an effect or influence a situation is known as:

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Power

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The levels of power include all of the following except:

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The Institutional Level

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The macro-level of business power resides in:

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The Overall Corporate System

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The intermediate level of business power is found in:

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Groups of Corporations Acting in Concert

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Which of the following is not an element of the social contract?

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Employment Contracts

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An internal stakeholder is a person or group who:

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Is "Inside" the Company, such as Employees and Owners

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The government, consumers, and members of the community are examples of:

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External Stakeholders

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"In the long run, those who do not use power in a manner which society considers responsible will tend to lose it" is the description of:

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The Iron Law or Responsibility

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The examination of business and its relationship to society typically focuses on:

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Big Business and Highly Visible Industries

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The most important stakeholders of a business are typically its:

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Consumers

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When a business affects the life of a member of the surrounding community without meaning to, the company has wielded?

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Unintentional Power

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Sustainability, at a simple level, is about business's:

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Ability to Survive and Thrive over the Long Term

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The early definition of corporate social responsibility.

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Seriously considering the impact of the company's actions on society.

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Corporate social responsibility emphasizes:

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Obligation and Accountability

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The classical view of economics holds that a society can best determine its needs and wants through:

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The Marketplace

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The traditional concept of business responsibility in the United States is based on:

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The Classical Economic Model

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The concept of business responsibility based on using laws to constrain business behavior is referred to as the:

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Legal Model

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The concept of business responsibility that is based on concern for the various groups that are affected by a business is known as the:

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Stakeholder Model

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Which of the following practices is not a modification of the classical economic model?

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Owner Contra I

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The most efficient use of corporate wealth to benefit the public is though contribution to charity and other worthy causes which is called:

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Philanthropy

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The fact that business leaders in the late 19th century felt they had to show the large corporations were a force for social good is an example of:

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Paternalism

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The modern era of corporate social responsibility (from the 1950s to today)

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Emphasizes Specific Issues

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Which of the following is not one of the responsibilities in Carroll's four-part definition of corporate social responsibility?

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Social

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The part of corporate social responsibility that focuses on fair prices and profits is:

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Economic

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The part of corporate social responsibility that focuses on fulfilling the social contract by following the law is:

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Legal

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The part of corporate social responsibility that focuses on activities and practices that are expected by society, but not codified into law, is:

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Ethical

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The part of corporate social responsibility that focuses on business's voluntary activities which are not normally expected of a firm is:

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Philanthropic

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The _____ portrays the concurrent fulfillment of the firm's economic, legal, ethical and philanthropic responsibilities.

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Pyramid of Corporate Social Responsibility

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The socially responsible firm should strive to do all of the following except:

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Obey the Preferred Laws

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All of the following are arguments commonly made against corporate social responsibility except:

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Business did not create today's social problems, so it should not be expected to solve them.

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The first and primary argument for corporate social responsibility is:

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It is in business's long range interest to be socially responsible

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Which of the following is not an argument commonly used in favor to corporate social responsibility?

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Business is best equipped to handle social problems

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The book, The Civil Corporation, identifies four ways in which business firms respond to social pressures. Which of the following is not one of those?

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Stakeholder Approach

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According to the Business Case for CSR, a reason companies are becoming more socially responsible is all of the following except:

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Access to Capital

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________ is depicted as an action-oriented variant of CSR.

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Corporate Social Responsiveness

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The argument against CSR focuses on the consequences of the requirements that business must internalize costs that it formerly passed on to society in the form of dirty air and unsafe products, the costs of which might necessitate raising prices.

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Global Competitiveness

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Which of the following is not a dimension of Carroll's corporate social performance model?

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Funding Sources

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Carroll's corporate social performance model can be used in all of the ways listed below except:

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Providing answers to specific social problems

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Which entity publishes annual "World's Most Admired Companies" rankings?

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Fortune Magazine

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Which of the following is not a characteristic of a socially responsibly company?

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Makes above average financial returns

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The view of corporate citizenship that embraces all that is implied in the concepts of social responsibility, responsiveness, and performance is the view.

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Broad

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The narrow view of corporate citizenship focuses solely on:

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Corporate Community Relations

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Benefits to companies of good corporate citizenship include all of the following except:

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Fewer Government Regulations

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The relationship between corporate social performance and financial performance is viewed from three different perspectives. The most popular view is based on the belief that:

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Socially Responsible Firms are more financially profitable.

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The Triple Bottom Line concept focuses on economic, social, and environmental performance, the key elements of:

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Sustainability

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Financial returns from socially conscious investment funds are:

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Competitive with returns from other investments

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For sustainable development to become a reality, which approach offers the best opportunity for this to happen?

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Stakeholder

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Some authors indicate that the corporate model needs redefinition because of all of the following except:

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Responsiveness

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Business organizations must address the legitimate needs and expectations of stakeholders because:

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They will need to, in order to be successful in the long run.

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Which of the following statements is accurate?

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Every stockholder is a stakeholder

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An interest or share in something is referred to as:

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Stake

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Any type of stake can be viewed as:

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Right

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Which of the following is not recognized as a type of stake?

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An Option

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The view of the firm that recognizes just suppliers and customers as stakeholders is the:

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Production View

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A group of people who holds a direct stake in the firm is known as:

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Primary Social Stakeholders

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A group of people who is able to influence the firm, but does not hold a direct stake in is known as:

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Secondary Social Stakeholders

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A nonhuman species (such a the spotted owl) that holds a direct stake in a firm is called:

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Primary Nonsocial Stakeholder

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A group of people who represent the interests of a nonhuman species (such as the natural environment) and does not have a direct stake in the firm is known as:

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Secondary Nonsocial Stakeholders

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If we consider the stakeholder typology, and the three attributes of power, group number seven in the very center is called:

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A Definitive Stakeholder

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If we consider the stakeholder typology, and the three attributes of power, group number one on the top outside is called:

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A non-stakeholder

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If we consider the stakeholder typology, and the three attributes of power, group number one on the top outside is called:

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A Dormant Stakeholder

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Which one of the following is not an attribute upon which managers judge the importance of stakeholders?

