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EST1 - Ethical Situa

WGU-EST1 - Ethical Situations in Business

QuestionAnswer
Business Ethics comprises the principles and standards that guide behavior in the world of business
Consumers Bill of Rights the right to safety, the right to be informed, the right to choose, and the right to be heard
Social responsibility an orgainizations obligagtion to maximize its positive impact on stakeholders and to minimize its negative impact
Defense Industry intiative on Business ethics and conduct was developed to guide corporate support for ethical conduct. In 1986 eighteen defense contractors drafted principles for guiding business ethics and conduct.
Federal Sentencing guidelines for organizations approved by congress in november 1991, set the tone for oranizational ethical compliance programs in the 1990s.
Sarbanes-Oxley Act the most far reaching change in organizational control and accounting regulations since the securities and exchange act of 1934. The new law made securities fraud a criminal offense and stiffened penalties for corporate fraud.
Ethical culture can be viewed as the character of decision-making process that employees use to determine whether their responses to ethical issues are right or wrong.
stakeholder In a business context, customers, investors nd shareholders, employees, suppliers, government agencies, communities, and many others who have a "stake" or claim in some aspect of a company's products, operations, markets, industry and outcomes
primary stakeholder those whose continued association is absolutely necessary for a firm's survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infastructure
secondary stakeholder do not typically engage in transactions with a company and thus are not essential for its survival;these include the media, trade associations, and special-interest groups
stakeholder interaction model these are two way relationships between the firm and a host of stakeholders
corporate citizenship is often used to express the extent to which businesses strategically meet the economic, legal, ethical, and philanthropic responsibilities placed on them by their various stakeholders
reputation is one of an organization's greatest intangible assets with tangible value
shareholder model of corporate governance is founded in classic economic precepts, including the goal of maximizing wealth for investors and owners
stakeholder model of corporate governance adopts a broader view of the purpose of business
executive compensation one of the biggest issues that corporate boards of directors face
social responsibility business ethics embodies standards, norms and expectations that reflect a concern of major stakeholders, including consumers, employees, shareholders, suppliers, competitors and the community
stakeholder orientation the degree to which a firm understands and addresses stakeholder demands can be referred to as a
corporate governance to remove the opportunity for employees to make unethical decisions, most companies have developed formal systems of accountability, oversight, and control
honesty truthfulness or tustworthiness. To be honest is to tell the truth to the best of your knowledge without hiding anything
fairness is the quality of being just, equitable, and impartial
equality is about how wealth or income is distibuted between employees within a company, a country, or across the globe
reciprocity is an interchange of giving and receiving in social relationships.
optimization is the trade-off between equity (that is, equality or fairness) and efficiency (that is, maximum productivity).
integrity is one of the most important and often-cited terms regarding virtue, and it refers to being whole, sound, and in an unimpaired condition.
ethical issue is a problem, situation, or opportunity that requires and individual, group, or organization to choose amondg several actions that must be evaluated as right or wrong, ethical or unethical
ethical dilemma is a problem, situation, or opportunity that requires an individual, group, or organization to choose amondg several wrong or un-ethical actions
abusive or intimidating behavior is the most common ethical problem for employees...physical threats, false accusations, being annoying, profanity, insults, yelling etc
lying distorting the truth
conflicts of interest exists when an individual must choose whether to advance his or her own intersts, those of the organization, or those of some other group
bribery is the practice of offering something (usually money) in order to gain an illicit advantage
active bribery meaning that the person who promises or gives the bribe commits the offense
passive bribery is an offense committed by the official who receives the bribe
facilitation payments made to obtain or retain business or other imporper advantages do not consititute bribery payments
corporate intelligence is the collection and analysis of information on markets, technologies, customers, and competitors, as well as on socioeconomic and external political trends
hacking considered one of the top three methods for obtaining trade secrets
system hacking assums that the attacker already has access to a low-level, privileged-user account
remote hacking involves attempting to penetrate remotely a system across the internet
physical hacking requires that the ci agent enter a facility personally
shoulder surfing in which someone simply looks over an employee's shoulder while he or she types in a password
password guessing is another easy social engineering technique
dumpster diving is messy but very successful for acuring trade secrets
whacking is wireless hacking
discrimination on the basis of race color, religion, sex, maritial status, sexual orientation, public assistance status, disibility, age national origin or vetern status is illegal
eeoc where you file discrimination charges
affirmative action programs involve efforts to recruit, hire, train, and promote qualified individuals from groups that have tradionally been discriminated against on the basis of race, gender or other characteristics
sexual harrassment any repeated, unwanted behavior of a sexual nature perpetrated upon one indivdual by another
hostile work environment 3 must be met:conduct was unwelcome; the conduct was severe, pervasive, and regarded by the claimant as to hostile or offensive as to alter his or her conditions of employment; conduct was such that a resonable person would find it hostile or offensive
dual relationship is defined as a personal, loving, and/or sexual relationship with someone with whom you share professional responsibilities
unethical dual relationship those where the relationship causes either a direct or indirect conflict of interest of a risk of impairment to professional judgment
environmental issues becoming the significant concerns within the business community
Kyoto Protocol one example fo the world's growing concern about global warming, is an international treaty on climate change committed to reducing emissions of carbon dioxide & five other greenhouse gases
water pollution results from the dumping of raw sewage & toxic chemicals into river and oceans, from oil and gasoline spills, and from the burial of industrial wastes in the ground where they may filter into underground water supplies
accounting fraud usually involves a corporation's financial reports in which companies provide important information on which investors and others base decisions that may involve millions of dollars
marketing fraud the process of creating, distibuting, promoting, and pricing products-is another business area that genterates potential ethical issues
puffery can be defined as exaggerated advertising, blustering, and boasting upon which no reasonable buyer would rely and is not actionable unter the Lanham Act
Implied falsity means that the message has tendency to mislead, confuse or deceive the public
labeling issues l
slamming changing a customer's phone service without authoriztion, is another important issue involving labeling that is specific to the telephone industry
consumer fraud when consumers attempt to deceive businesesses for their own gain
Created by: Aimmee Shiplet Aimmee Shiplet on 2011-03-19



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