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The study of what constitutes right or wrong behavior

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Ethics

question

A branch of philosophy focusing on morality and the way moral principles are derived and implemented

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Ethics

question

Fairness, justness, rightness, or wrongness of an action

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Ethics

question

What study looks at the decisions businesses make or have to make and whether those decisions are right or wrong?

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Business Ethics

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True/False: Public perception of the corporation has changed that entity from one that focuses on making profits into one that acts as a corporate citizen

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True:

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What was the original goal of a corporation?

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Make money

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True/False: In the ideal world, profit maximization leads to the most efficient allocation of scarce resources.

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True:

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When society started to become dissatisfied with the profit-maximizing theory, investors began to look beyond profits and went to consider the _______________________________

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Triple Bottom Line

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What are the 3 things the Triple Bottom Line considers?

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Corporation's Profits Impact on Society Impact on Environment

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What was the expected role of a "corporate citizen"?

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Corporations were expected to participate in bettering communities and the society.

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What are the 4 things a corporation should consider when making decisions?

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Legal Consequences Public Relations Safety Risks for Consumers & Employees Financial Implications

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Does short-run profit maximization tend to be consistent with business ethics?

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NOP

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Does long-run profit maximization tend to be consistent with business ethics?

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YEP

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The case with OxyContin shows that: long-run profit maximization tend to be consistent with business ethics OR short-run profit maximization tend to be consistent with business ethics

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long-run profit maximization tend to be consistent with business ethics

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In the case with OxyContin, what did the manufacturer, Prudue Pharma, claim?

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Drug is not addictive

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In the case with OxyContin, did Prudue Pharma know that it's drugs were addictive, yet chose to not tell the public?

answer

Yep

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In the case with OxyContin, was Prudue Pharma basically screwed for not telling the truth?

answer

Yep, they got screwed :)

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What did we learn from the case of OxyContin about the short-run profit maximization?

answer

Short-run profit maximization doesn't work, don't do it... kinda like drugs.. don't do it.

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True/False: The Internet can increase the potential for a major corporation to suffer damages to its reputation or loss of profits through negative publicity

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True:

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Why do courts usually disregard such assertions made on the Internet about Walmart or Nike?

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1st Amendment BISH!

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True/False: Business ethics is thus concerned with the image of the business.

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True:

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True/False: Business ethics is also concerned with the impacts that the business has on the environment, consumers, suppliers, employees, and the global economy.

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True:

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Does the law cover all ethical requirements?

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NOPE

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If I comply with the law, does that mean I am always doing the right thing/ on good behavior?

answer

Nope

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True/False: Laws prohibit or require certain actions to avoid significant harm to society and they are broad in their purpose and scope.

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True:

question

If 2 companies collude to jack up the price, the law is there to stop them! cause it's illegal... Yes/no?

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Yep

question

Compliance with just the law is also known as

answer

Moral Minimum

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True/False: The study of ethics goes beyond the legal requirements to determine what is right for society.

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True:

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If an action is legal, it must mean it's ethical.. SURELY!

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wth.. no

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How do companies link/combine ethics and the law?

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Creation of the company code/company policy

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Are company codes/company policy the law?

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YOU BET IT'S NOT

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True/False: A company's code of conduct typically outline that company's policies on particular issues and indicates how employees are expected to act.

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True

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What's Google's motto?

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Don't be Evil

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True/False: Violation of a company code usually result in TERMINATION!!!

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True:

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Why is ethics so difficult to understand?

answer

Highly subjective; subject to change over time

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True/False: Ethics is more certain than law

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False: prolly the only false one Ethics is less certain than law

question

Can the law also be uncertain and contain "gray areas"?

answer

YOU BET UR POTATOES IT CAN!

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True/False: Since the law can be uncertain, decision makes need to proceed with caution and evaluate an action and its consequences from an ethical perspective.

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True:

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True/False: Ethics is based more on research than judgement

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False: Ethics is based more on research than judgement

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True/False: A company that can show it has acted ethically, responsibly, and in good faith has a better chance of winning a dispute.

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True:

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Hiring Procedures.... Employers can stalk you up on your social media.

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They can.

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Hiring Procedures.... Employers can choose not to hire you b/c you don't have social media.

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They can.

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True/False: Costco's social media policy said that its employees should not say stuff to damage the reputation of the company or violate company policy. Whoever does so can be FIREDDDDDDD

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True:

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What did the National Labor Relations Board say in response to Costco's policy?

