Chapter 2

Question 1

Business Ethics

Answer 1

Principles and standards that determine acceptable conduct in business.

Question 2

Social Responsibility

Answer 2

A business’s obligation to maximize its positive impact and minimize its negative impact on society.

Question 3

Ethical issues

Answer 3

An identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.

Question 4

Bribes

Answer 4

Payments, gifts, or special favors intended to influence the outcome of a decision.

Question 5

Plagiarism

Answer 5

The act of taking someone else’s work and presenting it as your own without mentioning the source.

Question 6

Code of Ethics

Answer 6

Formalized rules and standards that describe what a company expects of its employees.

Question 7

Whistleblowing

Answer 7

The act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies.

Question 8

Corporate citizenship

Answer 8

The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders.

Question 9

Consumerism

Answer 9

The activities that independent individuals, groups, and organizations undertake to protect their rights as consumers.

Question 10

Sustainability

Answer 10

Conducting activities in a way that allows for the long-term well-being of the natural environment, including all biological entities. Sustainability involves the assessment of business strategies, economic sectors, work practices, technologies, and lifestyles so that they maintain the health of the natural environment.