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Business Ethics 1st Quarter Reviewer > 1st Quarter Reviewer B.E. > Flashcards

1st Quarter Reviewer B.E. Flashcards

1
Q

ENUMERATION: (2 Myths)

5 BUSINESSMAN’S MYTHS ABOUT BUSINESS ETHICS

A

Myth #1: Ethics Is a Personal Affair and Not a Public Debatable Matter

Myth # 2: Ethics and Business Do Not Mix

Myth #3: Ethics in Business Is Relative

Myth # 4: Good Business Means Good Ethics

Myth #5: Business Is a War

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2
Q

ENUMERATION: (5 THEORETICAL)

6 THEORETICAL PHILOSOPHY

A
  1. Cosmology
  2. Ontology
  3. Metaphysics
  4. Psychology
  5. Theodicy
  6. Epistemology
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3
Q

ENUMERATION: (5 PRACTICAL)

5 PRACTICAL PHILOSOPHY

A
  1. Semantics
  2. Axiology
  3. Aesthetics
  4. Logic
  5. Ethics
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4
Q

DIAGRAM COMPLETION: (8pts)

4 Analysis

A
  1. Situational Analysis
  2. Problem Analysis
  3. Decision Analysis
  4. Resolution Analysis
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5
Q

Bribery, Graft, Sexual Harassment

A

Situational Analysis

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6
Q

Biased Decisions where it can leads to corruption and unethical behavior wherein the company might face problems and challenge such as bankruptcy.

A

Problem Analysis

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7
Q

The company should investigate financial reports and observed employees that are involved.

A

Decision Analysis

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8
Q

The company should punish people that are involved wherein they should face imprisonment and pay back the money that they corrupt or used.

A

Resolution Analysis

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9
Q

5 THE RELATIONSHIP BETWEEN ETHICS AND BUSINESS

A
  1. Business is an integral part of human society. Therefore, the actions of individuals and institutions in business must be subjected to moral rules and moral evaluation.
  2. In business, as in any other human endeavor, “what is legal may not necessarily be moral.” People tend to confuse legality with morality.
  3. Laws are insufficient. They cannot cover all aspects of our human behavior.
  4. In today’s technocrat-oriented business education, the trend is to train managers to maximize profits by quantifying the operations of business.
  5. Peter Drucker argues that “the business enterprise is an organ of society and its actions have a decisive impact on the social scene.”
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10
Q
  1. Business is an “integral part of human society”.
A

Therefore, the “actions of individuals” and institutions in business “must be subjected to moral rules and moral evaluation.”

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11
Q
  1. In business, as in any other human endeavor, “what is legal may not necessarily be moral.”
A

People tend to confuse legality with morality.

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12
Q
  1. Laws are insufficient.
A

They cannot cover all aspects of our human behavior.

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13
Q
  1. In today’s technocrat-oriented business education,
A

the “trend is to train managers to maximize profits” by quantifying the operations of business.

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14
Q
  1. Peter Drucker argues that
A

“the business enterprise is an organ of society and its actions have a decisive impact on the social scene.”

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15
Q

is a process in which “ethical issues and problems are benchmarked against a moral standard” so that a moral judgment is made possible.

A

MORAL REASONING IN BUSINESS (Moral reasoning)

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16
Q

4 CHARACTERISTICS OF A GOOD MORAL STANDARD

A
  1. A good moral standard is one that looks at the issue as something that is very serious.
  2. A good standard must be grounded on good moral argument. A good argument is an argument that always tells the truth.
  3. A good standard should be objective and not subjective.
  4. A good standard, when violated, brings about feelings of guilt, shame and remorse of conscience.
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17
Q
  1. “one that looks at the issue as something that is very serious.”
A

(TRUE) Good Moral Standard

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18
Q
  1. “must be grounded on good moral argument”. A good argument is an “argument that always tells the truth”.
A

“good standard” (TRUE)

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19
Q
  1. should be objective and not subjective.
A

good standard (True)

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20
Q
  1. , when violated, brings about feelings of guilt, shame and remorse of conscience.
A

A good standard

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21
Q

3 REQUIREMENTS FOR A GOOD MORAL JUDGMENT

A
  1. A good moral judgment must be logical.
  2. A good moral judgment must be based on facts and solid evidence.
  3. A good moral judgment must be based on sound and defensible moral principles.
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22
Q
  1. Good moral judgment_______
A

must be logical.

