BUSMHR 2292 - FINAL EXAM STUDY
GUIDE
*Morality* - Correct Answers -personal compass of values and motives; "true north;"
think about on an individual level
*Justice* - Correct Answers -just behavior or treatment; fairness
*Ethics* - Correct Answers -actions that count for meeting shared community values;
think about on a community level
*Business Ethics* - Correct Answers -shared and mutually enforced professional norms
A Heavenly Survey - Correct Answers -People think they're more moral than Mother
Teresa
Why have businesses shifted their focus to ethics? - Correct Answers -Risk
Management, Organizational Functioning and Stability, Market Positioning, Civic
Positioning
Why use the Ethical Lens Inventory? - Correct Answers -Raises awareness of who you
are, helps use make better decisions, aids us in changing unethical behavior
The ELI does NOT suggest... - Correct Answers -we change our lens NOR that one
lens is better than another
General Partnership - Correct Answers --Two or more owners
-Share profits, losses, and debts
-Joint liability
-Single taxation
Limited Partnership (LLP) - Correct Answers --General Partners run business and are
exposed to legal and financial liability
-Limited Partners invest and only risk personal investment
-Single taxation
Corporation - Correct Answers --Independent legal entity
-Owned by shareholders
-Most common form among larger companies
-Corporation is liable for its actions and debts
, -Shares are easily transferable
-Subject to double taxation
Rights/Responsibilities Lens (Deontological Approach) - Correct Answers -All about our
duties
Results Lens (Consequentialist Theories/Utilitarianism) - Correct Answers -Greatest
good for the greatest number
Relationship Lens (Justice Theories) - Correct Answers -PROCESS-oriented and
encompassing all stakeholders; believe if we get the process right and all the
stakeholders in the room, then the process will take care of it
Reputation Lens (Virtue Theories) - Correct Answers -Focuses on how you want to be
remembered
*Markets are ____________, but market participants frequently make ethical
judgments* - Correct Answers -amoral
*Paine's Framework* - Correct Answers -1. Understanding the facts
2. Identifying relevant standards
3. Maintaining objectivity (Visibility, Generality, Legacy
*Maintaining Objectivity - Visibility* - Correct Answers -Would we be okay with this
decision on the front of the Columbus Dispatch?
*Maintaining Objectivity - Generality* - Correct Answers -If everybody else in the room
faced this decision, and if they did what I was about to do, would I be okay with it?
*Maintaining Objectivity - Legacy* - Correct Answers -Is this how I want to be
remembered?
*8 Principles Found in Leading Ethical Codes* - Correct Answers -1. Fiduciary
2. Property
3. Reliability
4. Transparency
5. Dignity
6. Fairness
7. Citizenship
8. Responsiveness
*Fiduciary Principle* - Correct Answers -act in the best interests of the company and its
investors
*Property Principle* - Correct Answers -respect property and the rights of those who
own it
GUIDE
*Morality* - Correct Answers -personal compass of values and motives; "true north;"
think about on an individual level
*Justice* - Correct Answers -just behavior or treatment; fairness
*Ethics* - Correct Answers -actions that count for meeting shared community values;
think about on a community level
*Business Ethics* - Correct Answers -shared and mutually enforced professional norms
A Heavenly Survey - Correct Answers -People think they're more moral than Mother
Teresa
Why have businesses shifted their focus to ethics? - Correct Answers -Risk
Management, Organizational Functioning and Stability, Market Positioning, Civic
Positioning
Why use the Ethical Lens Inventory? - Correct Answers -Raises awareness of who you
are, helps use make better decisions, aids us in changing unethical behavior
The ELI does NOT suggest... - Correct Answers -we change our lens NOR that one
lens is better than another
General Partnership - Correct Answers --Two or more owners
-Share profits, losses, and debts
-Joint liability
-Single taxation
Limited Partnership (LLP) - Correct Answers --General Partners run business and are
exposed to legal and financial liability
-Limited Partners invest and only risk personal investment
-Single taxation
Corporation - Correct Answers --Independent legal entity
-Owned by shareholders
-Most common form among larger companies
-Corporation is liable for its actions and debts
, -Shares are easily transferable
-Subject to double taxation
Rights/Responsibilities Lens (Deontological Approach) - Correct Answers -All about our
duties
Results Lens (Consequentialist Theories/Utilitarianism) - Correct Answers -Greatest
good for the greatest number
Relationship Lens (Justice Theories) - Correct Answers -PROCESS-oriented and
encompassing all stakeholders; believe if we get the process right and all the
stakeholders in the room, then the process will take care of it
Reputation Lens (Virtue Theories) - Correct Answers -Focuses on how you want to be
remembered
*Markets are ____________, but market participants frequently make ethical
judgments* - Correct Answers -amoral
*Paine's Framework* - Correct Answers -1. Understanding the facts
2. Identifying relevant standards
3. Maintaining objectivity (Visibility, Generality, Legacy
*Maintaining Objectivity - Visibility* - Correct Answers -Would we be okay with this
decision on the front of the Columbus Dispatch?
*Maintaining Objectivity - Generality* - Correct Answers -If everybody else in the room
faced this decision, and if they did what I was about to do, would I be okay with it?
*Maintaining Objectivity - Legacy* - Correct Answers -Is this how I want to be
remembered?
*8 Principles Found in Leading Ethical Codes* - Correct Answers -1. Fiduciary
2. Property
3. Reliability
4. Transparency
5. Dignity
6. Fairness
7. Citizenship
8. Responsiveness
*Fiduciary Principle* - Correct Answers -act in the best interests of the company and its
investors
*Property Principle* - Correct Answers -respect property and the rights of those who
own it
