Introduction to Business Ethics Exam Questions and Answers Latest Update 2024 Already Passed

Introduction to Business Ethics Exam Questions and Answers Latest Update 2024 Already Passed Business ethics - Answers Ethics is the study of morality morality: standards about what is right or wrong? Business Ethics refer to the principles and standards to guide businesses. Some examples - Answers Internet & Cyberspace: how large is the risk, are they reversible? Genetic engineering Globalisation and business ethics: -Driven by MNCs -it has broght nations together but increases inequality. Some developing countries have inappropriate techniques. Ethical Relativism (Glossary) - Answers there are no ethical standards to what is true. Thus, everything is relative depending on the culture. it can be right if the actions in line with person's culture, but wrong respectively to others cultures. if this is true, then discrimination in some societies are not wrong. Example of Ethical Rel. - Answers abortion in catholic cultures is immoral, however in Japan is neutral regarding to controlling their population. Conflict of interest - Answers dilemma between personal interests and morality Risk for firms performing unethical behavior - Answers moentary fines layoffs lawsuits reparation of damages investors confidence decrease destabilization of economy evaluation of business ethics - Answers stockholder theory --> when stockholders perform unethical behavior to satisfy themselves which developes into the stakeholders theory --> firms have to act ethically in order to involved everyone in the company. hypernorms - Answers certain norms that should apply to people in all societies. (HR principles) Microsocial norms - Answers apply only in some societies and differ from one another. Bribery - Answers the practice of giving some compensation(bribe) to influence the individual. occupational fraud - Answers when someone uses its ocupation for personal enrichment. Corporate Social Responsibility (CSR) - Answers is a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups. it helps positively the organization, as well as it innovate them, and makes them more competitive Code of ethics (Glossary) - Answers is a written set of guidelines of an organization (for its workers and managers), on how they should conduct, includes primary values and ethical standards. Strategic approach to business ethics - Answers organization will integrate business ethics issues across all of its operations and activities morality - Answers refers to some codes of conduct set up by a society moral awareness (glossary) - Answers refers to the ability of an individual to understand the how ethical a situation or behavior could be 6 basic criterias (HIGH - LOW) - Answers 1 - Magnitude of consequences: degree of harm that the victims of an unethical choice will have to go through 2- Social consensus: degree to which others agree that a specific behavior is wrong 3- probability of effect: the probability that any action will result in harm to victims of the action 4- temporal immediacy: length of time between the action and the harmful consequences 5- Proximity: the psychological or cultural nearness to the victim 6- concentration of effect: the number of people affected by the act Results of the 6 criterias - Answers Low levels of each criteria- less unethical choices High levels of each 6 criterias - more unethical choices Combined measure - reduced unethical choices Moral judgement - Answers is the process of reasoning about how to deal with an ethical situation Kohlberg's six stages of individual moral reasoning - Answers 1- Authority/fear of punishment stage: where the person decide what is R or W based on those who have power 2- self-interest stage: the person chooses the action that satisfies the person's self-interest the most 3- expectations of others stage: judgement is made based on the expectations of significant others 4-Rules and laws stage: this judgement is externally oriented base on the respect of rules and policies 5- principle stage: based the decisions on principles of R and W and consider good to society. 6- Universal ethical principles stage: the decisions are mae based on universal ethical principles that everyone should follow. usually 1-2 go together, based on their self-interests and growth stages 3-4 justification to the norms where the person belongs stages 5-6 justification on moral principles The defining issues test (Glossary) - Answers provides the best way to measure the level of cognitive moral development for org use.(presenting them ethical dilemmas and potential solutions) idealism - Answers refers to the degree which someone will minimize the harm and maximize gain to others when making decision Relativism - Answers when an individual adhere to the universal rules regardless of the situation when making decisions. Ethical theories - Answers refers to concerns regarding acceptable ways to solve ethical