GEB Chapter 2 questions with complete solutions 2023

GEB Chapter 2 questions with complete solutions 2023acceptable behavior is determined by *the organization *the individual's personal principles *customers and interest groups *competitors *government regulators business ethics *in business, trust is the glue that holds the customer relationship together *the recent global financial crisis took a toll on consumer trust of financial services companies *principles and standards that determine acceptable conduct in business social responsibility a business's obligation to maximize its positive impact and minimize its negative impact on society ethics refers to individual's or work group's decisions social responsibility is the impact of the entire organization's activities on society Sarbanes-Oxyley Act *criminalized securities fraud and stiffened penalties for corporate fraud *enacted after the accounting scandals in the early 2000's Dodd-Frank Act *passed to reform the financial industry and offer consumers protection against complex and/or deceptive financial products *enacted after the most recent recession Recent Legal and Ethical Issues *subprime loans and foreclosures *accounting fraud *cybercrimes *deceptive advertising *unfair competitive practices Role of Ethics in Business *growing concerns about legal and ethical issues in business strengthen the public's perceptions that ethical standards and the level of trust in business need to be raised *learning to recognize and resolve ethical issues is a key step in evaluating ethical decisions Recognizing Ethical Issues *an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical *many issues seem straightforward but in reality are very complex *one of the principal causes of unethical behavior is overly aggressive financial or business objectives Recognizing Ethical Issues *retired NFL player Tiki Barber was on of 2,000 players who sued the NFL for knowledge about head injuries *The ethical issue here is whether the NFL hid information that linked head injuries to subsequent damages such as memory loss, permanent head trauma and dementia actions associated with bullies *spreading rumors to damage others *blocking others' communication in the workplace *flaunting status or authority to take advantage of others *discrediting others' ideas and opinions *use of e-mails to demean others *failing to communicate or return communication *insults, yelling, and shouting *using terminology to discriminate by gender, race, or age *using eye or body language to hurt other or their reputation *taking credit for others' work or ideas