GBUS FINAL 2 – Flashcards
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Business ethics
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is the application of moral standards to business situations.
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The study of the morality of choices made by people is known as
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ethics.
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Brant promised to repair Carolyn's car on Thursday. After picking up the necessary part at a junkyard, he discovered he could not do the job after all and that the junkyard would not buy back the part. Carolyn does not know about these developments. However, she thinks Brant will be finished with her car sometime today. What should Brant do?
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Call Carolyn to inform her of the problem, and recommend a reputable repair shop.
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Customers expect a firm's products to
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be safe, reliable, and reasonably priced.
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Investors expect management to do all of the following except
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consult them on ethical decisions
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Tony Shinn is applying for a mortgage to purchase his first home. His credit rating is mediocre due to several late payments on his credit cards and car loan. He is upset because his friend Jerry was offered an interest rate 3 percent less than what Tony was offered by the same mortgage company. This mortgage company's actions were
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ethicalthis is just a part of doing business because credit history is an important indicator of future payments.
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Metabo-Miracle offers a guaranteed weight loss of 10 pounds in one week without dieting or exercise. Thousands of customers purchase the products and about 200 call in with complaints that the product was ineffective. What action should Metabo-Miracle take?
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It should discuss the product failure with the customers and then provide them with a full refund of their purchase price.
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Ranee is a businessperson who works for a successful and admired Fortune 500 company. About how often is Ranee likely to encounter ethical issues in the workplace?
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On a daily basis
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Mattel, the maker of Barbie dolls, frequently shows television ads aimed at children on Saturday mornings, when many children are known to watch cartoons. Some of these ads mix cartoon-type animation and "real" shots of the dolls so that it is sometimes difficult for even an adult to determine what the doll can or cannot do. This most likely represents
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an ethical problem because children may be deceived about what Barbie can do.
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Some Enron executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public. These actions taken by Enron executives were
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unethical.
