Question 1

Discuss the characteristics of an effective code of ethics.

Accepted Answer

The most effective code of ethics will have the following characteristics: The code and its associated policies will be clear and easy to understand. 
Details about special situations that need further explanation will be included (e.g., political factors in particular countries). 
In cases where employee judgment may be required, descriptions and examples will make it easier for the employee to make the decision.

Question 2

List some ways in which a company can become socially responsible.

Accepted Answer

Some ways in which a company can become socially responsible are as follows:Target disadvantaged markets. 
Employ disadvantaged individuals. 
Procure products and supplies. 
Create products or services that have social value. 
Donate products, services, or revenues. 
Donate expertise. 
Produce for social good.

Question 3

Define conflicts of interest.

Accepted Answer

A conflict of interest occurs when a person's private or personal interests clash with his or her professional obligations such that an independent observer might reasonably question whether the individual's professional actions or decisions are influenced by personal gain, financial or otherwise.

Question 4

Define ethics.

Accepted Answer

Ethics is the moral code by which we liv

Question 5

Which of the following approaches to avoiding ethical issues is best represented by the statement, "Everyone needs to look out for him- or herself."

Accepted Answer

A)  Dogmatic approach 
B)  Egoistic approach 
C)  Situational approach 
D)  Relativist approach 
E)  Subjectivist approach 
A)  Dogmatic approach 
B)  Egoistic approach 
C)  Situational approach 
D)  Relativist approach 
E)  Subjectivist approach

Question 6

Research has shown that the ethical behavior of employees is very much influenced by

Accepted Answer

A)  the dogmatic approach. 
B)  the situational approach. 
C)  the code of ethics of the company. 
D)  social responsibility. 
E)  societal norms. 
A)  the dogmatic approach. 
B)  the situational approach. 
C)  the code of ethics of the company. 
D)  social responsibility. 
E)  societal norms.

Question 7

A _____ precisely identifies the environment in which the company operates and communicates the company's fundamental philosophy.

Accepted Answer

A)  code of ethics 
B)  mission statement 
C)  vision 
D)  purpose 
E)  strategy 
A)  code of ethics 
B)  mission statement 
C)  vision 
D)  purpose 
E)  strategy

Question 8

An entrepreneur's personal _____ is really a function of the core values and vision that the entrepreneur has for his or her life.

Accepted Answer

A)  code of ethics 
B)  mission 
C)  strategy 
D)  purpose 
E)  definition of success 
A)  code of ethics 
B)  mission 
C)  strategy 
D)  purpose 
E)  definition of success

Question 9

A conflict of interest occurs when a person's private or personal interests clash with his or her

Accepted Answer

A)  professional obligations. 
B)  stakeholder interests. 
C)  personal ethics. 
D)  survival tactics. 
E)  social responsibilities. 
A)  professional obligations. 
B)  stakeholder interests. 
C)  personal ethics. 
D)  survival tactics. 
E)  social responsibilities.

Question 10

Ethics is derived, principally, from the _____ norms with which we were raised as children.

Accepted Answer

A)  cultural 
B)  social 
C)  political 
D)  ethnical 
E)  All of these are correct. 
A)  cultural 
B)  social 
C)  political 
D)  ethnical 
E)  All of these are correct.

Question 11

In Eastern culture, ethical behavior tends to be described in terms of appropriate behavior, moral standards, and compliance.

Accepted Answer

A) True 
 B)False

Question 12

List the four categories of ethical decision making that entrepreneurs face on a daily basis.

Accepted Answer

Recent research has identified four cate

Question 13

In Eastern culture, ethical leaders are viewed as being

Accepted Answer

A)  closed to others' ideas. 
B)  modest. 
C)  materialistic. 
D)  driven. 
E)  charismatic. 
A)  closed to others' ideas. 
B)  modest. 
C)  materialistic. 
D)  driven. 
E)  charismatic.

Question 14

Abigail is a goal-oriented entrepreneur. When asked why she went into business, she would most likely give which of the following reasons?

Accepted Answer

A)  Less risk 
B)  Lack of uncertainty 
C)  Confirmed success 
D)  Control of one's destiny 
E)  Peer pressure 
A)  Less risk 
B)  Lack of uncertainty 
C)  Confirmed success 
D)  Control of one's destiny 
E)  Peer pressure

Question 15

Which of the following would NOT be considered a stakeholder of a company?