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23
Q
  1. A good moral judgment _________
A

must be based on facts and solid evidence.

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24
Q
  1. A good moral judgment______
A

must be based on sound and defensible moral principles.

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25
Q

2 THE MORALITY OF PROFIT-MOTIVE

A
  1. Milton Friedman
    “Only responsibility of business is to make profit” so long as one stays within the rules of the game and engages in open and “free competition without deception or fraud.”
  2. Peter Drucker,
    an equally famous management guru on the other hand, disagrees with this view and says that, “the primary responsibility of business is to look for customers and satisfy their needs and wants.”
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26
Q

2 THE MORALITY OF PROFIT-MOTIVE

A
  1. Milton Friedman
    “Only responsibility of business is to make profit” so long as one stays within the rules of the game and engages in open and “free competition without deception or fraud.”
  2. Peter Drucker,
    an equally famous management guru on the other hand, disagrees with this view and says that, “the primary responsibility of business is to look for customers and satisfy their needs and wants.”
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27
Q

“Only responsibility of business is to make profit so long as one stays within the rules of the game and engages in open and free competition without deception or fraud.”

A

Milton Friedman

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28
Q

an equally famous management guru on the other hand, disagrees with this view and says that, “the primary responsibility of business is to look for customers and satisfy their needs and wants.”

A

Peter Drucker

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29
Q

2 ASSUMPTIONS OF PROFIT-MOTIVE

A
  1. Profit-motive in business is an ethical issue. Since business is an integral part of society, its activities, including profit-making, must be examined from the perspective of morality.
  2. Profit-motive as an ethical issue operates within the two important aspects of our human conduct- freedom and the structure of business.
30
Q

1 Profit-motive in business is an ethical issue.

A

Since “business is an integral part of society”, its activities, including “profit-making, must be examined from the perspective of morality.”

31
Q
  1. Profit-motive as an ethical issue operates within the two important aspects of our human conduct- “ “ & “ “.
A

freedom and the structure of business.

32
Q

3 THE CONCEPT OF MORAL RESPONSIBILITY

A
  1. Moral Responsibility refers to holding to people morally accountable for some past action or actions.
  2. Moral Responsibility also means care, welfare or treatment of others as derived from the specific social role that one plays in the society.
  3. Moral Responsibility likewise refers to one’s capacity for making moral or rational decisions on his own.
33
Q
  1. Moral Responsibility refers to
A

holding to people morally accountable for some past action or actions.

34
Q
  1. Moral Responsibility also means
A

care, welfare or treatment of others as derived from the specific social role that one plays in the society.

35
Q
  1. Moral Responsibility likewise refers to
A

one’s capacity for making moral or rational decisions on his own.

36
Q

3 BUSINESS ETHICS DEFINED

A
  1. Business Ethics is the study of what is the right and wrong human behavior and conduct in business.
  2. Business Ethics is a study of the perceptions of people about morality, moral norms, moral rules and ethical principles as they apply to people and institutions in business.
  3. Business Ethics is the study, evaluation, analysis and questioning of ethical standards, policies, moral norms and ethical theories that managers and decision makers use in resolving moral issues and ethical dilemmas affecting business.
37
Q
  1. Business Ethics is the study of
A

what is the right and wrong human behavior and conduct in business.

38
Q
  1. Business Ethics is a study of the
A

perceptions of people about morality, moral norms, moral rules and ethical principles as they apply to people and institutions in business.

