Business Ethics with Social Responsibility and Governance

 Business Ethics with Social Responsibility and Governance

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The abbreviation COSO stands for The Committee of Sponsoring Organizations of the Treadway Commission.
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The Control Environment is the culture or tone of a company.
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Based on the COSO framework, monitoring control activities are policies and procedures that support the control environment.
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Sustainable development involves conducting business in a way that protects the environment while making economic progress.
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This provision in the Sarbanes-Oxley Act requires that management file and internal control report with its annual report each year in order to delineate how management has established and maintained effective internal controls over financial reporting.
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Corporate governance is a set of characteristics that identifies a business.
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Organizations can use ethical marketing as a way to establish trust among their customers by living up to the claims made in its advertising.
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Most, if not all, businesses give importance to business ethics and usually include in it in the core values of the company.
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There is a principle called  which is Latin for: let the master answer.


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The values-based system of ethics employs legal terms, rules of conduct, training, and penalties for non-compliance.
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 are business professionals that enforce rule and attests to the fundamental fairness of the system.

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To  someone is to treat them as a means to an end; as a tool to be used instead of as an autonomous individual in his right.

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An  is a legal connection that is formed between an employee and employer when work is completed for monetary renumeration.

uestion 11

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COSO stands for The Committee of  Organizations of the Treadway Commission.

Question 9

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In general, corporate governance refers to the rules, procedures or laws whereby businesses are regulated, oprated, and controlled.
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Negligence can be distinguished as a failure to practice reasonable care or ordinary caution that causes another to be harmed.
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This provision in the Sarbanes-Oxley Act prohibits various forms of professional services that are determined to be consulting rather than auditing.
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A conflict of interest is a situation in which personal and/or financial considerations have the potential to influence or compromise professioanl judgment.
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 is a general set of guidelines to assist organizations as they evaluate new marketing strategies.

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Respondent superior is Latin for consumer rights.
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Torts is a term that is usually used in the field of law that is known by lay people as liability.
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Question 10

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The Sarbanes-Oxley act of 2006 decreed strict changes to improve financial disclosures from companies and impede accounting fraud.
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 The legal obligations of a professional to act in the best interest of his clients.

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In the Sarbanes-Oxley Act, Section 406 refers to codes of ethics for senior financial officers.
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Question 10

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In the Sarbanes-Oxley Act, Section 404 refers to the services outside the scope of auditors.
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Investors do not have to depend on auditors to objectively assess the financial statements of a company.
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Producers owe only those things promised to consumers in the sales agreement.
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The heart of a business success does not depend on its marketing.
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The literal translation of  is let the buyer beware.

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Sustainable or green marketing is based on concepts of environmental and social sustainability, and attempts to meet the needs of the current generation without destroying the future.
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Which of the following is true about Ethical marketing?
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Which of the following is NOT true about corporate governance?
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The Four Ps of marketing are product, purpose, price, and profit.
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Question 9

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In business, caveat emptor means to allow the potential buyer who is considering the procurement of an item to check the item, and then allow him to decide the terms on which he is agreeable to buy or decline the item.
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Which of the following is an example of a fiduciary relationship?
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 It is discrimination against members of a dominant or majority group in favor of members of a minority or historically disadvantaged group.

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 has been defined as showing a preference for selecting and/or promoting members of a demographic or minority group with a history of discrimination.

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Organizations operating internationally have become exposed to a greater level of operational risk.
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An employee has the right to time off to take care of his sick wife, but does not have the right to take time off to care for his terminally ill neighbor.
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Due process does not mean that employees get to hold their jobs under any circumstance
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 is a strong predictor of human trafficking and may come in the form of bribery and usury fees paid by workers to recruitment agents.

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 is a reason that is enough to fire an employment contract immediately and for which no notice or severance pay is due to the employee.

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Individuals who are shamed, bullied or discriminated against based on preconceived judgments of their appearance, disabilities, or lifestyles are victims of

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Employment security is about the protection of workers against vacillations in earned income as a result of job loss.

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 are the primary rights of people regardless of their race, sex, religion, political opinion, social status or any other characteristic.

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The literal translation of cave emptor means Let The Buyer Beware.
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 is a term that is usually used in the field of law that is known by lay people as negligence.

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 It is a method by which a product or service is presented and promoted to possible customers.

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Strict product liability is a legal rule that says a seller of a defective product is liable to a person injured by that product regardless of whether the seller did everything possible to make sure the defect never happened.
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Sustainable or green marketing refers to circumstances where people are subject to directed commercial activity and are unaware of it.
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 is a situation in which personal and/or financial considerations have the potential to influence or compromise professional judgment.

