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Ethics Final Exam > Ethics Final Exam > Flashcards

Ethics Final Exam Flashcards

1
Q

Corporate Governance

A

process of making and enforcing decisions with an organization or society

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2
Q

Principle and agent

A

This refers to the relationship where one party (the principal) delegates work to another (the agent), who performs that work. Example: A shareholder (principal) delegates the management of the company to a CEO (agent).

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3
Q

Problem with Principle and agent

A

separation of control (management) and ownership (Shareholders) gives to the principal-agent problem

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4
Q

Resolution of the principle agent problem

A

Two responses
- To monitor
- To control
How do these operate
Workplace surveillance, reporting requirements
Direction incentives and limitation

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5
Q

Internal Controls

A

Processes and procedures implemented to ensure the integrity of financial and accounting information. Example: Regular audits to prevent fraud.

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6
Q

External Controls

A

Mechanisms put in place by external bodies to ensure that an organization meets certain standards. Example: Government regulations that ensure companies report their finances accurately.

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7
Q

Stakeholder theory

A

business is not about producing value for shareholders

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8
Q

Triple bottom line accounting

A

a measure that accounts for an organization’s results in terms of its effects on people, planet, and profits

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9
Q

De Jure Value system

A

a legal concept used to refer to what happens in reality or in practice

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10
Q

De facto Value system

A

what is actually notated in legal code

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11
Q

Code of Conduct

A

clearly defined rules (speed limit)

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12
Q

Code of Ethics

A

guide of principles designed to help professionals conduct business honestly and with integrity

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13
Q

Conduct

A

what action should i take

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14
Q

Ethics

A

what kind of person should i be

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15
Q

Code of Conduct Advantages

A

It gives employees structure and helps them understand what’s expected of them
It reassures team members that you will respond appropriately to poor conduct.
Helps with legal problems

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16
Q

Disadvantages

A

Difficult to enforce
Creates fear and poor working conditions
Lack of trust with employees

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17
Q

Ethical Empowerment

A

Focuses the professional on diffusing the barriers that stand in the way of doing good and developing the skills to do even more good

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18
Q

General Statement of Values and Guiding Principles

A

An organization commits itself to ethical principles as a foundation for how it will operate

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19
Q

Competence and Professional Standards

A

Professions is an enterprise that is socially justified
Adopting and following code helps to support professionalization of business by taking greater responsibility within society for effects produced within society

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20
Q

Corporate Social Responsibility

A

self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public

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21
Q

Employers Obligations

A

Employers have legal obligations to ensure workplace safety
New workers under 25 are at least three times more likely than other workers to experience a significant workplace injury in first month of employment
Lack of experience and not asking questions about safety

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22
Q

Why is a safe workplace the employers responsibility

A

Employers have a legal obligation to ensure workplace fairness

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23
Q

Section 15 -1

A

Every individual is equal before and under the law has the right to equal protection and equal benefit

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24
Q

Section 15-2

A

aimed at enabling government action intended to combat discrimination proactively through affirmative measures

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25
Q

Fairness

A

idea of equality behind anti discrimination laws, equal opportunity & affirmative action is fairness

26
Q

Equality

A

everybody gets the same treatment

27
Q

Equity

A

everybody gets the treatment they require to participate fairly

28
Q

Commendable (benign

A

picking the best trained person with necessary abilities

29
Q

Invidious

A

obnoxious but tolerable - Female workers organization a lunchtime discussion group and communicate that males are not welcome

30
Q

Direct Discrimination

A

intentional, intolerable discrimination
No hiring someone based off their religion

31
Q

Indirect Discrimination

A

unintentional, intolerable discrimination
A policy that workers in a retail store must have heads uncovered

32
Q

Glass Ceiling

A

Invisible barrier blocking progression of people within a business

33
Q

Broken Rung

A

Managers tend to intentionally discriminate/unintentional against women and visible minorities in giving early career promotions
Men get promoted based on potential and women get promoted based on achievement

34
Q

Susan Pinker

A

suggests the gender wage gap is produced by female workers choice

35
Q

Prejudice affect on business

A

Prejudices obscure respect for persons and limit business capacity to access their abilities

36
Q

Foreign Corrupt Practices Act 1977

A

US firms cant make payments to foreign governments

37
Q

Ethics as an Export

A

Companies bring new skills and processes to foreign countries

38
Q

Richard de George

A

Do not do international harm
Benefit the host country/people
Respect values, cultures, laws of host country
corporations should not exploit labor in developing countries even if it is considered legal in that country.

