MASTERY TEST Flashcards
defined as the practice of what is
morally and ethically right in the
conduct of business in the
workplace
Business Ethics
DOING WHAT IS RIGHT
Business Ethics
all members of the business
should practice ethical standards
that would morally uphold the
organization and sustain its
credibility at all times
Business Ethics
Level of Business Ethics
- Macro
- Corporate
- Individual
represents the business operations bound by virtues and norms of society
Macro
Business owners and managers must be aware of how these
pressures affect operations and relationships, and how they may
impact on markets locally, nationally and internationally
Macro
represents how each company interprets the rules and
standards of the industry.
Corporate
corporate ethics Is related to the implementation of corporate
strategies
Corporate
Business ethics can help the company respond to changing
pressures effectively
Corporate
can help the company respond to changing
pressures effectively
Business ethics
__________AND _________ must be aware of how these
pressures affect operations and relationships, and how they may
impact on markets locally, nationally and internationally
Business owners and managers
Is related to the implementation of corporate
strategies
CORPORATE ETHICS
is the employee’s own moral principles that guide his/her own
life
Individual
when an employee enters an organization, he/she has to
reconcile his/her own personal convitions on ethics with the
organization’s moral and ethical standards.
Individual
Form of Business Organizations
- Sole Proprietorship
- Partnership
- Corporation
Role of Business in
Society
- Businessmen
- Business owners
are also responsible to maintain a
conducive and ideal place of work where employees spend
most of their waking hour
Businessmen
are also responsible to maintain a
conducive and ideal place of work where employees spend
most of their waking hour
Business owners
Key Takeaways
Business DOES NOT
ONLY serve cutomers
but also the
- stakeholders
- employees
- suppliers
- distributors
- investors
- society where it operates
provide the ethical standards in the workplace. helps establish credibility and good image in the organization. attracts customers and applicants
BUSINESS ETHICS
CORE PRINCIPLES OF BUSINESS ETHICS
THERE ARE 12 PRINCIPLES THAT GOVERN BUSINESS ETHICS:
- honesty
- integrity
- keeping promises
- loyalty
- fairness
- caring
- obedience to the law
- excellence
- respect
- being a leader
- morale
- accountability
UNETHICAL BUSINESS PRACTICES
- Accounting Manipulations
- Overbilling
- Misleading Advertisements
- Making False Claims
- Customer Service Failures
- Layoff and High Executive Compensation
- Poor-Quality Material
GOOD POLICIES & ETHICAL PRACTICES IN BUSINESS ORGANIZATIONS
- Business Organizations should comply with reportial requirements mandated by government agencies for ethical practices.
- Practice proper office decorum.
- Be sensitive to smells and scents which may be unpleasant to the employees.
- Company property are for business purposes and not for personal use.
- Employees should always act in the best interest of their employers.
- All financial and accounting records should be accurate, reliable, and truthful.
COMPONENTS OF A CODE OF ETHICS
- Values
- Principles
- Management Support
- Personal Responsibility
- Compliance
