Chapter 2 Vocab

Question 1

A general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances

Answer 1

Integrity

Question 2

Individuals or groups who either can affect or are affected by the performance of the company

Answer 2

Stakeholders

Question 3

A company’s ethical obligations to the community

Answer 3

Social Responsibilities

Question 4

Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights

Answer 4

Intellectual Property

Question 5

The belief that the ethical standards of one’s own country can be applied universally

Answer 5

Ethical Imperalism

Question 6

The belief that ethical standards are subject to local interpretation

Answer 6

Ethical relativism

Question 7

Beliefs that provide a foundation for ethical behavior in a firm

Answer 7

Underlying Values

Question 8

Official standards of employee behavior formulated by a business owner

Answer 8

Code of Ethics

Question 9

A profitable company that responds to customers’ needs while showing reasonable concern for the environment

Answer 9

Sustainable Small Business

Question 10

The effort to protect and preserve the environment

Answer 10

Environmentalism