BUSINESS ETHICS FINAL EXAM
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question 1.
Egoism
ANSWER
Maximize self-interest
Question 2.
Locus of control
ANSWER
Individual differences in relation to a general belief about how one is affected by internal vs.
external events
Question 3.
Statement of Values
ANSWER
Serves general public and addresses stakeholder interest
Question 4.
Sarbanes-Oxley Act
ANSWER
Requires corporations to establish codes of ethics for financial reporting and requires top
executives to sign off on their firm's financial reports
Question 5.
Business Ethics
ANSWER
Comprises organizational principles, values and norms that primarily guide individual and
group behavior in business
1/8
, Question 6.
Value-based culture
ANSWER
Rely on mission statements that define the firm and stakeholder relations
Question 7.
Legitimate Power
ANSWER
Consensus that a person has the right to exert influence over others
Question 8.
Internal Locus Control
ANSWER
Must be in control
Question 9.
FSGO
ANSWER
Federal Sentencing Guidelines Organization (exactly how it sounds)
Question 10.
Difference Justice Principle
ANSWER
Economic and social (in)equalities should be arranged to provide the most benefit to
least-advantaged members of society
Question 11.
Codes of ethics
ANSWER
General statements serving as principles - basis for set of rules in a code of conduct
2/8
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question 1.
Egoism
ANSWER
Maximize self-interest
Question 2.
Locus of control
ANSWER
Individual differences in relation to a general belief about how one is affected by internal vs.
external events
Question 3.
Statement of Values
ANSWER
Serves general public and addresses stakeholder interest
Question 4.
Sarbanes-Oxley Act
ANSWER
Requires corporations to establish codes of ethics for financial reporting and requires top
executives to sign off on their firm's financial reports
Question 5.
Business Ethics
ANSWER
Comprises organizational principles, values and norms that primarily guide individual and
group behavior in business
1/8
, Question 6.
Value-based culture
ANSWER
Rely on mission statements that define the firm and stakeholder relations
Question 7.
Legitimate Power
ANSWER
Consensus that a person has the right to exert influence over others
Question 8.
Internal Locus Control
ANSWER
Must be in control
Question 9.
FSGO
ANSWER
Federal Sentencing Guidelines Organization (exactly how it sounds)
Question 10.
Difference Justice Principle
ANSWER
Economic and social (in)equalities should be arranged to provide the most benefit to
least-advantaged members of society
Question 11.
Codes of ethics
ANSWER
General statements serving as principles - basis for set of rules in a code of conduct
2/8
