business ethics finals Flashcards
4 stake holders
government, corporators, consumers, & employees
government: law
nir or national internal revenue
government: implementing agency
bir or bureau of internal revenue
corporators: law
corporation code of the ph
corporators: implementing agency
securities and exchange commisson
consumer: law
consumer act of the ph
consumer: implementing agency
dept of trade and industry, dept of health, & dept of agriculture
employees: law
labor code of the ph
employees: implementing agency
dept of labor and employment
government: rights
tax
corporators: rights
fairness, accountability, and transparency
consumers: right
quality service/product
employees: rights
rights of employees
4 prohibited act for employees
witholding of wages, reduction of wages, diminution of benefits, & illegal termination
law, implementing agency, fine, & imprisonment: witholding of wages
labor code of the ph, dole,1k - 10k, & 3months - 3 years imprisonment
penalty: illegal termination
reinstatement, backwages, separation pay
2 exemptions for no return/refund policy
2nd hand & change of mind
law, implementing agency, fine, & imprisonment: manufacture, scale, distribution, importation, of products that do not comply with the safety and quality (substandard)
consumer act of the ph, dti/doh/doa, 1k - 10k, & 2months - 1year imprisonment
law, implementing agency, fine, & imprisonment: manufacture, importation, sale, distribution, importation of unlicensed food, drug, cosmetics, and devices
consumer act of the ph, dti/doh/doa, 5k - 10k - & 1year - 5years imprisonment
law, implementing agency, fine, & imprisonment: sale of expired drugs or medicines
consumer act of the ph, doh, 5k - 10k - & 1year - 5years imprisonment
law, implementing agency, fine, & imprisonment: reduction of wages
labor code of the ph, dole, 1k -10k, & 3months - 3years imprisonment
law, implementing agency, fine, & imprisonment: diminution of benefits
labor code of the ph, dole, 1k -10k, & 3months - 3years imprisonment
3 price act
hoarding, profiteering, & cartel
accumulation of commodities or refusal to dispose the products
hoarding
selling an item in unreasonable price in excess of its real value
profiteering
agreement between 2 or more business to manipulate the price of commodities
cartel
law, implementing agency, fine, & imprisonment: hoarding, profiteering, & cartel
price act, dti, 5k - 20m, & 5years - 15years imprisonment
food in pure form
basic necessity
plywood, hollowblock, canned goods
prime commodities
5 scandal
enron corporate scandal, lehman brothers, bernie madoff scandal, tyco international scandal, & wordcom scandal
large energy, commodities,
and services company based in Houston, Texas
enron company
2 ceo of enron
kenneth lay & jeffrey skillimg
putting loans into a dummy company and recording good transactions even though they didnt happen
mark to market
an american investment bank that had a significant impact on the global financial industry
lehman brothers
to temporarily remove securities and troubled liabilities from balance sheet while reporting its quarterly financial results to the public. selling assets to the banks they loaned
repo 105
chair of the Nasdaq
stock market in 1990
bernie madoff
worst american ceo. belligerent and unrepentant
richard fuld jr
deposited client funds into a single bank account that he used to pay existing clients who wanted to cash out.
bernie madoff scandal
was an American telecom company. The Company grew rapidly and became the
third largest telecommunications company in the United States during the year 1988- 1994.
worldcom
cfo of worldcom
scott sullivan
a mental resilience exercise where you metaphorically fill a ‘cookie jar’ with past successes or positive experiences
cookie jar
eldest son committed suicide and another child of him died due to cancer
bernie madoff scandal
a type of investment fraud in which investors are promised big profits at little or no risk.
ponzi scheme
ceo of worldcom
bernard ebbers
