Quiz 3 (Class 6)

Question 1

the best way to develop a stellar ethical reputation

Answer 1

forthrightness in appropriately managing conflicts

Question 2

fastest way to impugn your reputation

Answer 2

abusing power for your own benefit

Question 3

most frequently excused dilemma in business world

Answer 3

conflict of interest

Question 4

_____ of wrongdoing matters

Answer 4

perception

Question 5

pitfalls of conflict of interest

Answer 5

not recognizing the conflict
running/hiding from the conflict
assuming disclosure is enough
pretending objectivity

Question 6

how to plan ahead for conflicts of interest (5)

Answer 6

recognize the obligations you owe
give yourself some credit
acknowledge trade-offs, watch out for nepotism
develop a system of training and reporting

Question 7

3 strategies for strengthening your ethical code

Answer 7

1. make your moral standards unambiguous
2. be the one to break the chain or maltreatment
3. don’t water down your moral standards based on circumstantial factors

Question 8

core competencies

Answer 8

the root system that provides stability and nourishment to a company

Question 9

what do core competencies provide

Answer 9

1. provide access to a wide variety of products
2. contribute to benefit of the product as seen by the product
3. hard for competitors to imitate

Question 10

knowledge fades if …

Answer 10

its not used

Question 11

with power comes…

Answer 11

opportunity for inappropriate gain

Question 12

__________ are inevitable in personal and professional life

Answer 12

conflicts of interest

Question 13

what is key to avoid a conflict of interest

Answer 13

priority and balance

Question 14

T/F it is enough to acknowledge the pitfalls of conflict of interest

Answer 14

false, you have to also manage them