Understanding Business Ethics

What are morals?

• Widely shared societal norms about right and wrong

• Legal obligations enforced by the government

• Personal opinions that do not influence behavior

• Scientific laws governing human psychology

What are ethics?

• A moral philosophy/system/theory of moral values/principles

• A set of religious beliefs

• Rules that apply only to business settings

• A subjective opinion without any structured theory

Are ethics and morals the same?

• No

• Yes, they are identical concepts

• Only in legal contexts

• Only in philosophical discussions

What is law?

• A set of rules created by state institutions

• The moral compass of an individual

• Guidelines that apply only to businesses

• Personal ethical beliefs enforced by the community

What is whistleblowing?

• The act of exposing unethical, illegal, or harmful activities within an organization by an employee or insider

• A company’s internal ethical audit process

• A form of corporate communication strategy

• An anonymous feedback system used for employee engagement

What is an ethical dilemma?

• A conflict between two or more moral principles where one has to make a choice

• A situation where all choices lead to unethical outcomes

• A simple disagreement about opinions

• A legal issue that has a fixed solution

What is not a normative ethical theory?

• Stages of decision making

• Deontology

• Utilitarianism

• Virtue Ethics

What is the most reason-based approach among consequential normative theories?

• Utilitarianism

• Virtue Ethics

• Deontology

• Relativism

What is the most famous alternative perspective on ethical theory brought forward by Aristotle?

• Virtue Ethics

• Utilitarianism

• Deontology

• Social Contract Theory

What are descriptive ethical theories?

• Theories that describe how ethical decisions are actually made in business and explain what factors influence the process and outcomes of those decisions

• Theories that provide clear guidelines on what is morally right or wrong

• Theories that strictly focus on legal consequences

• Theories that only apply to large organizations