BUSI101_Week 3_Summary

What do ethics refer to?

• The legal rules and regulations that guide individual behavior.

• The moral principles and values that guide individual behavior and decision-making.

• The financial principles that guide business decisions.

• The social norms that dictate cultural behavior.

What is the primary focus of ethics?

• Determining what is profitable or unprofitable.

• Determining what is right or wrong, good or bad, and just or unjust.

• Determining what is popular or unpopular.

• Determining what is legal or illegal.

In a business context, what might ethics involve decisions related to?

• Profit margins and market share.

• Honesty, fairness, and accountability.

• Marketing strategies and advertising.

• Employee productivity and efficiency.

What does social responsibility involve according to the text?

• Individual actions that benefit oneself

• An organization's commitment to acting in ways that benefit society as a whole

• Group actions that benefit a specific community

• Personal responsibility to contribute positively to society

What is one aspect of social responsibility mentioned in the text?

• Recognizing that businesses are part of a larger community

• Focusing solely on profit maximization

• Ignoring the needs of the local community

• Reducing costs at the expense of social welfare

Which of the following actions is an example of social responsibility according to the text?

• Sustainability practices

• Increasing product prices

• Reducing employee benefits

• Expanding business operations overseas

What do ethics primarily deal with?

• The morality of individual actions

• An organization's financial performance

• The legality of business practices

• The efficiency of business operations

What does social responsibility encompass?

• An organization's broader commitment to ethical conduct and contributing to society

• The personal values of employees

• The profitability of the organization

• The marketing strategies of the organization

Who are organizational stakeholders?

• Individuals or groups with no interest in the organization

• Individuals or groups that have a vested interest in the activities and outcomes of an organization

• Only the employees of the organization

• Only the customers of the organization

How can organizational stakeholders impact an organization?

• They can only observe the organization's actions

• They can significantly impact or be impacted by the organization's actions, decisions, and performance

• They can only provide financial support

• They can only provide feedback