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WorksheetsChapter 1-2 ethics
Total questions: 26
Worksheet time: 13mins
What is the goal of firms according to economic theory?
To increase their output to the maximum possible level
To maximize their revenue
To maximize their preferences or utility
To minimize their costs
What is the second distinguishing feature of business?
Business typically takes place in informal settings
Business typically takes place in government institutions
Business typically takes place in organizations
Business typically takes place in educational institutions
What is the primary objective for businesses?
To make ethical decisions
To follow the law
To provide goods and services and create jobs
To operate efficiently and competitively
A person who has been entrusted with the care of another’s property or assets
Fiduciary
Agent
Loyalty
Honesty
The main elements of fiduciary duty are ?
Honesty
Care
Loyalty
All above
An intellectual procedure for justifying ethical judgments ?
Ethical Management
Management of Ethics
Ethical Reasoning
The law
Acting ethically as a manager by doing the right thing.
Ethical Reasoning
Management of Ethics
Ethical Management
Agent
The market system is characterized by
Voluntary exchange
Private ownership
The profit motive
All the above
which of the following is one of the seven principles of accepted business conduct
fairness
Fiduciary
Fraud
Perfect rationality
Which of the following are distinguishing features of business?
Business has a social character
Business has a political character
Business has an economic character
Business has an environmental character
What is fraud?
A legal material misrepresentation
A material misrepresentation that is made with an intent to deceive
A false statement made without an intent to deceive
A harmless lie
Which of the following is not a level of decision making?
The level of the individual
The level of the organization
The level of the community
The level of the business system
According to economic theory, what determines the demand for a firm's output in a free market?
The government's regulations
The firm's advertising
The preferences of individual consumers
The price of the output
What is the main justification of a market system over other forms of economic organization?
Promotion of social equality
Promotion of economic growth
Promotion of efficiency and hence welfare
Promotion of individual rights
What are the seven principles of accepted business conduct?
Welfare, duties, rights, efficiency, honesty, dignity, and integrity
Welfare, duties, rights, fairness, honesty, dignity, and integrity
Social responsibility, rights, efficiency, equity, honesty, dignity, and integrity
Welfare, duties, equality, fairness, honesty, empowerment, and integrity
What is ethical reasoning?
A psychological disorder related to excessive moral judgments
A process of making decisions based on personal bias
An intellectual procedure for justifying ethical judgments
A legal process for punishing unethical behavior
The first distinguishing feature of business is its?
Buyers
sellers
Economic character
Decision Making
Organizations are a ............. system of functionally defined positions.
hierarchical
sequential
reticular
None of the above
Decision making occurs at several distinct levels, namely
The level of the individual
The level of the organization
The level of the business system
all the above
A party who has been engaged to act on behalf of an other?
Agent
Fiduciary
integrity
Welfare
A material misrepresentation that is made with an intent to deceive?
Free Riders
public goods
fraud
Loyalty
Take advantage of the opportunity to use a public good without paying for it?
fairness
duties
public goods
free riders
a person who has been entrusted with the care of another’s property
Fiduciary
agent
Principals
Custodian
a person who has been entrusted with the care of another’s property
Fiduciary
agent
Principals
Custodian
What concept obtaining the greatest output for the least input?
Profit maximization
cost minimization
Competitive advantage
Resource efficiency
which term refers to the psychological process whereby people from ethical judgments?
cognitive dissonance
Moral reasoning
Ethical reasoning
Groupthink
