Deck 15: Incorporating Ethics and Social Responsibility Into the Business

Question 1

In ethics theory, ____ analyzes the costs and benefits of potential alternative consequences of action or inaction. ​

A)obligation
B)ideal
C)utility
D)value
E)outcome

Answer 1

C

Question 2

Strategies are the plans for achieving the goals, and ultimately the mission, of the company. ​

Answer 2

True

Question 3

Ethics derives from the cultural, social, political, and ethnic norms with which we were raised as children.

Answer 3

True

Question 4

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

A)professional obligations
B)professional ethics
C)personal ethics
D)corporate vision
E)social responsibility

Question 5

Meeting ethical expectations is part of social responsibility. ​

Question 6

A company's core values derive from the personal values and beliefs of the founder. ​

Question 7

The question, "Would I be proud if my actions were announced in my local newspaper?" is part of the ____ approach to ethical decision making. ​

A)Adler
B)Kantian
C)Greek
D)utilitarian
E)subjective

Question 8

Ethical issues are the same for managers and leaders regardless of the size of the company. ​

Question 9

The work of Paul Adler has determined that ____ is/are a critical first step in identifying and assessing an ethical dilemma. ​

A)accountability
B)awareness
C)legality
D)values
E)None of these choices

Question 10

Following the Golden Rule that says "Do unto others as you would have them do unto you," is a comprehensive answer to ethical dilemmas in the workplace.

Question 11

____ means operating a business in a way that exceeds the ethical, legal, commercial, and public expectations that society has of the business. ​

A)Ethics
B)Social responsibility
C)Vision
D)BHAG
E)Mission ​

Question 12

E-commerce minimizes conflicts of interests. ​

Question 13

The mission statement loosely identifies the company's objectives. ​

Question 14

In ethics theory, there are generally three broad categories of perspectives about an ethical dilemma: ____, obligations, and utility. ​

A)accountability
B)awareness
C)ideals
D)values
E)actions

Question 15

____ in ethical decision making says that "Everyone needs to look out for himself." ​

A)Dogmatism
B)Egoism
C)Utility
D)Relativism
E)Subjectivism

Question 16

An effective ethics program may protect a company from criminal penalties. ​

Question 17

Entrepreneurs should wait until the venture is profitable before making an investment in social responsibility.

Question 18

The process of developing a ____ begins with a company's self examination to identify values held by individuals and alert everyone to inconsistencies in how people deal with particular issues. ​

A)Strategy
B)Vision
C)value statement
D)mission statement
E)code of ethics

Question 19

Aristotle, the Greek philosopher, said that ____ is the first of the human virtues because without it, the others are not possible.

A)Responsibility
B)Vision
C)Courage
D)Hope
E)None of these choices

Question 20

Recent research has identified four categories of ethical decision making that entrepreneurs face on a daily basis, including individual values, organization values, external accountability, and ____. ​

A)core values
B)social responsibility
C)corporate vision
D)customer satisfaction
E)None of these choices

Question 21

Through giving something back to the community or communities in which it does business, and thus to society as a whole, a business holds itself to a higher standard of ____.

A)social responsibility
B)business ethics
C)corporate culture
D)social ventures
E)core values

Question 22

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

A)the Golden Rule
B)the justice approach
C)a code of ethics
D)social responsibility
E)societal norms

Question 23

Entrepreneurs who play too close to the edge of legality are in danger of ____.

A)pushing the limits of the law
B)running into conflicts of interest
C)using survival tactics
D)peer pressure
E)None of these choices

Question 24

All of the following are examples of poor ethics except ____.

A)not reporting all cash receipts
B)cheating customers on price
C)failing to pay bills on time ​
D)getting to work late ​
E)lying to customers, employees, and suppliers ​

Question 25

____ which is/are the means to execute the strategies, should also be put in place.

A)Capitalization
B)Some good tactics or action plans
C)Employees
D)A board of directors
E)A purpose

Question 26

It is important to stick to your ethical code because ____.

A)the law requires it
B)that is always the easiest way to do business
C)an entrepreneur's reputation is critical to success ​
D)an ethical code drives the company's vision
E)All of these choices ​

Question 27

Which of the following is not an area where ethical dilemmas are typically found?

A)Conflict of interest
B)Survival tactics
C)Stakeholder pressure
D)Pushing the legal limit
E)None of these choices; that is, ethical dilemmas arise in all these areas.

Question 28

Both mission and purpose are derived directly from a company's vision and ____.

A)ethics
B)goals
C)core values
D)purpose
E)strategy

Question 29

The vision that guides a company in the right direction is expressed through its ____.

A)core values
B)purpose
C)mission
D)goals
E)All of these choices

Question 30

A small company can have a socially responsible impact on its community if it does a few things by way of preparation. First, the company needs to ____.

A)create a mission statement
B)set goals
C)partner with a for-profit organization
D)involve only a few people in the organization
E)None of these choices

Question 31

Paul Brainerd of the Brainerd Foundation in Seattle, Washington, suggests following which socially responsible rule?

A)Wait until you are older to become socially responsible
B)Don't wait until later in life to begin giving back
C)Wait until the venture is well established
D)Go for something huge
E)None of these choices

Question 32

To ensure that the ethical standards established for the company become part of its culture, you should do all of the following except ____.

A)educating employees through workshops.
B)publically reporting ethical lapses
C)sharing your code of ethics with customers
D)modeling ethical behavior
E)developing a strong ethical code

Question 33

A company's ____ is/are what brings everyone together to achieve a common objective.

A)vision and values
B)mission
C)purpose
D)strategies and tactics
E)code of ethics

Question 34

Peter Drucker always asserted that a company's ____ should "fit on a t-shirt."

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

Question 35

Entrepreneurs are goal-oriented and tend to cite which of the following as a reason for going into business?

A)Money
B)Prestige
C)Personal values
D)Control
E)Peer pressure

Question 36

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

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

Question 37

In order to answer the question "Why does the business exist?" you need to know its ____.

A)purpose
B)mission
C)strategies and tactics
D)core values
E)All of these choices ​

Question 38

The moral code by which we live and conduct business comes from cultural, social, political, and ethnic norms with which we were raised as children and is called ____. ​

A)ethics
B)social responsibility
C)social obligations
D)corporate policy
E)vision

Question 39

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

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

Question 40

____ is/are the fundamental beliefs that a company holds about what is important in business and in life in general.

A)A code of ethics
B)Social responsibility
C)Vision
D)Core values
E)None of these choices

Question 41

Define conflict of interest.

Question 42

Define the constants of success. ​

Question 43

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

Question 44

Define core values. ​

Question 45

Discuss the characteristics that are part of an effective code of ethics. ​

Question 46

Define stakeholders.

Question 47

Define ethics. ?

Question 48

Describe the four categories of ethical decision making that entrepreneurs face every day.

Question 49

Define mission statement. ​

Question 50

Discuss the process of developing a code of ethics. ​