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43 Cards in this Set
- Front
- Back
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Define Ethics
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How people live their lives according to a standard of "right' or "wrong" behavior
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Define Society
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A structured community of people bound together by similar traditions and customs
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Define Value System
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A set of personal principles formalized into a code of behavior
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Define Intrinsic Value
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Where a value is a good thing in itself and is pursued for its own sake, whether anything comes from the pursit of not
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Define Instrumental Value
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Where the pursuit of that value is a good way to reach another value
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Define Virture Ethics
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A concept of living your life according to a commitment to the achievement of a clear ideal
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Define Utilitarianism
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Ethical choices that offer the greatest good for the greatest number of people
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Define Universal Ethics
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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
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Define Ethical Relativism
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Where the traditions of your society, your personal opinions, and the circumstances of the present moment define your ethical principles
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Define Applied Ethics
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The study of how ethical theories are put into practice
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Define Ethical Dilemmas
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A situation in which there is no obvious right of wrong decision, but rather a right of right answer
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Define Ethical Reasoning
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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
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Define Culture
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A particular set of attitudes, beliefs, and practices that characterize a group of individuals
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Define Morals
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Are standard principles based on religious, cultural, or philosophical beliefs by which judgements are made about good or bad behavior
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Define Morality
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Personal set of morals that represent a collection of influences as they are built up over your lifetime
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Define Moral Compass
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A sense of personal direction to guide you in the choices you make in your life
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Define Business Ethics
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The application of ethical standards to busniess behavior
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Define Stakeholder
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Someone with a share or interest in a business enterprise
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Define Corporate Governance
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The system by which business corporations are directed and controlled
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Define Oxymoron
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The combination of two contradictory terms such as " deafening silence" or "jumbo shrimp"
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Define Code of Ethics
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A company's written standards of ethical behavior that are designed to guide managers and employees in the decisions and choices they face everyday
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Define Organization Culture
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The values, beliefs, and norms that all the employees of that organization share
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Define Value Chair
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The key functional inputs that an organization provide in the transformation of raw materials into a delivered product or service
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Define Accounting Function
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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)
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Define Auditing Function
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The certification of an organizations financial statement or "books" as being accurate by an impartial third party professional.
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Define GAAP
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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
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Define Conflict of Interest
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A situation where ones relationship or obligation places you in direct conflict with an exisiting relationship or obligation
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Key Functions (5)
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1. Research and Development
2. Manufacturing 3. Marketing 4. Sales 5. Customer Service |
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Line Functions (4)
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1. Human Resource Mgmt
2. Finance 3. Information Systems 4. Management |
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What are the two distinct perspectives of business?
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Descriptive=Documenting what is happening
Normative (Prescriptive)= Recommending what should be happening |
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What are the three steps for solving an ethical problem?
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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 |
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What are Kohlbergs Stages for Ethical Reasoning?
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1. Preconventional
2. Conventional 3. Post-Conventional |
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What is Preconventional
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A persons response is related to the expectation of punishment or reward
-Stage 1= Obedience & Punishment -Stage 2= Individualism, Instrumentalism, and exchange |
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What is Conventional
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A person continues to become aware of broader influences outside the family
-Stage 3=Good Boy/Nice Girl -Stage 4=Law and Order |
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What is Post-Conventional
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Make a clear effort to define principles and moral values that reflect individual value system
-Stage 5= Social Contract -Stage 6= Universal Ethical Principles |
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Stakeholders Interest
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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 |
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Stakeholders Impact from Unethical Behavior
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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 |
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Research and Development Ethics
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-Do we use the best material or second best to save money?
-Do we run all the test? |
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Manufacturing Ethics
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-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? |
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Marketing Ethics
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-Do we false advertise?
-Can we make the fine print any smaller so the consumer won't see it? |
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Human Resouce Ethics
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-Creation of the job description.
-The orientation of a new employee. -Documentation of disciplinary behavior. |
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Finance Ethics
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-Have the books been balanced?
-Can we take a little off the top? -Do we show false information to get more people to invest? |
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Stockholder Interest
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Stockholders/Shareholders=Growth of stock, dividend income
Employees-Stable, safe, and comfortable employment |
