Ethics, Sustainability And CSR

Question 1

Sustainability

Answer 1

Economic development that meets the needs of the present without compromising the ability of the future generations to meet their own needs

Question 2

Management process

Answer 2

Four management functions: planning, organising, leading and controlling (POLC)

Question 3

Ethical dilemma

Answer 3

A situation in which you have to decide whether to pursue a course of action that may benefit you or your organisation but that is unethical or even illegal

Question 4

Value system

Answer 4

The pattern of values within an organisation

Question 5

Ethical behaviour

Answer 5

Behaviour that is accepted as ‘right’ or ‘wrong’ according to those standards

Question 6

Value systems

Answer 6

The relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behaviour

Question 7

Utilitarian approach

Answer 7

Guided by what will result in the greatest good for the greatest number of people

Question 8

Individual approach

Answer 8

Guided by what will result in the individual’s long-term interests, which ultimately are in everyone’s self-interest

Question 9

Moral right’s approach

Answer 9

Guided by respect for the fundamental rights of human beings

Question 10

Justice approach

Answer 10

Guided by respect for impartial standards of fairness and equity

Question 11

White-collar crime

Answer 11

Is committed in the course of employment, involves the abuse of an occupational role and generally involves people in well-remunerated office jobs that hold some form of management responsibility

Question 12

Insider trading

Answer 12

The illegal trading of a company’s stock by people using confidential company information

Question 13

Ponzi scheme

Answer 13

Using cash from newer investors to pay off older ones e.g Madoff who was sentenced to 150 years in prison following $50 million Ponzi scheme

Question 14

Sarbanes-Oxley Act of 2002 (SarbOx)

Answer 14

Established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for non-compliance

Question 15

Ethical climate

Answer 15

Represents employees’ perceptions about the extent to which work environments support ethical behaviour

Question 16

Code of ethics

Answer 16

A formal written set of ethical standards guiding an organisation’s actions

Question 17

Whistle-blower

Answer 17

An employee who reports organisational misconduct to the public

Question 18

Social responsibility

Answer 18

A manager’s duty to take actions that will benefit the interests of society as well as of the organisation

Question 19

Corporate social responsibility (CSR)

Answer 19

The notion that corporations are expected to go above and beyond following the law and making a profit

Question 20

Philanthropy

Answer 20

Making charitable donations to benefit humankind

Question 21

Sustainability

Answer 21

Economic development that meets the needs of the present without compromising the ability of the future generations to meet their own needs

Question 22

Shared value

Answer 22

Encourages businesses to recognise a virtuous cycle of good behaviour and mutual self-interest is possible