Question 1

Business ____ is the study and evaluation of decision making within businesses through various moral concepts and judgements.

Accepted Answer

ethics&#10;Explanation: Business ethics deals with the principles through which individuals can make ethical decisions and the philosophy behind such actions.

Question 2

Sustainability is&#8230;? Please select all that apply.&#10;A) Producing goods or services that have a long-term stewardship and maintenance of the environment.&#10;B) Producing goods or services that are maintainable in the long term for the organization.&#10;C) Producing goods or services that have good business ethics to allow the firm to keep operating legally.&#10;D) Having exceptionally high ethical standards to increase profits.

Accepted Answer

In recent years the concept of sustainability has become an increasingly popular term in business discourse. It captures two notions; the first is environmental sustainability, where an organization produces goods or services that have a long-term sustainability in terms of their environmental impact. This might be about making the products recyclable, reusable in other contexts, or reducing the amount of waste that they produce. The second is the long-term sustainability of the company so that they can continue to function - rather than simply focusing on short-term profits. In the ideal scenario many argue that firms should seek to achieve both.

Question 3

Why does John Boatright argue that people, particularly recent graduates, should be taught business ethics? Please select all that apply.&#10;A) To stop bad people acting unethically&#10;B) Few people set out to act badly but they can gradually fall down a slippery slope to do more unethical acts&#10;C) People can be pressured, particularly by middle management, to hit targets&#10;D) Business ethics training can sensitize good people to what might be unethical decisions

Accepted Answer

John Boatright argues that very few people set out to do bad things. Rather, because of pressure to hit targets or to please management, people can make unethical decisions. Often, they start with acts that they see as relatively minor, particularly as they are not illegal, but then they go down a slippery slope to more unethical acts. The role of business ethics, Boatright argues, is to sensitize good people into understanding what might be unethical decisions.

Question 4

Why should companies pay attention to business ethics and sustainability? Please select all that apply.&#10;A) Unethical actions can cost individuals' lives&#10;B) Unethical acts can cause significant reputational damage to a firm&#10;C) Ethical firms are often said to attract high quality candidates to work for them&#10;D) Ethical firms are proven to earn significantly higher levels of profits in the long-term

Accepted Answer

Over the past few years there has been a significant increase in focus on business ethics, corporate social responsibility, and sustainability. Often this is a reaction to many of the scandals that have hit the headlines about some large corporations. These scandals can significantly damage firms' reputations and can even cost individuals' lives. Acting in a more ethical way is also claimed to increase the likelihood of high-quality candidates applying for jobs. However, acting very ethically is not proven to significantly increase firm's profits, indeed it might actually reduce them. Equally though, acting unethically can harm profits.

Question 5

In utilitarianism and other teleological ethical positions actions can only be judged by their ______

Accepted Answer

The answer of In utilitarianism and other teleological ethical positions...

Question 6

Deontological ethics are concerned with ______&#10;A) whether an action is right, fair, and honest.&#10;B) whether an action only produces good consequences.&#10;C) about the consequences and the reasons behind the action.&#10;D) whether an action produces good things for everyone but not the reasons behind the action.

Accepted Answer

Deontological ethics is taken from the Greek meaning deon meaning duty.

Question 7

Milton Friedman argues that there is only one social responsibility of a firm which is to increase its ______

Accepted Answer

The answer of Milton Friedman argues that there is only...

Question 8

Adam Smith argued that collective interest is best served by individuals acting in their own self-interest.

Accepted Answer

Whilst we often think of individuals acting in their own self-interest as negative for wider society as in doing so they are being selfish and self-centred, Adam Smith claimed that individuals acting in this way was actually good. People work harder if they personally benefit, and they look after money better if it is for their own interest. Smith claims that by acting in their own interest they also act in the collective interest. This is largely a product of what he called the 'invisible hand' that guides transactions for the benefits of society. However, critics argue that the 'invisible hand' is precisely that, invisible, and that many things that are good for society cannot be reduced down to individuals acting in their own self-interest.

Question 9

What are some of the criticisms that have been made of philanthropy, particularly when it is done by highly wealthy people? Please select all that apply.&#10;A) It is not the duty of rich people to give money to the poor&#10;B) Philanthropy gives significantly more power to richer people to shape society than if the money was distributed through general taxation&#10;C) Philanthropy has a long tradition of moralising, separating out the so-called deserving poor from the undeserving poor&#10;D) Philanthropy cannot really work in practice because it puts all the burden onto wealthy people and they do not have enough money to solve societies' problems

Accepted Answer

There are undoubtedly many positive features of philanthropy. It can give people the opportunity to contribute back to their society and support projects and causes that might not otherwise get funded. However, the capitalist system, particularly that which encourages the possibility of a few people generating large amounts of wealth, some of which then can be redistributed back through philanthropy, can be criticized as it gives very rich people (such as Bill Gates) very large amounts of power and influence to change society in the ways they want. This is seen by some as being less democratic than if the money was collected and distributed through taxation, as through philanthropy it is only the projects that the giver considers as important that get funded. There is another issue where often the philanthropist separates out people into the 'deserving poor' and 'undeserving poor', thus moralizing in the process.

Question 10

'The tragedy of the common's thesis' challenges the concept of ____

Accepted Answer

The answer of 'The tragedy of the common's thesis' challenges...

Question 11

Someone who can claim to have an interest in a company or is impacted by their actions is called a ____

Accepted Answer

The answer of Someone who can claim to have an...

Question 12

Which of the following are stakeholders? Select all that apply&#10;A) Government&#10;B) Shareholders of rival company&#10;C) Pressure groups&#10;D) Employees

Accepted Answer

The answer of Which of the following are stakeholders? Select...

Question 13

According to research by Aras and Crowther, (2012) firms that have CSR are more likely to be profitable.

Accepted Answer

The answer of According to research by Aras and Crowther,...

Question 14

Which of the following are part of triple bottom line? Select all that apply.&#10;A) People&#10;B) Societal&#10;C) Economic&#10;D) Social

Accepted Answer

The answer of Which of the following are part of...

Question 15

Why do critical perspectives such as Marxism and critical management studies argue that capitalism, as an economic system, is destructive? Please select all that apply.&#10;A) Leads to inequality&#10;B) Harms the environment&#10;C) Capitalism only deals with capital and does not deal with people&#10;D) Stops people achieving their true human potential

Accepted Answer

The answer of Why do critical perspectives such as Marxism...

Deck 18: Corporate Social Responsibility