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Nationality

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The perceived validity or appropriateness of a stakeholder's claim is referred to as:

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Legitimacy

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The degree to which a stakeholder's claim requires immediate response is its:

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Urgency

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The view of stakeholders that sees them as more than just people or groups who can wield economic or legal power is the:

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Multi-fiduciary Approach

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Stakeholders that are perceived to have high levels of power, legitimacy, and urgency are referred to as:

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Defirmitive Stakeholders

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The view of stakeholders that recognizes the firms responsibilities to all stakeholders, but sees them as separate types of groups, with different duties to each, depending on whether they have an ownership stake or not is called the:

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Stakeholder Synthesis Approach

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Which of the following is not seen as a value of the stakeholder model of the firm?

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It is judgmental

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The challenges of stakeholder management include all of the following except:

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Maintaining strong relations with governmental stakeholders

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Which of the following is not considered an important function of stakeholder management?

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To Lead

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Which of the following is not listed as a question to ask in order to gain essential information needed for stakeholder management?

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What do our stakeholders want?

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Stakeholders who have a high potential for cooperation and a low for potential for threat to the firm are known as _________ stakeholders.

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Supportive

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The recommended strategy for non-supportive stakeholders is to:

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Defend against them

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Which of the following is not a valid criticism of stakeholder management?

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Managers are not trained in this type of management

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Stakeholder management capability is thought of in three levels. Which is considered the highest level?

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The transactional level

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Recognition that all stakeholders depend on each other for their success and financial well-being is a concept known as:

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Stakeholder Symbiosis

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Which of the following is not a strategy or action alternative in best addressing stakeholders?

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Collaborate or Participate

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Which of the following is not a strategic step toward successful stakeholder management?

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Setting goals for stakeholders inclusion

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The dynamic process by which business seeks to perpetuate its acceptance is called:

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Legitimation

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The micro-level of legitimacy refers to achieving and maintaining by conforming to society expectations for:

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Individual Businesses

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The macro level of legitimacy refers to the achievement and maintenance of legitimacy by:

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Business as a whole

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Which of the following is not a method of obtaining the micro level of legitimacy?

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A company may seek to avoid detection that it is operating contrary to social norms

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The method by which a firm is being governed, directed, administered, or controlled is:

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Corporate governance

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The state-issued document that grants the corporation's right to exist and stipulating the basic terms of its existence is an:

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Charter

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Shareholders are:

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Owners of the corporation

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The group that is elected by shareholders to govern and oversee management is the:

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Board of directors

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The people hired by the board to run the company and operate it on a daily basis is:

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Management

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Employees are the people hired by the company to:

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Do the actual work of operating the company

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The method by which shareholders elect boards of directors is known as:

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The proxy process

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When the interests of management and owners are not aligned, there will likely be an:

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Agency Problem

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Boards have recently improved in all of the following ways except:

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Reducing executive pay

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Directors who have some sort of ties to the firm are termed:

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Inside Directors

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Directors who have no ties to the firm other than membership on the board are called:

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Outside Directors

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Executive Excess reports that in 2011 the ratio of CEO pay to average workers' pay was:

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209 to 1

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First began with regulations including a requirement to put a remuneration report to a shareholder vote.

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The say on pay movement

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Compensation recovery mechanisms that enable a company to recoup compensation funds is called:

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Clawback provisions

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A major criticism of CEOs and boards during the 1980s when corporate takeovers were regular occurrences, was:

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Being obsessed with self-preservation instead of making optimal decisions on behalf of shareholders

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A shareholder right plan aimed at discouraging or preventing a hostile takeover is known as:

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A poison pill

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A contract in which a corporation agrees to make payments to key officers in the event of a change in the control of the corporation is called:

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A golden parachute

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Which of the following is not an argument against the use of the golden parachute?

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The covered executives are given an incentive to run the company poorly.

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The practice of obtaining critical information from within a company and then using that information for ones own financial gain is:

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Insider trading

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The securities and exchange commissions regulation FD is designed to:

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Limit the common practice of selective disclosure

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Companies that elected to provide meaningful information to shareholders and securities professionals without also informing small investors were practicing:

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Selective Disclosure

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Personal liability for corporate board member means that:

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Directors may be sued for breach of fiduciary duty

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The primary purpose of the Sarbanes-Oxley Act

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Provide better protection for investors in public companies by improving the financial reporting of these companies

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Which of the following is not on the ranking of red flags that signal board problems?

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Stock price increases

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A new trend in board recruiting focuses more on:

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Experience than title

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The board committee responsible for assessing the adequacy of internal control systems and the integrity of financial statements is the:

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Audit committee

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The principle responsibilities of the audit committee are to:

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Ensure that published financial statements are not misleading

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Which of the following is a step to board repair?

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Seeking outside help in identifying potential risks

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The board committee that has the primary responsibility of ensuring that competent, objective directors are selected is:

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Nominating Committee

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The board's compensation committee has responsibility for:

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Evaluating executive performance and recommending terms and conditions of employment

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The board committee that is responsible for responding to social issues is the:

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Public policy committee

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Boards are now being tougher on CEOs for all of the following except:

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Increasing diversity on boards

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Shareholders activism:

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Has been around for more than sixty years

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One of the main ways in which shareholder activists communicate their concerns to management is through:

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Shareholder Resolutions

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The fact that company information should be made at regular and frequent intervals and should contain information that might affect the investment decisions of shareholders is contained in the concept of:

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Both full disclosure and transparency

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Which of the following terms does not have the same basic meaning?

