Chapter 2-Business Ethics and Social Responsibility

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 Issue

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 empoyer’s wrongdoing to outsiders, such as the media or government 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.