Professional Ethics Questions & Answers

Professional Ethics Questions & Answers Aristotle - ANSWER: A Greek philosopher, born in 384 BCE and a student of Plato, who wrote extensively about ethics and many other subjects. auditor - ANSWER: An accountant, ideally from an outside source or firm, who reviews the financial books and determines they are accurate. bait and switch - ANSWER: A form of marketing in which the retailer lures in customers by advertising a product or a service at an unprofitably low price; the retailer then reveals to potential customers that the advertised good is unavailable but that a substitute—often at a higher price or lower quality—is available instead. beneficence - ANSWER: Action taken for the benefit of others; a key principle in health care ethics. blog - ANSWER: A personal website where the author records opinions, journal entries, recipes, reflections, links to other sites, and other materials that are added to on a regular basis. The verb to blog refers to the act of making these additions to the blog. caveat emptor - ANSWER: Latin term that means "let the buyer beware." The marketing doctrine under which the buyer cannot recover damages from the seller for defects on the property that rendered the property unfit for ordinary purposes (unless defects were purposely concealed). Chief Ethics and Compliance Officer (CECO) - ANSWER: A member of the senior management team whose job is to look at the long-term impact of decisions, assess risk, and police the company for potentially illegal or unethical choices. code - ANSWER: A set of guidelines that describe acceptable behaviors and activities in a particular sphere; a set of rules and standards to follow. competence - ANSWER: Ability to do something well. compliance - ANSWER: Acting in accordance with rules and regulations. confidentiality - ANSWER: The obligation to protect and keep private information belonging to clients and/or customers. Consumer Product Safety Act - ANSWER: Enacted by Congress in 1972, it established the US Consumer Product Safety Commission (CPSC) to develop safety standards and pursue recalls for products that present unreasonable or substantial risks of injury or death to consumers. It also allows CPSC to ban a product if there is no feasible alternative.