Accepted Answer

A)  An employee 
B)  A supplier 
C)  A competitor 
D)  An investor 
E)  A customer 
A)  An employee 
B)  A supplier 
C)  A competitor 
D)  An investor 
E)  A customer

Question 16

To ensure that the code of ethics established for the company is implemented and maintained over time, an entrepreneur should do all of the following EXCEPT

Accepted Answer

A)  educate employees about ethics through workshops that put employees in hypothetical situations . 
B)  publicly report ethical lapses. 
C)  demonstrate commitment to the ethics program by mentioning it on a regular basis. 
D)  model the behavior expected of others in the company. 
E)  provide examples of appropriate behavior that employees display during the course of their work. 
A)  educate employees about ethics through workshops that put employees in hypothetical situations . 
B)  publicly report ethical lapses. 
C)  demonstrate commitment to the ethics program by mentioning it on a regular basis. 
D)  model the behavior expected of others in the company. 
E)  provide examples of appropriate behavior that employees display during the course of their work.

Question 17

In the context of components of company vision, _____ are the foundation for all the decisions an entrepreneur will make as his or her company grows.

Accepted Answer

A)  obligations 
B)  g oals 
C)  c ore values 
D)  s ocietal norms 
E)  s trategies 
A)  obligations 
B)  g oals 
C)  c ore values 
D)  s ocietal norms 
E)  s trategies

Question 18

Which of the following should be known about a company in order to answer the question "Why does the business exist?"

Accepted Answer

A)  Its  purpose 
B)  Its  mission 
C)  Its  strategies and tactics 
D)  Its  core values 
E)  All of these are correct. 
A)  Its  purpose 
B)  Its  mission 
C)  Its  strategies and tactics 
D)  Its  core values 
E)  All of these are correct.

Question 19

A company's core values are based on the personal values and beliefs of the founder or the founding team.

Accepted Answer

A) True 
 B)False

Question 20

List some benefits of being socially responsible.

Accepted Answer

The benefits to businesses that seek to

Discuss the characteristics of an effective code of ethics.

List some ways in which a company can become socially responsible.

Define conflicts of interest.

Define ethics.

Which of the following approaches to avoiding ethical issues is best represented by the statement, "Everyone needs to look out for him- or herself."

Research has shown that the ethical behavior of employees is very much influenced by

A _____ precisely identifies the environment in which the company operates and communicates the company's fundamental philosophy.

An entrepreneur's personal _____ is really a function of the core values and vision that the entrepreneur has for his or her life.

A conflict of interest occurs when a person's private or personal interests clash with his or her

Ethics is derived, principally, from the _____ norms with which we were raised as children.

In Eastern culture, ethical behavior tends to be described in terms of appropriate behavior, moral standards, and compliance.

List the four categories of ethical decision making that entrepreneurs face on a daily basis.

In Eastern culture, ethical leaders are viewed as being

Abigail is a goal-oriented entrepreneur. When asked why she went into business, she would most likely give which of the following reasons?

Which of the following would NOT be considered a stakeholder of a company?

To ensure that the code of ethics established for the company is implemented and maintained over time, an entrepreneur should do all of the following EXCEPT

In the context of components of company vision, _____ are the foundation for all the decisions an entrepreneur will make as his or her company grows.

Which of the following should be known about a company in order to answer the question "Why does the business exist?"

A company's core values are based on the personal values and beliefs of the founder or the founding team.

List some benefits of being socially responsible.

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Building the Founding Team

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Funding Startup and Growth

Planning for Growth and Change

Filters

Exam 15: Incorporating Ethics and Social Responsibility Into the Business

Discuss the characteristics of an effective code of ethics.

List some ways in which a company can become socially responsible.

Define conflicts of interest.

Define ethics.

Which of the following approaches to avoiding ethical issues is best represented by the statement, "Everyone needs to look out for him- or herself."

Research has shown that the ethical behavior of employees is very much influenced by

A _____ precisely identifies the environment in which the company operates and communicates the company's fundamental philosophy.

An entrepreneur's personal _____ is really a function of the core values and vision that the entrepreneur has for his or her life.

A conflict of interest occurs when a person's private or personal interests clash with his or her

Ethics is derived, principally, from the _____ norms with which we were raised as children.

In Eastern culture, ethical behavior tends to be described in terms of appropriate behavior, moral standards, and compliance.

List the four categories of ethical decision making that entrepreneurs face on a daily basis.

In Eastern culture, ethical leaders are viewed as being

Abigail is a goal-oriented entrepreneur. When asked why she went into business, she would most likely give which of the following reasons?

Which of the following would NOT be considered a stakeholder of a company?

To ensure that the code of ethics established for the company is implemented and maintained over time, an entrepreneur should do all of the following EXCEPT

In the context of components of company vision, _____ are the foundation for all the decisions an entrepreneur will make as his or her company grows.

Which of the following should be known about a company in order to answer the question "Why does the business exist?"

A company's core values are based on the personal values and beliefs of the founder or the founding team.

List some benefits of being socially responsible.

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Building the Founding Team

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Funding Startup and Growth

Planning for Growth and Change

Filters