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Corporate Social Performance

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The main idea behind corporate public policy is that:

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A firm must give specific attention to issues in which basic questions of right, wrong, justice, fairness, or public policy reside

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The concept of enterprise-level strategy is the idea that best links:

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Ethics to strategy

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Which of the following is not one of the levels of strategy mentioned in the textbook?

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Department-level

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The overarching strategy level that asks what role the firm plays in society and what the firm stands for is the ________ level.

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Enterprise

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The strategy level that asks what business the firm should be in is the _______level.

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Corporate

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________ strategy seeks to determine how a firm should compete in a given industry.

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Business-level

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______ level strategy attempts to integrate the Finn's activities to accomplish its goals.

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Functional

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The enterprise-level strategy may addresses the firms:

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Role in society

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Corporate-level strategy decisions include all of the following except:

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Broad or narrow markets

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All of the following represent examples of enterprise-level thinking except:

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The extent to which a firm has studied its functional structure and made changes necessary to make its operations more efficient.

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The deeply ingrained principles that guide all of a company's actions and decisions are the firm's:

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Core values

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Which of the following is not one of the steps in the strategic management process?

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Problem identification

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Which of the following steps in the strategic management process informs all the rest?

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Environmental Analysis

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Management control includes all of the following steps except?

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Revising budgets

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A systematic attempt to identify, measure, monitor, and evaluate a Finn's performance with respect to its social efforts, goals, and programs is a:

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Social audit

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Which of the following terms does not refer to the same thing?

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Social impact statement

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A social audit can be thought of as:

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Planning and control system

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The impetus of social performance reports has come from:

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Societal and public interest groups expectations

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Social performance reports help companies:

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With their competitive positions

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Issues management and crisis management are ________ processes in corporate public policy.

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Planning

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Public affairs management encompasses all of the following processes except:

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Political lobbying

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Which of the following is not a reason that the public affairs function grew in stature in the United States?

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Increased pressure to meet quarterly earnings projections

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Which of the following did not contribute to the development of the public affairs function?

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Marketing

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Public relations deals with government

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As one of many publics

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Planning for the turbulent social ethical stakeholder environment encompasses each of the following except:

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Strategic affairs analysis

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The management function responsible for monitoring and managing the business environment is:

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Corporate public affairs

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Which of the following activities is a major function in corporate public affairs?

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Government relations

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The "product" of the public affairs department is:

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Smooth relationships with external stakeholders

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The chief public affairs officer of the firm should likely be:

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The CEO

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A 2012 study showed that public affairs relationships with senior management were:

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Strong

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The growth of Public Affairs in the US has grown for all of these reasons except:

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The static nature of the political system

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The overall management process that strives to identify corporate purpose and to position a Finn relative to its market environment is:

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Strategic management

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One of the major impediments to the advancement of effective sustainability reporting has been:

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The lack of any standardized measures

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Public affairs activities and functions include all of the following except:

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Public advertising

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Value-based enterprises:

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Actively seek out stakeholders and work cooperatively with them

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In the future, the public affairs function:

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Will become a bridge between strategic management and corporate social performance

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The public affairs function as we know it today was an outgrowth of:

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The social activism begun decades ago

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The issues management process are both focused on:

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Improving stakeholder management

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The ultimate objective of issues and crisis management is:

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To increase the organization's social responsiveness to stakeholders

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Which of the following is not an element of the issues management process?

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Eliminating issues

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The conventional approach to issues management includes all of the following except:

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Issues are legitimate and urgent stakeholder concerns

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Which of the following is not a characteristic of the strategic management approach to issues management?

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Issues management is narrowly focused on public policy issues

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The principal distinction between the conventional and strategic management approaches to issues management is?

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How broadly the idea of issues in conceived to be.

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Which of the following is not a feature that distinguishes the conventional approach to issues management approach?

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At what level of the Finn issues identification takes place

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Which of the following issues have always been part of the business process?

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Financial

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The most dramatic growth in importance of issues has been in ________ issues.

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Social, ethical, and political

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The approach to issues management in which each issues is viewed as separate from all others is the:

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Portfolio approach

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One of the benefits of the portfolio approach is that it helps:

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Prioritize issues

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Once an issue becomes public and subject to debate and media exposure, it becomes more difficult to:

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Resolve

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Emerging issues have all of the following characteristics except:

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Trade-offs are not yet needed

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When managers consider issues that affect their firm, they often ignore:

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Personal stakes

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Which of the following is not an assumption we make when we use issues management?

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Issues are so complex that firms have little chance to resolve them favorably

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Which of the following is not an assumption we make when we use issues management?

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Planning and implementation

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Planning aspects of the issues management process include all of the following except:

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Monitoring

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The implementation phase of the issues management process does not include:

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Formulation of responses

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One thing that is common to all techniques used for identification of issues is:

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Environmental Scanning

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The most rudimentary form of issue identification entails:

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Assigning a member of the organization to continuously scan a variety of publications

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The immediate result of environmental scanning is often:

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Publication of an in-house newsletter that is disturbed throughout the company.

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All of the following are predictors of social change except:

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Leading crisis

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An emerging issues is characterized by all of the following except:

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The terms of the debate are clearly defined

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Which of the following is not one of Molitor's leading forces?

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Leading economic indicators

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The most important thing in issue identification is:

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Getting the people who are confronted with new issues in touch with top managers

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Key questions proposed to use in analyzing issues includes all of the following except:

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Who can best afford to resolve the issue?