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 Are professions that enforce rules and attest to the fundamental fairness of the system. Examples of these are accountants, financial analysts, attorneys, and auditors.

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Ultimately, consumers and marketers are responsible for ethical and socially responsible behavior.
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Investors do not have to depend on auditors to objectively assess the financial statements of a company.
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Question 10

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Which of the following is NOT true about ethical marketing?
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Liability can be defined as a failure to practice reasonable care or ordinary caution that causes another to be harmed.
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A company increases the possibility of high risk behavior when it is not fully supporting people.
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means that the government cannot take away the life, liberty, or property interest of a person without giving them notice and a fair hearing.

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The literal translation of caveat emptor is

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Ethically, tort law maintains that people owe others certain general duties only if it has been clearly and voluntarily stated.
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Which of the following is true about negligence?
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is logic that is used to direct action.

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In the doctrine respondent inferior, a principal is held responsible for the actions of its agent when said agent is acting in the regular course of his duties to the principal.
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is a reason that is enough to fire an employment contract immediately and for which, no notice or severance pay is due to the employee.

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Change blindness results from focusing on failures.
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One kind of ethics program is thesystem that depends on self-policing and motivation rather than coercion.

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Ais a situation in which personal and/or financial considerations have the potential to influence or compromise professional judgment.

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Caveat emptor is a phrase that is simply an effort to illustrate the broader concept of freedom of contract as it applies to the seller-buyer relationship.
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Ethics does not only mean pursuing traditionally accepted norms.
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The literal translation ofis let the buyer beware.

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The heart of a business success does not depend on its marketing.
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Even without marketing, a business may offer the best products or services in an industry.
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There is still a high risk of unethical behavior even when companies have great rules and procedures and obey the laws and regulatiions.
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There are circumstances in which buyers can be harmed by a product even when no negligence was involved.
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Which of the following is NOT true about corporate governance?
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Laws can be morally wrong or unethical.
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Social responsibility is an ethical ideology, in which individuals are responsible for executing their fiduciary duty.
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Sarbanes-Oxley Act entails requirements for verification of the statements by officers.
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Corporate culture refers in general to the rules, procedures, or laws whereby businesses are regulated, operated, and controlled.
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Emphasis that human being have basic rights and liberties that cannot be taken away by the decision of someone is the

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Which of the following is true about Ethical marketing?
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Theespouses that moral behavior generates the greatest good for the vast majority.

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If law will hold business liable for implicit promises, a weak business will try to limit its liability by clearly disowning any promise or warranty.
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Establishing a safe work environment is crucial to the success of a business and is one of the best ways to retain employees and maximize productivity.
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refers in general to the rules, procedures, or laws whereby businesses are regulated, operated, and controlled.

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Which of the following is NOT true about ethical marketing?
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Sustainable ormarketing is based on concepts of environmental and social sustainability, and attempts to meet the needs of the current generation without destroying the future.

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It is a method by which a product or service is presented and promoted to possible customers.

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Investors do not have to depend on auditors to objectively assess the financial statements of a company.
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Unethical behavior is always against the law.
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In business, caveat emptor means to allow the potential buyer who is considering the procurement of an item to check the item, and then allow him to decide the terms on which he is agreeable to buy or decline the item.
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Theto ethics believes that ethical actions should be consistent with certain virtues that provide for the full development of humankind.

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or undercover marketing refers to circumstances where people are subject to directed commercial activity and are unaware of it.

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alludes to the range of similarities and differences between people in a company.

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Manipulation would be objected strongly by the principle-based tradition in ethics.
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Which of the following is an example of a fiduciary relationship?
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The utilitarian ethical tradition would take the agreement of the two participants as proof that both are better off than they were before the exchange and accordingly conclude that general happiness has been raised by any exchange openly entered into.
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Shoring preference for selecting and/or promoting members of a demographic or minority group with a history of discrimination is called

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Reducing the number of employees on the operating payroll is called.

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A principal factor of tort law, it concerns a kind of ethical neglect, particularly neglecting duty to practice reasonable care not to harm others.

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The legal obligations of a professional to act in the best interest of his clients is called (Wrong).

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The Sarbanes-Oxley Act of 2002 was created by US senator Philip Sarbanes and US Representative Michelle Oxley.
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Theapproach maintains that moral decisions must be based on standards of equity, fairness, and impartiality.

