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Some examples from this set of practice questions
1.
What is Business Ethics?
Answer: 1) Business Ethics is a study of business situations, activities, decisions where issues of right & wrong are addressed 2) Ethics are principles, norms, standards of conduct governing an individual or group
2.
Where is the difference between Morality and Ethics?
Answer: Morality is concerned with norms, values, beliefs embedded in social processes which define right and wrong for an individual or community. However, Ethics is concerned with the study of morality and the application of reason to elucidate specific rules and principles that determine right and wrong for any given situation. (ie. Ethical Theories)
3.
In which sector is ethical misconduct the most overserved?
Answer: Government sector, followed by the business sector.
4.
What is the relevance of globalization for business ethics?
Answer: It can affect all stakeholders of the corporation
5.
What is the \"Bottom line thinking\"?
Answer: It suggests sustainability as a goal and a balance between the 3 dimensions: Economic, Social and Environmental
6.
What is the difference between 1) Legal status & ownership; 2) Independence; 3) Fiduciary responsibility; 4) Artificial person?
Answer: 1) Legal Status & ownership: essentially defined in terms of legal status & ownership of assets 2) Independence: Corporations are notionally owned by shareholders but exist independently of them 3) Fiduciary responsibility: managers & directors have fiduciary responsibility to protect the investment shareholders 4) Artificial persons: Corporations are typically regarded as artificial persons in the eyes of the law
7.
What are the three main arguments of Milton Friedman?
Answer: 1. Only human beings have a moral responsibility for their actions 2. It is the managers´ responsibility to act solely in the interests of shareholders 3. Social issues and problems are the proper province of the state rather than corporate managers
8.
What are the business and moral reasons for companies to have social responsibility?
Answer: Business reasons (enlightened self-interest) - Extra/more satisfied customers - Employees may be more attracted/committed - Forestall legislation - Long-term investment which benefits corporations - Manage risk/uncertainty - Maintain licence to operate Moral reasons - Corporations cause social problems - Corporations should use their power responsibly - All corporate activities have some social impacts - Corporations rely on the contribution of wide set of stakeholders in society, not just shareholders
9.
What are the 4 components of Carroll´s four-part model of corporate social responsibility?
Answer: 1) Philanthropic Responsibilities 2) Ethical Responsibilities 3) Legal Responsibilities 4) Economic Responsibilities
10.
What is the Stakeholder theory of the firm?
Answer: Edward Freeman: Stakeholder of an organisation is any group or individual who can affect, is affected by the achievement of the organisation´s objectives
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