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Entrepreneurship > Ethics > Flashcards

Ethics Flashcards

1
Q

What is business ethics?

A

A specialized study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organizations and behaviour.

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2
Q

What are the three kinds of issues that business ethics investigates?

A

Systemic, corporate and individual issues

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3
Q

What are systemic issues?

A

Systemic issues concern the economic, political and other social systems within which businesses operate

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4
Q

What are corporate issues?

A

These issues deal with actions of corporate concerns or corporate citizens/ corporate issues are concerned with the issues and practices of a particular company

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5
Q

What are individual issues?

A

These are issues concerning particular individuals within companies.

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6
Q

Define professional ethics

A

The principles that regulate the conduct between professionals and other individuals or entities with whom they interact/This is a branch of ethics applicable to individual professions

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7
Q

Who is a professional?

A

A member of a reputable profession

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8
Q

What is morality?

A

The standard that an individual or group has about what is right and wrong.

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9
Q

Define moral responsibility

A

The duty that individuals and groups have to act in accordance with the moral principles that are important their social communities and to humanity at large.

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10
Q

What is a conflict of interest?

A

A situation which a person such as a public official, an employee, or a professional, has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties.

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11
Q

Outline the five step test for ethics.

A 
Is the decision legal?
Is the decision fair?
Does the decision hurt anyone?
Have I been honest with those affected? 
Can I live with my decision?
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12
Q

What are the seven typical conflicts of interest?

A 
Self-dealing
Accepting benefits
Influence peddling
Using employer's property for private advantage. 
Using confidential information
Moonlighting
Post employment activities
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13
Q

What is self dealing?

A

Self dealing is the conduct of a trustee, an attorney, a corporate officer, or other fiduciary that consists of taking advantage of his position in a transaction and acting for his own interests rather than for the interests of the beneficiaries o the trust, corporate shareholders, or his clients

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14
Q

What is meant by moonlighting?

A

Moonlighting means holding a second job outside of normal working hours.

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15
Q

What is influence peddling?

A

The illegal practice of using one’s influence in government or connections with persons in authority to obtain favours or preferential treatment for another, usually in return for payment.

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16
Q

As it relates to conflicts of interest, what is meant by accepting benefits?

A

This means giving or receiving gifts, entertainment or anything else of significant value for the purpose of influencing the actions of the recipient.

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17
Q

In the professional conduct of ethics/ conduct for engineers what does article 2 (1d) state?

A

A registered engineer shall at all times observe the code of professional conduct and maintain his integrity and encourage other engineers to do so.

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18
Q

What does article 2 (1c) of the professional code of ethics/conduct for engineers state?

A

A registered engineer shall at all times “expose without fear or favour before the proper tribunals, unprofessional or dishonest conduct by any other engineer.”

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19
Q

What does article 2 (2a) of the professional code of ethics/conduct for engineers state?

A

A registered engineer shall not knowingly employ, work with, or engage himself to any person or organization falsely purporting or advertising themselves to be engineers in a contravention of the Act.

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20
Q

What does article 8 (5) of the professional code of ethics/conduct of engineers state?

A

A breach by a registered engineer of any of these rules shall constitute misconduct in a professional respect and an engineer who commits such a breach shall be subject to any of the orders contained in section 19 of the Act.

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21
Q

What are some of the breaches recognized by the Act?

A

Fraudulent procurement of registration.
Dishonesty, negligence or incompetence.
Disgraceful or improper conduct in a professional respect.
Actively working as an engineer without a valid practicing certificate.

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22
Q

When there is a breach in the code of conduct, what are some disciplinary actions that are taken by the board.

A

Censure or reprimand
Suspend (no longer than 2 years)
Impose specific conditions
Cancel the registration

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23
Q

What are the duties of the disciplinary committee?

A

Investigates and hears evidence concerning conduct.
Report finds to the board
Make recommendations for appropriate action.

24
Q

State article 7 (1b) of professional code of conduct/engineer code of conduct.

A

A registered engineer shall, “before undertaking work in connection with which he may make improvements, plans, designs, inventions or other records which he may justify seeking copyrights, patents or proprietary rights, enter into a positive agreement regarding the rights of the respective parties.”

25
Q

What is ethics?

A

Ethics refers to issues of right, wrong, fairness and justice/The branch of philosophy that is concerned with the rules, guidelines and principles that underpin the decisions that people make in any given aspect of their lives.

26
Q

How do you know when you are in the midst of a conflict of interest?

A

If the situation is likely to interfere or appear to interfere with independent judgement that you are supposed to show as a professional in performing your official duties

27
Q

What are the 3 domains of human action?