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Questions and dimensions can be used to rank or prioritize issues. Which of the following is not included?

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How much impact will it have

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The next stage of formalization beyond having a single person managing issues is:

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Assigning the issues management function to a team, usually within the public affairs department.

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The evaluation, monitoring, and control of issues involves:

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Continual control of responses to ensure that they remain on track

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Which of the following is not a stage in the issues development process?

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Resolution

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Issues management today can be considered a subset of the activities of:

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Public affairs departments

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Companies that adopt issues management processes typically develop:

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Better reputations

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The best stage at which to address a developing issue is at the:

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Felt need stage

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The case that is generally agreed to have "made" crisis management is the:

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Johnson & Johnson/Tylenol case

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When Tiger Woods crashed his Cadillac Escalade into a fire hydrant and a tree, he made several errors in managing that crisis. Which of the following is not one of his mistakes?

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Issuing a statement

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Which one of the following is not one of the four stages of a crisis?

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Crisis regulation stage

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The crisis resolution stage is:

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The goal of crisis management

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All of the following are part of the ten steps of crisis communication except:

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Keep arm's length from your audience

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The companies that stood out for their excellent handling of the hurricane Katrina crisis in 2005 were:

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Walmart and Home Depot

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The Enron Era brought about a broad range of legal and ethical charges that include all of the following except:

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Building company assets

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The Wall Street financial scandals involved all of the following except:

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Ethical lending

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An NBES Survey concluded that ethical misconduct:

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At work was down slightly

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There is no doubt that media are:

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Reporting ethical problems more frequently and fervently

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Public opinion polls regarding business ethics are:

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Difficult to assess because the media keeps ethics scandals in the public eye

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The former CEO of Bendix Corporation blames the apparent decline in business's ethical behavior on:

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The contexts in which corporate decisions are made

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One of the functions of corporate governance is:

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Oversight of senior managers

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The discipline that deals with what is good and bad and with moral duty and obligation is:

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Ethics

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A doctrine or system of moral conduct is called:

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Morality

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Business ethics is:

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Concerned with right and wrong behavior within a business contract

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Concepts of right and wrong are increasingly being interpreted today to include all of the following except:

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Equality

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The area of ethics that is concerned with supplying and justifying a coherent moral system of thinking and judging is called:

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Normative Ethics

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Which of the following is not one of the major approaches to thinking about business ethics:

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Rights and duties approach

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The focus on descriptive ethics is on:

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Learning what is occurring in the realm of moral behaviors and practices

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The approach to business ethics in which we compare a decision or practice to prevailing norms of acceptability is the:

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Conventional Approach

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The minimum standard of ethical behavior can be thought of as:

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Adhering to the law

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Which of the following is not an element of making ethical judgements?

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Awareness of the moral implications of a situation

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The most serious danger of using the conventional approach to business ethics is:

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Lasping into ethical relativism

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All of the following are questions that capture the central meaning of ethics except?

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What happened?

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The normative question of ethics is a what is?

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What ought to be?

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The ethics question "how do we get from what is to what ought to be?" is:

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Practical

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The challenge in all managerial situations is take what can be done and what should be done and find:

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A balance

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Which of the following is not a model of ethical management provided in the textbook?

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Semi-moral management

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The model of ethical management that implies a positive and active opposition to what is right is called:

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Immoral management

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The key operating question of amoral management is:

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Can we make money in this action?

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The "integrity strategy" espoused by Lynn Sharp Paine is similar to the:

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Moral management model

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Managers who believe that business decisions are not subjected to moral constraints tend to utilize the:

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Intentional amoral management model

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Managers who simply fail to consider moral questions when making business decisions use the:

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Unintentional amoral management model

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Which of the following is not a structural aspect of unconscious accounting bias?

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Ambivalence

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The population hypothesis regarding ethical management models is:

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The three models exhibit a skewed curve, weighted toward either moral or immoral management models, depending on the society being studies.

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The individual hypothesis regarding ethical management models is:

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That individuals managers utilize all three of the models at different times and situations

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Lawrence Kolhberg's model of moral development includes all of the following except:

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Law and order morality

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Which of the following is not a source of manager's values that is external to the firm?

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Scientific

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The sense that concern for fairness, justice, and due process to people, groups, and communities should be woven into managerial decision-making is called:

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Moral obligation

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Moral imagination is:

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Being able to see economic and moral relationships

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An element of moral judgment is all of the following except:

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Managerial Competence

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An element of moral judgment is all of the following except:

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Managerial Competence

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An element of moral judgment is all of the following except:

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Managerial Competence

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Which of the following is not listed as a general issue involving social or ethical ramifications within the relationship between business and society.

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Death Penalties

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The collection of private, commercially oriented organizations, ranging in size from sole proprietorships to large corporations is referred to as:

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Business

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Which of the following characteristics of an industry does not add to the creation of visible and controversial social problems?

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Geographic Location

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A community, nation, or broad grouping of people having common traditions, values, institutions, and collective activities and interests is a:

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Society

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A purposeful aggregation of people who represent a common cause or share common beliefs is called an:

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Interest Group

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Segments of business's macro environment include all of the following except:

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The Natural Environment

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The demographics, lifestyles, and social values of a society determine the firm's:

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Social Environment

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Gross national product, inflation, interest rates, and unemployment rates are included in a finn's:

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Economic Environment

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The process by which laws are enacted and government officials are elected are a part of the:

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Political Environment

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Technology-based advancements and progress in the applied sciences that help achieve a practical purpose is part of a firm's:

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Technological Environment

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Decentralization and diversity of power concentrations lead to:

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A Pluralistic Society

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Strengths of pluralism include all of the following except:

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Pursuit of Self-interest

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Which of the following is not a weakness of pluralism?

