Business Ethics 2018

Ethics are beliefs about right and wrong, and business ethics refers to situations and behaviors in the workplace.

• TRUE

• FALSE

Ethics are based on individual beliefs and social concepts; thus, they may vary by person, situation, and culture. Cultural norms may indicate that behavior in one country is ethical (such as bribing), while in another country it is unethical or illegal.

• TRUE

• FALSE

Which of the following is a consumer right?

• Safe products

• Honest and fair treatment

• Choice of products

• Information and education about a purchase

• Courteous service

Societies adopt formal ______ that reflect ethical standards; however, real-world situations are sometimes difficult to interpret.

• Laws

• Values

• Morals

• Traditions

Individuals’ personal codes of ethics are determined by a combination of factors, beginning ________.

• In elementary school

• In childhood

• At adulthood

• At age 21

Over time, peers and personal experiences influence the beliefs and behavior of a personal code of ethics.

• TRUE

• FALSE

Companies may require managers to go through regular ethics training to remind them of the importance of ethical decision making and to update them on current laws and regulations.

• TRUE

• FALSE

Managerial ethics include behavior toward:

• Employees, the company and other agents (customers, suppliers, competitors, stockholders, dealers, and unions) of the company

• Friends, family and co-workers

• Everyone

• Superiors

Guidelines to assess ethical behavior include the following:

• Use common sense

• Consult a mentor

• Gather the relevant facts, determine appropriate moral values, and make a decision based on the situation

• Include as many people as possible in the decision

When companies develop clear ethical positions on how the company and its employees will handle potential situations, _______.

• Top management should show support of the standards

• A written code may be completed

• Ethics training may be used to educate employees

• All of these