Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Procurement > MODULE 6 > Flashcards

MODULE 6 Flashcards

1
Q

True or false: Ethics refers to standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

True or false: Ethics is an exact science with absolute principles that do not change with time, place or situation.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

True or false: In the past, it was ethical to keep food testers who ate the food prepared for the king before it was offered to him to find out if it was poisoned.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

True or false: Ethics is the study of moral decisions that are made by us in the course of performance of our duties.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

True or false: Ethics is not concerned with truth and justice, only with social responsibilities and corporate behavior.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

True or false: Business ethics is simply the application of legal norms to business.
Answer: False

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

True or false: ‘Code of conduct’ is a set of principles and expectations that are not considered binding on any person who is a member of a particular group.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

True or false: Business ethics comprises the principles and standards that guide behavior in the conduct of business.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

True or false: Businesses do not need to balance their desire to maximize profits against the needs of stakeholders.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

True or false: Business ethics deals with norms relating to a company and its employees, suppliers, customers, and neighbors, but not its fiduciary responsibility to its shareholders.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

True or false: Ethical problems and phenomena only arise in specific functional areas of companies, not across all areas.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

True or false: Compliance is solely motivated by a desire to avoid being caught, rather than a genuine commitment to abiding by the law.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

True or false: An ethical climate in an organization ensures that compliance with the law is driven by a desire to abide by the laws, not just fear of being caught.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

True or false: Organizations that value high ethics only comply with the laws to the extent that is stipulated or expected of them.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

True or false: Compliance with the law is not influenced by ethical considerations within an organization.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

True or false: Companies and employees in finance are not confronted with ethical issues.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

True or false: In accounting, ethical issues may arise from window dressing and misleading financial analysis.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

True or false: Related party transactions must always be conducted at arm’s length to avoid ethical issues.

A

TRUE

19
Q

True or false: Insider trading and securities fraud are not considered ethical issues in finance.

A

FALSE

20
Q

True or false: Executive compensation is not an area where ethical issues may arise in finance.

A

FALSE

21
Q

True or false: Bribery, kickbacks, overbilling of expenses, and facilitation payments are not considered ethical issues in finance.

A

FALSE

22
Q

True or false: Fake reimbursements are not an area where ethical issues may arise in finance.

A

FALSE

23
Q

True or false: Business ethics is a recent concept.

A

FALSE

24
Q

True or false: Business ethics is concerned with human aspect.

A

TRUE

25
Q

True or false: The principles of ethics do not contribute to personal dignity.

A

FALSE

26
Q

True or false: Business ethics is only concerned with the conduct and behaviour of businessmen.

A

FALSE

27
Q

True or false: Goals and means in business should be based on morals.

A

TRUE

28
Q

True or false: Business ethics has no relation to social responsibility.

A

FALSE

29
Q

True or false: Ethics is subordinate to law in decision-making.

A

FALSE

30
Q

True or false: The Code of Business Conduct only applies to the Board and senior management of a company.

A

FALSE

31
Q

True or false: The Code of Conduct for each company summarizes its philosophy of doing business.

A

TRUE

32
Q

True or false: The Code of Conduct may include Company values, avoidance of conflict of interest, and compliance with applicable laws, rules, and regulations.

A

TRUE

33
Q

True or false: The Code of Conduct prohibits Directors and senior management from taking corporate opportunities for themselves or their families.

A

TRUE

34
Q

True or false: The Code of Conduct does not require an annual review by the Board.

A

FALSE

35
Q

True or false: The Code of Conduct includes standards of business conduct for Company’s customers, communities, suppliers, shareholders, competitors, and employees.

A

TRUE

36
Q

True or false: Unlawful agreements and offering or receiving monetary or other inducements are acceptable under the Code of Conduct.

A

FALSE

37
Q

True or false: The Code of Conduct does not cover disciplinary actions.

A

FALSE

38
Q

True or false: The principle of contributing to society and human well-being affirms an obligation to protect fundamental human rights.

A

TRUE

39
Q

True or false: The principle of contributing to society and human well-being requires respecting the diversity of all cultures.

A

TRUE

40
Q

True or false: The principle of contributing to society and human well-being includes ensuring that the products of our efforts will be used in socially responsible ways.

A

TRUE

41
Q

True or false: The principle of contributing to society and human well-being excludes any consideration for the health and welfare of others.

A

FALSE

42
Q

True or false: Human well-being includes a safe natural environment.

A

TRUE

43
Q

True or false: Those accountable for the design, development, manufacture, and promotion of company’s products have no responsibility for potential damage to the local or global environment.

A

FALSE

Procurement (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions