9 September 2008
Quiz for Chapter 2: Being Ethical and Socially Responsible
1. What is Business Ethics?
Ethics is the study of right and wrong and of the morality of choices. Business Ethics is the application of moral standards to business situations.
2. Identify the types of ethical concerns that arise in the business world.
Ethical issues arise often in business situations out of relationships with investors, customers, employees, creditors or competitors. People should make every effort to be fair, to consider the welfare of customers and others within the firm, to avoid conflicts of interest and to communicate honestly.
3. What is “whistle-blowing”?
Employees tell government officials about unethical practices in their workplace.
4. What is caveat emptor?
What you see is what you get. Buyer Beware.
Source: Business, Pride, Hughes, Kapoor, 9th edition, Houghton Mifflin
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