Business Law & Ethics Questions with Correct Answers

Morality Correct Answer what we (as individuals)believe to be right or wrong Ethics Correct Answer principles and standards adopted by an individual group, or organization to govern behavior Law Correct Answer rules adopted by a society to govern behavior, if violated there will be consequences Can action be legal but unethical? Correct Answer Yes, they can, and vice versa Trust Correct Answer you can make mistakes if reserve is maintained; gives you flexibility and freedom to act without scrutiny; GIVE PEOPLE REASON TO RELY ON YOUR WORD WITHOUT A CONTRACT TO ENFORCE IT Ethical dilemma Correct Answer a situation where values are in conflict Consequentialist theories Correct Answer focuses on consequences Deontological theories Correct Answer focuses on duties, obligations, and principles; focus on doing what's "right" Virtue ethics Correct Answer Focuses on integrity Utilitarianism Correct Answer identifies alternative actions and consequences to stakeholders. The best decision yields the greatest net benefits to society Utilitarianism pros Correct Answer practical and business-like Utilitarianism cons Correct Answer difficult to evaluate all consequences Kant's categorical imperative Correct Answer human reason to determine the right, the rational thing to do -- that is our duty. What kind of world would it be if everyone behaved this way? Rawls' veil of ignorance Correct Answer What would decision be if decision makers knew nothing about their identities or status? Golden rule Correct Answer treat others how you would want to be treated