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BUS 404 Anderson Exam 1/Q’s and A’s
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BUS 404 Anderson Exam 1/Q’s and A’s
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BUS 404 Anderson Exam 1/Q’s andA’s
Ethics - -study of what is right or good for human beings
-Business Ethics - -study of what is right and good in a business setting
-Ethical Fundamentalism - -individuals look to a central authority or set of
rules to guide them in ethical decision making (could be religious, political, or
other basis: e.g. Karl Marx, Bible, Koran, Torah)
-Ethical Relativism - -asserts that actions must be judged by what
individuals subjectively feel is right or wrong in the circumstances
(everybody individually decides for herself/himself)
-Situational Ethics - -one must judge a person's actions by first putting
oneself in the actor's situation (e.g. "I had to lie to my mother and take $100
from her wallet, because of the unique circumstances of I needed to a
birthday gift for my close friend.")
-Utilitariansim - -moral actions are those that produce the greatest net
pleasure compared with net pain (e.g. net societal benefit v. net loss)
-Act Ultilitarianism - -assesses each separate act according to whether it
maximizes pleasure over pain (does this specific act generate more pleasure
than pain?)
-Rule Utilitarianism - -supports rules that on balance produce the greatest
pleasure for society (establish general rules where sometimes benefit does
not outweigh cost)
-Cost-Benefit Analysis - -quantifies the benefits and costs of alternatives
-Deontology - -holds that actions must be judged by their motives and
means as well as their results (with a goal of just results)
-Kant's Categorical Imperative - -for an action to be moral, it must:
potentially be a universal law that can be applied consistently, and respect
autonomy and rationality of all human beings and only act as you expect
others to in same situation
-Kant Universal - -"if I allow you to do this, then I must allow everybody to
do so"
, -Kant Motives - -the ends does NOT justify the means; motive matters
-Kant Practical - -"I meant and intended to do something good/helpful, but a
bad result occurred"
-Social Ethics Theories - -focus on a person's obligations to other members
in society and on the individual's rights and obligations within society
-Social Egalitarians - -believe that society should provide all its members
with equal amounts of goods and services regardless of their relative
contributions ("let's give everybody a welder, stethoscope, and ceramic
kiln")
-Distributive Justice - -stresses equality of opportunity rather than results.
some will do better than others, but a fair share to all provides such an
opportunity ($100 tuition for everybody does NOT guarantee that everybody
graduates)
-Libertarians - -stress market outcomes as the basis for distributing
society's rewards
-Progressive Taxation Discussion - -Federal and State income tax rates
increase based upon income. Low income persons pay nothing. High income
individuals can use legal tax shelters to avoid taxation.
-Intuitionism - -a rational person possesses inherent power to assess the
correctness of actions
-Good Person - -individuals should seek out and emulate good role models
-Choosing an Ethical System - -Kohlberg's stages of moral development is a
widely accepted model
-Corporations as Moral Agents - -because a corporation is a statutorily
created entity, it is not clear whether it should be held morally responsible
-Regulation of Business - -governmental regulation has been necessary
because all the conditions for perfect competition have not been satisfied
and free competition cannot by itself achieve other societal objectives
-Corporate Governance - -vast amounts of wealth and power have become
concentrated in a small number of corporations, which in turn are controlled
by a small group of corporate officers
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