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Prevention of Concentrations of Power

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The sheer numbers of relationships that business has with other segments of society indicate the of its social environment.

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Complexity

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Carrying the idea of a pluralistic society to an extreme leads to:

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A Special-interest Society

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Because of the sheer member, and specificity of special interest groups, the groups often:

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Work at Cross-Purposes

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Television raises our level of awareness about business in all of the following ways except:

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Paper-View Programs

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Movies are a significant source of business criticism because:

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Corporations are seen as powerful, profit-seeking enterprises that have no redeeming values.

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The belief that each succeeding generation should have a higher standard of living that its predecessor and that major institutions should continually improve known as:

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The Revolution of Rising Expectations

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A gap between society's expectations of social conditions and the current social realities is recognized as:

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A Social Problem

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An entitlement mentality is:

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An Outgrowth of the Revolution of Rising Expectations:

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This is a result of the growing numbers of individuals and groups who see themselves as having been victimized by society:

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Victimization Philosophy

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The business power wielded by an individual firm is known as:

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Micro-level Power

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CEOs such as Virginia Rometty or Tim Cook of Apple hold which level of power?

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Individual

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Which of the following is not a sphere of power indicated in the text?

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Intermediate

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The set of two-way understandings that characterize the relationships between major social institutions is called the:

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Social Contract

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The ability to produce an effect or influence a situation is known as:

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Power

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The levels of power include all of the following except:

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The Institutional Level

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The macro-level of business power resides in:

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The Overall Corporate System

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The intermediate level of business power is found in:

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Groups of Corporations Acting in Concert

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Which of the following is not an element of the social contract?

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Employment Contracts

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An internal stakeholder is a person or group who:

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Is "Inside" the Company, such as Employees and Owners

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The government, consumers, and members of the community are examples of:

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External Stakeholders

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"In the long run, those who do not use power in a manner which society considers responsible will tend to lose it" is the description of:

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The Iron Law or Responsibility

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The examination of business and its relationship to society typically focuses on:

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Big Business and Highly Visible Industries

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The most important stakeholders of a business are typically its:

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Consumers

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When a business affects the life of a member of the surrounding community without meaning to, the company has wielded?

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Unintentional Power

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Sustainability, at a simple level, is about business's:

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Ability to Survive and Thrive over the Long Term

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The early definition of corporate social responsibility.

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Seriously considering the impact of the company's actions on society.

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Corporate social responsibility emphasizes:

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Obligation and Accountability

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The classical view of economics holds that a society can best determine its needs and wants through:

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The Marketplace

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The traditional concept of business responsibility in the United States is based on:

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The Classical Economic Model

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The concept of business responsibility based on using laws to constrain business behavior is referred to as the:

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Legal Model

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The concept of business responsibility that is based on concern for the various groups that are affected by a business is known as the:

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Stakeholder Model

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Which of the following practices is not a modification of the classical economic model?

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Owner Contra I

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The most efficient use of corporate wealth to benefit the public is though contribution to charity and other worthy causes which is called:

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Philanthropy

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The fact that business leaders in the late 19th century felt they had to show the large corporations were a force for social good is an example of:

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Paternalism

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The modern era of corporate social responsibility (from the 1950s to today)

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Emphasizes Specific Issues

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Which of the following is not one of the responsibilities in Carroll's four-part definition of corporate social responsibility?

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Social

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The part of corporate social responsibility that focuses on fair prices and profits is:

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Economic

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The part of corporate social responsibility that focuses on fulfilling the social contract by following the law is:

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Legal

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The part of corporate social responsibility that focuses on activities and practices that are expected by society, but not codified into law, is:

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Ethical

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The part of corporate social responsibility that focuses on business's voluntary activities which are not normally expected of a firm is:

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Philanthropic

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The _____ portrays the concurrent fulfillment of the firm's economic, legal, ethical and philanthropic responsibilities.

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Pyramid of Corporate Social Responsibility

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The socially responsible firm should strive to do all of the following except:

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Obey the Preferred Laws

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All of the following are arguments commonly made against corporate social responsibility except:

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Business did not create today's social problems, so it should not be expected to solve them.

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The first and primary argument for corporate social responsibility is:

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It is in business's long range interest to be socially responsible

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Which of the following is not an argument commonly used in favor to corporate social responsibility?

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Business is best equipped to handle social problems

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The book, The Civil Corporation, identifies four ways in which business firms respond to social pressures. Which of the following is not one of those?

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Stakeholder Approach

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According to the Business Case for CSR, a reason companies are becoming more socially responsible is all of the following except:

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Access to Capital

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________ is depicted as an action-oriented variant of CSR.

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Corporate Social Responsiveness

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Global Competitiveness

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Which of the following is not a dimension of Carroll's corporate social performance model?

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Funding Sources

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Carroll's corporate social performance model can be used in all of the ways listed below except:

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Providing answers to specific social problems

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Which entity publishes annual "World's Most Admired Companies" rankings?

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Fortune Magazine

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Which of the following is not a characteristic of a socially responsibly company?

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Makes above average financial returns

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The view of corporate citizenship that embraces all that is implied in the concepts of social responsibility, responsiveness, and performance is the view.

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Broad

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The narrow view of corporate citizenship focuses solely on:

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Corporate Community Relations

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Benefits to companies of good corporate citizenship include all of the following except:

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Fewer Government Regulations

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The relationship between corporate social performance and financial performance is viewed from three different perspectives. The most popular view is based on the belief that:

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Socially Responsible Firms are more financially profitable.

