F BUSN Ch. 2 Ethics Flashcards

1
Q

What are ethics?

A

A set of beliefs about right and wrong, good and bad.

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2
Q

What are universal ethical standards?

A

Ethical norms that apply to all people across a broad spectrum of situations.

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3
Q

What plays a role in shaping one’s personal ethics?

A

Who you are as a human being
Your family
Your culture

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4
Q

What are business ethics?

A

The application of right and wrong, good and bad in a business setting.

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5
Q

What are ethical dilemmas?

A

A decision that involves a conflict of values; every potential course of action has some significant negative consequences.

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6
Q

What is a code of ethics?

A

A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations.

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7
Q

What are whistleblowers?

A

Employees who report their employer’s illegal or unethical behavior to either the authorities or media.

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8
Q

What is social responsibility?

A

The obligation of a business to contribute to society.

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9
Q

What are stakeholders?

A

Any groups that have a stake–or a personal interest–in the performance and actions of an organization.

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10
Q

What is consumerism?

A

A social movement that focuses on 4 key consumer rights:

  1. Right to be Safe
  2. Right to be Informed
  3. Right to Choose
  4. Right to be Heard
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11
Q

What is planned obsolescence?

A

Strategy of deliberately designing products to fail in order to shorten the time between purchases.

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12
Q

What is the Sarbanes-Oxley Act?

A

US federal legislation that sets higher ethical standards for public corporations and accounting firms.
Key provisions limit conflict-of-interest issues and require financial officers and CEOs to certify the validity of their financial statements.

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13
Q

What is corporate philanthropy?

A

All business donations to not-for-profit groups, including money, products, and employee time.

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14
Q

What is cause-related marketing?

A

Marketing partnerships between businesses and not-for-profit orgs, designed to spike sales for the company and raise money for the not-for-profit.

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15
Q

What is corporate responsibility?

A

Business contributions to the community through the actions of the business itself rather than donations of money and time.

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16
Q

What is sustainable development?

A

Doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs.

17
Q

What is carbon footprint?

A

Amount of greenhouse gases that a firm emits throughout its operations, both directly and indirectly.

18
Q

What is green marketing?

A

Developing and promoting environmentally sound products and practices to gain a competitive edge.

19
Q

What is a social audit?

A

A systematic evaluation of how well a firm is netting it’s ethics and social responsibility goals.