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Ethics Unit Test Flashcards

1
Q

Accounting scandal

A

A situation where companies or individuals are involved in illegal or dishonest practices in financial reporting to deceive others.

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2
Q

Assets

A

Thing of value that a person owns

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3
Q

Auditors

A

An accountant from outside the company who checks the financial records

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4
Q

Bank fraud

A

A crime involving the use of deception to steal money from a bank or its customers.

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5
Q

Code of ethics

A

A document that describes specifically how a companies employees should respond to different problems

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6
Q

Consumer fraud

A

Dishonest acts that trick customers into buying something through false information or deception.

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7
Q

Corporate social responsibility (CSR)

A

The idea that businesses should make decisions that benefit society and not just focus on profits.

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8
Q

Dilemma

A

A situation where a person faces a difficult choice between two equally unfavourable options.

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9
Q

Duty to accommodate

A

An employer’s obligation to take appropriate steps to eliminate discrimination against employees

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10
Q

Duty to report

A

An obligation to disclose all important information

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11
Q

Embezzlement

A

A type of accounting fraud in which accountant or senior executive invents phony and redirects money into them for personal gain

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12
Q

Ethical dilemma

A

A moral problem with a choice between potential right or wrong answers

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13
Q

Ethics

A

The principles of mortality and proper conduct that people or business use to guide their behavior

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14
Q

Fair trade

A

A trade policy aimed at giving fair prices and better working conditions for farmers and workers in developing countries.

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15
Q

Forensic accountant

A

An accountant who investigates legal and financial documents looking for evidence of tampering

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16
Q

Fraud

A

The crime of lying or pretending

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17
Q

Gender discrimination

A

Treating people unfairly based on their gender rather than their skills or qualifications.

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18
Q

Glass ceiling

A

Invisible barriers that prevent certain groups, especially women, from advancing in their careers.

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19
Q

Grassroots movement

A

A community-driven effort by people at a local level to bring about social or political change.

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20
Q

Harassment

A

Repeated, unwanted, and harmful behavior that can make someone feel uncomfortable or unsafe.

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21
Q

Insurance fraud

A

Lying to get a benefit or payment from an insurance company through false claims.

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22
Q

Insider trading

A

Illegal buying or selling of shares of a company based on confidential information that isn’t available to the public

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23
Q

Kyoto Protocol

A

An international agreement aimed at reducing greenhouse gas emissions to help combat climate change.

24
Q

Liabilities

A

A debt of the business

25
Mail fraud
Using postal services to carry out scams or deceptive practices.
26
Morals
A rule used to decide what is good or bad
27
OSHA (Occupational Safety and Health Administration)
A U.S. agency that enforces health and safety regulations in workplaces
28
Pay equity
The concept of paying employees fairly for the same work, regardless of gender or other differences.
29
Privacy laws
Rules that protect people's personal information and control how it can be used or shared
30
Pyramid scheme fraud
A scam where people make money by recruiting others to join, rather than selling a product.
31
Stock market fraud
Dishonest activities that deceive investors in order to make illegal profits in the stock market.
32
Telemarketing fraud
Using phone calls to deceive people into giving money or personal information.
33
Values
A personal or corporate belief about what is important
34
Welfare fraud
The decision of an employee to inform officials or the public about a legal or ethical violation
35
Whistle-blowing
When someone reports illegal or unethical actions within an organization.
36
Ethical Dilemmas
when an individual faces conflicting moral choices, requiring them to choose between two or more options, each with ethical implications.
37
Ethical Dilemmas examples
Common examples include: Choosing between honesty and loyalty. Balancing profit against environmental impact. Deciding whether to report a colleague’s misconduct.
38
Code of ethics
a formal document outlining the ethical standards and expectations for behaviour within an organization, guiding employees in decision-making.
39
How to solve ethical dilemmas
dentify the dilemma: Clearly define the ethical issue. Gather information: Understand the context and stakeholders involved. Consider options: Evaluate the possible courses of action. Make a decision: Choose the option that aligns best with ethical standards.
40
Types of unethical behaviour & their consequences
Fraud, discrimination, harassment, bribery. Consequences vary from Legal penalties, loss of reputation, decreased employee morale, financial losses.
41
6 corporate social responsibility principles
-Providing a safe and healthy work environment -Adopting fair labour practices/policies -Protecting the environment -Being truthful in advertising -Avoiding price discrimination -Donating to charity
42
Who is impacted by CSR?
CSR impacts various stakeholders, including employees, customers, communities, investors, and the environment.
43
Corporate Social Responsibility (CSR)
CSR is a business model that encourages companies to consider the social, environmental, and economic impacts of their operations, promoting ethical behaviour beyond profit-making.
44
Bank Fraud
A bank officer makes a fraudulent loan to a non-existent business and then pockets the money
45
Consumer fraud
A business that tricks customers into buying goods or services they don't need through unethical advertising claims
46
Contract fraud
A business are individual uses temptation such as bribes or kickbacks to create a contract
47
Insurance fraud
A business or individual falsely claims lost damaged or stolen property n order to receive insurance settlements
48
Mail fraud
An individual uses the postal services for fraudulent poses such as mailing phony job opportunities, chain letters or inheritance scams
49
Pyramid scheme fraud
A person participating in the scheme recruits them to receive more money than she or he invested in the scheme
50
Stock market fraud
An individual using insider trading or other techniques to buy and sell stocks at artificial values
51
Telemarketing fraud
A company uses high-pressure phone calls to get customers to buy now or to donate funds to bogus charitable causes
52
Welfare fraud
An individual receives benefits without being eligible.
53
Fair Trade
Fair Trade is a movement aimed at ensuring that producers in developing countries receive fair compensation and working conditions, promoting ethical consumerism.
54
Environmental Protection Act
Purpose: To regulate pollution and protect natural resources.
55
Consequences of frauds
legal, financial, reputational, and operational repercussions

Business (4 decks)

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