Unit 1 - Ethical Business Principles (15) Flashcards

1
Q

Code of ethics should reflect

A

Ethical business principles.

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

Ethics in business refers to

A

Principles and standards that guide its conduct.

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

Business ethics determines

A

the manner whereby it conducts its internal relations and how it interacts with third parties.

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

Goal of business ethics is to

A

Help managers decide what’s right and wrong and how to achieve the right and avoid the wrong.

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

Businesses must develop a set of

A

Values and morals for its management and employees based on generally accepted behaviour and organisation values. These values are stated in the code of ethics.

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

Business principles addressed in code of ethics

A

Integrity
Professionalism
Objectivity
Diligence
Competence
Accountability
Service delivery
Transparency
Fairness

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

Integrity

A

Probably the most important because it influences the entire culture and image of a business. Integrity implies honesty, fairness, ethics and moral character. It means doing the right thing even if you don’t gain personally from it. It includes sincerity, keeping your word and agreements, truthfulness and justice.

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

Professionalism

A

Includes attitude, communication, the way you work, view yourself and the people you work with.

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

Objectivity

A

Involves trying to reduce bias, prejudice or subjective evaluations by relying on verifiable data.

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

Transparency

A

Implies openness, communication & accountability. Means operating in a way that it is easy for others to see what actions are performed.

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

Service delivery

A

Main goal should be to deliver products or services of a high quality to their customers. Deliver what they promised when they promised it.

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

Diligence

A

Paying proper attention to a task and being very thorough. Hard and persistent effort when doing a task. This influences the productivity and the profitability of the business.

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

Competence

A

Ability to do job properly. Promise from business that their employees have the necessary skills, knowledge & experience.

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

Accountability

A

Is the obligation to account for its activities, accept responsibility and disclose results in a transparent manner.

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

Fairness

A

Means being just to all parties, impartial and free of favouritism.

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