Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
43 Cards in this Set
- Front
- Back
Define Ethics
|
How people live their lives according to a standard of "right' or "wrong" behavior
|
|
Define Society
|
A structured community of people bound together by similar traditions and customs
|
|
Define Value System
|
A set of personal principles formalized into a code of behavior
|
|
Define Intrinsic Value
|
Where a value is a good thing in itself and is pursued for its own sake, whether anything comes from the pursit of not
|
|
Define Instrumental Value
|
Where the pursuit of that value is a good way to reach another value
|
|
Define Virture Ethics
|
A concept of living your life according to a commitment to the achievement of a clear ideal
|
|
Define Utilitarianism
|
Ethical choices that offer the greatest good for the greatest number of people
|
|
Define Universal Ethics
|
Actions are taken out of duty and obligation to a purely moral ideal rather than based on the needs of the situation, since the universal principles are seen to apply to everyone, everywhere, all of the time
|
|
Define Ethical Relativism
|
Where the traditions of your society, your personal opinions, and the circumstances of the present moment define your ethical principles
|
|
Define Applied Ethics
|
The study of how ethical theories are put into practice
|
|
Define Ethical Dilemmas
|
A situation in which there is no obvious right of wrong decision, but rather a right of right answer
|
|
Define Ethical Reasoning
|
Looking at the information available to us in resolving an ethical dilemma, and drawing conclusions based on the information in relation to our own eithcal standards
|
|
Define Culture
|
A particular set of attitudes, beliefs, and practices that characterize a group of individuals
|
|
Define Morals
|
Are standard principles based on religious, cultural, or philosophical beliefs by which judgements are made about good or bad behavior
|
|
Define Morality
|
Personal set of morals that represent a collection of influences as they are built up over your lifetime
|
|
Define Moral Compass
|
A sense of personal direction to guide you in the choices you make in your life
|
|
Define Business Ethics
|
The application of ethical standards to busniess behavior
|
|
Define Stakeholder
|
Someone with a share or interest in a business enterprise
|
|
Define Corporate Governance
|
The system by which business corporations are directed and controlled
|
|
Define Oxymoron
|
The combination of two contradictory terms such as " deafening silence" or "jumbo shrimp"
|
|
Define Code of Ethics
|
A company's written standards of ethical behavior that are designed to guide managers and employees in the decisions and choices they face everyday
|
|
Define Organization Culture
|
The values, beliefs, and norms that all the employees of that organization share
|
|
Define Value Chair
|
The key functional inputs that an organization provide in the transformation of raw materials into a delivered product or service
|
|
Define Accounting Function
|
Keeps tract of all the company's financial transactions by documenting the money going out and balancing the accounts at the end of the period (daily,weekly)
|
|
Define Auditing Function
|
The certification of an organizations financial statement or "books" as being accurate by an impartial third party professional.
|
|
Define GAAP
|
The generally accepted accounting principles that govern the accounting profession-not a set of laws but rather a set of standard operating procedures within a profession
|
|
Define Conflict of Interest
|
A situation where ones relationship or obligation places you in direct conflict with an exisiting relationship or obligation
|
|
Key Functions (5)
|
1. Research and Development
2. Manufacturing 3. Marketing 4. Sales 5. Customer Service |
|
Line Functions (4)
|
1. Human Resource Mgmt
2. Finance 3. Information Systems 4. Management |
|
What are the two distinct perspectives of business?
|
Descriptive=Documenting what is happening
Normative (Prescriptive)= Recommending what should be happening |
|
What are the three steps for solving an ethical problem?
|
1. Analyze the consequences= who will be helped, who will be harmed?
2. Analyze the actions= consider all options for a different point of view without thinking about the consequences. 3. Make a decision= take both parts of you analysis and make a decision |
|
What are Kohlbergs Stages for Ethical Reasoning?
|
1. Preconventional
2. Conventional 3. Post-Conventional |
|
What is Preconventional
|
A persons response is related to the expectation of punishment or reward
-Stage 1= Obedience & Punishment -Stage 2= Individualism, Instrumentalism, and exchange |
|
What is Conventional
|
A person continues to become aware of broader influences outside the family
-Stage 3=Good Boy/Nice Girl -Stage 4=Law and Order |
|
What is Post-Conventional
|
Make a clear effort to define principles and moral values that reflect individual value system
-Stage 5= Social Contract -Stage 6= Universal Ethical Principles |
|
Stakeholders Interest
|
Customers=Fair exchange, safe and reliable products
Supplies/Vendor partners=prompt payment and regular orders will an acceptable profit margin Retailers/Wholesalers=accurate deliveries,safe products Federal Government=tax revenue compliance with all relevant legislation Creditors=Principal and interest payment, repayment of debt Community=employment, economic growth, protection of the local governement |
|
Stakeholders Impact from Unethical Behavior
|
Stockholders/Shareholders=fales info. for investment options, loss of stock value, cancellation of dividends
Employees=loss of employment, no severance Customers=poor service Suppliers/Vendor Partners=Delayed payment, unpaid invoices Federal Government=Loss of taxes, failure to comply with all relevant legislation Creditor=Loss of principle/interest payment, failure to repay debt Community=Unemployment, economic decline |
|
Research and Development Ethics
|
-Do we use the best material or second best to save money?
-Do we run all the test? |
|
Manufacturing Ethics
|
-You want to finish the project but there is a supply problem, do we use and alternative and less reliable supplier?
-Can we be sure of the quality from that supplier? |
|
Marketing Ethics
|
-Do we false advertise?
-Can we make the fine print any smaller so the consumer won't see it? |
|
Human Resouce Ethics
|
-Creation of the job description.
-The orientation of a new employee. -Documentation of disciplinary behavior. |
|
Finance Ethics
|
-Have the books been balanced?
-Can we take a little off the top? -Do we show false information to get more people to invest? |
|
Stockholder Interest
|
Stockholders/Shareholders=Growth of stock, dividend income
Employees-Stable, safe, and comfortable employment |