Module 1: Ethics AND LEGAL FORMS Flashcards
Which of the following is part of the pyramid of social responsibility?
philanthropy
economic responsibility to make a profit
both
Which of the following would be stakeholders for a manufacturer of agricultural pesticides?
- the farmers who buy the products
- people who live in the community in which the plant is located
- employees of the plant
all of the above
Resurrection Parish, La., has no leash laws and owners are allowed to let their dogs run free. However, Milly, a dog owner, always keeps her dogs on leashes. She reasons that if everyone let their pets roam free, the Parish would be a less safe, friendly and rewarding place to live. Based on this, Milly followed which ethical approach?
kantian ethics
Mamma’s Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner’s inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:
Utilitarianism
A homebuilder who disposes of asbestos shingles by burying them on his own property may please the home owner because it is a less expensive means of disposal but will be punished by various legal agencies if any become aware of his crime. At which stage of the social responsibility pyramid is the builder most likely operating?
economic
Corporations have an ethical responsibility to its ________________
community
customers
Ethics is the study of what constitutes __________ behavior.
right or wrong
Karl Metzger plans to invest $5,000 in a partnership with his brother to produce and sell handcrafted violins, zithers, and other string instruments. Metzger does not plan to work in the business and wants no more liability than his investment. He should be a:
limited partner
A term that an owners is personally liable for all debts and acts of a business is ______ liability.
unlimited
Who owns a corporation?
its shareholders
The purchaser of a franchise is called the:
franchisee
A ____________ has both limited liability and single taxation.
limited liability company
What are ethics?
a set of moral standards for judging whether something is right or wrong.
What are the different ethical approaches?
- Justice
- Utilitarianism
- Kantian Ethics:
- Deontology
- Individual Rights
What is Justice?
what is fair according to prevailing standards of society.
What is Utilitarianism?
Ethical approach that stresses taking an action that does the greatest good for the greatest number.
What is Kantian Ethics?
look at an action in light off if everyone did the same thing.
What is Deontology?
The correct action is one that upholds one’s duty to other individuals and to society
What is Individual Rights?
Natural Rights: rights given to us by the Creator; rights we are born with. The Declaration of Independence mentions “life, liberty and the pursuit of happiness.”
How Corporations can affect Ethical
Conduct?
Lead by Example
• Offer Ethical Training Programs: develop an awareness of questionable business activities and practice appropriate responses.
Ethical Code
• provides employees with the knowledge of what their firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers.
What is Social Responsibility?
a concern for business of the welfare of society as a whole.
What are the 4 Pyramid of Corporate Social
Responsibility?
Economic responsibility:
• Legal Responsibility
• Ethical Responsibility:
• Philanthropic Responsibility
What is Economic responsibility?
Economic responsibility: the foundation of a business
What is Legal Responsibility?
The firm’s obligations to comply with the laws that regulate business activities.