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The major reason to study ethics is that whether or not we examine the questions What should I do? or What type of person should I be? or How shall we live in community? we answer them in the course of living our everyday lives.
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Because the language of ethics is so different from talk about operational fields of finance, marketing, accounting, management, law, and human resources, ethical concepts and categories are not relevant to these fields.
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Which statement/s are characteristic of virtue ethics?
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Philosophical ethics distinguishes what people do value from what they should value.
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Ethical character traits include integrity, honesty, and ustice.
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Effective leaders design strategies to achieve desired outcomes, because they are in the business of making a profit.
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In the Character Approach, the judgment concered addresses both the morality and the consequences of an act.
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 It generally asks the question: What effect will this act have in this situation on the general balance of good over evil? Act Utilitarianism

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The Character approach analyzes the intentions, inclinations, and motives of a person or group, and then creates a moral judgment of the character of said person or group.
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If something is seriously wrong, the law will prohibit it. Consequently, it is enough to rely on the law for deciding what is right or wrong.
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What is the definition of ethics?
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Corporate culture is a set of characteristics that identifies a business. It involves employee attitudes, standards, and ways of doing things.
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Character is a common normative standard of conduct, holding that a specific decision or action is good or true or right for all every time and everywhere.
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According to philanthropic model of corporate social responsibility, the social responsibility of business managers is to pursue profit with the law.
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Should a gas station owner be allowed to charge Pgp10 more per liter, if this store is the only store with gas?
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In this perspective, the principle of utility (do whatever will produce the best overall results) should be applied on a case by case basis.
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Which of the following is NOT true about norms?
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The principle approach is the most familiar since most ethics education is based on principles.
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Some traditions are relatively ethical, but others become corrupt or oblivious to certain ethical matters.
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A corporate director who bought that company stock when he knew it was about to jump up in price committed fraud by buying it while not disclosing his inside information.
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Because utilitarianism focuses on consequences, producing the greatest happiness for the greatest number, as the sole criterion for determining ethical right and wrong, no action is ever right or wrong in itself, in all cases, in every situation-even, perhaps, murder, rape, theft, deceit, and lying.
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Which of the following statements is decisive in determining whether or not to study business ethics?
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As long as individuals follow the mores, customers, and rules of their culture or society, they are assured that their actions are ethically correct.
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Work ethics are
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Which statement/s are legitimate challenges to utilitarian ethical theory?
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What people do value and what they should value are not necessarily the same.
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Which proposition correctly describes the concept of a right?
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BEcause people already know right from wrong, the study of business ethics is simply an unprofitable exercise.
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The theory of virtue ethics focuses on a full and detailed description of those character traits that would constitute a good and human life. Egoism is simply not a factor in the ethical decision-making of caring, empathetic, charitable, and sympathetic persons.
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Identify the statement that is consistent with utilitarian ethical theory.
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Culture protrays the ethical and moral beliefs and standards that articulate how people should behave and interact with one another.
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 It is a set of characteristics that identifies a business.

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Making good ethical decisions demands a trained sensitivity to ethical issues and a practicesd manner for surveying the ethical aspects of a decision and weighing the considerations that should impact the choice of a course action.
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The culture of a company is connected to the characteristics found in the surrounding environment, but it also has some traits that are unique.
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It is a crucial component of compliance-based ethics.
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In the virtue framework, one tries to identify the negative character traits that might motivate people in a given situation.
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Tostudy an issue using utilitarian approach, first, ask who will be affected by each action and what gains and harms will be assumed from each.
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 It mainly poses the question: What effect would everyone doing this action have on the general balance of good over evil?

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In the consequence approach, those who make decisions weigh several probable results and arrive at the decision likely to produce the best result.
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Cultural norms are the shared, approved, and incorporated structures of beliefs and practices that are handed down through generations and typify a cultural group.
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Moral dilemmas emerge when individuals or groups need to pick between contending values.
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Due process does not mean that employees get to hold their jobs under any circumstance
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is a strong predictor of human trafficking and may come in the form of bribery and usury fees paid by workers to recruitment agents.

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are the primary rights of people regardless of their race, sex, religion, political opinion, social status or any other characteristic.

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It is discrimination against members of a dominant or majority group in favor of members of a minority or historically disadvantaged group.

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An employee has the right to time off to take care of his sick wife, but does not have the right to take time off to care for his terminally ill neighbor.
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alludes to the range of differences between people in a company.

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means that the government cannot take away the life, liberty, or property interest of a person without giving them notice and a fair hearing.

