Business Ethics Welch Final Study Guide
The process that directs and controls organizations is known as WHAT
Corporate Governance
The WHAT holds businesses liable for the criminal acts of their employees and agents?
Federal Sentencing Guidelines for Organizations
A set of WHAT governs the accounting profession
Generally Accepted Accounting Principles
Define Utilitarianism
Greatest good for greatest number of people
An WHAT is a value that is a good thing in itself and is pursued for its own sake?
Intrinsic Value
Who was the CEO of Enron when Sharon Watkins blew the whistle?
Kenneth Lay
Define Normative ethics
Prescribed course of action that attempts to ensure that ethical behavior will be followed in the future, moves the evaluation of ethical behavior from the past to future tense, presents information on what should be done in the future rather tn what was done in the past
Is the R&D department utilitarianism, universal ethics, descriptive ethics, or normative ethics?
Utilitarianism
From an ethical perspective, employees in each functional line area face ethical challenges and dilemmas that WHAT
can be both UNIQUE to their departmental responsibilites and COMMON to the whole organization
The R&D department of an organization WHAT
carries the responsibility for the future growth of the organization
The fiduciary (lol) responsibility of a manager is ultimately based on WHAT
trust, which is a difficult trait to test when you are hiring a manager or to enforce once that manager is in place
The Sarbanes-Oxley act of 2002 incorporates the approach of WHAT
"Comply or Else"
An effective compliance program includes what?
1. Management oversight 2. Corporate policies 3. Communication of standards and procedures 4. Compliance with standards and procedures 5. Delegation of substantial discretionary authority 6. Consistent discipline 7. Response and Corrective action
What are the key functions of an organization?
1. Research and development (R&D) 2. Manufacturing 3. Marketing (and advertising). 4. Sales 5. Customer service
What is the difference between Corporate Social Responsibility, Corporate conscience, and Corporate Citizenship
Corporate Social Responsibility: the idea that business has obligations to society beyond the pursuit of profits Corporate Conscience: No help from Josh at all freak me Corporate Citizenship: Requirement in which the individual has to consider their acts in terms of a whole societal system, and this responsibility holds them responsible for the effects of their acts anywhere in the system. Collectively enhances the host of concepts related to CSR.
Organizational WHAT consists of the values, beliefs, and norms shared by all employees of the organization?
Culture
When an employee discovers evidence of malpractice or misconduct, he or she faces an WHAT
Ethical Dilemma
WHAT refers to a study of how people try to live their lives according to a standard of right or wrong behavior?
Ethics
A commitment to good corporate governance can make a company WHAT
Profitable
A structured community of people bound together by similar traditions and customs defines a WHAT?
Society
By recognizing WHAT rather than WHAT corporations must maintain a long term perspective rather than simply delivering quarterly earnings numbers
Stakeholders rather than shareholders
Who oversees the governance of an organization?
The Board of Directors
Define Descriptive ethics
The presentation of facts related to the specific ethical actions of an individual or organization, used when an observer wants to understand the course of events that generated the ethical issue
Define Universal ethics
There are certain universal principles that should apply to all ethical judgements. These universal principles should apply to everyone, everywhere, all the time, regardless of the specific needs of the situation. Problem: if the focus is on abiding by a universal principle, no one is accountable for the consequences of the actions taken
WHAT is a concept of living your life according to a commitment to the achievement of a clear ideal?
Virtue ethics