Ch. 1 - Business Ethics

What is the main difference between ethics and morality?

• Ethics are personal beliefs, while morality is defined by society.

• Ethics are defined by society, while morality is personal beliefs.

• Ethics and morality are the same.

• Ethics are always religious, while

  morality is cultural.

Which of the following best describes business ethics?

• Personal philosophies about what is right or wrong.

• Organizational principles, values, and norms guiding behaviour.

• Fundamental beliefs shaping individual decisions.

• Rules imposed by legal systems only.

What is a primary benefit of being ethical in business?

• Lower employee turnover

• Increased operational efficiency

• Higher marketing costs

• More relaxed regulatory standards

How do shareholders differ from stakeholders?

• Shareholders own company stock; stakeholders have a broader interest.

• Shareholders work in the company;

  stakeholders invest money.

• Shareholders influence policies

  directly; stakeholders do not.

• Shareholders are employees;

  stakeholders are customers.

Which value emphasizes working together towards common goals?

• Integrity

• Innovation

• Teamwork and collaboration

• Honesty

Which source of morality involves guidance from religious texts?

• Family

• Education

• Religion

• Personal Experiences

What does study business ethics help you recognize?

• How to increase profit margins

• Ethical issues and approaches to

  resolve them

• The importance of innovation

• Global business opportunities

What principle is shared by all major world religions according to the text?

• The need for prayer

• The Golden Rule

• Observance of the Sabbath

• Non-violence

Why is ethics crucial for investor loyalty?

• It guarantees high returns on investment.

• It builds a company's reputation and ensures efficiency.

• It reduces the need for financial reporting.

• It eliminates competition.

What is an example of business ethics in advertising?

• Creating visually appealing advertisements

• Providing accurate and truthful information

• Using celebrity endorsements

• Maximizing advertising budget