Chapter 5 HW

What is the difference between codes of conduct and codes of ethics?

Codes of conduct set rules for behavior in the workplace, and codes of ethics are general guides to promote moral decision-making.

Managers who adopt the style proposed by Adam Smith's "invisible" hand theory are likely to believe that

Deliberate selfishness is corporate decision-making promotes common good.

When making a business decision, owners and managers should not consider how that decision might affect the company's stakeholders.

False - "Stakeholders" is an expansive term that includes owners, investors, employees, customers of the business and the community at large. Business owners and managers generally consider how the proposed course of action will affect each stakeholder during the course of their ethical decision-making process

Business ethics is simply one's understanding of whats going right or wrong in the workplace, regardless of which course of action one ultimately takes

False - A useful working definition of business ethics is a consciousness of what is right or wrong in the workplace and a commitment to taking an ethical course of action in business operations. When making an ethical business decision, one should consider the impact the decision will have on the owners, investors, employees, the customers of the business ans on the community at large. (collectively known as "stakeholders"

Ethics is the set of principles or core values for deciding between legal and illegal courses of action.

False - Ethics is the set of principles or core values for deciding between morally right or wrong courses of action. It comprises the systematic set of rules used to approach a moral dilemma. Whiles ethics and law overlap, they are not the same.

Understanding which primary and secondary stakeholders will be affected is part of the _____ stage of the ethical decision-making process

Identifying Impact

Which of the following ethical theories is being utilized by a company that strives to act as ethically as possible, even at the expense of some additional profits, as long as the business remains profitable.

The moral minimum theory

A simplistic but useful way to determine whether a manger or a company is acting ethically is ti apply the "broadcast news test"

True - A simplistic but useful approach when determining whether a manger or company is acting ethically is to apply the "broadcast news test". In today's media environment, very little goes unnoticed or unreported, so it might be even more appropriate to ask how one would feel if a major decision went viral.

Ongoing attention to and dialogue about workplace values builds openness, integrity, and community.

True - Ongoing attention to and dialogue about workplace values builds openness, integrity, and community. Employees who feel strong alignment between their values and those of the organization tend to be highly motivated and preform well.

Critics of _____ argue that the approach amounts to a mathematical formula to decide how ethical decisions affect individuals

utilitarianism