Essentials of Business Law (Chapter 2)

The term "values" relates to the price of merchandise on sale

False

Code of Ethics

A document that sets down a firm's principles of the ethical behavior expected of its employees

Whistle Blower

A person who reveals confidential information concerning some wrongdoing or unethical behavior

Morals

An individual person's beliefs as to what is right and wrong

Unethical behavior is has not been a problem in society until recent times

False

Generally, what is unethical is also illegal

False

Corporate Responsibility

The actions of a business demonstrating its wish to behave in a socially correct manner

Values

The beliefs or standards considered worthwhile by an orderly society

Ethics

The standards and principles society has adopted as a guide for the behavior of individuals within a society

Culture

The sum of all the learned beliefs, values, and customs that regulate the behavior of members of a particular society

"Corporate Culture" is used to describe what values and standards of acceptable behavior in a corporation

True

A corporate code of ethics might be called a set of guidelines for the ethical behavior expected of employees

True

A whistleblower is a person who calls attention to illegal or unethical behavior

True

Although ethical principles have influenced many laws, the laws themselves are usually more precise

True

People tend to behave in accordance with accepted principles of what is right and wrong that govern the conduct of their group and that reflects the values of the group

True

Professional and trade associations concern themselves and their members with guidelines for ethical business practices

True

Public disclosure of a firm's unethical practices can affect other companies as well

True

The federal government and many states have statutes that protect whistleblowers from retalitation

True