1.Define and explain the meanings 'Ethics' and 'Business Ethics'2.Using the recommended text (Ferrell and Fraederich) and your research on corporateexamples, summarise the reasons behind the need for 'a new focus on business Ethics' in the21* Century.3a. What is the 'Sarbannes-Oxley Act? -3b. Why was it necessary? Use examples to justify.4a.Were there any other legislation or initiatives that came into being after the Sarbannes OxleyAct was passed? Yes or No4b. Identify and briefly explain any one (1) of these initiatives and how it improved businessethics.4.Explain FIVE (5) reasons you believe Ethics to be beneficial to business.Use business related examples to justify.

Answered: 1. Define and explain the meanings…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

1.
Define and explain the meanings 'Ethics' and 'Business Ethics'
2.
Using the recommended text (Ferrell and Fraederich) and your research on corporate
examples, summarise the reasons behind the need for 'a new focus on business Ethics' in the
21* Century.
3a. What is the 'Sarbannes-Oxley Act? -
3b. Why was it necessary? Use examples to justify.
4a.
Were there any other legislation or initiatives that came into being after the Sarbannes Oxley
Act was passed? Yes or No
4b. Identify and briefly explain any one (1) of these initiatives and how it improved business
ethics.
4.
Explain FIVE (5) reasons you believe Ethics to be beneficial to business.
Use business related examples to justify.

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1. The main difference between business ethics and ethics is that ethics is all about the moral values that govern a person's behaviour, while business ethics is mainly concerned with what is related to the business.