BUSN 201 Exam 2 Questions With Revised
Answers
Ethical - answerability and willingness to distinguish right from wrong when you're
practicing one or the other
business ethics - answerapplication of ethical behavior in a business context
stakeholders - answerparties who are interested in the ac...
Ethical - answer✔✔ability and willingness to distinguish right from wrong when you're
practicing one or the other
business ethics - answer✔✔application of ethical behavior in a business context
stakeholders - answer✔✔parties who are interested in the activities of a business because they're
affected by them
how do you recognize an ethical organization? - answer✔✔- treating employees, customers,
investors, and the public fairly
- making fairness a top priority
- holding ever member personally accountable for his or her action
- communicating core values and principles to all members
- demanding and rewarding integrity from all members in all situations
how to face ethical dilemma - answer✔✔1. define the problem and collect relevant facts
2. identify feasible options
3. assess the effect of each option on stakeholders
4. establish criteria for determining the most appropriate action
5. select the best option based on the established criteria
ethical decision - answer✔✔decision in which there is a right (ethical0 choice and a wrong
(unethical or illegal) choice
ethical lapse - answer✔✔situation in which an individual makes a decision that's unmistakably
unethical or illegal
how to avoid an ethical lapse - answer✔✔1) is the action illegal?
2) is it unfair to some parties?
3) if I take it, will I feel badly about it?
4) will I be ashamed to tell my family, friends, coworkers, or boss?
5) will I be embarrassed if my action is written up in the local newspaper?
conflicts of interest - answer✔✔situation in which an individual must choose between the
promotion of personal interests and the interests of others.
insider trading - answer✔✔practice of buying or selling of securities using important information
about the company before it's made public.
how to maintain honesty and integrity - answer✔✔1. follow your own code of personal conduct
2. while at work, focus on your own job, not non related work things
3. don't use office supplies or products for your own use
4. be honest with customers and ppl you work with
5. small day to day activities and gestures that build your character
whistle blower - answer✔✔individual who exposes illegal or unethical behavior in an
organization.
common rationalizations for justifying misconduct - answer✔✔- my behavior isn't really illegal
or immoral
- my action is in everyone's best interest
- no one will find out what i've done
- the company will condone my action and protect me
code of conduct - answer✔✔statement that defines the principles and guidelines that employees
must follow in the course of all job-related activities.
coporate social responsibility - answer✔✔approach that an organization takes in balancing its
responsibilities toward different stakeholders when making legal, economic, ethical, and social
decisions
fiduciary responsibility - answer✔✔duty of management to safeguard a company's assets and
handle its funds in a trustworthy manner
consumer rights - answer✔✔- the right to safe products
- the right to be informed about a product
- the right to choose what to buy
- the right to be heard
land pollution - answer✔✔Pollution of the land that is generally caused by hazardous waste
being disposed of in an improper manner
- dispose of waste in the proper way, create mission statements
air pollution - answer✔✔polluting the air with emissions of toxic gases and particles from
factories, power plants, office buildings, cars, trucks, and even farms
- make factories, vehicles and other facilities more energy efficient
water pollution - answer✔✔water makes up 70% of earth's surface, water pollution when oils
and chemicals are dumped onto bodies of water
- stricter standards in the discharge of wastes into water treatment
sustainability - answer✔✔the principle of providing products today that don't compromise the
ability of future generations to meet their needs
product - answer✔✔something that can be marketed to customers because it provides a benefit
and satisfies a need
new to market products - answer✔✔before invented, nothing like it existed
characteristics of entrepreneurial start ups - answer✔✔- characterized by innovative products
and/or practices
- its goals include profitability and growth
- it focuses on new opportunities
- its owners are willing to take risks
entrepreneurial decisions can be improved by - answer✔✔- information from research
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