Lesson 7 — iCEV Business Ethics – Flashcards
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Ethics
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set of standards of conduct that guide decisions and actions based on duties derived from core values.
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Ethical Behavior
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action guided by a set of principles of morality.
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Moral Behavior
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conduct in accordance with what a person determines is right versus wrong.
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Legal Behavior
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conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm.
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False Financial Statement
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an organization's financial statement containing untrue data which is used to mislead.
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Embezzlement
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an entrusted person converts other's assets or properties for his or her own use.
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Ethical Dilemma
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complex situation in which people have difficulty choosing between a moral or an immoral act
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Code of Ethics
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set of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values.
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Business Social Responsibility
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duties and obligations of businesses which contribute to the well-being of society.
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Stakeholders
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all the parties which interact with the business.
