MBA 5300 – Final UPDATED Exam
Questions and CORRECT Answers
Law - CORRECT ANSWER- ✔✔A system of principles and rules of human conduct. In a
business setting, law represents "rules of the game", the framework for business operations
and decision making
------- are generally based on ------ but they are not the same thing. - CORRECT ANSWER-
✔✔Ethics, Moral Principles
Ethics - CORRECT ANSWER- ✔✔Externally imposed guidelines for behavior that is
considered right or wrong. Includes an individual's, an org's, or a profession's (attorneys,
physicians, accountants) code of ethics
Examples of behavior that may be LEGAL but that people may consider UNETHICAL -
CORRECT ANSWER- ✔✔-Lying to your spouse/family or cheating on spouse
- Lying to your boss and subordinates
Siedel's View from the Balcony - CORRECT ANSWER- ✔✔Strategic understanding of the
interaction between culture and society may lead to competitive advantage for businesses
Moral Absolutism - CORRECT ANSWER- ✔✔Belief in absolute standards of right and
wrong behavior, regardless of context—universal principles by which all peoples may be
judged.
For example, variations on the "Golden Rule" are found in nearly all of the world's major
religions. But in reality, moral principles vary greatly among cultures, religions, and nations.
Moral Pluralism - CORRECT ANSWER- ✔✔Belief in tolerance of others' moral principles,
but without concluding that all views are equally valid—competing values may not provide a
definitive answer about what is right.
, Moral Relativism - CORRECT ANSWER- ✔✔Belief that there are no absolute moral values,
and, therefore, we must accept each other's differing values. But many philosophers disagree
that we cannot condemn practices like bribery, even if they may be culturally accepted in one
society.
Norms - CORRECT ANSWER- ✔✔Shared standards of behavior for individuals, groups, or
an organization
Values - CORRECT ANSWER- ✔✔Broad guides to action based on deeply held convictions
about good and bad.
Values stem from our beliefs.
For example, if you believe in the American Dream, you may value wealth.
Deontology - CORRECT ANSWER- ✔✔rightness of the action is based on conformance to a
principle/duty—motives matter
Teleological - CORRECT ANSWER- ✔✔rightness of the action is based on the
outcome/consequences of the action
example: greatest good for the greatest number,
Hedonism: maximizing pleasure and happiness and minimizing pain
Virtue Ethics - CORRECT ANSWER- ✔✔rightness of the action is based on the character of
the individual actor
CSR - CORRECT ANSWER- ✔✔companies integrate social and environmental concerns in
their business operations and interactions with stakeholders. Involves the Triple Bottom Line
The way a company achieves a balance of economic, environmental and social imperatives
Questions and CORRECT Answers
Law - CORRECT ANSWER- ✔✔A system of principles and rules of human conduct. In a
business setting, law represents "rules of the game", the framework for business operations
and decision making
------- are generally based on ------ but they are not the same thing. - CORRECT ANSWER-
✔✔Ethics, Moral Principles
Ethics - CORRECT ANSWER- ✔✔Externally imposed guidelines for behavior that is
considered right or wrong. Includes an individual's, an org's, or a profession's (attorneys,
physicians, accountants) code of ethics
Examples of behavior that may be LEGAL but that people may consider UNETHICAL -
CORRECT ANSWER- ✔✔-Lying to your spouse/family or cheating on spouse
- Lying to your boss and subordinates
Siedel's View from the Balcony - CORRECT ANSWER- ✔✔Strategic understanding of the
interaction between culture and society may lead to competitive advantage for businesses
Moral Absolutism - CORRECT ANSWER- ✔✔Belief in absolute standards of right and
wrong behavior, regardless of context—universal principles by which all peoples may be
judged.
For example, variations on the "Golden Rule" are found in nearly all of the world's major
religions. But in reality, moral principles vary greatly among cultures, religions, and nations.
Moral Pluralism - CORRECT ANSWER- ✔✔Belief in tolerance of others' moral principles,
but without concluding that all views are equally valid—competing values may not provide a
definitive answer about what is right.
, Moral Relativism - CORRECT ANSWER- ✔✔Belief that there are no absolute moral values,
and, therefore, we must accept each other's differing values. But many philosophers disagree
that we cannot condemn practices like bribery, even if they may be culturally accepted in one
society.
Norms - CORRECT ANSWER- ✔✔Shared standards of behavior for individuals, groups, or
an organization
Values - CORRECT ANSWER- ✔✔Broad guides to action based on deeply held convictions
about good and bad.
Values stem from our beliefs.
For example, if you believe in the American Dream, you may value wealth.
Deontology - CORRECT ANSWER- ✔✔rightness of the action is based on conformance to a
principle/duty—motives matter
Teleological - CORRECT ANSWER- ✔✔rightness of the action is based on the
outcome/consequences of the action
example: greatest good for the greatest number,
Hedonism: maximizing pleasure and happiness and minimizing pain
Virtue Ethics - CORRECT ANSWER- ✔✔rightness of the action is based on the character of
the individual actor
CSR - CORRECT ANSWER- ✔✔companies integrate social and environmental concerns in
their business operations and interactions with stakeholders. Involves the Triple Bottom Line
The way a company achieves a balance of economic, environmental and social imperatives
