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Introduction to Business > Chapter 4: Demonstrating Ethical Behavior and Social Responsiblity > Flashcards

Chapter 4: Demonstrating Ethical Behavior and Social Responsiblity Flashcards

0
Q

Compliance-based ethics codes

A

Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

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1
Q

Ethics

A

Standards of moral behavior; that is, behavior that is accepted by society as right versus wrong

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2
Q

Integrity based ethics codes

A

Ethical standards that define the organization’s guiding values, create an environment that supports ethically sound behaviors, and stress a shared accountability among employees

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3
Q

Whistleblowers

A

People who report illegal or unethical behavior

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4
Q

Corporate social responsibility

A

A business’s concern for the welfare of society

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5
Q

Corporate philanthropy

A

Dimension of social responsibility that includes charitable donations

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6
Q

Corporate responsibility

A

Dimension of social responsibility that includes everything from hiring minority workers to making safe products

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7
Q

Corporate policy

A

Dimension of social responsibility that refers to the position a firm takes on social and political issues

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8
Q

Insider trading

A

An unethical activity in which insiders use private company info to further their own fortunes or those of family and friends

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9
Q

Social audit

A

A systematic evaluation of an organization’s progress toward implementing programs that are socially responsible and responsive

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10
Q

Tort

A

A wrongful act that causes injury to another person’s body, property, or reputation

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11
Q

Negligence

A

Behavior that causes unintentional harm or injury

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12
Q

Product liability

A

Holds businesses accountable for harm that results from the production, design, sale, or use of products they market

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13
Q

Strict product liability

A

Legal responsibility for harm or injury caused by a product regardless of fault

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14
Q

Patents

A

Documents that give inventors exclusive rights to their inventions for 20 years

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15
Q

Copyright

A

A document that protects a creator’s rights to materials such as books, articles, photos, and cartoons

16
Q

Trademark

A

A legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors

17
Q

Uniform commercial code

A

A comprehensive commercial law adopted by every state in the U.S. that covers sales laws and other commercial laws

18
Q

Express warranties

A

Specific representations by the seller that buyers rely on regarding the goods they purchase

19
Q

Implied warranties

A

Guarantees legally imposed on the seller

20
Q

Negotiable instruments

A

Forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount

21
Q

Contract

A

A legally enforceable agreement between two or more parties

22
Q

Contract law

A

Sets of laws that specify what constitutes a legally enforceable agreement

23
Q

Consideration

A

Must be something of value; essential element of a contract

24
Q

Breach of contract

A

When one party fails to follow the terms of a contract

25
Q

Damages

A

The monetary settlement awarded to a person who is injured by a breach of contract

26
Q

Consumerism

A

A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to the sellers

27
Q

Taxes

A

How the government raises money

28
Q

Bankruptcy

A

The legal process by which a person, business, or entity unable to meet financial obligations is relieved of those obligations by a court that divides the assets among creditors, allowing creditors to get at least part of their money and freeing the debtor to begin anew

29
Q

Voluntary bankruptcy

A

Legal procedures initiated by a debtor

30
Q

Involuntary bankruptcy

A

Bankruptcy procedures filed by a debtor’s creditors

31
Q

Deregulation

A

Government withdrawal of certain laws and regulations that seem to hinder competition

Introduction to Business (9 decks)

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