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Business Ethics > What Is Busness Ethics? > Flashcards

What Is Busness Ethics? Flashcards

1
Q

What are Business Ethics?

A

Business Ethics are the moral principles, policies, and values that govern the way businesses and individuals engage in business activity.

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2
Q

What is the purpose of Business Ethics?

A

The purpose of business ethics is to build trust between businesses and consumers.

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3
Q

Can you provide an example of Business Ethics in practice?

A

A portfolio manager treats all clients fairly, regardless of wealth, ensuring equal consideration and fairness.

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4
Q

When did the concept of business ethics begin?

A

The concept of Business ethics began in the 1960’s with rising awareness of corporate responsibility and social concerns.

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5
Q

How has the concept of business ethics evolved?

A

Since the 1960s, business ethics has evolved beyond just a moral code of right and wrong; it attempts to reconcile what companies must do legally vs. maintaining a competitive advantage over other businesses.

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6
Q

How do firms display business ethics?

A

Firms display business ethics in several ways, including being transparent, prioritizing customer needs, promoting workplace diversity, and respecting customer information.

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7
Q

What influences the application of business ethics?

A

The application of ethics depends on the personal values of the business owners.

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8
Q

How do ethics impact leadership selection in management?

A

When management chooses leaders, ethics play a huge role.

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9
Q

Who is ultimately liable for unethical practices in a firm?

A

The management is ultimately liable for any unethical practice conducted by an executive or employee.

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10
Q

What are some industry-specific guidelines that influence business ethics?

A

Industry-specific government guidelines for working conditions, product safety, statutory warning, and social responsibilities.

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11
Q

What happens if businesses fail to comply with societal norms?

A

They risk ruining brand image, reputation, and credibility.

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12
Q

What is a simple example of ethical business practice?

A

Avoiding plastic bags.

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13
Q

What does corporate ethics currently emphasize?

A

Sustainability—resources for future generations are at risk.

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14
Q

What award did Wintrust Financial Corporation win on December 9, 2021?

A

The Better Business Bureau’s (BBB) Torch Award for Ethics.

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15
Q

What is Wintrust Financial Corporation known for?

A

Its ethical standards and fair business practices.

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16
Q

What type of organization is Wintrust described as?

A

A value-driven organization.

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17
Q

What approach do Wintrust employees take in their services?

A

They provide a relationship-centric banking solution.

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18
Q

What is the BBB known for?

A

Its contribution to community service and financial care.

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19
Q

What are the fundamental principles of business ethics?

A

The fundamental principles include honesty, compliance, avoiding conflicts, and fulfilling commitments.

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20
Q

What does accountability mean in business ethics?

A

Accountability refers to taking individual responsibility for unethical practices within a firm.

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21
Q

How does care and respect apply to business ethics?

A

Professional interactions should be responsible and respectful, ensuring a safe and harmonious workplace.

22
Q

Why is honesty important in business ethics?

A

Honesty fosters trust through transparent communication with employees.

23
Q

What should firms do to avoid conflicts of interest?

A

Firms need to minimize conflicts of interest to prevent excessive competition within the workforce.

24
Q

What does compliance entail in business ethics?

A

Compliance involves adhering to all relevant rules and regulations.

25
Q

What does loyalty mean in a business context?

A

Employees should be faithful to the organization and uphold the brand image.

26
Q

How should grievances be handled?

A

Grievances, if any, should be dealt internally.

27
Q

What is necessary regarding relevant information?

A

It is necessary to provide information that is comprehensible and disclose all relevant facts, whether positive or negative.

28
Q

What is unethical in terms of information disclosure?

A

It is unethical to hide unreasonable terms and conditions in the fine print.

29
Q

What does law abiding mean for businesses?

A

Corporate laws protect the rights of every section of society, and any kind of discrimination is unethical.

30
Q

How should personal biases affect decision-making?

A

Personal biases of individuals should not affect the decision-making of leaders.

31
Q

What is the ethical stance on fulfilling commitments?

A

It is unethical to justify non-compliance by interpreting agreements unreasonably.

32
Q

What are the types of business ethics?

A

The standard ethical practices that a business should adopt include Corporate Responsibility, Economic Responsibility, Loyalty Towards Organization, Legal Responsibility, Personal Responsibilities & Loyalties, and Official Responsibilities.

33
Q

What is Corporate Social Responsibility (CSR)?

A

CSR is the concept of meeting the needs of stakeholders while considering the impact on employees, the environment, society, and the community. Finances and profits should be secondary to the welfare of society, customers, and employees.

34
Q

What is the relationship between corporate governance, ethical practices, and financial performance?

A

Studies have concluded that corporate governance and ethical practices increase financial performance.

35
Q

What does Social Responsibility entail?

A

Making profits should not be at the cost of society. CSR involves businesses working towards environmental protection, social causes, and spreading awareness.

36
Q

What is expected of employees in terms of Personal Responsibility?

A

Employees are expected to act responsibly with honesty, diligence, punctuality, and a willingness to perform expected duties. They should settle dues in time and avoid criminal acts.

37
Q

What does Technology Ethics include?

A

Technology ethics includes customer privacy, personal information, and fair practices regarding intellectual property.

38
Q

What is the principle of Fairness in the workplace?

A

Favouritism is unethical. Personal beliefs and biases should not affect decision-making, ensuring fair chances of growth and promotion for all.

39
Q

What should businesses maintain regarding Trustworthiness and Transparency?

A

Businesses should maintain transparency in business practices and financial reports.

40
Q

How do companies monitor and report unethical behavior?

A

Companies often rely on managers and employees to report unethical acts they observe or experience. However, barriers such as fear of retaliation can prevent this.

41
Q

What is the purpose of the Global Business Ethics Survey?

A

The survey reaches out to thousands of employees in 42 countries about various ethics-related topics, including the strength of the ethics culture in their workplace.

42
Q

What percentage of employees reported witnessing misconduct in the 2023 survey?

A

65% of the employees surveyed said they had observed at least one act deemed to be a violation of their organization’s standards or the law in the past 12 months.

43
Q

What percentage of employees reported the misconduct they observed?

A

72% of those who witnessed misconduct said they had reported it.

44
Q

What percentage of employees faced retaliation for reporting misconduct?

A

46% of employees admitted that they had been retaliated against for raising concerns.

45
Q

What is a primary reason employees do not report unethical behavior?

A

Fear of retaliation is one of the primary reasons employees cite for not reporting unethical behavior in the workplace.

46
Q

What should companies do to improve their corporate culture regarding misconduct reporting?

A

Companies should reinforce the idea that reporting suspected misconduct is beneficial and acknowledge and reward the employee’s courage in making the report.

47
Q

What is a major challenge in educating employees on ethical conduct?

A

Educating employees on their ethical code of conduct is challenging due to the complexity of corporate rules and regulations.

48
Q

What can happen if corporate ideology is not well-communicated to employees?

A

If corporate ideology is not well-communicated, there are chances of non-compliance, which could tarnish the brand image.

49
Q

What are some common challenges faced by firms regarding ethics?

A

Common challenges include moral compliance, bribes, sexual harassment, and a toxic atmosphere.

50
Q

How can stringent ethical rules impact businesses?

A

Stringent rules can interfere with the growth and profitability of businesses, which is essential for paying employees.

Business Ethics (2 decks)

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