Professionalism And Ethics Flashcards
What are business ethics?
How personal values and principles are applied in a business situation
What are the benefits of implementing ethical programs?
- help business stay within boundaries of law
- improve team work and productivity
- enhance ethical culture in business
What are the levels of business ethics?
- individual: accepting a bribe
- organisational: asking an employee to perform an unethical act
- professional: business ethics laid down in code of conduct
- societal: values, norms and laws differ
- moral relativism: what is right for you may not be right for them
- international: sanctions against unethical countries
What is the difference between the code of conduct and code of ethics?
The code of ethics is a set of principles based on morals and values by which a company makes decisions (how decisions are made ) whereas the code of conduct is a set of rules and regulations that explain appropriate behaviour in specific situations (how employees must act)
What is conflict of interest?
When’s a persons personal interests compromise their judgment
What are inappropriate gifts?
Gifts given to a potential decision-maker with the intention of swinging their decision
What is sexual harassment?
Unwelcomed, uninvited sexual advances both physical and verbal
What is unauthorised use of funds?
Fraudulent invoices/payments, forged signatures, skimming accounts
What is affirmative action?
Attempt to rectify past moral injustices in order to heal. It is viewed as reverse discrimination
What is insider trading?
Illegal practice of buying and selling shares on the stock markets with the advantage of having access to confidential information
What is piracy?
Unauthorised and illegal duplication of products protected by patents or copyrights
What is counterfeiting?
The act of coping someone else’s work to pass it off as an original
What is bootlegging?
The illegal distribution of a product
What is unethical advertising?
Manipulating the basest of human emotions and use manipulation to prey on customers
What is tax evasion?
Lying about income to pay little to no tax
