Answer Sheet 2 Flashcards
Week 2 &3
The law teaches us how to behave properly and inform us of the rules we all must follow.
TRUE
Law affects all people, from CEO’s to children.
TRUE
Helping a hurt person is required by moral standards, but is not mandated by the law.
TRUE
There is strong evidence that ethical behavior increases profits or unethical behavior decreases profits.
FALSE
Unethical behavior can be costly, if there is public outrage leading to a boycott.
FALSE
Utilitarian ethics holds that decisions should be made tend to maximize overall happiness and minimize overall pain.
TRUE
Deontologists would agree that the increasing medical concern over obesity in the United States does not need rules or regulations to address the issue.
FALSE
The characteristics of the law is that law is:?
(a) powerful.
(b) important
(c) fascinating
(d) All of the above
(d) All of the above
The sources of contemporary law is the:
(a) US Constitution
(b) State Constitution.
(c) Statute, common law, administrative, treaties and executive order.
(d) All the above.
(d) All the above.
The reason why one bothers with ethics is because:
(a) society as a whole benefits by encouraging economic competition.
(b) people feel better when they behave ethically.
(c) unethical behavior can be costly, if there is public outrage leading to a boycott.
(d) All the above.
(d) All the above.
Which of the following is NOT a stakeholder?
(a). a business competitor.
(b) shareholders.
(c) employees.
(d) the communities
(a). a business competitor.
The issue in Kuehn v Pub Zone was
(a) Legal Positivism. Can a bar serve drunk patrons?
(b) Did the bar have a duty to protect its patrons?
(c) Is a bar allowed to exclude motorcycle riders from the premises?
(d) Can the government prosecute patrons who get into fights on private property?
(b) Did the bar have a duty to protect its patrons?
What is the purpose of a corporation per Milton Friedman?
(a) Make the shareholders money.
(b) Comply with the law
(c ) Both answers are true
(d) Neither answer is true
(c ) Both answers are true
Of the Philosophies of Ethics which one did Aaron Feuerstein, owner of Malden Mills Factory, exhibit when kept the workers on the payroll while he rebuilt the factory :
(a) Relativism
(b) Consequentialist
(c) Utilitarianism
(d) Deontological
(c) Utilitarianism
Of the Philosophies of Ethics which one did John Stumpf CEO of Wells Fargo exhibit when for unethical sales practices in the bank’s retail division:
(a) Relativism
(b) Consequentialist
(c) Utilitarianism
(d) Deontological
(b) Consequentialist
What is Business Law?
Encompasses all of the laws that dictate how to form and run a business.
Of the ten law subjects that are included in business law, identify three (3) law subjects.
Anyone of these: Torts, Contracts, Criminal law, Bankruptcy law, Employment law, Labor law,
Consumer law, Environmental Law, Cyberlaw, Real Property law
In comparing the classifications of criminal law and civil law name one difference for each one?
ANY ONE OF THESE
Criminal Law:
(1) Dangerous behavior outlawed by society,
(2) Government prosecutes accused
(3) Guilt is determined or
(4) Punishment or fine is imposed
Civil Law:
(1) Regulates rights and duties of parties,
(2) Victim, not government brings a suit,
(3) Guilt not determined or
(4) Compensation is ordered
What is the shareholder model and who does it include?
Friedman argues that the primary responsibility of corporations is to:
(1) comply with the law
and
(2) make as much money for shareholders.
Of the seven steps to decision making name three steps?
Any three of these:
Step 1: Identify the decision. You realize that you need to make a decision.
Step 2: Gather relevant information.
Step 3: Identify the alternatives.
Step 4: Weigh the evidence/consider moral/ethical issues.
Step 5: Choose among alternatives.
Step 6: Take action.
Step 7: Review your decision & its consequences
