MODULE 6 Flashcards
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.
TRUE
True or false: Ethics is an exact science with absolute principles that do not change with time, place or situation.
FALSE
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.
TRUE
True or false: Ethics is the study of moral decisions that are made by us in the course of performance of our duties.
TRUE
True or false: Ethics is not concerned with truth and justice, only with social responsibilities and corporate behavior.
FALSE
True or false: Business ethics is simply the application of legal norms to business.
Answer: False
FALSE
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.
FALSE
True or false: Business ethics comprises the principles and standards that guide behavior in the conduct of business.
TRUE
True or false: Businesses do not need to balance their desire to maximize profits against the needs of stakeholders.
FALSE
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.
FALSE
True or false: Ethical problems and phenomena only arise in specific functional areas of companies, not across all areas.
FALSE
True or false: Compliance is solely motivated by a desire to avoid being caught, rather than a genuine commitment to abiding by the law.
FALSE
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.
TRUE
True or false: Organizations that value high ethics only comply with the laws to the extent that is stipulated or expected of them.
FALSE
True or false: Compliance with the law is not influenced by ethical considerations within an organization.
FALSE
True or false: Companies and employees in finance are not confronted with ethical issues.
FALSE
True or false: In accounting, ethical issues may arise from window dressing and misleading financial analysis.
TRUE
True or false: Related party transactions must always be conducted at arm’s length to avoid ethical issues.
TRUE
True or false: Insider trading and securities fraud are not considered ethical issues in finance.
FALSE
True or false: Executive compensation is not an area where ethical issues may arise in finance.
FALSE
True or false: Bribery, kickbacks, overbilling of expenses, and facilitation payments are not considered ethical issues in finance.
FALSE
True or false: Fake reimbursements are not an area where ethical issues may arise in finance.
FALSE
True or false: Business ethics is a recent concept.
FALSE
True or false: Business ethics is concerned with human aspect.
TRUE
True or false: The principles of ethics do not contribute to personal dignity.
FALSE
True or false: Business ethics is only concerned with the conduct and behaviour of businessmen.
FALSE
True or false: Goals and means in business should be based on morals.
TRUE
True or false: Business ethics has no relation to social responsibility.
FALSE
True or false: Ethics is subordinate to law in decision-making.
FALSE
True or false: The Code of Business Conduct only applies to the Board and senior management of a company.
FALSE
True or false: The Code of Conduct for each company summarizes its philosophy of doing business.
TRUE
True or false: The Code of Conduct may include Company values, avoidance of conflict of interest, and compliance with applicable laws, rules, and regulations.
TRUE
True or false: The Code of Conduct prohibits Directors and senior management from taking corporate opportunities for themselves or their families.
TRUE
True or false: The Code of Conduct does not require an annual review by the Board.
FALSE
True or false: The Code of Conduct includes standards of business conduct for Company’s customers, communities, suppliers, shareholders, competitors, and employees.
TRUE
True or false: Unlawful agreements and offering or receiving monetary or other inducements are acceptable under the Code of Conduct.
FALSE
True or false: The Code of Conduct does not cover disciplinary actions.
FALSE
True or false: The principle of contributing to society and human well-being affirms an obligation to protect fundamental human rights.
TRUE
True or false: The principle of contributing to society and human well-being requires respecting the diversity of all cultures.
TRUE
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.
TRUE
True or false: The principle of contributing to society and human well-being excludes any consideration for the health and welfare of others.
FALSE
True or false: Human well-being includes a safe natural environment.
TRUE
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.
FALSE
