Entrepreneurship Chapter 2 Quiz

Match the following steps with their correct order in the ethical decision-making process.

• First step in the ethical decision-making process.

• identification of alternative solutions.

• Fourth step in the ethical decision-making process.

• a definition of the problem.

• Second step in the ethical decision-making process.

• making the decision.

• Third step in the ethical decision-making process.

• evaluation.

What term refers to entrepreneurial activity that provides innovative solutions for social issues?

• environmentalism.
• social responsbility.
• underlying values.
• social entrepreneurship.

The ethical concept that holds the philosophy "When in Rome, do as the Romans do" is called (a)   .

• ethical relativism.
• religion.
• ethical imperialism.
• code of ethics.

What is a profitable company that responds to customers' needs while showing reasonable concern for the environment called?

• stakeholder.
• environmentalist.
• sustainable small business.
• underlying values.

According to the information we learned, what is essential to the success of a business?

• hard work
• relationships
• financial gain
• integrity

Match the following responsibilities with their descriptions.

• "Follow the law and regulations"

• economic

• "Do what is right, just, and fair"

• ethical

• "Maximize profits for shareholders"

• legal

• "Be a good corporate citizen and give back"

• discretionary

Ethical companies feel that they have an obligation to (a)   , concerning how a company's actions affect them.

• competitors
• agents
• governments
• stakeholders

Match the following aspects with their relevance to an organization's ethical policy according to Blanchard and Peale.

• A sense of self-respect and dignity

• perspective

• A viewpoint that considers long-term effects

• persistence

• A consistent approach to decision-making

• pattern

• Continuous effort in maintaining ethical standards

• pride

All of the following are outcomes when a business practices social responsibility EXCEPT for which outcome?

• pattern
• perspective
• persistence
• pride

A business practicing social responsibility leads to various outcomes, including increased financial performance, greater success to capital, and reduced employee turnover, EXCEPT for (a)   .

• increased financial performance
• greater success to capital
• reduced employee turnover
• increased scrutiny from regulatory