39
Q

Localization

A

the process of making something local in character or restricting it to a particular place

40
Q

Benefits of Globalization of Ethical Values

A

Corporations are capable of conferring and enjoying political benefits
They might decide to challenge relative values while respecting absolute values
Whisper india touch the pickle campaign

41
Q

Business and Human Rights

A

Respect for Human Rights is necessary cost
Human rights are not cost free
Require removal of negative externalities
Donaldson: the firm cannot be the cause of deprivation
Companies are not obligated to aid the deprived

42
Q

Donaldson

A

fitness affordability test
Firms should not be expected to do more than they can reasonably afford
But they cannot ethically use lack of affordability as an excuse

43
Q

Double standard

A

De George: same standards are not always applicable to entrepreneurs and MNCs in international business
One cannot do what is not within one’s control

44
Q

International, Voluntary Initiatives

A

Global sullivan principle, UN Global Impact, Cauz Round Table, Transparency International

45
Q

Whose Probability

A

Where, and upon whom, the costs of harm fall, is a matter of justice

46
Q

Tragedy of Commons

A

an economic problem where the individual consumes a resource at the expense of society

47
Q

Science or Ideology

A

If evidence we might base our decisions on is incomplete or inconclusive

48
Q

CERES Principles

A

Natural resources, reduce waste, conserve energy, restore environments, audits of environmental initiative

49
Q

Shareholder activism

A

a way that shareholders can influence a corporation’s behavior by exercising their rights as partial owners

50
Q

Accountability

A

refers to what happens after something has happened. Accountability is therefore concerned with the consequences of someone’s actions, rather than their initial duty to carry these actions out.

51
Q

Responsibility

A

A duty or task that you are required or expected to do.

52
Q

Codes of conduct

A

a written collection of rules, principles, values, expectations, and behavior that a company considers fundamental to their success

53
Q

Codes of ethics

A

an organization’s ethical guidelines and best practices to follow for honesty, integrity, and professionalism.

54
Q

Precautionary principle

A

enables decision-makers to adopt precautionary measures when scientific evidence about an environmental or human health hazard is uncertain and the stakes are high

55
Q

Harassment

A

a form of discrimination. It includes any unwanted physical or verbal behaviour that offends or humiliates you. Generally, harassment is a behaviour that persists over time.

56
Q

Board of directors

A

A group of people that provides expertise for a company or organization. The board of directors offers high-level overall direction and strategy for the organization and protects the financial interests of investors.

57
Q

Corporate citizenship

A

refers to a company’s responsibilities toward society

58
Q

US federal sentencing guidelines

A

A set of rules that set out a uniform sentencing policy for individuals and corporations convicted of felonies and serious misdemeanors in the United States.

59
Q

Define public roles ethics and private roles ethics

A

public sector organizations have a duty to the public, while private companies only have a duty to their shareholders.

60
Q

Explain the different between public role and private role ethics

A

Public ethics refers to the ethical principles and standards that guide the behavior of individuals and organizations in their interactions with the public or society at large. This can include ethical considerations in government, public service, corporate governance, and other areas where the actions of individuals or organizations have an impact on the broader public. Public ethics often involve issues of transparency, accountability, and the responsible use of power and resources.

Private ethics, on the other hand, pertain to the ethical principles and standards that govern personal behavior and decision-making in individual or private settings. This can encompass ethical considerations in personal relationships, family life, and interactions within private organizations or social groups

Ethics Final Exam (2 decks)

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