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Workers can say whatever the FLIP THEY WANNA SAY

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The application of morals and ethics to a situation

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Ethical Reasoning

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The study of ethics branches off into 2 major categories, what are they?

answer

Duty-based Ethics Outcome-based Ethics

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Duty-based Ethics or Outcome-based Ethics? Focuses on the obligations of the corporation.

answer

Duty-based Ethics

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Duty-based Ethics or Outcome-based Ethics? Deals with standards that derived from "reveal truths" -mystical ooOOOoooOOOOooo- jk The Bible, the Quran, etc.

answer

Duty-based Ethics

question

Duty-based Ethics or Outcome-based Ethics? Focuses on the impacts of a decision on society or on key stakeholders

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Outcome-based Ethics

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Duty-based Ethics or Outcome-based Ethics? Based on religious ethical principles.

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Duty-based Ethics

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Duty-based Ethics or Outcome-based Ethics? Based on principles of rights, human beings have certain fundamental rights.

answer

Duty-based Ethics

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True/False: Those who believe in the principle of rights, where human beings have certain fundamental rights, believe that a key factor in determining whether a business decision is ethical is how that decision affects the RIGHTS of others.

answer

True:

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What's a possible problem with the Principles of Rights,where human beings have certain fundamental rights?

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Which right is more important than the other?

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What's a possible counterargument made by those who believe in Principles of Rights,where human beings have certain fundamental rights

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Whichever right is "stronger" in that specific circumstance is the most important.

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Duty-based Ethics or Outcome-based Ethics? Based off of Immanuel Kant's ethical principles

answer

Duty-based Ethics

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True/False: Immanuel Kant's ethical principles Don't treat people as tools to accomplish your goals, treat them like human beings.

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True:

question

If everyone does it, what will the consequences be? This is known as the.......

answer

Categorical Imperative.

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Duty-based Ethics or Outcome-based Ethics? Attempts to maximize benefits and minimize harm

answer

Outcome-based Ethics

question

Duty-based Ethics or Outcome-based Ethics? Based on utilitarianism, developed by Jeremy Bentham modified by John Stuart Mill

answer

Outcome-based Ethics

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True/False: Under the utilitarian model, an act is deemed ethically right if it produces the greatest amount of good... "soo in that case, we should all have orgies b/c everyone will be happy!" - Scott Galloway

answer

True:

question

True/False: Under the utilitarian model, an act is deemed ethically right if it produces the least amount of harm..

answer

True:

question

Applying the utilitarian model will require 3 conditions

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Which individuals will be affected by the action A cost-benefit analysis, who benefits who is harmed Is there a better alternative?

question

What's a possible problem with the utilitarian approach?

answer

Action that produces the greatest good might not be super ethical.. a drug that helps 85% of the people but brings agonizing and excruciating pain to the other 15%

question

By playing the "polymerization card" (from yu-gi-oh) theorists were able to combine duty-based ethics and outcome-based ethics to create--------------!

answer

Corporate Social Responsibility (CSR)

question

What combines a commitment to good citizenship with a commitment to making ethical decisions, improving society, and minimizing environment impacts?

answer

Corporate Social Responsibility (CSR)

question

Is Corporate Social Responsibility (CSR) imposed on corporations by law?

answer

NOPEEE

question

True/False: Corporate Social Responsibility (CSR) involes a commitment to self-regulation

answer

True:

question

The social aspect of Corporate Social Responsibility (CSR) shows that

answer

Corporations are promoting goals that society thinks is worthwhile and are moving toward solving social problems

question

The corporate aspect of Corporate Social Responsibility (CSR) shows that

answer

Corporations are willing to undertake activities that are significant and related to its business operations

question

True/False: Corporate Social Responsibility (CSR) is dedicated only to shareholders.

answer

False: Corporate Social Responsibility (CSR) is dedicated also to stakeholders (other groups of people)

question

What are the 5 steps in Leonard H. Bucklin's Business Process Pragmatism?

answer

Inquiry Discussion Decision Justification Evaluation

question

What is one of the most important ways to create and maintain an ethical workplace?

answer

Top management demonstrates commitment to ethical decision making

question

True/False: Business owners' misbehavior can have negative consequences for themselves and their business, which can prevent them from conducting business at all if court says so.

answer

True:

question

Which act of 2002 requires companies to set up confidential systems so that employees and others can report illegal or unethical auditing.

answer

Sarbanes-Oxley Act

question

In addition to the Sarbanes-Oxley Act, what online reporting system allows employees to report illegal or unethical behavior anonymously?

answer

NAVEX

question

In response to American businesses bribing foreign representatives, Congress passed

answer

Foreign Corrupt Practices Act

question

What are "grease payments"?

answer

Here's an extra $100 if you can speed up verifying and authorizing that contract

question

Do grease payments violate the Foreign Corrupt Practices Act?

answer

NOPE

question

True/False: With respect to accountants, Foreign Corrupt Practices Act requires that all companies must keep detailed records that "accurately and fairly" reflect their financial activities.

answer

True:

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