BLAW EXAM 2 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. Ethics
Answer:
Moral principles and values applied to social behavior
Question:
2. Ethics has to do with an action's
Answer:
Fairness, Justness, Rightness, and Wrongness
Question:
3. Business Ethics
Answer:
A consensus of what constitutes right or wrong behavior in the world of business
and the application of moral principles to situations that arise in a business setting
Question:
4. Gray Areas in the Law
Answer:
- Laws cannot codify all ethical requirements
- Laws can be difficult to interpret and apply due to broad language, application
to more than the intended situation, unclear guidance, and weak provisions
Question:
5. Moral Minimum
Answer:
The minimum degree of ethical behavior expected of a business firm; usually
defined as compliance with the law
Question:
6. Moral Minimum Simplified
Answer:
An action that is legal but is not necessarily ethical
,Question:
7. Private Company Codes of Ethics
Answer:
- Companies linking ethics and law
- Codes are not laws
- Outline company policies and particular issues and indicate how employees are
expected to act
Question:
8. Industry Ethical Codes
Answer:
- Industries linking ethics and law
- Give guideance to decision makers facing ethical questions
- Violations may result in discipline of an employee or sanctions against a
company from the industry organization
Question:
9. Milton Freeman popularized that...
Answer:
Originally the only goal or duty of a corporation was to maximize profit
Question:
10. Profit-Maximization Theory
Answer:
If all firms strictly adhered to the goal of maximizing profits, it would lead to the
most efficient allocation of scarce resources
Question:
11. Triple Bottom line
Answer:
The idea that investors and others should consider not only corporate profits, but
also the corporation's impact on people, and on the planet in assessing the firm
Question:
12. Attitude of Top Management
Answer:
- One of the most important ways to create and maintain an ethical workplace
- Demonstrate ethical decision making
- "Tone at the Top"
, Question:
13. Unrealistic Goals for Employees
Answer:
Unrealistic production or sales goals increase the probability that employees will
act unethically
Question:
14. The most difficult aspect of ethics that business face is...
Answer:
Decision making
Question:
15. Businesspersons making decisions must learn to:
Answer:
- Recognize ethical issues
- Get the pertinent facts
- Evaluate the alternatives
- Make a decision
- Test and reflect on the outcome
Question:
16. Ethical Reasoning
Answer:
A reasoning process in which links ones moral convictions or ethical standards to
the particular situation at hand
Question:
17. Ethical Reasoning Simplified
Answer:
The application of morals and ethics to a situation
Question:
18. 2 Major Categories in the Study of Ethics:
Answer:
1. Duty-based ethics
2. Outcome-based ethics
Question:
19. Duty-based Ethics
Answer:
An ethical philosophy rooted in the idea that every person has certain duties to
others, including both humans and the planet, universal and absolute
CORRECT ANSWERS
Question:
1. Ethics
Answer:
Moral principles and values applied to social behavior
Question:
2. Ethics has to do with an action's
Answer:
Fairness, Justness, Rightness, and Wrongness
Question:
3. Business Ethics
Answer:
A consensus of what constitutes right or wrong behavior in the world of business
and the application of moral principles to situations that arise in a business setting
Question:
4. Gray Areas in the Law
Answer:
- Laws cannot codify all ethical requirements
- Laws can be difficult to interpret and apply due to broad language, application
to more than the intended situation, unclear guidance, and weak provisions
Question:
5. Moral Minimum
Answer:
The minimum degree of ethical behavior expected of a business firm; usually
defined as compliance with the law
Question:
6. Moral Minimum Simplified
Answer:
An action that is legal but is not necessarily ethical
,Question:
7. Private Company Codes of Ethics
Answer:
- Companies linking ethics and law
- Codes are not laws
- Outline company policies and particular issues and indicate how employees are
expected to act
Question:
8. Industry Ethical Codes
Answer:
- Industries linking ethics and law
- Give guideance to decision makers facing ethical questions
- Violations may result in discipline of an employee or sanctions against a
company from the industry organization
Question:
9. Milton Freeman popularized that...
Answer:
Originally the only goal or duty of a corporation was to maximize profit
Question:
10. Profit-Maximization Theory
Answer:
If all firms strictly adhered to the goal of maximizing profits, it would lead to the
most efficient allocation of scarce resources
Question:
11. Triple Bottom line
Answer:
The idea that investors and others should consider not only corporate profits, but
also the corporation's impact on people, and on the planet in assessing the firm
Question:
12. Attitude of Top Management
Answer:
- One of the most important ways to create and maintain an ethical workplace
- Demonstrate ethical decision making
- "Tone at the Top"
, Question:
13. Unrealistic Goals for Employees
Answer:
Unrealistic production or sales goals increase the probability that employees will
act unethically
Question:
14. The most difficult aspect of ethics that business face is...
Answer:
Decision making
Question:
15. Businesspersons making decisions must learn to:
Answer:
- Recognize ethical issues
- Get the pertinent facts
- Evaluate the alternatives
- Make a decision
- Test and reflect on the outcome
Question:
16. Ethical Reasoning
Answer:
A reasoning process in which links ones moral convictions or ethical standards to
the particular situation at hand
Question:
17. Ethical Reasoning Simplified
Answer:
The application of morals and ethics to a situation
Question:
18. 2 Major Categories in the Study of Ethics:
Answer:
1. Duty-based ethics
2. Outcome-based ethics
Question:
19. Duty-based Ethics
Answer:
An ethical philosophy rooted in the idea that every person has certain duties to
others, including both humans and the planet, universal and absolute
