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Ethics and Social Responsibility
Notes on Unit 1: Introduction, Business Ethics & Economic Relevance
●
This concept relates to utilitarianism, but not actions, character nor duty:
Consequences.
●
According to the Greek system of logic introduced by Socrates, normative ethical theories
ultimately are grounded in reason. This is
True.
●
Ethical responsibilities go beyond legal compliance, because: Behaving ethically requires that we
meet the mandatory standards of the law and then go above and beyond them to recognize that an
action may be legal, but we personally may consider it unacceptable. Ethical reasoning often is
more topical than law and reflects the changes in consciousness that individuals and society
undergo. Often, ethical thought precedes and sets the stage for changes in the law.
●
Normative ethical theories are philosophical theories based on reason that tell individuals how
they ought to behave.
●
Descriptive ethical theories are based on scientific evidence describing how people tend to behave
in a particular context.
●
Customers, the media, and the environment are examples of stakeholders, but not
Corporate
culture.
●
According to Milton Friedman, a company’s social responsibility consists solely of bettering
the welfare of society. This is
False.
●
In Friedman’s view, a company’s social responsibility consists of enhancing stockholder value.
This is
True.
●
CSR (Corporate Social Responsibility) is the practice of viewing a business within a broader
context, as a member of society with certain implicit social obligations, rather than considering
the maximization of shareholder wealth as a company’s sole purpose and objective.
●
A practical way of prioritizing the claims of stakeholders: In three columns, list stakeholders in
order of perceived priority, their perceived interests, and the likely impact of the business decision
on them. This will aid comprehension of the decision’s impacts, as well as provide justification
for the course of conduct ultimately chosen.
●
The ethical behavior of managers has a positive influence on the value of a variety of components
affecting the company’s overall goodwill, including its brand, its workforce, and its customer
relationships. Positive goodwill generated by ethical business practices, in turn, generates
long-term business success.
●
Family is generally a strong influence on our ethical standards. This is
True.
●
Deontology, utilitarianism, virtue ethics (all normative ethical theories) support the idea of
holding a single ethical standard?
●
Having a single ethical standard maximizes ethical behavior no matter who the other party is and
supports an internally consistent rule of behavior toward all family, friends, customers, clients,
and others with whom we interact.
Unit two
●
According to Confucius, the hope for reform of Chinese society was a centralized planning
system.
False
●
Individualism was the greatest value in Confucian ethics.
False.
●
Quan means which of the following?
Practicality
●
Which of the following is not an intellectual virtue according to Aristotle?
The basic order of
life. (NOT wisdom, knowledge or prudence).
●
According to Aristotle, happiness is a virtuous activity of the soul.
True.
●
John Rawls's theory of justice is mainly non-Utilitarian.
True.
●
Immanuel Kant contended that people often interpret reason subjectively.
True.
●
In both East and West, the means used to achieve a certain end are often more important than the
end.
True.
●
Managerial ethics is related to which of the following?
Righteousness.
●
"Control" as used in this section does not refer to which of the following?
Reverence
●
Deliberative prudence does all the following (align ends and means, avoid conflict, prevent rash
behavior) except
encourage prodigality
●
The Analects of Confucius
codify a system of virtue ethics
●
The veil of ignorance ensures which of the following?
objectivity
●
Immanuel Kant objected to dogmatism in ________.
Religion and science
●
In On Liberty, John Stuart Mill ________.
proposes a harm principle
●
A criticism of Immanuel Kant’s categorical imperative is that its refusal ever to permit exceptions
in acting ethically is impossible to observe in life.
true
●
John Stuart Mill’s emphasis on human rights distinguishes him from Jeremy Bentham.
False
●
Utilitarianism is a system that ________.
attempts to quantify the good
●
Confucian virtue ethics is similar to the Aristotelian version in that both are very practical.
true
●
A distinguishing characteristic of justice theory is that it emphasizes method over content.
True
●
It is possible to act deliberately and shrewdly in a good way or toward a good end?
True
Unit 3
●
Values of Protestant Christianity were often used to justify ________.
business success during
the Industrial Revolution
●
The United Nations Global Compact is a set of standards that is binding worldwide.
