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1.04 Business Ethics
Ethics
| Term | Definition |
|---|---|
| Accountability | The condition of having to answer for or be liable for your actions; accepting responsibility for your decisions |
| Altruistic | Concerned with other's welfare; charitable |
| Americans with Disabilities Act of 1990 | A law that protects workers physical and/ or mental disabilities from discrimination |
| Bankruptcy | A state of debt that cannot be resolved |
| Business ethics | The basic principles that govern a businesses action's |
| Code of ethics | A set of rules for governing behavior |
| Consequence | The result of an action |
| Customer loyalty | The customers preference for a business; usually expressed in regular purchases from he business |
| Employee turnover | The rate at which a business gains and loses employees |
| Ethical principles | Standards that govern behavior; not dependent on circumstance |
| Ethics | The basic principles that govern your behavior |
| Fraudulent | Deceitful; dishonest |
| Illegal | Prohibited by law |
| Integrity | Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations |
| Investors | Those who invest their funds in a business; may be owners or stockholders |
| Legal | Acceptable under the law |
| Obligation | Duty; requirement |
| Philanthropic | Voluntarily; generous |
| Productivity | The amount and value of goods and services produced (output) from set amounts of resources. (inputs) |
| Profitability | The degree or level of profit of a business or product |
| Respect | Regard or esteem; honoring the rights, freedoms, and property of others |
| Responsibility | Fulfilling one's obligations in a dependable, and reliable manner |
| Risk | The possibility of loss or failure |
| Sarbanes-Oxley Act | A U.S regulation mandating that public businesses comply with specific accounting requirements |
| Social Responsibility | The duty of a business to contribute to the social well-being of society |
| Stakeholders | People or business's who are affected by a company's success or failure |
| Transparency | The quality of being just as one seems; being open and truthful when communicating |
| Trust | The ability to rely on the character, integrity, or truthfulness of something o someone |
| Unethical | Lacking morals; wrong |
| Viability | The long term value of choices and decisions to relevant stakeholders |
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