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crg ch1 ethics & its significance in the biz discipline
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crg ch1 ethics & its significance in the biz discipline
CRG650 FINAL NOTES.pdf Flashcards
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1
Question
What is ethics?
Answer
A set of moral principles that distinguish what is right and wrong.
2
Question
What does the term 'moral principles' refer to?
Answer
A system of moral behavior and rules of conduct that govern a person's thoughts and actions.
3
Question
What does 'ethical' mean?
Answer
Relating to or dealing with ethics, in accordance with the accepted principles of right and wrong that govern the conduct of a profession.
4
Question
What is the definition of 'expectations' in the context of ethics?
Answer
A general pattern or way of life; a set of rules of conduct.
5
Question
What is the significance of inquiry in ethics?
Answer
Inquiry about ways of life and rules of conduct can lead to unexpected outcomes, prompting new mandates to prevent negative scenarios in the future.
6
Question
What is business ethics?
Answer
Business Ethics is about right and wrong or appropriate and inappropriate behavior in business.
7
Question
What is governance in the context of business ethics?
Answer
Governance involves setting appropriate strategies, objectives, and policies to ensure appropriate achievement and reporting towards stakeholders.
8
Question
What is the principal objective of business ethics?
Answer
To produce morally upright and truthful businessmen who will conduct their business in accordance with what society regards as ethical and acceptable.
9
Question
How did Aristotle define happiness in relation to ethics?
Answer
Happiness is achieved by leading a virtuous life in accordance with reason, which includes integrity, honor, loyalty, courage, and forthrightness.
10
Question
What does Aristotle's ethical principles imply for business leaders?
Answer
Directors, executives, and accountants should demonstrate integrity, honor contracts, be loyal, transparent, and forthright in business dealings.
11
Question
What is Immanuel Kant's ethical stance regarding exploitative behavior?
Answer
One should not take advantage of others or exploit them for short-term goals; one should act consistently and not hypocritically.
12
Question
What does John Stuart Mill propose as the goal of life?
Answer
To maximize happiness and minimize unhappiness for society, contributing to social benefits.
13
Question
What does John Rawls' theory of justice entail?
Answer
It advocates for fair distribution of rights and benefits and that inequalities should be to everyone's advantage.
14
Question
What is the role of Professional Accountants (PAs) regarding ethics?
Answer
PAs owe primary loyalty to the public interest, focusing on providing financial statement information with independence, objectivity, and integrity.
15
Question
What are the main principles of ethics in business?
Answer
Integrity, accountability, trust, honesty, fairness, predictability, responsibility, and compassion.
16
Question
What is the importance of accountability in ethics?
Answer
It involves taking responsibility for your actions and owning up to mistakes.
17
Question
How does fairness relate to ethical behavior?
Answer
Fairness means treating everyone equally and without bias.
18
Question
What are the influencing factors to ethical behavior?
Answer
Religion, culture, law, organization, family, peer influence, life experience, and social norms.
19
Question
What is an ethical dilemma?
Answer
A situation where a decision maker is faced with a choice that involves conflicting ethical principles.
20
Question
What are key elements in analyzing an ethical dilemma case?
Answer
Key facts, key factors, key players, whistleblowers, stakeholders, issues, and reasoning process.
21
Question
What is the 'stake' of stakeholders?
Answer
The interests that stakeholders have, which may be affected by the actions of a company.
22
Question
What are examples of ethical influences in a workplace?
Answer
Codes of conduct or ethics policies that guide employee behavior.
23
Question
What ultimately shapes an individual's ethical behavior?
Answer
A combination of personal experiences, influences from family and peers, and the societal norms.
24
Question
What are the ethical guidelines provided by religions?
Answer
Teachings about honesty, kindness, and fairness that influence ethical behavior.
25
Question
What is the ethical guideline regarding discrimination in business according to John Rawls?
Answer
No price discrimination and not providing goods and services to one segment of society at the expense of another.