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mgmt 310 exam 2 study guide questions & correct answers
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mgmt 310 exam 2 study guide questions & correct answers
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mgmt 310 exam 2 study guidethe definition of an ethical issue - correct answer ✔✔An ethical issues is a situation, problem, or
opportunity in which an individual must choose among several actions that must be evaluated as morally
right or wrong
Terminal vs. Instrumental Values - correct answer ✔✔Instrumental values are the goals that a person
would like to achieve during his or her lifetime, while terminal values are the preferable modes of
behavior in achieving theses values. C) Terminal values are the highest values in a person's value system,
while instrumental values are the ones that are most often used.
Utilitarianism - correct answer ✔✔Ends Justify the means(whatever the end results/values are, they are
more important than how we get there)
Universalism - correct answer ✔✔Consider welfare and risks of all parties (make sure everyone is okay:
10% pay cut to all)
Duty of care for all
Rights - correct answer ✔✔Legal and moral rights (i can do whatever i want because all of the options
are legal)
When do one person's rights begin and another person's end?
Ethical Relativism - correct answer ✔✔People set their own moral standards for judging their actions
Only the individual's self interest and values are relevant for judging behavior
**NOT something you want to use to guide your behavior**
DON'T USE THIS MODEL
Compliance Based vs Integrity Based - correct answer ✔✔
Compliance Based Ethics programs - correct answer ✔✔company mechanisms typically designed by
corporate counsel to prevent, detect, and punish legal violations
, Integrity Based Ethics Programs - correct answer ✔✔company mechanisms designed to instill in people a
personal responsibility for ethical behavior
Ethical Intensity - correct answer ✔✔the degree of concern people have about an ethical issue
Corporate social responsibility - correct answer ✔✔is the toward society assumed by a business
philanthropic - correct answer ✔✔additional behaviors and activities that society finds desirable an that
the values of the business support
Ethical - correct answer ✔✔Meeting other social expectations, not written as law
Legal - correct answer ✔✔To obey local, state, federal, and relevant international laws
Economic - correct answer ✔✔To produce goods and services that society wants at a price that
perpetuates the business and satisfies its obligations to investors (shareholder model- you need to
make$)
Shareholder Model - correct answer ✔✔managers act as agents for shareholders and are obligated to
maximize the present value of the firm; only ethical obligation is to make money; duty is to create money
for the shareholders
Stakeholder model - correct answer ✔✔theory of corporate social responsibility that suggests that
managers are obliged to look beyond profitability to help their organizations succeed by interacting with
groups that have a stake in the organization; it is ethical to make sure that the employees are paid more
than minimum wage
Moral Entrepreneurship - correct answer ✔✔someone who creates a new ethical norm.
ex. Dan Price takes a million price cut to pay employees more , 4 day work weeks, ZAPPOS-no chain of
command
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