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refers to reducing the size of a company by eliminating workers and/or divisions within the company.

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Being able to work in a team with different people from all ages and backgrounds is part of the expectations of the employer to their workers.
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Individuals who are shamed, bullied or discriminated against based on preconceived judgments of their appearance, disabilities, or lifestyles are victims of

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An induction program is not really necessary; employers can let each employee know what to expect when they need to know.
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If an employee has different religious belief and practices from his employer, he can be rightly fired from his job.
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has been defined as showing a preference for selecting and/or promoting members of a demographic or minority group with a history of discrimination.

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is the unjust treatment of employees based on prejudices.

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Organizations operating internationally have become exposed to a greater level of operational risk.
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is a reason that is enough to fire an employment contract immediately and for which no notice or severance pay is due to the employee.

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Under health and safety law, the principal responsibility for health and safety is down to employers.
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Female have the right not to be sexually harassed, but male employees do not have this right because a man cannot be sexually harassed.
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Employment security is about the protection of workers against vacillations in earned income as a result of job loss.

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A document prepared to guide organization members when encountering ethical dilemmas is a(n)
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It is a crucial component of compliance-based ethics.
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The challenge of resolving moral approaches is intensifies by the problem that people have similar approaches to moral decision-making.
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Which of the following is true about culture?
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Which of the following is NOT true about corporate culture?
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There will be no parameters limiting what a person will or will not do if virtues did not exist.
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Making good ethical decisions demands a trained sensitivity to ethical issues and a practicesd manner for surveying the ethical aspects of a decision and weighing the considerations that should impact the choice of a course action.
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Utilitarianism was developed by Jeremy Bentham and John Stuart Mill in the 18th century.
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According to this viewpoint, people should judge the morality of individual actions by reference to general moral rules, and people should judge particular rules by determining whether their acceptance into the moral code would produce more well-being than other possible rules.
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A strong allure of the  is its cost-benefit aspect.

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The culture of a company is connected to the characteristics found in the surrounding environment, but it also has some traits that are unique.
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What are ethical theories?
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Freud and Fraedrich illustrate two kinds of ethics programs, compliance and values-based.
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Business Code of Ethics defines acceptable behavior and promote high standards of practice.
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Which of the following reasons accounts for the dominance of utilitarianism among policy makers and administrators?
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Managers are accountable for the ethical conduct of those who report to them by making sure employees are aware of the code of ethics of the organization and have the opportunity to va;idate and clarify their understanding.
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The philanthropic model in which business support for a social cause is done simply because it is the right thing to do differs from the reputational version only in terms of the underlying motivation.
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Which statement/s are legitimate challenges to utilitarian ethical theory?
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Which proposition correctly describes the concept of a right?
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BEcause people already know right from wrong, the study of business ethics is simply an unprofitable exercise.
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Culture protrays the ethical and moral beliefs and standards that articulate how people should behave and interact with one another.
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Acting and reflecting on the outcome is the last step to ethical decision-making.
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Employees make better decisions efficiently without a governing standard.
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The  approach ocuses on the ideal characteristics required for promoting employees for the company.


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Personal integrity is the base for ethics.
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 It is the applied ethics discipline that focuses on the moral aspects concerning business activity.

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It is the shortsightedness of values.
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Which of the following is TRUE about ethics?
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There is a vital relationship between integrity and ethics.
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When the current management principles is not based on ethical practices and behavior, leaders within an organization can instruct employees by example and guide them in making decisions.
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Employees who do not work for an organization that requires a high standard of business ethics in all aspects of operations tend to complete their job duties at a higher level and stay loyal to that organization.
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Making sensible ethical choices does not require an understanding of ethical issues and a prepared method for discovering the ethical sides of a decision and evaluating the alternatives that should impact our choice of action.
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Operating a business in an entirely ethical way builds a stronger bond between individuals in leadership positions that further creates stability within the company.
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It espouses that moral behavior generates the greatest good for the vast majority.
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The Rights Approach is an old approach to ethics is that ethical actions should be consistent with certain virtues that provide for the full development of humankind.
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Ethical decision-making seeks to benefit the company as a whole, instead of allowin just one individual gain from business decisions.
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______ provide relevant insight for our ethical choices.
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Integrity is an obligation, not a choice.
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The Rule of 7 states that for every individual you minus to a group beyond seven, decision effectiveness declines by 10 percent.
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This approach suggests that linked relationships of society are the foundation of ethical reasoning and that reverence and concern for all others are conditions of such grounds.
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