Chapter 4

Question 1

a branch of philosophy that prescribes and guides acceptable human conduct. Is the study of morality(examines what is morally right or wrong). Ethics is what guides us to tell the truth, keep our promises, or help someone in need.

Answer 1

ETHICS

Question 2

Rules and principles, and standards of deciding what is morally right or wrong when working. It refers to the implementation of appropriate business practices and policies in the workplace it is the study of ethics with a particular focus on business.

Answer 2

BUSINESS ETHICS

Question 3

Importance of business ethics

Answer 3

• Avoid legal and regulatory problem

• Attracts and retains a strong customer base

• Maintains a talented workforce

• Payoff in steady or increased revenues

• Increase trust in products and services

• Brand recognition and growth

Question 4

Is a repeated, unwanted behavior of a sexual nature perpetrated upon inn individual by another.

Answer 4

SEXUAL HARASSMENT

Question 5

THREE TYPES OF HARASSMENT

Answer 5

•Physical.
•Verbal.
•Non-verbal

Question 6

types of Wages

Answer 6

• Just Wage
• Family Wage
• Living Wages
• Minimum Wage
• Real Wages
• Nominal Wages

Question 7

is defined as the remuneration which is enough to support the wage-earner in reasonable and frugal comfort.

Answer 7

Just Wage

Question 8

The amount of money that the worker needs to provide for the needs of the family.

Answer 8

Family Wage

Question 9

Minimum hourly wage necessary for a person to achieve some specific standard of living.
• The goal of this is too allow employees to earn enough income for a satisfactory standard of living and to prevent them from failing into poverty.

Answer 9

Living wages

Question 10

Minimum rate of a worker can legally be paid as set by the statute or government.

Answer 10

MinimumWage

Question 11

Measured in terms of actual purchasing power (Inflation).
Show the value of wages adjusted for inflation

Answer 11

Real Wages

Question 12

• Measured in terms of money paid, not purchasing power.
• the rate of the employees are compensated.

Answer 12

NominalWages

Question 13

Workers are entitled to the living wages

Answer 13

REPUBLIC ACT 6727 WAGE RATIONALIZATION ACT OF 1989

Question 14

FACTORS TO CONSIDER IN THE FORMULATION OF FAIR WAGE

Answer 14

1.External Market Factors
2.Laws and Regulations
3.Cost of Living
4.Prevailing Industry Rate
5.Organizational Factors
6. Job Factors
7. Individual Performances

Question 15

refers to the supply and demand for labor and so-called economic conditions and underemployment.

Answer 15

External Market Factors

Question 16

workers should be paid in accordance with laws and regulations issued by the government. It requires that employers pay at least the minimum wage

Answer 16

Laws and Regulation

Question 17

the cost of living relates to basic maintenance needs and it must be seriously considered in the formulation of wages.

Answer 17

Cost of Living

Question 18

some claim that paying workers the average of what other companies are paying for the same job results in a fair wage.

Answer 18

Prevailing Industry Rate

Question 19

assessment on what type of industry the organization operates, the size of the company and the organization’s profitability to justify its ability to provide fair wages to its workers should be considered.

Answer 19

Organizational Factors

Question 20

the nature of the job itself entails the formulation of a just wage. Duties, responsibilities, and the skill requirements of the job are probably the most considerable determinants of fair wage.

Answer 20

Job Factors

Question 21

the trend suggests that individual performances or productivity ratings affect the determination of wage/salary increases

Answer 21

Individual Performances

Question 22

the trend suggests that individual performances or productivity ratings affect the determination of wage/salary increases

Answer 22

Individual Performances

Question 23

is the practice of offering something to gain an Illicit advantage

Answer 23

BRIBERY

Question 24

is an act of extending goodwill to an individual in an effort to share something with particulars to others.

Answer 24

GIFT-GIVING

Question 25

Providing customers with fair knowledge of what they are trying to achieve with their company mission and vision. Companies need to show they have morals when advertising to consumers because that makes consumers’ feel like the company cares about what they need. Do not use false advertisement to entice people.
Do not use offensive advertisement.

Answer 25

THE MORALITY OF ADVERTISING

Question 26

THE PROBLEM OF FAIR PRICING

Answer 26

1. The cost of the product is concealed.
2. Suggested Retail Price.
3. Promotional Pricing
4. Follow the leader pricing.
5. Price Gouging
6. Price Fixing

Question 27

a about company’s activities or assets that would significantly affect company’s competitive advantage. (e.g. secret food recipes)

Answer 27

TRADE SECRETS

Question 28

Is the process of making facts or information known to the public. Proper disclosure by corporations is the act of making its customers, investors, and any people involved in doing business with the company aware of pertinent information.

Answer 28

CORPORATE DISCLOSURE

Question 29

describes the concept in
Contract law that places the burden of due diligence on the buyer of a good or service. Buy at your own risk.

Answer 29

CAVEAT EMPTOR

Question 30

liability occurs when the manufacturer or seller of a defective product allows that defective product to get into the hands of a consumer. When a manufacturer or seller misrepresents a product, that misrepresentation can be the basis for a product liability action.

Answer 30

PRODUCT MISREPRESENTATION