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Business > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the difference between the code of conduct and the code of ethics

A

The code of conduct is a set of rules and regulations that explain appropriate behaviour in specific situation

It dictates how employees must act

It focuses on rules and compliance

It has a broader scope

It is usually only accessible to employees

Whereas…

The code of ethics is a set of principles based on values and morals by which a company makes decisions about what is right or wrong

It explains how decisions are made

It focuses on values

It has a narrower scope

It is publicly disclosed

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2
Q

What are ethics

A

It refers to moral principles to describe what is right and wrong

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3
Q

Describe the role do Ethics institute of South Africa

A

The Ethics Institute’s vision is to build an ethically responsible society, by forming partnerships with the public and private sectors, and the professions. They serve as a resource through their thought leadership, research, training, support, assessments and certification activities.

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4
Q

What are corporate ethics codes

A

Policies formulated by businesses to guide the behaviour of employees

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5
Q

What does corporate ethics code contain

A

The organisations values and guidelines on how employees should conduct themselves

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6
Q

What does the code of ethics govern

A

Decision- making and related to morals, principles and values

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7
Q

What does the code of conduct govern

A

It governs actions it refers to specific behaviour that regulated behaviour in terms of staff, interaction with dealing with contracts, etc

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8
Q

What is unethical behaviour

A

Doing things which are against the acceptable norm

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9
Q

What is false advertising

A

Use of misleading, or unproven information to advertise products to consumers.

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10
Q

What determines a consumers ability to distinguish false advertisements

A

Their emotions. People with positive emotions are more sensitive to false advertisements

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11
Q

What are examples of unethical behaviors

A 
Misleading consumers
Cultural pollution 
Exploiting consumers 
Conflict of interest 
Tenderpreneurship 
Cronyism 
Nepotism
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12
Q

Why is misleading consumers unethical behaviour

A

Consumers have the right to expect that a business will not mislead or deceive Them. Your advertising should never lead a consumer to believe something that isn’t true. This might relate to the value, capabilities or quality of goods and services.

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13
Q

Why is cultural pollution unethical business behaviour

A

Defilement of culture. However what is to be considered as cultural pollution is very much subjective and depends on ones own perspective

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14
Q

What is an example of exploiting customers

A

Giving credit to a customer who cannot afford it

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15
Q

What is conflict of interest

A

When a staff member takes part in a activity which brings them benefits that are contrary to their employer’s

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16
Q

What is a tenderpreneur

A

A business person who uses political contacts to secure government procurement contracts (called tenders) often as part of reciprocal exchange of favours or benefits

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17
Q

What is cronyism

A

Showing favouritism towards friends

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18
Q

What is nepotism

A

Showing favouritism towards family

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19
Q

What is king code

A

A set of guidelines for ethical governance structures in businesses

20
Q

How often is king code updated and why

A

It is updated periodically to ensure the information is applicable and as useful as possible

21
Q

What businesses use king code for

A

Businesses use king code to guide their activities and must provide explanation when they choose to deviate from the standard set by the code

22
Q

What is the purpose of king code

A

It provides a number of benchmark standards for companies to meet in their business practices, this makes an economy more appealing to foreign investors.

23
Q

What is king code 1

A

King code 1 stressed the importance of responsible corporate behaviour

24
Q

What is king code 2

A

King code 2 gives guidelines for corporate management principles

25
Q

What is king 3

A

King code 3 sets our principles relating to intergrated reporting

26
Q

What is king 4

A

King code 4 focuses on mindful application of the code

27
Q

What are the main principles of the king code

A

Transparency, responsibility, accountability and fairness

28
Q

Explain the transparency principle of the king code and give an example

A

Being honest and open eg. Mc Donald’s being honest about the ingredients in their food

29
Q

Explain the responsibility principle of the king code and give an example

A

A business must be responsible for its actions and decisions eg retailers taking responsibility for price gouging of ginger

30
Q

Explain the accountability principle of the king code and give an example

A

The obligation of a business to be answerable for its actions and decisions eg we are answerable for poor marks in a test

31
Q

Explain the fairness principle of the king code and give an example

A

A business should make judgements free from. Discrimination and dishonesty

tenders should be awarded to a business that
has satisfied the minimum requirements of the tender
proposal and who is the best from the submitted
applications.

32
Q

What is the difference between accountability and responsibility

A

Responsibility can be shared while accountability cannot

33
Q

What are business ethics

A

the study of how personal values and principles are applied in a business situation.

34
Q

What some ethical issues in the corporate world

A

Employee conflict of interest, inappropriate gifts, sexual harassment, unauthorised use of funds, insider trading, Piracy, Counterfeiting and Bootlegging, tax evasion.

35
Q

What is inappropriate gifs

A

Gifts given to a potential decision-maker with the intention of swinging his/her decision.Could also be a manager giving married female employee jewellery or perfume.

36
Q

What is sexual harassment

A

unwelcomed, uninvited sexual advances, both verbal and physical.May also include explicit comments,signs, innuendos, phone calls, emails, SMS’s or any other act that makes the recipient feel uncomfortable

37
Q

What is unauthorised sue of funds

A

fraudulentinvoices/payments,forged signatures,skimming accounts

38
Q

What is insider trading

A

illegal practice of buying and selling shares on the stock markets with the advantage of having ‘insider’ access to confidential information.

39
Q

What is piracy

A

unauthorised and illegal duplication of products protected by patents or copyrights

40
Q

What is counterfeiting and bootlegging

A

Counterfeiting is the act of copying someone else’s work to pass it off as an original. Example, creating a fake Nike
Bootlegging is the illegal distribution of a product. Example a shebeen that does not have a liquor licence.

41
Q

What are benefits of implementing ethical programs

A
  • helps a business stay within boundaries of the law
  • ethical codes improve teamwork and productivity
  • clear codes make employees feel secure in what is acceptable and what is not
  • a sense of trust is built.
42
Q

What are the levels of business ethics

A
  • Individual level
  • organisational level
  • professional level
  • societal level
  • international level
43
Q

What is business ethics on an individual level

A

To cheat on an expense account, accepting a bribe, plagiarism,

44
Q

What is business ethics on an organisational level

A

Asking an employee to perform an unethical act, pressure staff to commit fraudulent activities.

45
Q

What is business ethics on a societal level

A

values, laws and norms differ in each society.
o Moral Relativism: what is right for you may not be right for me. Morality differs from culture to
culture.
o Moral absolutism: all actions are intrinsically(naturally) right or wrong. Eg. Murder, stealing

46
Q

What is business ethics on a professional level

A

business ethics laid down in Code of Conduct. Examples:medical doctor risking life of patient to favour Pharmaceutical Company;lawyer offering plea bargain for benefit of his/her career rather than interest of client.

47
Q

What is business ethics on an international level

A

economicsanctionsagainstcountriessuchNorthKorea,Russia. Companies that are involved with countries who practice child labour and other human rights violations.

Business (16 decks)

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