LES 305 Exam 1-Vocab Questions &
Answers(RATED A+)
Ethics - ANSWEREthics consists of the unwritten rules we have developed for our
interaction w each other
Divine Command Theory - ANSWERethical standards are based upon religious
beliefs
Ethical Egoism Theory - ANSWERWe all act in our own self-interest and limit out
judgments to our own conduct, not the conduct of others
Utilitarian Theory - ANSWER"greatest happiness principle", or doing the most good
for the most people
Categorical Imperative - ANSWERImmanuel Kant; One only ought to act such that
the principle of one's act could become a universal law of human action in a world
which we hope to live.
Contractarians and Justive - ANSWERPutting ethical standards in place by a social
contract. Rational thinking people develop a set of rules for everyone
Rights Theory - ANSWEREveryone has a set o rights and it is the role of the govt to
enforce those rights
Moral Relativists - ANSWERTime-and-place ethics. Making ethical choices based on
the circumstances; kind of like rationalization
ex: money and oprah
Virtue ethics- Plato and Aristotle - ANSWERDevelop virtues and determine conduct
by those virtues
Categories of ethical dilemma - ANSWER1.Taking things that don't belong to you
2.Saying things that you know aren't true
3.Giving or allowing false impressions
4.Buying influence of engaging in conflicts of interest
5. Hiding or divulging information
6.Taking unfair advantage
7. Committing acts of personal decadence
8.perpetration interpseonal abuse
9. Permitting organizational abuse
10.Violating Rules
11.Condoning unethical conduct
12. Balancing ethical dilemmas
Ways we avoid facing ethical dilemmas - ANSWER*Copy right infringement vs. "peer
to peer sharing"
, *smoothing earnings vs. cooking the books
*lying vs. earnings management
ways we avoid facing ethical dilemmas -Rationalizations - ANSWER1. everybody
else does it
2. if we don't do it, someone else will
3. thats the way it has always been done
4. we'll wait until the lawyers tell us its wrong
5. It doesn't really hurt anyone
6. the system is unfair
7. I was just following orders
Tests that can be used to resolve ethical dilemmas - ANSWER*Peter Drucker-
Primum non nocere
*Laura Nash
*Blanchard and Peale
*Warren Buffet
*Wall street journal
Peter Drucker-Primum non nocere - ANSWERAbove all do no harm
Laura Nash - ANSWER1. Have you defined the problem accurately?
(2) How would you define the problem if you stood on the other side of the fence?
(3) How did this occur in the first place?
(4) To whom and what do you give your loyalties as a person and as a member of
the corporation?
(5) What is your intention in making this decision?
(6) How does this intention compare with the likely results?
(7) Whom could your decision or action injure?
(8) Can you engage the affected parties in a discussion of the problem before you
make your decision?
(9) Are you confident that your position will be as valid over a long period of time as
it seems now?
(10) Could you disclose without qualm your decision or action to your boss, your
CEO, the board of directors, your family, or society as a whole?
(11) What is the symbolic potential of your action if understood? If misunderstood?
(12) Under what conditions would you allow exceptions to your stand?
Blanchard and Peale - ANSWER1. Is it legal?
2. Is it balanced?
3. How does it make me feel?
* analyze the legality of an action that is being contemplated
Warren Buffet - ANSWER**Front Page of the Newspaper Test**
"Contemplating any business act, an employee should ask himself whether he would
be willing to see it immediately described by an informed and critical reporter on the
front page of his local paper, there to be read by his spouse, children, and friends. At
Salomon we simply want no part of any activities that pass legal tests but that we, as
citizens, would find offensive."
Answers(RATED A+)
Ethics - ANSWEREthics consists of the unwritten rules we have developed for our
interaction w each other
Divine Command Theory - ANSWERethical standards are based upon religious
beliefs
Ethical Egoism Theory - ANSWERWe all act in our own self-interest and limit out
judgments to our own conduct, not the conduct of others
Utilitarian Theory - ANSWER"greatest happiness principle", or doing the most good
for the most people
Categorical Imperative - ANSWERImmanuel Kant; One only ought to act such that
the principle of one's act could become a universal law of human action in a world
which we hope to live.
Contractarians and Justive - ANSWERPutting ethical standards in place by a social
contract. Rational thinking people develop a set of rules for everyone
Rights Theory - ANSWEREveryone has a set o rights and it is the role of the govt to
enforce those rights
Moral Relativists - ANSWERTime-and-place ethics. Making ethical choices based on
the circumstances; kind of like rationalization
ex: money and oprah
Virtue ethics- Plato and Aristotle - ANSWERDevelop virtues and determine conduct
by those virtues
Categories of ethical dilemma - ANSWER1.Taking things that don't belong to you
2.Saying things that you know aren't true
3.Giving or allowing false impressions
4.Buying influence of engaging in conflicts of interest
5. Hiding or divulging information
6.Taking unfair advantage
7. Committing acts of personal decadence
8.perpetration interpseonal abuse
9. Permitting organizational abuse
10.Violating Rules
11.Condoning unethical conduct
12. Balancing ethical dilemmas
Ways we avoid facing ethical dilemmas - ANSWER*Copy right infringement vs. "peer
to peer sharing"
, *smoothing earnings vs. cooking the books
*lying vs. earnings management
ways we avoid facing ethical dilemmas -Rationalizations - ANSWER1. everybody
else does it
2. if we don't do it, someone else will
3. thats the way it has always been done
4. we'll wait until the lawyers tell us its wrong
5. It doesn't really hurt anyone
6. the system is unfair
7. I was just following orders
Tests that can be used to resolve ethical dilemmas - ANSWER*Peter Drucker-
Primum non nocere
*Laura Nash
*Blanchard and Peale
*Warren Buffet
*Wall street journal
Peter Drucker-Primum non nocere - ANSWERAbove all do no harm
Laura Nash - ANSWER1. Have you defined the problem accurately?
(2) How would you define the problem if you stood on the other side of the fence?
(3) How did this occur in the first place?
(4) To whom and what do you give your loyalties as a person and as a member of
the corporation?
(5) What is your intention in making this decision?
(6) How does this intention compare with the likely results?
(7) Whom could your decision or action injure?
(8) Can you engage the affected parties in a discussion of the problem before you
make your decision?
(9) Are you confident that your position will be as valid over a long period of time as
it seems now?
(10) Could you disclose without qualm your decision or action to your boss, your
CEO, the board of directors, your family, or society as a whole?
(11) What is the symbolic potential of your action if understood? If misunderstood?
(12) Under what conditions would you allow exceptions to your stand?
Blanchard and Peale - ANSWER1. Is it legal?
2. Is it balanced?
3. How does it make me feel?
* analyze the legality of an action that is being contemplated
Warren Buffet - ANSWER**Front Page of the Newspaper Test**
"Contemplating any business act, an employee should ask himself whether he would
be willing to see it immediately described by an informed and critical reporter on the
front page of his local paper, there to be read by his spouse, children, and friends. At
Salomon we simply want no part of any activities that pass legal tests but that we, as
citizens, would find offensive."
