Question 1

Which of the following statements is decisive in determining whether or not to study business ethics?
A)Business managers don't need to study ethics in order to know how to treat employees, shareowners, and customers.
B)Business and ethics simply don't mix. In the final analysis, self-interest, represented by profit, overrides the interests of employees, customers, and communities. Opinion and sentiment get in the way of efficient business decision-making.
C)Ethical concerns are as unavoidable in business as are concerns of marketing, accounting, finance, and human resources. Formal study of business ethics helps address these concerns so that businesses can integrate ethics in their decision-making.
D)The answers to ethical questions are clear-cut enough; all business people already know right from wrong.

Accepted Answer

Ethical concerns are integral to all aspects of business, including marketing, accounting, finance, and human resources. Studying business ethics formally helps integrate ethical considerations into business decision-making, highlighting its importance beyond inherent knowledge of right and wrong.

Question 2

Ethics refers to the beliefs, values, and principles that guide a person's life and decisions.

Accepted Answer

Ethics involves the study of moral principles or values that determine whether actions are right or wrong and outcomes are good or bad. It guides individuals in making decisions that align with their beliefs and values.

Question 3

Ethical behavior and an ethical reputation can provide a competitive advantage in the marketplace and with customers, suppliers, and employees.

Accepted Answer

Ethical behavior and a strong ethical reputation can build trust and loyalty among customers, suppliers, and employees, which can lead to increased business, better partnerships, and a more motivated workforce, thereby providing a competitive advantage.

Question 4

In a society that values individual freedom, everything that is legal is ethically right and everything that is ethically wrong is illegal.

Accepted Answer

Legal standards and ethical standards are not always aligned; something can be legal but not ethical, and vice versa, as laws are based on societal consensus and can lag behind or diverge from ethical considerations.

Question 5

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are no principles, standards, concepts, or values common to business ethics.

Accepted Answer

Business ethics, much like accounting, has established principles, standards, concepts, and values that guide ethical decision-making and behavior in the business world.

Question 6

The role of an ethics course should be to convey information to a passive audience, while treating students as passive learners.

Accepted Answer

An ethics course should engage students actively, encouraging critical thinking, discussion, and the application of ethical principles to real-life situations, rather than treating them as passive recipients of information.

Question 7

The unexamined life, according to Socrates, is not worth living.

Accepted Answer

Socrates famously stated that "the unexamined life is not worth living" during his trial, as recorded in Plato's "Apology," suggesting the importance of self-reflection and philosophical inquiry in living a meaningful life.

Question 8

Business ethics is concerned more with reasoning than answers.

Accepted Answer

Business ethics focuses on the process of ethical decision-making, emphasizing the importance of reasoning and ethical principles in determining the best course of action, rather than simply providing definitive answers.

Question 9

If something is seriously wrong, the law will prohibit it. Consequently, it's enough to rely on the law for deciding what's right or wrong.

Accepted Answer

Laws are created based on societal values and norms, which can vary greatly over time and between cultures. Not all unethical actions are illegal, and legality does not always align with morality.

Question 10

Philosophical ethics denies that conformity and obedience are the best guides to how we should live.

Accepted Answer

The answer of Philosophical ethics denies that conformity and obedience...

Question 11

According to philosophical ethics, a simple acceptance of customary norms is an adequate ethical perspective.

Accepted Answer

Philosophical ethics often involves critical examination and questioning of customary norms rather than mere acceptance, to ensure that these norms are just, reasonable, and promote the good.

Question 12

Philosophical ethics distinguishes what people do value from what they should value.

Accepted Answer

Philosophical ethics, or moral philosophy, indeed makes a distinction between descriptive ethics, which is about what people actually value, and normative ethics, which is concerned with what people should value based on principles of right and wrong.

Question 13

The major reason to study ethics is to be able to answer questions such as "what should I do?" or "what type of person should I be?" or "how shall I live in my community?"

Accepted Answer

Studying ethics helps individuals understand and evaluate moral principles and theories, guiding them in making decisions about right and wrong, which directly relates to questions about actions, character, and communal living.

Question 14

Gatekeepers are those people and institutions whose role is to provide checks on illegal and unethical behavior.

Accepted Answer

Gatekeepers are individuals or entities that monitor and control access to something, ensuring compliance with laws and ethical standards.

Question 15

A skeptical challenge to business ethics is that there is no common rational basis for making ethical judgments.

Accepted Answer

The skeptical challenge suggests that ethical judgments are subjective and vary across cultures and individuals, lacking a universal rational foundation.

Quiz 1: Why Study Ethics

Which of the following statements is decisive in determining whether or not to study business ethics?