BLAW Test 2 (Chapters 2, 6, & 7) KSU Kent Altom
Ethics - ANSWER The study and practice of decisions about what is good or
right.
Business Ethics - ANSWER The use of ethics and ethical principles to solve
business dilemmas.
Ethical Dilemma - ANSWER A question about how one should behave that
requires one to reflect on the advantages and disadvantages of the optional
choices for various stakeholders.
Social Responsibility of Business - ANSWER The expectations that the
community imposes on firms doing business inside that community's borders.
WH approach (to ethical decision making) - ANSWER A set of ethical guidelines
that urges us to consider whom an action affects, the purpose of the action, and
how we view its morality
Ethical Guideline - ANSWER A simple tool that helps determine whether an
action is moral.
Values - ANSWER Positive abstractions that capture our sense of what is good
and desirable.
Primary Values and Business Ethics - ANSWER Freedom
Security
Justice
Efficiency
Stakeholders - ANSWER The groups of people affected by a firm's decisions.
Stakeholder Examples - ANSWER Customers
Owners or Investors
Management
Employees
Community
Future Generations
The Golden Rule - ANSWER Do unto others as you want them to gratify you.
, Public Disclosure Test - ANSWER (Television Test) Imagine your actions were
broadcasted live on television for everyone to see.
Universalization Test - ANSWER Consider what the world would be like if our
decision were copied by everyone else.
The Minimal Ethical Responsibility of a Business - ANSWER Working within the
law.
The Purpose of Criminal Law - ANSWER To punish an offender for causing harm
to public health, safety, or morals.
Actus Reus - ANSWER "guilty act", A wrongful behavior that is associated with
the physical act of a declared crime. (Wrongful Behavior)
Mens Rea - ANSWER "guilty mind", The mental state accompanying a wrongful
behavior. (Wrongful State of Mind)
Strict Liability - ANSWER (liability without fault) A legal term that imposes
responsibility for damages regardless of the existence of negligence.
Felony - ANSWER A serious crime, such as murder, rape, or robbery, that is
punishable by imprisonment for more than one year or by death.
Misdemeanor - ANSWER A crime or offense that is less serious than a felony and
is punishable by a fine and/or imprisonment for less than one year.
Petty Offense - ANSWER A minor crime that is punishable by a small fine and/or
imprisonment for less than six months in a jail. (Building code violations)
White-collar Crime - ANSWER A variety of nonviolent illegal acts against society
that occur most frequently in the business context.
Bribery - ANSWER A corrupt and illegal activity in which a person offers, gives,
solicits, or receives money, services, or anything of value in order to gain an
illicit advantage.
Extortion - ANSWER A criminal offense in which a person obtains money,
property, and/or services from another by wrongfully threatening or inflicting
harm on the other's person, property, or reputation. (Also called blackmail)
Fraud - ANSWER An intentional deception that causes harm to another.
Insider Trading - ANSWER The illegal buying or selling of a corporation's stock
or other securities by corporate insiders, such as officers and directors, in
Ethics - ANSWER The study and practice of decisions about what is good or
right.
Business Ethics - ANSWER The use of ethics and ethical principles to solve
business dilemmas.
Ethical Dilemma - ANSWER A question about how one should behave that
requires one to reflect on the advantages and disadvantages of the optional
choices for various stakeholders.
Social Responsibility of Business - ANSWER The expectations that the
community imposes on firms doing business inside that community's borders.
WH approach (to ethical decision making) - ANSWER A set of ethical guidelines
that urges us to consider whom an action affects, the purpose of the action, and
how we view its morality
Ethical Guideline - ANSWER A simple tool that helps determine whether an
action is moral.
Values - ANSWER Positive abstractions that capture our sense of what is good
and desirable.
Primary Values and Business Ethics - ANSWER Freedom
Security
Justice
Efficiency
Stakeholders - ANSWER The groups of people affected by a firm's decisions.
Stakeholder Examples - ANSWER Customers
Owners or Investors
Management
Employees
Community
Future Generations
The Golden Rule - ANSWER Do unto others as you want them to gratify you.
, Public Disclosure Test - ANSWER (Television Test) Imagine your actions were
broadcasted live on television for everyone to see.
Universalization Test - ANSWER Consider what the world would be like if our
decision were copied by everyone else.
The Minimal Ethical Responsibility of a Business - ANSWER Working within the
law.
The Purpose of Criminal Law - ANSWER To punish an offender for causing harm
to public health, safety, or morals.
Actus Reus - ANSWER "guilty act", A wrongful behavior that is associated with
the physical act of a declared crime. (Wrongful Behavior)
Mens Rea - ANSWER "guilty mind", The mental state accompanying a wrongful
behavior. (Wrongful State of Mind)
Strict Liability - ANSWER (liability without fault) A legal term that imposes
responsibility for damages regardless of the existence of negligence.
Felony - ANSWER A serious crime, such as murder, rape, or robbery, that is
punishable by imprisonment for more than one year or by death.
Misdemeanor - ANSWER A crime or offense that is less serious than a felony and
is punishable by a fine and/or imprisonment for less than one year.
Petty Offense - ANSWER A minor crime that is punishable by a small fine and/or
imprisonment for less than six months in a jail. (Building code violations)
White-collar Crime - ANSWER A variety of nonviolent illegal acts against society
that occur most frequently in the business context.
Bribery - ANSWER A corrupt and illegal activity in which a person offers, gives,
solicits, or receives money, services, or anything of value in order to gain an
illicit advantage.
Extortion - ANSWER A criminal offense in which a person obtains money,
property, and/or services from another by wrongfully threatening or inflicting
harm on the other's person, property, or reputation. (Also called blackmail)
Fraud - ANSWER An intentional deception that causes harm to another.
Insider Trading - ANSWER The illegal buying or selling of a corporation's stock
or other securities by corporate insiders, such as officers and directors, in
