Chapter 5

Question 1

Business ethics

Answer 1

Ethics in a business context; a consensus of what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting

Question 2

Triple bottom line

Answer 2

The idea that investors and others should consider not only corporate profits, but also the corporations impact on oriole and on the planet in assessing the firm (people, planet, profits)

Question 3

When making decisions one should evaluate

Answer 3

1. Legal implications
2. Public relations
3. Safety risks
4. Financial implications

Question 4

Moral minimum

Answer 4

The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law

Question 5

Ethical reasoning

Answer 5

A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand

Question 6

Duty based ethics

Answer 6

A ethical philosophy rooted in the idea that every person has certain duties to others. These duties may be derived from religious principles or from other philosophical reasoning

Question 7

Outcome based ethics

Answer 7

An ethical philosophy that focuses on the impacts of a decision on society or on key stakeholders

Question 8

Principle of rights

Answer 8

The principle that human beings have certain fundamental rights. A key factor in determining whether a business decision is ethical is his that decision affects the rights if others.

Question 9

Categorical imperative

Answer 9

A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior, In deciding whether an action is right or wrong, desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation or category acted the same way

Question 10

Utilitarianism

Answer 10

An approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected.
- a good decision is one that results in the greatest good for the greatest number of people

Question 11

Cost benefit analysis

Answer 11

A decision making technique that involves weighing the costs of a given action against the benefits of a given action

Question 12

Corporate social responsibility

Answer 12

The concept that corporations can and should act ethically and be accountable to society for their actions

Question 13

Systematic approach to ethics

Answer 13

1. Inquiry
2. Discussion
3. Decision
4. Justification
5. evaluation

Question 14

Sarbanes Oxley act

Answer 14

Cannot be terminated for raising attention to corrupt ness

Question 15

Ethics

Answer 15

Moral principles and values applied to social behavior