False.
●
Religion continues to be a forceful influence on ethical systems.
True
●
The fact that a McDonald’s in Indonesia might provide sambal chili sauce to its customers rather
than ketchup is as an example of ________.
acculturation
●
All ethical standards are relative and should be treated as such.
False
●
Protecting owners’ interests was a common feature of
Industrial Revolution
●
What are the levels upon which business ethics exists?
individual, organizational, and societal
●
Globalization is evidence that business is culturally neutral.
False
●
Businesses today are concerned with balancing profitability with responsibility. Therefore, they
should
pay attention to culture
Unit 4
●
Minimum wages have at least kept pace with the cost of living, because of the automatic
cost-of-living adjustment clause in the law.
This is False.
●
Advance permission from employees is required before they can be electronically monitored
under federal law.
False.
●
Emotional intelligence is a willingness to step into someone else’s shoes.
True.
●
The First Amendment does not protect employees at work who criticize their boss or their
company.
True.
●
Which of the following is especially important for developing and maintaining employee loyalty
to the brand?
empowerment
●
Understanding the various personalities at work can be a complex task, but it is an important one
for developing which of the following?
Collegiality.
●
The buying or selling of stocks, bonds, or other investments based on nonpublic information that
is likely to favorably affect the price of the security being traded is which of the following?
insider trading
●
How often should managers in a workplace anticipate an inspection from the Occupational Safety
and Health Administration?
upon request or complaint
●
Minimum wages are established by federal law only.
False
●
A patient becomes violent on hospital premises after being turned down for the clinical trial of a
new drug therapy. This scenario fits which of the following workplace violence categories?
violence by a customer
●
Employees are more likely to develop some degree of brand loyalty when they have a common
sense of purpose and identity with the company.
True.
●
The common law concept that requires an employee to render loyal and faithful service to the
employer is ________.
the duty of loyalty
●
In the United States, CEO pay is on average ________ times as high as the pay of the average
worker in the same company.
300
●
According to data presented in the chapter, about how much do women earn in comparison with
men doing the same job?
somewhat less (about 70%–80%)
●
An employee who works in the graphic design department of a large advertising agency most
likely cannot moonlight after business hours for a friend’s
web design business.
●
Because legal and cultural differences allow bribes in some other countries, U.S. firms and their
employees are permitted to pay them.
False
●
Efforts to get employees to believe in the product, to commit to the idea that the company is
selling something worth buying, and even to think about buying it are part of ________.
●
U.S. union membership today is at the lowest level since the 1950s.
True.
●
Workplace drug testing is completely prohibited in some states.
False.
●
Sexual harassment is unethical but not illegal.
False.
●
Going to an official government agency and disclosing an employer’s violation of the law is
________.
whistle-blowing
●
A payment in some form (cash or noncash) for an act that runs counter to the legal or ethical
culture of the work environment is called ________.
bribery
●
Most U.S. companies prohibit employees from disclosing or discussing salaries among
themselves.
False.
●
All fifty states require that an employee refrain from acting in a manner contrary to the
employer’s interest.
True
●
The right to work without joining a union is controlled by federal law.
False.
●
The common law concept that requires an employee to render loyal and faithful service to the
employer is ________.
the duty of loyalty
Unit 5
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●
Stakeholder management practice ultimately is about valuing stakeholder contributions to a firm,
no matter how significant, inspired, or influential that contribution might not be.
True
●
A shareholder is a stakeholder who ________.
Holds stock for investment.
●
Corporate social responsibility is a voluntary action for companies.
True
●
The Dow Jones Sustainability Indices provides information for ________.
investors who value
CSR in companies
●
In correct order, the stakeholder management steps adapted from the approach of the MITRE
consulting firm are to ________.
build trust, identify stakeholders, gather and analyze data,
present findings to management, and communicate key messages to stakeholders conveying
the company’s appreciation of them
●
A stakeholder claim ________.
is any matter of concern for the corporation or company
●
Maintaining trust between stakeholders and organizations is ________.
A Social Contract
●
Companies are required to provide amenities to their employees to fulfill the social contract
between management and employees as stakeholders.
False.
●