Exam 1 Study Guide answers

Topics: Ethics, Entrepreneurship, Business ethics Pages: 2 (609 words) Published: February 16, 2015
BA 374
Exam #1 Study Guide

Chapter 5 --- Ethics and Social Responsibility

Pgs. 140-141 --- managerial ethics- the code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong. ethical dilemma- a situation that arises when all alternatives choices or behaviors are deemed undesirable because of potentially negative consequences, making it difficult to distinguish right from wrong. Pgs. 142-144 --- criteria for ethical decision making Exhibit 5.2 (p. 146) - Utilitarian approach- the ethical concept that moral behaviors produce the greatest good for the greatest number. Individualism approach- the ethical concept that acts are moral when they promote the individual's best long-term interests, which ultimately leads to the greatest good. Moral-Rights approach- ethical concept that moral decisions are those that best maintain the rights of those people affected by them. Justice approach- ethical concept that moral decisions must be based on standars of equality, fairness, and impartiality. Preconventional- follows rules to avoid punishment

Conventional- follows rules to meet expectations of others
Principled- follows self-chosen ethical principles
Pgs. 150-151 --- corporate social responsibility- management's obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organization. Stakeholders- any group within or outside the organization that has a stake in the organization's performance. Pgs. 155-157 --- evaluating corporate social responsibility Exhibit 5.7 (p. 155)- four criteria Economical responsibility – be profitable

Legal responsibility – obey the law
Ethical responsibility – be ethical, do what is right, avoid harm Discretionary responsibility – contribute to the community and quality of life Pgs. 157-161 --- managing company ethics and social responsibility- Ethical individuals – integrity, honesty, inspire trust, treat...
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