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The Triple Bottom Line concept focuses on economic, social, and environmental performance, the key elements of:

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Sustainability

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Financial returns from socially conscious investment funds are:

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Competitive with returns from other investments

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For sustainable development to become a reality, which approach offers the best opportunity for this to happen?

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Stakeholder

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Some authors indicate that the corporate model needs redefinition because of all of the following except:

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Responsiveness

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Business organizations must address the legitimate needs and expectations of stakeholders because:

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They will need to, in order to be successful in the long run.

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Which of the following statements is accurate?

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Every stockholder is a stakeholder

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An interest or share in something is referred to as:

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Stake

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Any type of stake can be viewed as:

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Right

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Which of the following is not recognized as a type of stake?

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An Option

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The view of the firm that recognizes just suppliers and customers as stakeholders is the:

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Production View

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A group of people who holds a direct stake in the firm is known as:

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Primary Social Stakeholders

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A group of people who is able to influence the firm, but does not hold a direct stake in is known as:

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Secondary Social Stakeholders

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A nonhuman species (such a the spotted owl) that holds a direct stake in a firm is called:

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Primary Nonsocial Stakeholder

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A group of people who represent the interests of a nonhuman species (such as the natural environment) and does not have a direct stake in the firm is known as:

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Secondary Nonsocial Stakeholders

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If we consider the stakeholder typology, and the three attributes of power, group number seven in the very center is called:

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A Definitive Stakeholder

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If we consider the stakeholder typology, and the three attributes of power, group number one on the top outside is called:

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A non-stakeholder

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If we consider the stakeholder typology, and the three attributes of power, group number one on the top outside is called:

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A Dormant Stakeholder

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Which one of the following is not an attribute upon which managers judge the importance of stakeholders?

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Nationality

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The perceived validity or appropriateness of a stakeholder's claim is referred to as:

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Legitimacy

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The degree to which a stakeholder's claim requires immediate response is its:

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Urgency

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The view of stakeholders that sees them as more than just people or groups who can wield economic or legal power is the:

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Multi-fiduciary Approach

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Stakeholders that are perceived to have high levels of power, legitimacy, and urgency are referred to as:

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Defirmitive Stakeholders

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Stakeholder Synthesis Approach

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Which of the following is not seen as a value of the stakeholder model of the firm?

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It is judgmental

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The challenges of stakeholder management include all of the following except:

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Maintaining strong relations with governmental stakeholders

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Which of the following is not considered an important function of stakeholder management?

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To Lead

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Which of the following is not listed as a question to ask in order to gain essential information needed for stakeholder management?

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What do our stakeholders want?

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Stakeholders who have a high potential for cooperation and a low for potential for threat to the firm are known as _________ stakeholders.

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Supportive

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The recommended strategy for non-supportive stakeholders is to:

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Defend against them

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Which of the following is not a valid criticism of stakeholder management?

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Managers are not trained in this type of management

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Stakeholder management capability is thought of in three levels. Which is considered the highest level?

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The transactional level

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Recognition that all stakeholders depend on each other for their success and financial well-being is a concept known as:

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Stakeholder Symbiosis

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Which of the following is not a strategy or action alternative in best addressing stakeholders?

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Collaborate or Participate

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Which of the following is not a strategic step toward successful stakeholder management?

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Setting goals for stakeholders inclusion

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The dynamic process by which business seeks to perpetuate its acceptance is called:

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Legitimation

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The micro-level of legitimacy refers to achieving and maintaining by conforming to society expectations for:

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Individual Businesses

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The macro level of legitimacy refers to the achievement and maintenance of legitimacy by:

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Business as a whole

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Which of the following is not a method of obtaining the micro level of legitimacy?

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A company may seek to avoid detection that it is operating contrary to social norms

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The method by which a firm is being governed, directed, administered, or controlled is:

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Corporate governance

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The state-issued document that grants the corporation's right to exist and stipulating the basic terms of its existence is an:

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Charter

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Shareholders are:

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Owners of the corporation

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The group that is elected by shareholders to govern and oversee management is the:

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Board of directors

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The people hired by the board to run the company and operate it on a daily basis is:

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Management

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Employees are the people hired by the company to:

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Do the actual work of operating the company

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The method by which shareholders elect boards of directors is known as:

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The proxy process

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When the interests of management and owners are not aligned, there will likely be an:

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Agency Problem

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Boards have recently improved in all of the following ways except:

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Reducing executive pay

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Directors who have some sort of ties to the firm are termed:

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Inside Directors

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Directors who have no ties to the firm other than membership on the board are called:

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Outside Directors

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Executive Excess reports that in 2011 the ratio of CEO pay to average workers' pay was:

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209 to 1

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First began with regulations including a requirement to put a remuneration report to a shareholder vote.

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The say on pay movement

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Compensation recovery mechanisms that enable a company to recoup compensation funds is called:

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Clawback provisions

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A major criticism of CEOs and boards during the 1980s when corporate takeovers were regular occurrences, was:

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Being obsessed with self-preservation instead of making optimal decisions on behalf of shareholders

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A shareholder right plan aimed at discouraging or preventing a hostile takeover is known as:

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A poison pill

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A contract in which a corporation agrees to make payments to key officers in the event of a change in the control of the corporation is called:

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A golden parachute

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Which of the following is not an argument against the use of the golden parachute?

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The covered executives are given an incentive to run the company poorly.

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The practice of obtaining critical information from within a company and then using that information for ones own financial gain is:

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Insider trading

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The securities and exchange commissions regulation FD is designed to:

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Limit the common practice of selective disclosure

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Companies that elected to provide meaningful information to shareholders and securities professionals without also informing small investors were practicing:

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Selective Disclosure

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Personal liability for corporate board member means that:

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Directors may be sued for breach of fiduciary duty

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The primary purpose of the Sarbanes-Oxley Act

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Provide better protection for investors in public companies by improving the financial reporting of these companies

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Which of the following is not on the ranking of red flags that signal board problems?

