Business Ethics

Which statement best defines the concept of “ethics”?

• Ethics is the ability to tell the difference in right and wrong behavior.
• Ethics is trying to judge people by what they believe and do.
• Ethics is a society’s standards of conduct based on moral values and principles of its members.
• Characteristics that bring people praise and admiration.

Which of the following is not an important factor for everyday decisions

• Resources
• Morality
• Ethics
• Legality

What is an 'Operational Activity?'

• žThe functions of a business directly related to providing its goods and/or services to the market.

• The operations of a company production line

What does CSR stand for?

• Company Standards Responsibility

• Corporate Social Responsibility

• Company Standard Reports

What is a disadvantage to being ethical in business?

• Limits profits

• Contributing to society

• Limits morale

Stakeholders have a financial interest in a business

• True

• False

Stakeholders generally do not have a financial interest in a business

• True

• False

Is a business's local community an internal or external stakeholder?

• Internal

• External

A factor that differentiates a product or service frim its competitors such as lowest cost

• Market Share

• Niche Market

• Market Segmentation

• Unique Selling Point

A type of business where owners share responsibility for the ENTIRE amount of debt

• Unlimited Liability

• Limited Liability

• Public Limited Liability