Review Chapter 4

Standards are moral principles by which people conduct themselves personally, socially, or professionally.

False

Set of guidelines for maintaining ethics in the workplace

principle

The legislation that mandates truthful financial reporting and makes the CEO more accountable for the actions of the financial managers of a firm is the

Sarbanes-Oxley Act.

Which statement is most true?

All businesses have the same ethical standards.

The best example of a sustainable development would be

using recycled materials to build housing.

Some firms limit the damage they do to the environment by

using recycled or recyclable paper; installing filtration systems to reduce air pollutants; using renewable energy sources.

The following are examples of conflicts of interest except

a business hiring an accounting firm to oversee record-keeping.

Something that does good to a person or thing

benefit

Rules based on moral principles about how businesses and employees ought to conduct themselves

business ethics

A rule of conduct

code of ethics

Personal behavior

conduct

Conflict between self-interest and professional obligation

conflict of interest

Moral principles by which people conduct themselves personally, socially, or professionally

Ethics

The federal agency that enforces the laws that protect consumers from dangerous or falsely advertised products is known by the acronym

FDA.

Business ethics focus on decisions considered good or bad, correct or incorrect.

False

In some cultures, excessive gift giving in business is overlooked and considered ethical.

False

Which statement is most true?

Men and women receive equal pay for equal work.

OSHA stands for

Occupational Safety and Health Administration.

Different cultures, businesses, and industries have the same ethical standards for uniformity in international commerce.

True

Most businesses follow their industry's code of ethics.

True

The Triangle Shirtwaist Factory fire resulted in

improved working conditions.

Total honesty and sincerity

integrity

An example of an ethical business practice would be

keeping accurate financial records.

A conflict of interest is a conflict between self-interest and

professional obligation.

Most businesses are committed to

providing safe products; treating employees fairly; being truthful about their financial situation.

Unethical treatment of employees includes all of the following except

rewarding good employees with salary incentives.

The duty to do what is best for the good of society

social responsibility

A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions

sweatshop

Bribery occurs when gifts, money, or favors are offered

to encourage business deals.

Keeping inaccurate accounting records is

unethical and illegal.