Question 1

Corporate codes of conduct emphasize standards related to ethics and social responsibilities.

Accepted Answer

Corporate codes of conduct are designed to ensure that the organization and its employees conduct business in an ethical and socially responsible manner, by outlining expectations for behavior and decision-making.

Question 2

Which of the following approaches to ethical standards for corporate governance reflects the view that the best ethical action is the one that provides the most good or the least harm?

Accepted Answer

The utilitarian approach to ethical standards for corporate governance states that the best ethical action is the one that provides the most good or the least harm. This approach looks at the consequences of the action and determines if it will result in a net positive outcome for all stakeholders involved. It is focused on maximizing overall happiness or utility.

Question 3

Which of the following is true of a code of ethics?

Accepted Answer

A code of ethics is intended to provide guidance for ethical decision making by all employees in a firm. It outlines the values and principles that should guide their decision making and behavior. However, it is not a cure for all ethical dilemmas and should be used in conjunction with ethical reasoning and judgment. It should also prioritize ethical considerations over profit.

Question 4

Explain the five different approaches to examining ethical problems. What are the difficulties that are likely to arise while using these approaches?

Accepted Answer

The answer of Explain the five different approaches to examining...

Question 5

The ________ is a policy platform and practical framework for companies committed to sustainability and responsible business practices. It is the world's largest voluntary corporate citizenship initiative, representing thousands of businesses in more than 135 countries.

Accepted Answer

The United Nations Global Compact is a policy platform and practical framework for companies committed to sustainability and responsible business practices. It is the world's largest voluntary corporate citizenship initiative, representing thousands of businesses in more than 135 countries.

Question 6

In a short essay, describe the three types of interests simultaneously pursued by a sustainable business.

Accepted Answer

The answer of In a short essay, describe the three...

Question 7

The five approaches to analyzing ethical problems rarely conflict with each other.

Accepted Answer

The five approaches, namely consequentialist, deontological, virtue ethics, care ethics, and feminist ethics, can sometimes conflict with each other in the analysis of ethical problems. For example, consequentialist and deontological approaches may offer different solutions to the same ethical dilemma.

Question 8

Which of the following is true with regard to the rights approach?

Accepted Answer

The rights approach is based on the belief that human dignity must be preserved regardless of how you deal with an ethical dilemma. Option A describes the fairness approach, while option B describes the utilitarian approach. Option C describes the virtue approach.

Question 9

The five approaches to analyzing ethical dilemmas often lead to similar solutions.

Accepted Answer

The answer of The five approaches to analyzing ethical dilemmas...

Question 10

The most advanced companies monitor suppliers to ensure that they use sustainable practices.

Accepted Answer

Many companies have implemented supplier monitoring programs to promote sustainable practices throughout their supply chains. By working closely with suppliers, these companies can ensure that they are meeting environmental and social standards, reducing waste and emissions, and promoting ethical business practices. This helps to build more resilient and sustainable supply chains, while also improving the reputation and performance of the company itself.

Question 11

Which of the following approaches to ethical standards for corporate governance reflects the view that the best action treats everyone equally and in a just manner?

Accepted Answer

The fairness approach emphasizes treating everyone equally and in a just manner, which is a key component of ethical standards for corporate governance. This approach focuses on ensuring that decisions and actions of corporations are fair, impartial, and unbiased, regardless of individuals' race, gender, social status, or any other characteristic.

Question 12

The utilitarian approach is based on the belief that, regardless of how one deals with an ethical dilemma, human dignity must be preserved.

Accepted Answer

The utilitarian approach is based on the belief that the action that provides the greatest amount of good (or pleasure) for the greatest number of people is the morally right action, even if it requires sacrificing the well-being of a smaller group. It does not prioritize preserving human dignity above all else.

Question 13

The Global Reporting Initiative pioneered the development of the most widely used sustainability reporting framework.

Accepted Answer

The statement is true. The Global Reporting Initiative (GRI) has developed one of the most widely used sustainability reporting frameworks.

Question 14

In order to be effective, a corporate code of ethics should be designed to function like a ________.

Accepted Answer

A corporate code of ethics should serve as a moral compass for the organization, providing guidance and direction for employees to make ethical decisions and behave in an ethical manner.

Question 15

Which of the following approaches to ethical standards for corporate governance reflects the view that the best action emphasizes the welfare of the entire community or nation?

Accepted Answer

The common good approach emphasizes that corporate actions should benefit the entire community or nation, rather than just maximizing profits for the company or individual stakeholders. This approach considers the long-term impact on society and stakeholders, rather than just short-term gains.

Question 16

In terms of CSR and sustainability, going ________ means institutionalizing appropriate behavior into the organization's culture so it becomes part and parcel of strategy.

Accepted Answer

Going deep means embedding CSR and sustainability into the core values, mission and vision of the organization, as well as developing policies and practices to ensure that these values are acted upon and adhered to throughout the organization. This requires a long-term commitment and involves all levels of the organization, from leadership to employees. Going wide, on the other hand, refers to extending CSR and sustainability practices to external stakeholders, such as suppliers, customers, and communities, and can include initiatives like philanthropy, volunteerism, and partnerships. While going wide is also important, it should be built upon a strong foundation of internal sustainability and CSR practices, thus making option B the best choice. Local and global do not fully capture the essence of institutionalizing behavior into the organization's culture.

Question 17

In a world ever sensitive to social and environmental issues, more and more firms are embracing CSR and sustainability. Such firms are more likely than not to ________.

Accepted Answer

Firms that embrace CSR and sustainability are more likely to develop closer relations with foreign stakeholders to better understand their needs and work jointly toward solutions. This is because CSR and sustainability require firms to consider the impact of their operations on stakeholders, including those in foreign countries. By developing closer relationships with foreign stakeholders, firms can gain a better understanding of the local context and can work together to create solutions that benefit all parties involved.

Question 18

In terms of CSR and sustainability, going wide implies ________.

Accepted Answer

Going wide in terms of CSR and sustainability means making a continuous effort to understand how these factors affect every aspect of the firm's operations on a global scale.

Question 19

In helping identify ethical problems, the firm's code of conduct should be tailored to match the norms of each individual region from which the firm operates.

Accepted Answer

A firm's code of conduct should reflect its core ethical principles and values, which should be consistent across all regions in which it operates, rather than being tailored to match the norms of each individual region.

Question 20

According to the virtue approach ________.

Accepted Answer

The virtue approach considers moral excellence and righteousness as the ultimate goal, and emphasizes the development of our humanity. It focuses on the character of the person performing the action, and the virtuous qualities they possess, rather than just the action itself or the consequences it produces. Therefore, option B is the best choice.

Quiz 4: Ethics, Corporate Social Responsibility, Sustainability and Corporate Governance