FUNDAMENTALS FOR SUCCESS IN
BUSINESS EXAMPREP VERIFIED
QUESTIONS AND SOLUTIONS COMPLETE
LEARNING PACKAGE
●● Legal
Answer: Permitted by law
●● Legal-Ethical
Answer: When the law and personal//organizational ethics align.
●● Legal-Unethical
Answer: Law might be in accordance with the desired decision, however
it does not align with the ethics adapted by the person/organization.
●● Illegal-Ethical
Answer: Choices would not meet legal standards, but it aligns with the
ethics of the person/organization
●● Global Outsourcing
Answer: Using suppliers outside the US to provide labor, goods, or
services
,Would be considered Legal-Unethical
●● Values
Answer: The ideas, beliefs, and attitudes about what is important that
help guide the way you live. One's values are likely to remain consistent
throughout their life.
●● Morals
Answer: the rules people develop as a result of cultural values and
norms
●● Organizational Ethics
Answer: The moral values, beliefs, and rules that establish the
appropriate way for an organization and its members to deal with each
other and with people outside the organization.
●● Societal Issues
Answer: The issues relating to the world as a whole. Many companies
get involved with societal issues because of the ethics the organization
creates out of care and concern for individuals.
●● Stakeholder Issues
,Answer: A stakeholder is anyone affected by a company's actions. In this
level, businesses must deal with policies that affect their customers,
employees, suppliers, and people within the community.
●● Internal Policy Issues
Answer: In this level, the concern is for internal relationships between a
company and its employees. Fairness in management, pay, and
employee participation would all be considered ethical internal policy
issues.
●● Personal Issues
Answer: These deal with how people treat others within their
organization. This includes "doing the right thing."
●● Conflict of Interest
Answer: A situation in which a person in a position of responsibility or
trust has competing professional or personal interests that make it
difficult to fulfill his or her duties impartially.
●● Organizational Culture
Answer: the set of values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an organization
●● International Business Culture
, Answer: Culture is the sum of attitudes, values, goals, and practices
shared by individuals in a group, organization, or society. Cultures vary
over time periods, between countries and geographic regions, and among
groups and organizations.
●● Corporate Social Responsibility (CSR)
Answer: the notion that corporations are expected to go above and
beyond following the law and making a profit by voluntarily engaging in
activities that benefit society at large.
●● Stakeholders
Answer: All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to
address.
●● Compliance and Ethics Program
Answer: a strategy adopted by the board of directors to assure legal and
ethical compliance; overseen by chief ethics and compliance officer;
consist of→ Due Diligence, Risk Assessment, Effective Training
Programs
●● World Trade Organization (WTO)
Answer: a trade organization that replaced the old General Agreement on
Tariffs and Trade (GATT)
BUSINESS EXAMPREP VERIFIED
QUESTIONS AND SOLUTIONS COMPLETE
LEARNING PACKAGE
●● Legal
Answer: Permitted by law
●● Legal-Ethical
Answer: When the law and personal//organizational ethics align.
●● Legal-Unethical
Answer: Law might be in accordance with the desired decision, however
it does not align with the ethics adapted by the person/organization.
●● Illegal-Ethical
Answer: Choices would not meet legal standards, but it aligns with the
ethics of the person/organization
●● Global Outsourcing
Answer: Using suppliers outside the US to provide labor, goods, or
services
,Would be considered Legal-Unethical
●● Values
Answer: The ideas, beliefs, and attitudes about what is important that
help guide the way you live. One's values are likely to remain consistent
throughout their life.
●● Morals
Answer: the rules people develop as a result of cultural values and
norms
●● Organizational Ethics
Answer: The moral values, beliefs, and rules that establish the
appropriate way for an organization and its members to deal with each
other and with people outside the organization.
●● Societal Issues
Answer: The issues relating to the world as a whole. Many companies
get involved with societal issues because of the ethics the organization
creates out of care and concern for individuals.
●● Stakeholder Issues
,Answer: A stakeholder is anyone affected by a company's actions. In this
level, businesses must deal with policies that affect their customers,
employees, suppliers, and people within the community.
●● Internal Policy Issues
Answer: In this level, the concern is for internal relationships between a
company and its employees. Fairness in management, pay, and
employee participation would all be considered ethical internal policy
issues.
●● Personal Issues
Answer: These deal with how people treat others within their
organization. This includes "doing the right thing."
●● Conflict of Interest
Answer: A situation in which a person in a position of responsibility or
trust has competing professional or personal interests that make it
difficult to fulfill his or her duties impartially.
●● Organizational Culture
Answer: the set of values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an organization
●● International Business Culture
, Answer: Culture is the sum of attitudes, values, goals, and practices
shared by individuals in a group, organization, or society. Cultures vary
over time periods, between countries and geographic regions, and among
groups and organizations.
●● Corporate Social Responsibility (CSR)
Answer: the notion that corporations are expected to go above and
beyond following the law and making a profit by voluntarily engaging in
activities that benefit society at large.
●● Stakeholders
Answer: All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to
address.
●● Compliance and Ethics Program
Answer: a strategy adopted by the board of directors to assure legal and
ethical compliance; overseen by chief ethics and compliance officer;
consist of→ Due Diligence, Risk Assessment, Effective Training
Programs
●● World Trade Organization (WTO)
Answer: a trade organization that replaced the old General Agreement on
Tariffs and Trade (GATT)