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Stock price increases

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A new trend in board recruiting focuses more on:

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Experience than title

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The board committee responsible for assessing the adequacy of internal control systems and the integrity of financial statements is the:

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Audit committee

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The principle responsibilities of the audit committee are to:

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Ensure that published financial statements are not misleading

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Which of the following is a step to board repair?

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Seeking outside help in identifying potential risks

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The board committee that has the primary responsibility of ensuring that competent, objective directors are selected is:

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Nominating Committee

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The board's compensation committee has responsibility for:

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Evaluating executive performance and recommending terms and conditions of employment

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The board committee that is responsible for responding to social issues is the:

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Public policy committee

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Boards are now being tougher on CEOs for all of the following except:

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Increasing diversity on boards

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Shareholders activism:

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Has been around for more than sixty years

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One of the main ways in which shareholder activists communicate their concerns to management is through:

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Shareholder Resolutions

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Both full disclosure and transparency

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Which of the following terms does not have the same basic meaning?

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Corporate Social Performance

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The main idea behind corporate public policy is that:

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A firm must give specific attention to issues in which basic questions of right, wrong, justice, fairness, or public policy reside

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The concept of enterprise-level strategy is the idea that best links:

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Ethics to strategy

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Which of the following is not one of the levels of strategy mentioned in the textbook?

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Department-level

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The overarching strategy level that asks what role the firm plays in society and what the firm stands for is the ________ level.

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Enterprise

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The strategy level that asks what business the firm should be in is the _______level.

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Corporate

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________ strategy seeks to determine how a firm should compete in a given industry.

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Business-level

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______ level strategy attempts to integrate the Finn's activities to accomplish its goals.

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Functional

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The enterprise-level strategy may addresses the firms:

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Role in society

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Corporate-level strategy decisions include all of the following except:

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Broad or narrow markets

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All of the following represent examples of enterprise-level thinking except:

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The extent to which a firm has studied its functional structure and made changes necessary to make its operations more efficient.

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The deeply ingrained principles that guide all of a company's actions and decisions are the firm's:

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Core values

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Which of the following is not one of the steps in the strategic management process?

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Problem identification

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Which of the following steps in the strategic management process informs all the rest?

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Environmental Analysis

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Management control includes all of the following steps except?

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Revising budgets

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A systematic attempt to identify, measure, monitor, and evaluate a Finn's performance with respect to its social efforts, goals, and programs is a:

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Social audit

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Which of the following terms does not refer to the same thing?

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Social impact statement

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A social audit can be thought of as:

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Planning and control system

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The impetus of social performance reports has come from:

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Societal and public interest groups expectations

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Social performance reports help companies:

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With their competitive positions

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Issues management and crisis management are ________ processes in corporate public policy.

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Planning

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Public affairs management encompasses all of the following processes except:

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Political lobbying

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Which of the following is not a reason that the public affairs function grew in stature in the United States?

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Increased pressure to meet quarterly earnings projections

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Which of the following did not contribute to the development of the public affairs function?

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Marketing

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Public relations deals with government

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As one of many publics

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Planning for the turbulent social ethical stakeholder environment encompasses each of the following except:

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Strategic affairs analysis

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The management function responsible for monitoring and managing the business environment is:

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Corporate public affairs

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Which of the following activities is a major function in corporate public affairs?

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Government relations

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The "product" of the public affairs department is:

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Smooth relationships with external stakeholders

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The chief public affairs officer of the firm should likely be:

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The CEO

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A 2012 study showed that public affairs relationships with senior management were:

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Strong

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The growth of Public Affairs in the US has grown for all of these reasons except:

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The static nature of the political system

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The overall management process that strives to identify corporate purpose and to position a Finn relative to its market environment is:

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Strategic management

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One of the major impediments to the advancement of effective sustainability reporting has been:

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The lack of any standardized measures

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Public affairs activities and functions include all of the following except:

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Public advertising

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Value-based enterprises:

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Actively seek out stakeholders and work cooperatively with them

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In the future, the public affairs function:

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Will become a bridge between strategic management and corporate social performance

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The public affairs function as we know it today was an outgrowth of:

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The social activism begun decades ago

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The issues management process are both focused on:

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Improving stakeholder management

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The ultimate objective of issues and crisis management is:

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To increase the organization's social responsiveness to stakeholders

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Which of the following is not an element of the issues management process?

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Eliminating issues

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The conventional approach to issues management includes all of the following except:

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Issues are legitimate and urgent stakeholder concerns

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Which of the following is not a characteristic of the strategic management approach to issues management?

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Issues management is narrowly focused on public policy issues

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The principal distinction between the conventional and strategic management approaches to issues management is?

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How broadly the idea of issues in conceived to be.

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Which of the following is not a feature that distinguishes the conventional approach to issues management approach?

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At what level of the Finn issues identification takes place

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Which of the following issues have always been part of the business process?

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Financial

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The most dramatic growth in importance of issues has been in ________ issues.

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Social, ethical, and political

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The approach to issues management in which each issues is viewed as separate from all others is the:

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Portfolio approach

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One of the benefits of the portfolio approach is that it helps:

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Prioritize issues

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Once an issue becomes public and subject to debate and media exposure, it becomes more difficult to:

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Resolve

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Emerging issues have all of the following characteristics except:

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Trade-offs are not yet needed

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When managers consider issues that affect their firm, they often ignore:

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Personal stakes

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Which of the following is not an assumption we make when we use issues management?