A

Domain of codified law (legal standard)
Domain of ethics (social standard)
Domain of free choice (personal standard)

28
Q

Define the codified law of human behaviour

A

Values and standards are written into the legal system and enforceable in the courts. Here, lawmakers have rules that people and corporations must behave in a certain way, such as obtaining licenses for car or paying corporate taxes.

29
Q

Define free choice, in relation to the domains of human action.

A

It is at the opposite end of the scale, pertains to behaviour about which the law has no say and for which an individual or organization enjoys complete freedom.

30
Q

Define the domain of ethics, in relation to the domains of human action.

A

It has no specific laws, yet it does have standards of conduct based on shared principles and values about a moral conduct that guide an individual or company.

31
Q

What are the 4 ethical approaches that fall under normative ethics?

A

Utilitarian approach
Individualism approach
Moral-rights approach
Justice approach

32
Q

Define the utilitarian approach

A

Under this approach, a decision maker is expected to consider the effect of each decision in all parties and select the one that optimizes the satisfaction for the greatest number of people.

33
Q

Define the individualism approach

A

Acts are moral when they promote the individual’s best long-term interests, which ultimately leads to the greater good.

34
Q

What are the 6 moral rights that should be considered during decision-making?

A 
The right to free consent
The right to privacy 
The right to freedom of conscience
The right of free speech
The right to due process
The right to life and safety
35
Q

Define “the right of free consent”

A

Individuals are to be treated only as they knowingly and freely consent to be treated

36
Q

Define “the right to privacy”

A

Individuals can choose to do as they please away from work and have control of information about their private life.

37
Q

Define “the right to freedom of conscience”

A

Individuals may refrain from carrying out any order that violates their moral or religious norms

38
Q

Define “the right of free speech”

A

Individuals may criticize truthfully the ethics or legality of actions of others.

39
Q

Define “the right to due process”

A

Individuals have a right to an impartial hearing and fair treatment

40
Q

Define “the right to life and safety”

A

Individuals have a right to live without endangerment or violation of their health and safety

41
Q

Define the justice approach

A

The justice approach holds that moral decisions must be based on standards of equity, fairness and impartiality.

42
Q

What are the 3 types of justice?

A

Distributive justice
Procedural justice
Compensatory justice

43
Q

What is distributive justice?

A

This is justice that requires that different treatment of people not be based on arbitrary characteristics

44
Q

What is procedural justice?

A

Procedural justice requires that rules be administered fairly. Rules should be clearly stated and impartially enforced.

45
Q

What is compensatory justice?

A

Compensatory justice argues that individuals should be compensated for the cost of their injuries by the party responsible. Moreover, individuals should not be held responsible for matters over which they have no control.

46
Q

What is corporate social responsibility?

A

The obligation of organization management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization.

47
Q

What are the stages of moral development?

A

Pre-conventional
Conventional
Post-conventional

48
Q

Define the pre-conventional stage

A

Follows rules to avoid punishment. Acts in own interest. Obedience for its own sake.

49
Q

Define the conventional stage

A

Lives up to expectations of others. Fulfills duties and obligations of social system. Upholds laws

50
Q

Describe the post-conventional stage

A

Follows self-chosen principles of justice and right. Aware that people hold different values and seeks creative solutions to whi cal dilemmas. Balances concern for individual with concern for common good.

51
Q

Under the topic of organizational stakeholders, who are the members of special interest groups?

A

Trade associations, political action committees, professional associations and consumerists

52
Q

What are the different criteria of corporate social responsibility?

A 
Economic responsibility (be profitable)
Legal responsibility (obey the law)
Ethical responsibility (be ethical, do what is right, avoid harm)
Discretional responsibility (contribute to the community and quality of life)
53
Q

What is discretional responsibility?

A

It is purely voluntary and is guided by a company’s desire to make social contributions not mandated by economics, law or ethics. These activities generous philanthropic contributions that offer no payback to the company and are not expected.

54
Q

What is deontological ethics?

A

Ethics that bases its decision making on broad universal principles such as honesty, promise keeping, fairness, rights, justice and respect for persons and property.

55
Q

What are some internal components of CSR?

A

Governance and leadership, ethics, HR policies and practices, marketing, product responsibility, environmental impact.

56
Q

What are some external components of CSR?

A

Supply-chain management, philanthropy/donations, community development, government relations and public policy.

57
Q

What is corporate governance?

A

The means through which board and management o an organization facilitates the achievement of strategic objectives within a framework of appropriate controls.

Entrepreneurship (2 decks)

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