ETHICS and SOCIAL RESPONSIBILITY

Question 1

a set of moral principles that govern decisions and actions. To act ethically is to behave in ways that are in keeping with certain values.

Answer 1

Ethics

Question 2

are values that are shared by all
cultures throughout history.

Answer 2

Universal Values

Question 3

are moral principles applied to
business issues and actions.

Answer 3

Business Ethics

Question 4

Three practical reasons why you should practice business
ethics:

Answer 4

 Customers are more confident when buying goods and
services from an ethical company.
 An ethical workplace motivates employees.
 Ethical behavior also prevents legal problems.

Question 5

The main reason for behaving ethically, in business or in any
area of life is simply that _______.

Answer 5

it’s the right thing to do

Question 6

establish a strong foundation for society and are also a good basis for running your business.

Answer 6

Universal Values

Question 7

companies try to create ________, or openness and accountability in business decisions and actions.

Answer 7

transparency

Question 8

is a term for someone who reports
illegal or unethical conduct to superiors or to the public.

Answer 8

Whistle-blower

Question 9

describes a business’s moral philosophy and gives concrete guidelines for carrying it out.

Answer 9

Code of Ethics

Question 10

is artistic and industrial creations of the mind.

Answer 10

Intellectual Property

Question 11

is the exclusive right to perform, display, copy, or distribute an artistic work.

Answer 11

Copyright

Question 12

is the exclusive right to make, use, or sell a device or process.

Answer 12

Patent

Question 13

is a symbol that indicates that the use of a brand or brand name is legally protected and cannot be used by other businesses.

Answer 13

Trademark

Question 14

exists when personal considerations and professional obligations interfere with each other.

Answer 14

Conflict of Interest

Question 15

involves respecting the privacy of others.

Answer 15

Confidentiality

Question 16

means that businesses act in ways that balance profit and growth with the good of society.

Answer 16

Corporate Social Responsibility

Question 17

often translates into profits. This advantage for business is sometimes described as “doing well by doing good.”l

Answer 17

Corporate Social Responsibility

Question 18

One type of socially-responsible corporate behavior is _________, which means buying from suppliers who provide safe working conditions and respect workers’ rights.

Answer 18

Ethical Sourcing

Question 19

To an environmentalist, “green” means protecting ________.

Answer 19

Natural Resources

Question 20

To an entrepreneur, being “green” means ______.

Answer 20

Money

Question 21

meet the planet’s current needs while preserving resources for
future generations.

Answer 21

Sustainable Design

Question 22

Researchers are working to make
fossil-fuel alternatives such as solar, wind, and hydrogen power more efficient.

Answer 22

Alternative Energy

Question 23

produce, grains, and meats make up
a small but steadily growing segment of the food market.

Answer 23

Organics

Question 24

This is a way of doing business based on principles of social and environmental responsibility and
promoting sustainable growth.

Answer 24

Fair Trade

Question 25

efficient workplace saves money and can draw customers.

Answer 25

Creating an Energy

Question 26

Five ways that a business can lower its expenses, while also helping the environment include:

Answer 26

 Getting into the recycling loop.
 Doing business electronically.
 Buying supplies in bulk.
 Replacing incandescent light bulbs with fluorescent ones.
 Using environmentally friendly transportation.

Question 27

disadvantaged and needy people, either for financial gain or because “It’s the right thing to do.”

Answer 27

Business support

Question 28

is a partnership between a business and a nonprofit group for the benefit of both. It increases sales for the business and raises money and
awareness for the nonprofit group.

Answer 28

Cause-related Marketing

Question 29

is when a business sponsors a community event or service in exchange for advertising.

Answer 29

Sponsorship

Question 30

a business makes it easier for
customers to contribute to a cause.

Answer 30

Facilitated giving

Question 31

occurs when business leaders donate money and other resources for socially beneficial causes.

Answer 31

Philanthropy

Question 32

is the gift of a good or service.

Answer 32

In-Kind Donation