Ethics

Question 1

List the 4 pillars of Responsible Business:

Answer 1

Philanthropic Responsibilities
Ethical Responsibilities
Legal Responsibilities
Economic Responsibilities

Question 2

Ethics is concerned with answering the question:

Answer 2

“What should one do in order to be good?”

Question 3

What are morals?

Answer 3

• widely shared societal norms/rules about right and wrong – principles upon which you may base an ethical decision
  o E.g. always tell the truth

Question 4

Is the following statement values, morals, or ethics?

“I believe in honesty even if it does upset my friends sometimes”

Answer 4

Values

Question 5

Is the following statement values, morals, or ethics?

individual decisions about what is good or bad – 
recognises the specific context

Answer 5

Ethics

Question 6

3 words that describe Soft Law

Answer 6

standards, guidelines, recommendations

Question 7

What is ethics in business?

Answer 7

personal decisions on what is good or bad. Fail to be ethical and face societal sanctions – shame, reputational damage

Question 8

Basic purpose of a Codes of Ethics

Answer 8

Guides individuals on accepted behaviour in a business situation

Question 9

5 benefits of codes of ethics:

Answer 9

• Risk management
• Something to rely on or point to in justifying behaviour
• Reduces misunderstandings
• Helps employees in decision-making
• Promotes high standards