Chapter 2 Business Ethics and Social Responsibility

Question 1

What role can an ethics compliance officer play in a firm?

Answer 1

Charged with deterring wrongdoing and ensuring that ethical standards are met.

Question 2

What are the 3 components of a typical company’s approach to ethics and social responsibility?

Answer 2

1. engaging in typical corporate philanthropy
2. anticipating and managing risks
3. identifying opportunities to create value by doing the right thing.

Question 3

Identify the 4 levels of a company’s ethical environment?

Answer 3

1. awareness
2. education
3. action
4. leadership

Question 4

What are the 4 main consumer rights?

Answer 4

1. safe
2. informed
3. choose
4. heard

Question 5

To whom do businesses have responsibilities?

Answer 5

Customers, employees, investors, and society