Business - Business Ethics

Question 1

Business ethics

Answer 1

Moral rules that guide business decision making

A business deciding not to create a tasty legal product because it is unhealthy

Question 2

Reason for unethical decision making

Answer 2

Greed
Fear
Apathy
Bad examples 
Lack of regulations

Question 3

Encouraging ethical business

Answer 3

Code of ethics 
Encourage employees to report unethical behavior 
Good examples 
Clear punishments 
Staff training

Question 4

Code of ethics

Answer 4

Document setting out guidelines for employees to follow when making decisions

Question 5

Whistleblower

Answer 5

Employees who’s ethical concerns are ignored and have courage to report to authorities or media

Question 6

Social responsibility

Answer 6

Obligations of every business to respect the interests of all the shareholder groups

Question 7

Employees - social

Answer 7

ICS allowing unpaid leave to look after children in school holidays

• no bullying / discrimination
• fair pay and good working conditions

Question 8

Investors - social

Answer 8

Worldcom deliberately falsifying accounts to encourage investors to invest.

• pay fair dividends
• keep and provide honest and accurate info

Question 9

Suppliers - social

Answer 9

Tesco pressurizing Irish farmer suppliers to supply at uneconomical prices

• fair negotiations
• bills paid on time and In full
• avoid suppliers with unethical practices

Question 10

Customers - social

Answer 10

NIB bank overcharged customers for banking service without them knowing .

• truthful + accurate advertising
• safe + reliable goods/service
• fair price

Question 11

Government - social

Answer 11

Anglu Irish Bank Gabe misleading info to gov to qualify for State grant

• correct taxes paid
• obey laws

Question 12

Local community - social

Answer 12

Saehan Medi Fined for allowing factory in Sligo to pollute local river

• support local employment
• support local suppliers
• no pollution of local environment

Question 13

Society - social

Answer 13

Oil company fined for ecological and economic damages cause by oil spills and pollution

Question 14

Sustainable development

Answer 14

Economic development that can continue indefinitely without causing permanent harm to the environment .

Question 15

Enviro issues facing businesses

Answer 15

Climate change 
Energy 
Waste
Pollution 
Destruction of natural resources

Question 16

Characteristic of enviro responsible business

Answer 16

• produce durable goods
• produce in ecological + sustainable manner
• plan for disposal use
• conduct regular environmental audits

Question 17

Cost of social responsibility

Answer 17

Fair wages
Pay for good working conditions
Give investors honest info - may be less investors
No exaggerated advertising may mean lower sales
Investing in equip to assist no pollution / waste

Question 18

Benefits of social responsibility

Answer 18

Reducing raw materials wasted save money
Avoid being fined 
Attract loyal customers 
Recruit skilled staff 
Assist marketing promotion