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Issues are so complex that firms have little chance to resolve them favorably

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Which of the following is not an assumption we make when we use issues management?

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Planning and implementation

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Planning aspects of the issues management process include all of the following except:

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Monitoring

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The implementation phase of the issues management process does not include:

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Formulation of responses

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One thing that is common to all techniques used for identification of issues is:

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Environmental Scanning

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The most rudimentary form of issue identification entails:

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Assigning a member of the organization to continuously scan a variety of publications

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The immediate result of environmental scanning is often:

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Publication of an in-house newsletter that is disturbed throughout the company.

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All of the following are predictors of social change except:

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Leading crisis

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An emerging issues is characterized by all of the following except:

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The terms of the debate are clearly defined

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Which of the following is not one of Molitor's leading forces?

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Leading economic indicators

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The most important thing in issue identification is:

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Getting the people who are confronted with new issues in touch with top managers

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Key questions proposed to use in analyzing issues includes all of the following except:

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Who can best afford to resolve the issue?

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Questions and dimensions can be used to rank or prioritize issues. Which of the following is not included?

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How much impact will it have

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The next stage of formalization beyond having a single person managing issues is:

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Assigning the issues management function to a team, usually within the public affairs department.

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The evaluation, monitoring, and control of issues involves:

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Continual control of responses to ensure that they remain on track

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Which of the following is not a stage in the issues development process?

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Resolution

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Issues management today can be considered a subset of the activities of:

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Public affairs departments

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Companies that adopt issues management processes typically develop:

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Better reputations

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The best stage at which to address a developing issue is at the:

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Felt need stage

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The case that is generally agreed to have "made" crisis management is the:

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Johnson & Johnson/Tylenol case

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When Tiger Woods crashed his Cadillac Escalade into a fire hydrant and a tree, he made several errors in managing that crisis. Which of the following is not one of his mistakes?

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Issuing a statement

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Which one of the following is not one of the four stages of a crisis?

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Crisis regulation stage

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The crisis resolution stage is:

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The goal of crisis management

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All of the following are part of the ten steps of crisis communication except:

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Keep arm's length from your audience

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The companies that stood out for their excellent handling of the hurricane Katrina crisis in 2005 were:

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Walmart and Home Depot

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The Enron Era brought about a broad range of legal and ethical charges that include all of the following except:

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Building company assets

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The Wall Street financial scandals involved all of the following except:

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Ethical lending

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An NBES Survey concluded that ethical misconduct:

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At work was down slightly

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There is no doubt that media are:

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Reporting ethical problems more frequently and fervently

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Public opinion polls regarding business ethics are:

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Difficult to assess because the media keeps ethics scandals in the public eye

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The former CEO of Bendix Corporation blames the apparent decline in business's ethical behavior on:

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The contexts in which corporate decisions are made

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One of the functions of corporate governance is:

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Oversight of senior managers

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The discipline that deals with what is good and bad and with moral duty and obligation is:

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Ethics

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A doctrine or system of moral conduct is called:

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Morality

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Business ethics is:

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Concerned with right and wrong behavior within a business contract

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Concepts of right and wrong are increasingly being interpreted today to include all of the following except:

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Equality

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The area of ethics that is concerned with supplying and justifying a coherent moral system of thinking and judging is called:

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Normative Ethics

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Which of the following is not one of the major approaches to thinking about business ethics:

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Rights and duties approach

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The focus on descriptive ethics is on:

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Learning what is occurring in the realm of moral behaviors and practices

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The approach to business ethics in which we compare a decision or practice to prevailing norms of acceptability is the:

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Conventional Approach

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The minimum standard of ethical behavior can be thought of as:

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Adhering to the law

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Which of the following is not an element of making ethical judgements?

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Awareness of the moral implications of a situation

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The most serious danger of using the conventional approach to business ethics is:

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Lasping into ethical relativism

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All of the following are questions that capture the central meaning of ethics except?

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What happened?

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The normative question of ethics is a what is?

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What ought to be?

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The ethics question "how do we get from what is to what ought to be?" is:

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Practical

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The challenge in all managerial situations is take what can be done and what should be done and find:

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A balance

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Which of the following is not a model of ethical management provided in the textbook?

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Semi-moral management

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The model of ethical management that implies a positive and active opposition to what is right is called:

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Immoral management

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The key operating question of amoral management is:

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Can we make money in this action?

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The "integrity strategy" espoused by Lynn Sharp Paine is similar to the:

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Moral management model

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Managers who believe that business decisions are not subjected to moral constraints tend to utilize the:

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Intentional amoral management model

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Managers who simply fail to consider moral questions when making business decisions use the:

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Unintentional amoral management model

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Which of the following is not a structural aspect of unconscious accounting bias?

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Ambivalence

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The population hypothesis regarding ethical management models is:

answer

The three models exhibit a skewed curve, weighted toward either moral or immoral management models, depending on the society being studies.

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The individual hypothesis regarding ethical management models is:

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That individuals managers utilize all three of the models at different times and situations

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Lawrence Kolhberg's model of moral development includes all of the following except:

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Law and order morality

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Which of the following is not a source of manager's values that is external to the firm?

answer

Scientific

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The sense that concern for fairness, justice, and due process to people, groups, and communities should be woven into managerial decision-making is called:

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Moral obligation

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Moral imagination is:

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Being able to see economic and moral relationships

question

An element of moral judgment is all of the following except:

answer

Managerial Competence

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An element of moral judgment is all of the following except:

answer

Managerial Competence

question

An element of moral judgment is all of the following except:

answer

Managerial Competence

Business Ethics Midterm-Sanders – Flashcards

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