BMAL-590 Business Ethnics Exam Questions and Answers
Grade A+
The difference between an ordinary decision and an ethical one: - Answer-accepted
rules or standard practices are not clearly applicable, and the decision maker must
weigh values and diverging perspectives in a situation which is not quite the same
as any he or she has faced previously.
Values and judgments play a critical role in the making of ethical decisions, as does
recognizing how different groups may be impacted by a decision.
Business ethics - Answer-comprises principles and standards that guide behavior in
the world of business.
Investors, employees, customers, interest groups, the legal system, and the
community often determine whether a specific action is right or wrong -- ethical or
unethical.
Some special aspects must be considered when applying ethics to business:
Businesses must earn a profit to survive. Businesses must balance their desires for
,profits against the needs and desires of society, and maintaining this balance often
requires compromises or tradeoffs.
Reports of unethical activities: - Answer-accounting fraud, insider trading,
falsifying documents, deceptive advertising, defective products, bribery, abusive
behavior, harassment, and employee theft regularly appear in the media
Many examples of unethical activities go unreported and/or undetected. But many
do come to light, with devastating implications for the individuals involved, and
potentially impacting many other innocent individuals.
Organizations that develop a culture where ethical considerations are part of every
decision are more likely to make a positive impact on society, and less likely to be
embroiled in scandals.
Reasons for Studying Business Ethics: - Answer-1. an individual's personal values
and morality are only one factor in the ethical decision-making process
2. being a good person and having sound personal ethics may not be sufficient to
handle the ethical issues that arise in a business organization
,3. business strategy decisions involve complex and detailed discussions, and a high
level of personal moral development may not prevent an individual from violating
the law in an organizational context
4. the values people learn from family, religion, and school may not provide
specific guidelines for complex business decisions.
Studying ethics helps business people begin to identify ethical issues, recognize the
approaches available to resolve them, learn about the ethical decision-making
process and ways to promote ethical behavior, and begin to understand how to
cope with conflicts between personal, organizational, and societal values.
Historic Tensions of business ethics: - Answer-With the development of big
businesses, large mining operations, and expansive agricultural firms, along with
the "Industrial Revolution," society struggled to determine the appropriate role of
these large organizations. Unions developed to ensure workers' interests and well-
being were considered, and the idea of a living wage that was sufficient for
education, recreation, health, and retirement began to take hold.
, Industrialization also led to concerns about pollution and the environment
Consumer protection became increasingly important, with legislation in many
countries that sought to safeguard consumers from potentially dangerous products.
The sense that corporations could become too large, and have too much power over
consumers, workers, and governments led to the enactment of anti-trust legislation
that split up some large firms, and prevented others from becoming too powerful.
social responsibility - Answer-the duty of a business to contribute to the well-being
of a community
an organization's obligation to maximize its positive impact on stakeholders and to
minimize its negative impact.
Milton Friedman - Answer-He was a famous American economist. He strongly
promoted the idea of free trade and condemned government regulation and
socialism.
Grade A+
The difference between an ordinary decision and an ethical one: - Answer-accepted
rules or standard practices are not clearly applicable, and the decision maker must
weigh values and diverging perspectives in a situation which is not quite the same
as any he or she has faced previously.
Values and judgments play a critical role in the making of ethical decisions, as does
recognizing how different groups may be impacted by a decision.
Business ethics - Answer-comprises principles and standards that guide behavior in
the world of business.
Investors, employees, customers, interest groups, the legal system, and the
community often determine whether a specific action is right or wrong -- ethical or
unethical.
Some special aspects must be considered when applying ethics to business:
Businesses must earn a profit to survive. Businesses must balance their desires for
,profits against the needs and desires of society, and maintaining this balance often
requires compromises or tradeoffs.
Reports of unethical activities: - Answer-accounting fraud, insider trading,
falsifying documents, deceptive advertising, defective products, bribery, abusive
behavior, harassment, and employee theft regularly appear in the media
Many examples of unethical activities go unreported and/or undetected. But many
do come to light, with devastating implications for the individuals involved, and
potentially impacting many other innocent individuals.
Organizations that develop a culture where ethical considerations are part of every
decision are more likely to make a positive impact on society, and less likely to be
embroiled in scandals.
Reasons for Studying Business Ethics: - Answer-1. an individual's personal values
and morality are only one factor in the ethical decision-making process
2. being a good person and having sound personal ethics may not be sufficient to
handle the ethical issues that arise in a business organization
,3. business strategy decisions involve complex and detailed discussions, and a high
level of personal moral development may not prevent an individual from violating
the law in an organizational context
4. the values people learn from family, religion, and school may not provide
specific guidelines for complex business decisions.
Studying ethics helps business people begin to identify ethical issues, recognize the
approaches available to resolve them, learn about the ethical decision-making
process and ways to promote ethical behavior, and begin to understand how to
cope with conflicts between personal, organizational, and societal values.
Historic Tensions of business ethics: - Answer-With the development of big
businesses, large mining operations, and expansive agricultural firms, along with
the "Industrial Revolution," society struggled to determine the appropriate role of
these large organizations. Unions developed to ensure workers' interests and well-
being were considered, and the idea of a living wage that was sufficient for
education, recreation, health, and retirement began to take hold.
, Industrialization also led to concerns about pollution and the environment
Consumer protection became increasingly important, with legislation in many
countries that sought to safeguard consumers from potentially dangerous products.
The sense that corporations could become too large, and have too much power over
consumers, workers, and governments led to the enactment of anti-trust legislation
that split up some large firms, and prevented others from becoming too powerful.
social responsibility - Answer-the duty of a business to contribute to the well-being
of a community
an organization's obligation to maximize its positive impact on stakeholders and to
minimize its negative impact.
Milton Friedman - Answer-He was a famous American economist. He strongly
promoted the idea of free trade and condemned government regulation and
socialism.
