Business Ethics

Which of the following are the functions of a Code of Ethics?

• It can express a shared commitment on the part of a professional society’s members to strive and to satisfy certain ethical standards and principles.

• It can help foster an environment in which ethical behavior is the norm.

• It can serve as a guide or reminder in specific situations.

• All of the above.

Which of the following is a practice of fair treatment of workers at workplace?

• Recreation facilities at the workplace.

• Rights of workers to fairness and dignity.

• Right of workers to have a share in company’s profit.

• None of the above.

Ethical issues do not exist in accounting because the field involves primarily objective data.

• True

• False

Which of the following is the study and practice of decisions about what is good or right?

• Law

• Ethics

• Morals

• Business

A businessman who owns a medical store in a small town is the only outlet that sells face mask. There is a great necessity and high demand for the use of the item due to COVID-19 pandemic, so he charges irrational amount of doubling the price. The community gets mad of the situation. This business practice is most likely:

• Ethical because it is not illegal for the owner to set its prices based on maximizing profits.

• Ethical because the owner focuses only on the impact of decisions on his business.

• Unethical because business operates in a community and communities have expectations for behavior of individuals, groups, and businesses.

• None of the above.

Which is considered an unethical business practice?

• Treating employees fairly.

• Selling a good quality product

• Hiring the most qualified applicants for vacant positions

• Buying substandard materials for production.

What do you think is the benefit of practicing good business ethics?

• Low morale of employees

• Lack of trust

• High employee retention rate

• Decrease in product sales