LES 305 Exam 1 Clark UPDATED
Exam Questions and CORRECT
Answers
SECTION 1: ETHICS & MORAL PHILOSOPHY
1. What is the definition of Ethics in the context of business law?
A. The set of laws that govern business transactions
B. A body of rules prescribed by controlling authority having legal binding force
C. Manner by which one lives one's life according to a standard of right or wrong behavior
D. The study of how businesses maximize profits
Answer: C
Rationale: Ethics is defined as the manner by which one lives one's life according to a
standard of right or wrong behavior. This applies to both how one thinks and behaves
towards others and how one would like them to think and behave towards others .
2. Which of the following is NOT a factor that influences ethics?
A. One's upbringing
B. One's religion
,C. One's social traditions and beliefs
D. One's annual income
Answer: D
Rationale: The factors that influence ethics include one's upbringing, religion, social
traditions and beliefs, and society (structured community of people bound together by
similar traditions and customs). Annual income is not a factor that influences ethics .
3. A quality by which a value is a good thing in itself and is pursued for its own sake is
known as:
A. Instrumental value
B. Intrinsic value
C. Utilitarian value
D. Ethical value
Answer: B
Rationale: Intrinsic value is a quality by which a value is a good thing in itself—pursued
for its own sake, whether anything comes from that pursuit or not. Examples include
happiness, health, and self-respect .
4. A quality by which the pursuit of one's value is a good way to reach another value is
known as:
A. Intrinsic value
B. Ethical value
C. Instrumental value
D. Moral value
Answer: C
Rationale: Instrumental value is a quality by which the pursuit of one's value is a good
way to reach another value. Money is a classic example—it is valued for what it can buy
rather than for itself .
,5. Which ethical theory focuses on living one's life according to a commitment to the
achievement of a clear ideal?
A. Utilitarianism
B. Universal Ethics
C. Virtue Ethics
D. Ethical Relativism
Answer: C
Rationale: Virtue Ethics focuses on living one's life according to a commitment to the
achievement of a clear ideal. A criticism is that societies can place different emphasis on
different virtues .
6. Which ethical theory holds that ethical choices should offer the greatest good for the
greatest number of people?
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
Answer: B
Rationale: Utilitarianism holds that ethical choices should offer the greatest good for the
greatest number of people. A criticism of this theory is that the ends justify the means .
7. Which ethical theory holds that actions are taken out of duty and obligation to a purely
moral idea rather than based on the needs of the situation?
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
, Answer: C
Rationale: Universal Ethics holds that actions are taken out of duty and obligation to a
purely moral idea. Universal principles are seen to apply to everyone, everywhere, all the
time .
8. The ethical theory that implies some degree of flexibility as opposed to strict black and
white rules is:
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
Answer: D
Rationale: Ethical Relativism holds that the traditions of one's society, one's personal
opinions, and the circumstances of the present moment define one's ethical principles. It
offers the comfort of being a part of the ethical majority in the community or society .
9. Ethical dilemmas are situations where:
A. There is a clear right and wrong answer
B. There are no obvious right or wrong decisions, but rather a right or right answer
C. The law provides a definitive solution
D. No ethical principles apply
Answer: B
Rationale: Ethical dilemmas are situations where there are no obvious right or wrong
decisions, but rather a "right vs. right" answer. There is no clear ethical path .
10. The Golden Rule can be summarized as:
Exam Questions and CORRECT
Answers
SECTION 1: ETHICS & MORAL PHILOSOPHY
1. What is the definition of Ethics in the context of business law?
A. The set of laws that govern business transactions
B. A body of rules prescribed by controlling authority having legal binding force
C. Manner by which one lives one's life according to a standard of right or wrong behavior
D. The study of how businesses maximize profits
Answer: C
Rationale: Ethics is defined as the manner by which one lives one's life according to a
standard of right or wrong behavior. This applies to both how one thinks and behaves
towards others and how one would like them to think and behave towards others .
2. Which of the following is NOT a factor that influences ethics?
A. One's upbringing
B. One's religion
,C. One's social traditions and beliefs
D. One's annual income
Answer: D
Rationale: The factors that influence ethics include one's upbringing, religion, social
traditions and beliefs, and society (structured community of people bound together by
similar traditions and customs). Annual income is not a factor that influences ethics .
3. A quality by which a value is a good thing in itself and is pursued for its own sake is
known as:
A. Instrumental value
B. Intrinsic value
C. Utilitarian value
D. Ethical value
Answer: B
Rationale: Intrinsic value is a quality by which a value is a good thing in itself—pursued
for its own sake, whether anything comes from that pursuit or not. Examples include
happiness, health, and self-respect .
4. A quality by which the pursuit of one's value is a good way to reach another value is
known as:
A. Intrinsic value
B. Ethical value
C. Instrumental value
D. Moral value
Answer: C
Rationale: Instrumental value is a quality by which the pursuit of one's value is a good
way to reach another value. Money is a classic example—it is valued for what it can buy
rather than for itself .
,5. Which ethical theory focuses on living one's life according to a commitment to the
achievement of a clear ideal?
A. Utilitarianism
B. Universal Ethics
C. Virtue Ethics
D. Ethical Relativism
Answer: C
Rationale: Virtue Ethics focuses on living one's life according to a commitment to the
achievement of a clear ideal. A criticism is that societies can place different emphasis on
different virtues .
6. Which ethical theory holds that ethical choices should offer the greatest good for the
greatest number of people?
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
Answer: B
Rationale: Utilitarianism holds that ethical choices should offer the greatest good for the
greatest number of people. A criticism of this theory is that the ends justify the means .
7. Which ethical theory holds that actions are taken out of duty and obligation to a purely
moral idea rather than based on the needs of the situation?
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
, Answer: C
Rationale: Universal Ethics holds that actions are taken out of duty and obligation to a
purely moral idea. Universal principles are seen to apply to everyone, everywhere, all the
time .
8. The ethical theory that implies some degree of flexibility as opposed to strict black and
white rules is:
A. Virtue Ethics
B. Utilitarianism
C. Universal Ethics
D. Ethical Relativism
Answer: D
Rationale: Ethical Relativism holds that the traditions of one's society, one's personal
opinions, and the circumstances of the present moment define one's ethical principles. It
offers the comfort of being a part of the ethical majority in the community or society .
9. Ethical dilemmas are situations where:
A. There is a clear right and wrong answer
B. There are no obvious right or wrong decisions, but rather a right or right answer
C. The law provides a definitive solution
D. No ethical principles apply
Answer: B
Rationale: Ethical dilemmas are situations where there are no obvious right or wrong
decisions, but rather a "right vs. right" answer. There is no clear ethical path .
10. The Golden Rule can be summarized as:
