Exam 2: Business Ethicspart Ii: the Legal Environment of Business

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Discuss each of the following ethical theories with regard to whether you accept or reject them for your own actions and decisions. a.Intuitionism and the "Television Test." b.Rule utilitarianism. c.Ethical relativism. d.Ethical fundamentalism. e.The deontological approach. f.Milton Friedman's ideas on corporate governance.

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Question 1

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Of course, students' answers will vary.Each student should include a general discussion of each of the ethical theories' salient points.More importantly, the students should explore their own ethical approach.They could be encouraged to use examples to illustrate their points.The students should be explicit in the reasoning as to why they accept one theory and reject another.Students should be encouraged to not study these issues in a vacuum but to apply what they are learning to their own lives.

Corporations are subject to a higher standard of accountability than are public bodies.

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Question 2

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False

According to Milton Friedman, the social obligation of a corporation is to return as much money as possible to its shareholders.

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(True/False)

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Question 3

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True

To a libertarian, it is not unjust for some people to accumulate fortunes while others live in poverty.

(True/False)

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Question 4

Deontological theories assess good and evil in terms of the motives behind actions.

(True/False)

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Question 5

Deontologists are criticized for rigidity and excessive formalism.

(True/False)

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Question 6

Under which ethical system would it be ethical to compel a few citizens to undergo painful or fatal medical tests in order to develop cures for the rest of the world?

(Multiple Choice)

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Question 7

Under the stakeholder model, a derivative of the social contract theory, a corporation has fiduciary responsibilities to more than just its stockholders.

(True/False)

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Question 8

An ethical decision-making approach that relies on a central authority or set of rules, such as the Koran or the Bible, is:

(Multiple Choice)

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Question 9

To a libertarian, it is unjust for a society to take wealth earned by one citizen and to distribute it to others who did not earn it.

(True/False)

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Question 10

Situational ethics, unlike ethical relativism, judges a person's ethics, but first looks at the decision or act from the perspective of the actor.

(True/False)

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Question 11

Although corporations are not persons, but artificial entities created by the state, it is clear that they can and should be held morally accountable.

(True/False)

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Question 12

Ethics can be defined broadly as the study of what is good or right.

(True/False)

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Question 13

The "Television Test" is a test that is generally accepted by adherents of intuitionism.

(True/False)

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Question 14

A leading proponent of the utilitarian approach to ethics was the eighteenth century philosopher Immanuel Kant.

(True/False)

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Question 15

Adam Smith, in The Wealth of Nations , said the capitalistic system was composed of six institutions, which include all but which of the following?

(Multiple Choice)

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Question 16

Social egalitarians believe:

(Multiple Choice)

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Question 17

Which arguments oppose business involvement in socially responsible activities?

(Multiple Choice)

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Question 18

Legal acts may be immoral.

(True/False)

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Question 19

Systems of ethics have a central authority and follow clear-cut, universal standards.

(True/False)

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Question 20

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Exam 2: Business Ethicspart Ii: the Legal Environment of Business

Corporations are subject to a higher standard of accountability than are public bodies.

According to Milton Friedman, the social obligation of a corporation is to return as much money as possible to its shareholders.

To a libertarian, it is not unjust for some people to accumulate fortunes while others live in poverty.

Deontological theories assess good and evil in terms of the motives behind actions.

Deontologists are criticized for rigidity and excessive formalism.

Under which ethical system would it be ethical to compel a few citizens to undergo painful or fatal medical tests in order to develop cures for the rest of the world?

Under the stakeholder model, a derivative of the social contract theory, a corporation has fiduciary responsibilities to more than just its stockholders.

An ethical decision-making approach that relies on a central authority or set of rules, such as the Koran or the Bible, is:

To a libertarian, it is unjust for a society to take wealth earned by one citizen and to distribute it to others who did not earn it.

Situational ethics, unlike ethical relativism, judges a person's ethics, but first looks at the decision or act from the perspective of the actor.

Although corporations are not persons, but artificial entities created by the state, it is clear that they can and should be held morally accountable.

Ethics can be defined broadly as the study of what is good or right.

The "Television Test" is a test that is generally accepted by adherents of intuitionism.

A leading proponent of the utilitarian approach to ethics was the eighteenth century philosopher Immanuel Kant.

Adam Smith, in The Wealth of Nations , said the capitalistic system was composed of six institutions, which include all but which of the following?

Social egalitarians believe:

Which arguments oppose business involvement in socially responsible activities?

Legal acts may be immoral.

Systems of ethics have a central authority and follow clear-cut, universal standards.

Introduction to Law

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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