39
Q
  1. Business Ethics is the study,
A

evaluation, analysis and questioning of ethical standards, policies, moral norms and ethical theories that managers and decision makers use in resolving moral issues and ethical dilemmas affecting business.

40
Q

As a science, it is interested with the “meaning of reality including our human experiences”.

A

philosophy

41
Q

It is a science that “seeks to explain the ultimate cause of everything” by the use of human reason alone.

A

Philosophy

42
Q
  1. according to Plato, is the “highest form of inquiry”.
A

Philosophy

43
Q
  1. For William James, it is a “collective name for questions that have not been answered” to the satisfaction of the one asking the question.
A

philosophy

44
Q
  1. For some, is the “world view of the person or the person’s philosophic view of the universe or reality” in relation to the purpose of actions and events.
A

philosophy

45
Q
  1. For others, is a “conceptual analysis” or thinking about “thinking or simply reflecting on the contents of our thoughts.”
A

philosophy

46
Q
  1. Still for others, is primarily concerned with “finding the meaning and worth of reality including our human experiences.”
A

philosophy

47
Q
  1. is also defined as the “science that studies the ultimate causes or explanation of things” attained by the use of human reason alone.
A

Philosophy

48
Q

2 DIVISIONS OF PHILOSOPHY

A

1.THEORETICAL OR SPECULATIVE PHILOSOPHY

  1. PRACTICAL PHILOSOPHY
49
Q

studies the truth to be known, e.g., God, immortality of the soul, origin of the universe, among others.

A

1.THEORETICAL OR SPECULATIVE PHILOSOPHY

50
Q

studies truths to be acted upon, e.g., ethics, axiology, semantics, and the like.

A
  1. PRACTICAL PHILOSOPHY
51
Q

is the practical science of the morality of human acts.

A

Ethics

52
Q

is the study of human conduct from the stand point of morality.

A

Ethics

53
Q

is a normative science based on reason which studies human conduct and provide norms for its natural integrity and honesty.

A

Ethics

54
Q

is the science of human acts with reference to right and wrong.

A

Ethics

55
Q

is the scientific inquiry into the principles of morality.

A

Ethics

56
Q

refers to the quality of goodness or badness in a human act.

A

Morality

57
Q

involves the study of those standards and judgments which people create.

A

Ethics

58
Q

assumes that the standards exist and seeks to describe them to evaluate them, or to evaluate the premises upon which those standards exist.

A

Ethics

59
Q

basically investigates the nature of moral principles, ethical systems and moral norms that people use to justify their moral judgments.

A

Ethics

60
Q

THERE ARE THREE CATEGORIES OF GENERAL ETHICS:

A
  1. Descriptive Ethics
  2. Normative Ethics
  3. Metaethics
61
Q

consists of studying and describing the morality of a people, culture, or society.

A
  1. Descriptive Ethics
62
Q

involves moral judgment based on ethical norm theory.

A
  1. Normative Ethics
63
Q

concerned with analysis of meaning of words and the logic of moral reasoning

A
  1. Metaethics
64
Q

claims that when any two cultures or any people hold different moral values of an action, both can be right. An action may be right for one person or society and the same action taken in the same way may be wrong for another reason, and yet, both persons are equally correct.

A

Ethical relativism

65
Q

emphasizes the differences of moral beliefs and practices from the point of view of culture,

A

ethical relativism

66
Q

emphasizes moral differences based on personal beliefs and convictions.

A

situational ethics

67
Q

is a body of ethical theories that measures and evaluates the nature of a moral act based on the validity of the motive of an act.

A

Deontological Ethics or non-consequentialist approach

68
Q

The word teleology came from the Greek word tele which means far or remote.

A

Teleological Ethics

69
Q

measures the morality of an action based on its consequences and not on the motive or intention of the actor.

A

Teleological Ethics or the consequentialist theory

70
Q

is native in all person regardless of race, religion, culture, and education.

A

MORAL SENSE

Business Ethics 1st Quarter Reviewer (2 decks)

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