Pt 3: Ch 5-6

Question 1

ethics

Answer 1

the conception of right and wrong conduct that tells us whether our behavior is moral or immoral. It deals w/fundamental human relationships: how we think and behave toward others

Question 2

ethical principles

Answer 2

guides to moral behavior

Question 3

ethical relativism

Answer 3

holds that ethical principles should be defined in the context of various periods in history, a society’s traditions, the special circumstances of the moment, or personal opinion

Question 4

business ethics

Answer 4

the application of general ethical ideas to business behavior

Question 5

ethical egoist

Answer 5

a manager or employee who puts his/her own self-interest above all other consideration

Question 6

conflict of interest

Answer 6

occurs when a person’s self-interest conflicts w/acting in the best interest of another, when the person has an obligation to do so

Question 7

virtue ethics

Answer 7

focuses on character traits that a good person should possess, theorizing that these values will direct the person toward good behavior

Question 8

stages of moral development

Answer 8

people have different personal history and have developed their values, character and spiritually in different ways, they are going to think differently about ethical problems

Question 9

utilitarian reasoning

Answer 9

the overall amount of good that can be produced by an action or a decision (aka: cost-benefit analysis)

Question 10

human rights

Answer 10

most basic are: the right to life, safety, free speech, freedom, to be informed, due process, property and others

Question 11

noisy withdrawal

Answer 11

when a lawyer sees evidence of a client company’s committing a material securities law violation and is unable to get the company’s board to stop it, the lawyer must quit and inform the SEC that the resignation is for professional consideration

Question 12

corporate culture

Answer 12

“the way we do things around here” a blend of ideas, customs, traditional practices, company values and shared meanings that help define normal behavior for everyone who works in a company.

Question 13

ethical climate

Answer 13

the unspoken understanding among employees of what is and is not acceptable behavior

Question 14

US Foreign Corrupt Practices Act

Answer 14

act prohibits from paying bribes to foreign govt officials, political parties or candidates