ADMN 400 Midterm UPDATED ACTUAL
Exam Questions and CORRECT Answers
Ethics - CORRECT ANSWER - beliefs, or moral standards, about what is right and wrong
orgood and bad
Business Ethics - CORRECT ANSWER - ethical or unethical behavior by
employees(managers, staff, etc.) in the context of their jobs
Utility, Rights, Justice, Caring, and Duties - CORRECT ANSWER - How is Ethical
Behavior Assessed?
social responsbility - CORRECT ANSWER - is the practical application of
ethicalconcerns for the benefit of society
Corporate Social Responsibility - CORRECT ANSWER - The concern of businesses for
the welfare of society as a whole; consists of obligations beyond those required by law or
contracts.
Customers, Employees, Owners, Investors, Community, Environment, Suppliers - CORRECT
ANSWER - Name 3 organizational stakeholders
Milton Friedman - CORRECT ANSWER - Who said the following quote? "There is one
andonly one social responsibility of business—to use itsresources and engage in activities
designed to increaseits profits so long as it stays within the rules of thegame, which is to say,
engages in open and freecompetition without deception or fraud."
Economic, Legal, Ethical, and Philanthropic - CORRECT ANSWER - What are the 4
dimensions of CSR?
Insider Trading - CORRECT ANSWER - illegal practice of using confidential information
about a firm to profit from the purchase of sale or stock
, Misrepresentation of Finances - CORRECT ANSWER - projecting profits in excess of
what is actually expected, hidelosses/expenses, or exaggerating profits
Obstructionist Stance - CORRECT ANSWER - The approach/stance to social
responsibility that does as little as possible to solve social or environmental problems, has little
regard for ethical conduct and will go to great lengths to conceal/deny wrongdoings
Defensive Stance - CORRECT ANSWER - The approach/stance to social responsibility
that does the minimum required legally; nothing more
Accommodative Stance - CORRECT ANSWER - The approach/stance to social
responsibility that meets and sometimes exceeds legal and ethical requirements
Proactive Stance - CORRECT ANSWER - The approach/stance to social responsibility
that seeks opportunities to contribute to the social welfare of groups and individuals
Whistle Blowing - CORRECT ANSWER - disclosure by an employee of illegal or
unethical conduct of others in the organization
code of ethics - CORRECT ANSWER - A set of guidelines prepared by a firm to provide
its employees with the knowledge of what the firm expects in terms of their responsibilities and
behavior toward fellow employees, customers, and suppliers.
corporate philanthropy - CORRECT ANSWER - The practice of charitable giving by
corporations; includes contributing cash, donating equipment and products, and supporting the
volunteer efforts of company employees.
Deontology - CORRECT ANSWER - A philosophy in which a person will follow his or
her obligations to an individual or society because upholding one's duty is what is ethically
correct.
Exam Questions and CORRECT Answers
Ethics - CORRECT ANSWER - beliefs, or moral standards, about what is right and wrong
orgood and bad
Business Ethics - CORRECT ANSWER - ethical or unethical behavior by
employees(managers, staff, etc.) in the context of their jobs
Utility, Rights, Justice, Caring, and Duties - CORRECT ANSWER - How is Ethical
Behavior Assessed?
social responsbility - CORRECT ANSWER - is the practical application of
ethicalconcerns for the benefit of society
Corporate Social Responsibility - CORRECT ANSWER - The concern of businesses for
the welfare of society as a whole; consists of obligations beyond those required by law or
contracts.
Customers, Employees, Owners, Investors, Community, Environment, Suppliers - CORRECT
ANSWER - Name 3 organizational stakeholders
Milton Friedman - CORRECT ANSWER - Who said the following quote? "There is one
andonly one social responsibility of business—to use itsresources and engage in activities
designed to increaseits profits so long as it stays within the rules of thegame, which is to say,
engages in open and freecompetition without deception or fraud."
Economic, Legal, Ethical, and Philanthropic - CORRECT ANSWER - What are the 4
dimensions of CSR?
Insider Trading - CORRECT ANSWER - illegal practice of using confidential information
about a firm to profit from the purchase of sale or stock
, Misrepresentation of Finances - CORRECT ANSWER - projecting profits in excess of
what is actually expected, hidelosses/expenses, or exaggerating profits
Obstructionist Stance - CORRECT ANSWER - The approach/stance to social
responsibility that does as little as possible to solve social or environmental problems, has little
regard for ethical conduct and will go to great lengths to conceal/deny wrongdoings
Defensive Stance - CORRECT ANSWER - The approach/stance to social responsibility
that does the minimum required legally; nothing more
Accommodative Stance - CORRECT ANSWER - The approach/stance to social
responsibility that meets and sometimes exceeds legal and ethical requirements
Proactive Stance - CORRECT ANSWER - The approach/stance to social responsibility
that seeks opportunities to contribute to the social welfare of groups and individuals
Whistle Blowing - CORRECT ANSWER - disclosure by an employee of illegal or
unethical conduct of others in the organization
code of ethics - CORRECT ANSWER - A set of guidelines prepared by a firm to provide
its employees with the knowledge of what the firm expects in terms of their responsibilities and
behavior toward fellow employees, customers, and suppliers.
corporate philanthropy - CORRECT ANSWER - The practice of charitable giving by
corporations; includes contributing cash, donating equipment and products, and supporting the
volunteer efforts of company employees.
Deontology - CORRECT ANSWER - A philosophy in which a person will follow his or
her obligations to an individual or society because upholding one's duty is what is ethically
correct.
