BUSINESS ETHICS CHAPTER 12 UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
◉ Why are sound ethics important in business?
Answer: They are integral to a successful business career and help
avoid unethical behavior.
◉ What does exercising moral judgment in business entail?
Answer: Making decisions about right and wrong conduct, which is
unavoidable in business life.
◉ How do business ethics differ from general ethics?
Answer: Business ethics address unique issues and challenges
specific to the business environment.
◉ What is the pragmatic aspect of business ethics?
Answer: They provide concrete guidance for behavior in business
dealings and daily decision-making.
◉ What is the relationship between ethics and making money?
, Answer: Business ethics emphasize the moral responsibility to
consider how money is made.
◉ Who is Adam Smith and what is his contribution to business
ethics?
Answer: An 18th-century economist known for the 'invisible hand'
concept, illustrating beneficial self-interested exchanges.
◉ What is an example of unethical profit-making?
Answer: Making money through burglary, murder for hire, or fraud.
◉ What do business ethics help us navigate?
Answer: They help address complex situations where profit may
come at the expense of others.
◉ What is an external cost in business ethics?
Answer: Costs imposed on others due to business actions, such as
pollution or misleading practices.
◉ What unique challenges do businesspeople face regarding ethics?
Answer: They often encounter opportunities to profit by violating
laws or harming others.
ACTUAL QUESTIONS AND CORRECT
ANSWERS
◉ Why are sound ethics important in business?
Answer: They are integral to a successful business career and help
avoid unethical behavior.
◉ What does exercising moral judgment in business entail?
Answer: Making decisions about right and wrong conduct, which is
unavoidable in business life.
◉ How do business ethics differ from general ethics?
Answer: Business ethics address unique issues and challenges
specific to the business environment.
◉ What is the pragmatic aspect of business ethics?
Answer: They provide concrete guidance for behavior in business
dealings and daily decision-making.
◉ What is the relationship between ethics and making money?
, Answer: Business ethics emphasize the moral responsibility to
consider how money is made.
◉ Who is Adam Smith and what is his contribution to business
ethics?
Answer: An 18th-century economist known for the 'invisible hand'
concept, illustrating beneficial self-interested exchanges.
◉ What is an example of unethical profit-making?
Answer: Making money through burglary, murder for hire, or fraud.
◉ What do business ethics help us navigate?
Answer: They help address complex situations where profit may
come at the expense of others.
◉ What is an external cost in business ethics?
Answer: Costs imposed on others due to business actions, such as
pollution or misleading practices.
◉ What unique challenges do businesspeople face regarding ethics?
Answer: They often encounter opportunities to profit by violating
laws or harming others.
