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.
