BUS 404 MIDTERM 1 Exam Questions With 100% Correct Answers.

BUS 404 MIDTERM 1 Exam Questions With 100% Correct Answers. Definition of law - answer1. Predictions of the way in which a court will decide specific legal questions 2. A rule of civil conduct prescribed by the supreme power in a state, which commands what is right, and prohibits what is wrong ethics - answerthe principles of right and wrong that guide an individual in making decisions Business Ethics - answerrules about how businesses and their employees ought to behave Seeing-Knowing-Doing Model - answer1. The decision maker should see the ethical issues involved in the proposed conduct 2. The decision maker should know what to do by choosing the best option 3. The decision maker should do the chosen option by developing and implementing strategies a priori - answeris a reasoning based on theory rather than experimentation from cause to effect and from generalizations to particular instances Ethical Fundamentalism - answerindividuals look to a central authority or set of rules to guide them in ethical decision making ethical relativism - answeractions must be judged by what individuals subjectively feel is right or wrong for themselves - morals are relative across different cultures - limitations if each person's actions are always correct for that person, then their behavior is moral and exempt from criticism Situational Ethics - answerone must judge a person's actions by first putting oneself in the actor's situation Utilitarianism - answeridea that the goal of society should be to bring about the greatest happiness for the greatest number of people Act Utilitarianism - answerassesses each separate act according to whether it maximizes pleasure over pain Rule Utilitarianism - answerholds that general rules must be established and followed even though following the rules may produce less overall pleasure than not following them cost-benefit analysis - answerQuantifies in monetary terms and then compares the direct and indirect costs and benefits of program alternatives for meeting a specified objective Deontological - answerAddresses the problems of utilitarianism and says that actions must be judged by their motives and means as well as their results Social Ethics Theories - answerfocus is on a person's obligations to other members in society and also on the individual's rights and obligations within society Social Egalitarians - answerbelieve that society should provide all its members with equal amounts of goods and services regardless of their relative contributions Distributive Justice - answerthe perceived degree to which outcomes and rewards are fairly distributed or allocated libertarians - answerstress market outcomes as the basis for distributing society's rewards; oppose social interference in the lives of those who do not violate the rules of the marketplace Intuitionism - answera rational person possesses inherent power to assess the correctness of actions Good person philosophy - answerholds that individuals seek out and emulate good role models television test - answerwould we be comfortable if our actions were broadcast on television? Kohlberg's stages of moral development - answerpreconventional, conventional, postconventional preconventional level - answerthe first level in Kohlberg's theory of moral reasoning, focusing on avoiding punishment or maximizing rewards conventional level - answerKohlberg's second level of moral development, in which moral understanding is based on conforming to social rules to ensure positive human relationships and maintain societal order. postconventional level - answerhighest stage of moral development; at this level, decisions about morality depend on abstract principles and the value of all life Regulation of Business - answergovernmental regulation has been necessary because all the conditions for perfect competition have not been satisfied and free competition cannot by itself achieve other societal objectives Sarbanes-Oxley Act (SOX) - answerRegulations passed by Congress to reduce unethical corporate behavior.