BUL 4421 FAU GENDLER EXAMS SCRIPT PAPER
QUESTIONS AND ANSWERS SURE A+
✔✔Natural Law - ✔✔Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
✔✔Legal Positivism - ✔✔Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality
✔✔Historical School - ✔✔Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis
✔✔Legal Realism - ✔✔Judges should consider more than just the law; consider factors
such as social and economic conditions
✔✔Cost Benefit Analysis - ✔✔If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
✔✔Business Ethics - ✔✔The application of ethics to the special problems and
opportunities experienced by business people
✔✔Minimal Standards for firms to be ethical - ✔✔- The legality of the decision in
choosing a method of production
,- How to compete with competing firms
- Social responsibilities of the firm
✔✔WPH Framework for Business Ethics - ✔✔- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
✔✔The "WPH" in WPH Framework for Business Ethics stands for - ✔✔Who, Purpose
and How
✔✔Stakeholders - ✔✔The many groups of people affected by the firm's decisions
✔✔Who are stakeholders of a firm? - ✔✔- Owners or shareholders
- Employees
- Customers
- Management
- The general community where the firm operates
- Future generations
✔✔When we think about the ultimate reason or purpose for why we make decisions in a
business firm, we turn to the basic unit of business ethics, which is - ✔✔Values
✔✔Values - ✔✔Positive abstractions/notions that capture our sense of what is good or
desirable
✔✔Values are _____ that underlie conversations about business ethics - ✔✔Ideas
✔✔We derive our ethics from the - ✔✔Interplay of values
✔✔Values represent our understanding of the purposes we will fulfil by - ✔✔Making
particular decisions
✔✔Golden Rule - ✔✔Do unto others as you would have them do unto you
✔✔Public Disclosure - ✔✔If the public knew about this decision, how would you
decide?
✔✔Warren Buffet's example of a Public Disclosure - ✔✔Newspaper Test
✔✔Universalization Test - ✔✔What would the world be like were our decision copied by
everyone else?
✔✔Theories of Business Ethics - ✔✔Ethical Realism, Absolutism, Consequentialism,
Utilitarianism, Principle of Rights, Virtue Ethics
, ✔✔Ethical Realism - ✔✔A theory of ethics that denies the existence of objective
standards, instead individuals must evaluate actions based on what they feel is best for
themselves
✔✔Absolutism - ✔✔Requires that individuals defer to a set of rules to guide them in the
ethical decision-making process
✔✔Consequentialism - ✔✔Requires inquiry about the consequences of the decision
when addressing ethical dilemmas
✔✔Utilitarianism - ✔✔Managers should take actions that provide the greatest good after
having subtracted the harm associated with the action in question
✔✔Principle of Rights - ✔✔Whether a business decision is ethical depends on how the
decision affects those involved
✔✔Virtue Ethics - ✔✔The development of virtues, or positive character traits such as
courage, justice, and truthfulness is the basis of morality
✔✔Voir Dire - ✔✔This process selects the jurors who will decide the cases as well as
two or three "alternate jurors"
✔✔Peremptory Challenges - ✔✔Allows a party to challenge a certain number of
potential jurors without giving a reason
✔✔Peremptory Challenge Exception cannot use a challenge based solely on - ✔✔Race
or gender
✔✔Trial Courts - ✔✔Courts of original jurisdiction that have the power to hear and
decide cases when they first enter the legal system
✔✔Appellate Courts - ✔✔Courts that have the power to review previous judicial
decisions to determine whether the trial courts erred (made mistake) in decision
✔✔Appellate Courts are concerned primarily with the question of - ✔✔Law
✔✔Appellate Courts are less concerned with questions of - ✔✔Fact
✔✔Question of Fact is determined by - ✔✔Judge or jury of the court
✔✔Federal courts have _____ jurisdiction over claims arising under federal statutes -
✔✔Exclusive
QUESTIONS AND ANSWERS SURE A+
✔✔Natural Law - ✔✔Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
✔✔Legal Positivism - ✔✔Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality
✔✔Historical School - ✔✔Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis
✔✔Legal Realism - ✔✔Judges should consider more than just the law; consider factors
such as social and economic conditions
✔✔Cost Benefit Analysis - ✔✔If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
✔✔Business Ethics - ✔✔The application of ethics to the special problems and
opportunities experienced by business people
✔✔Minimal Standards for firms to be ethical - ✔✔- The legality of the decision in
choosing a method of production
,- How to compete with competing firms
- Social responsibilities of the firm
✔✔WPH Framework for Business Ethics - ✔✔- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
✔✔The "WPH" in WPH Framework for Business Ethics stands for - ✔✔Who, Purpose
and How
✔✔Stakeholders - ✔✔The many groups of people affected by the firm's decisions
✔✔Who are stakeholders of a firm? - ✔✔- Owners or shareholders
- Employees
- Customers
- Management
- The general community where the firm operates
- Future generations
✔✔When we think about the ultimate reason or purpose for why we make decisions in a
business firm, we turn to the basic unit of business ethics, which is - ✔✔Values
✔✔Values - ✔✔Positive abstractions/notions that capture our sense of what is good or
desirable
✔✔Values are _____ that underlie conversations about business ethics - ✔✔Ideas
✔✔We derive our ethics from the - ✔✔Interplay of values
✔✔Values represent our understanding of the purposes we will fulfil by - ✔✔Making
particular decisions
✔✔Golden Rule - ✔✔Do unto others as you would have them do unto you
✔✔Public Disclosure - ✔✔If the public knew about this decision, how would you
decide?
✔✔Warren Buffet's example of a Public Disclosure - ✔✔Newspaper Test
✔✔Universalization Test - ✔✔What would the world be like were our decision copied by
everyone else?
✔✔Theories of Business Ethics - ✔✔Ethical Realism, Absolutism, Consequentialism,
Utilitarianism, Principle of Rights, Virtue Ethics
, ✔✔Ethical Realism - ✔✔A theory of ethics that denies the existence of objective
standards, instead individuals must evaluate actions based on what they feel is best for
themselves
✔✔Absolutism - ✔✔Requires that individuals defer to a set of rules to guide them in the
ethical decision-making process
✔✔Consequentialism - ✔✔Requires inquiry about the consequences of the decision
when addressing ethical dilemmas
✔✔Utilitarianism - ✔✔Managers should take actions that provide the greatest good after
having subtracted the harm associated with the action in question
✔✔Principle of Rights - ✔✔Whether a business decision is ethical depends on how the
decision affects those involved
✔✔Virtue Ethics - ✔✔The development of virtues, or positive character traits such as
courage, justice, and truthfulness is the basis of morality
✔✔Voir Dire - ✔✔This process selects the jurors who will decide the cases as well as
two or three "alternate jurors"
✔✔Peremptory Challenges - ✔✔Allows a party to challenge a certain number of
potential jurors without giving a reason
✔✔Peremptory Challenge Exception cannot use a challenge based solely on - ✔✔Race
or gender
✔✔Trial Courts - ✔✔Courts of original jurisdiction that have the power to hear and
decide cases when they first enter the legal system
✔✔Appellate Courts - ✔✔Courts that have the power to review previous judicial
decisions to determine whether the trial courts erred (made mistake) in decision
✔✔Appellate Courts are concerned primarily with the question of - ✔✔Law
✔✔Appellate Courts are less concerned with questions of - ✔✔Fact
✔✔Question of Fact is determined by - ✔✔Judge or jury of the court
✔✔Federal courts have _____ jurisdiction over claims arising under federal statutes -
✔✔Exclusive
