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WGU C717 Business Ethics – Questions and answers 2024/25 Rated A+
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WGU C717 Business Ethics – Questions and answers 2024/25 Rated A+
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WGU C717 Business Ethics – Questionsand answers 2024/25 Rated A+
Why Study Business Ethics? - to help you do ethics and be ethical
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What are a company's core values? - Beliefs and principles that provide the ultimate
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guide in its decision making
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II In What Year did Congress pass the Sarbanes-Oxley Act - 2002
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What is the Sarbanes-Oxley Act - law to address the wave of corporate and accounting
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scandals
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Section 406 of the Sarbanes-Oxley Act - Code of Ethics for Senior Financial Officers,
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requires corporations to have a code of ethics applicable to its principal financial officer
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and comptroller or principal accounting officer, or persons performing similar functions
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Code of Ethics (of the Sarbanes-Oxley Act) must include 3 standards: - 1. honest and
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ethical conduct, including the ethical handling of actual or apparent conflicts of interest
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between personal and professional relationships
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2. full, fair, accurate, timely, and understandable closure in the periodic reports required to
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be filled by the issuer; and
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3. compliance with applicable governmental rules and regulations
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II Core Values - beliefs and principles that provide the ultimate guide in its decision making
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Business Ethics - 1. refers to those values, standards, and principles that operate within
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business
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2. refers to an academic discipline that not only studies those standards, values, and
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principles, but also seeks to articulate and defend those that ought to or should operate in
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business
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The word ethics is derived from which greek word - ethos, meaning customary or
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conventional
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What is the difference between ethos and ethics - what IS valued and what OUGHT to be
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valued
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Philosophical Ethics - distinguishes what people DO value from what people SHOULD
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value
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II morality - how each of us should live our lives II II II II II II II II II II II
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, Why is studying ethics relevant to Business? - it is essential to living a responsible and
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meaningful life
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What are the three components of the goal of Business Ethics? - 1. understanding
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ethical issues
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2. analyzing ethical issues
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3. becoming sensitive to the importance of ethics
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What are the challenges of living an ethical life - deciding how to act, who to be, and how
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to live
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Steps to making a responsible decision - 1. Knowing and understanding the facts
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2. Identifying the ethical issues involved
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3. Identifying all stakeholders (Identify the people that might be affected by the situation)
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4. Understanding how those stakeholders will be affected(understand how they might be
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affected)
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5. Employing Moral Imagination to understand alternatives (Consider alternative courses
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of action)
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6. Consider how others will judge your decision (Step back and decide how the public will
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react)
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7. Making a decision and monitoring and learning from the results
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II Social Ethics - questions of public policy, law, civic virtue, and political philosophy
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Relativism - a theory that knowledge is relative to the limited nature of the mind and the
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conditions of knowingb : a view that ethical truths depend on the individuals and groups
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holding them
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Virtue ethics reminds one to look to the actual practices one finds in the business world
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and ask? - what type of people are being created by these peactices
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Principles, practices, obligations, deserved recompense, and duties are concepts that
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are the heart of (which type of ethics)? - Principle based ethics
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Identify the intellectual capacities for achieving the goals of business ethics - 1. a finely
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tuned set of analytical skills to evaluate ethical issues
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2. A better understanding of ethical issues
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3. a refined sensitivity to appreciate the significance of leading an ethical life
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True or False: A student will be fully prepared for a career in accounting, finance, or any
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area of business even if he/she is unfamiliar with ethical issues of these fields - False
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True or False: One of the reasons a business manager has to be concerned with the
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ethical standards of his or her organization is that the law demands it - True
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