Study sets, textbooks, questions
Upgrade to remove ads
Arts and Humanities
B Law Ch 4 vocab
Terms in this set (19)
Ethics in a business context; a consensus of what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.
corporate social responsibility
The concept that corporations can and should act ethically and be accountable to society for their actions.
A decision-making technique that involves weighing the costs of a given action against the benefits of the action.
A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
moral principles and values applied to social behavior
The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.
principle of rights
The principle that human beings have certain fundamental rights (to life, freedom, and the pursuit of happiness, for example). Those who adhere to this "rights theory" believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of others. These others include the firm's owners, its employees, the consumers of its products or services, its suppliers, the community in which it does business, and society as a whole.
Sometimes, publicly held companies use funds from their own treasuries to repurchase their own stock, with the result being that the price of the stock usually goes up.
A certificate that grants the owner the option to buy a given number of shares of stock, usually within a set time period.
An approach to ethical reasoning in which ethically correct behavior is not related to any absolute ethical or moral values but to an evaluation of the consequences of a given action on those who will be affected by it. In this type of reasoning, a "good" decision is one that results in the greatest good for the greatest number of people affected by the decision.
requires companies to set up confidential systems so that employees and others can raise red flags about suspected illegal or unethical auditing and accounting practices
an online reporting system in which employees can report suspicious accounting practices, sexual harassment, and other possibly unethical behavior. It alerts management personnel or the audit committee at the designated company to the possible problem
the capacity to endure
title VII of the civil rights act of 1964
prohibits discrimination against women in the employment context
foreign corrupt practices act
prohibits US businesspersons from bribing foreign officials to secure beneficial contracts. Allows "grease" payments. Allows payments to foreign officials which are lawful in that country. Allows payments to private companies, unless the US firm knows the payments will go to an official. Penalties for companies up to $2 million in fines, individuals up to $100,000, and up to 5 years in prison
referred to as "grease." They are payments of substantial sums to minor officials whose duties are ministerial. They are meant to accelerate the performance of administrative services that might otherwise be carried out at a slow pace
religious ethical standards
The rightness or wrongness of an action is usually judged according to its conformity to an absolute rule that commands a particular form of behavior
promote goals that society considers worthwhile and take positive steps towards solving problems
Sets found in the same folder
BLAW Exam 1
Legal and Ethical Environment of Business
Final Legal and Ethical Environ. of Business
BLAW CH 3
Sets with similar terms
Ch.4 Business Ethics
DECA Business Law & Ethics Vocabulary
DECA Business Law & Ethics Vocabulary
Other sets by this creator
Marketing Research test #1
Auditing Ch. 9 vocab
Auditing Ch. 7 vocab
Other Quizlet sets
Ch 5 key concepts
221 Unit 1 Review Questions
Marketing Ch.1 & 2