Straighterline Business Ethics Final Exam Review | Latest Version | 2024/2025 | 100% Verified
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Straighterline Business Ethics
Institution
Straighterline Business Ethics
Straighterline Business Ethics Final
Exam Review | Latest Version |
2024/2025 | 100% Verified
What is the primary goal of business ethics?
The primary goal of business ethics is to ensure that businesses operate in a morally sound
manner and adhere to ethical standards and practices.
H...
Straighterline Business Ethics Final
Exam Review | Latest Version |
2024/2025 | 100% Verified
What is the primary goal of business ethics?
✔✔ The primary goal of business ethics is to ensure that businesses operate in a morally sound
manner and adhere to ethical standards and practices.
How does the concept of corporate social responsibility (CSR) relate to business ethics?
✔✔ CSR involves companies taking responsibility for their impact on society and the
environment, aligning with ethical principles beyond profit-making.
What is the difference between ethical relativism and ethical absolutism?
✔✔ Ethical relativism suggests that moral standards are relative to cultural or individual
preferences, while ethical absolutism holds that there are universal moral standards applicable to
all people.
1
,What is meant by the term "conflict of interest" in a business context?
✔✔ A conflict of interest occurs when an individual's personal interests or relationships could
improperly influence their professional decisions or actions.
How does the principle of transparency contribute to ethical business practices?
✔✔ Transparency involves openly sharing information about business operations and decisions,
fostering trust and accountability with stakeholders.
What is the role of a code of ethics in a company?
✔✔ A code of ethics provides guidelines and standards for employees to follow, helping to
ensure consistent ethical behavior and decision-making within the company.
What are whistleblower protections, and why are they important?
✔✔ Whistleblower protections safeguard employees who report unethical or illegal activities
from retaliation, encouraging the reporting of misconduct.
2
, How does the concept of fairness apply to business transactions?
✔✔ Fairness involves treating all parties involved in a transaction with equity and impartiality,
ensuring that no one is unjustly favored or disadvantaged.
What is the ethical importance of respecting intellectual property rights?
✔✔ Respecting intellectual property rights ensures that creators and innovators are recognized
and compensated for their work, preventing unauthorized use or theft.
How can businesses balance profit-making with ethical considerations?
✔✔ Businesses can balance profit-making with ethics by integrating ethical practices into their
operations and decision-making processes, ensuring that financial goals do not come at the
expense of moral principles.
3
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