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Exam 4: Demanding Ethical and Socially Responsible Behavior

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Question 21

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In order to avoid the costly act of being sued in court, it makes good sense to manage your business ethically.

A) True
B) False

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Question 22

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Explain the difference between a compliance-based ethics code and an integrity-based ethics code.

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Compliance-based ethics codes emphasize ...

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Question 23

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It can be very difficult to maintain a balance between ethics and goals such as pleasing stakeholders.

A very critical last step in the process of establishing an ethics code is

People involved in business may be tempted to do something unethical in order to increase sales and profits, but rarely do because if they are caught, our legal system will deal harshly with them.

Recently, Silky Soft Inc., a clothing and soft goods company agreed to adopt higher ethical standards with respect to contract manufacturers producing their goods. Company leadership agreed this was a good approach to avoid the U.S. government's intervening and creating new laws to force the entire industry to work only with foreign manufacturers who operate with high ethical standards. This was sensible strategy on the part of the clothing and soft goods industry.

When stating a firm position on various social and political issues, corporate policies often commit company profits to back these positions.

People need to make a living. Under this circumstance, one of the best social programs a firm can offer is

Which of the following is a reason why a business should be managed ethically?

Getting even is one of the most powerful incentives for good people to do bad things.

Insider trading occurs when employees of publicly traded companies use private company information to profit in the stock market.

Management can create an environment in which unethical behavior can develop.

In the long run, a firm's loyalty to their employees can pay off financially.

Purposefully understating your firm's income to avoid paying higher taxes is an example of

Ethical behavior involves the clear and easy choice of right and wrong actions toward others.

Corporate philanthropy refers to the position a firm takes on issues that affect society.

The ethical standards by which international political leaders are judged are more lenient today than they were in years past.

Andrea owns a small online retail business. On her company website, she asks customers who fill orders to mark a box if they are willing to let her share their personal information with her suppliers. By asking this question, Andrea is addressing privacy issues, and covering her actions in case someone should try to sue her for sharing private information. She is responding to the question, "Are my proposed actions legal?"

In the discussion of corporate social responsibility, stakeholders and stockholders refer to the same group.

Which of the following statements best describes a firm's commitment to its customers?