Chapter 1—the Importance of Business Ethics Test Banks Essay

What is importance of ethics in business? Provide examples with theoretical answers. (Maximum of 500 words)

It is important for businesses and professionals to be versed in ethical issues because it helps with decision-making when faced with different situations that create a moral dilemma. Business and professional ethics help to develop a certain moral standard and expectation in the business world. The ethics in which a business or a professional operates within benefits both the giver and receiver. Engaging in the exchange of goods, services and information requires some level of trust in order to maintain civility. The thought that a person or a business is doing things that are unethical

A firm that seeks to maximize its revenue is most likely to adhere to which of the

D. Efforts are required to achieve organizational objectives by predicting and influencing the competitive and political-legal environments

an action can't be right if the people who are made happy by it are outnumbered by the people who are made unhappy by it.

What are key concepts related to business ethics that should be considered in the development of the ethics training program?

4). “A healthy revenue cycle functions through the best efforts of everyone in the organization, resulting in more revenue, which benefits all” (Kapsambelis, 2004, p. 4).

This will be an over view of ethics as it relates to business in our society. Concepts from Philosophy will seek to describe the correlation between actions that are classified as morally right or ethical in our dealings with each other as human beings. Clear and concise examples will be given as well as ways in which to improve upon business ethics.

The impact of government intervention to organizations cannot be out rightly stated as positive or negative since it is dependent on the extent to which the government intervenes. As such, it can only be stated that on proper regulation, it can be a positive thing but if misused, organizations subsequently

Business Ethics is helpful for decision-making process at all levels of organization. Following are major decisions required for solving ethical and regulatory issues

Ethical standards in business are important for every leader to know and understand. The book Ethics 101: What Every Leader Needs to Know by: John C. Maxwell discusses ethics in the world today. When people make unethical choices, the reason they do because of three main pitfalls. People do what is most convenient to them, people tend to do what they must do to win, and people rationalize their choices with relativism. In this summary, Maxwell’s definition of business ethics will be framed, examples of ethical standards and guidelines, the meaning and contrast of ethical thinking and ethical behavior, and how to avoid these major pitfalls to live an ethical life. The

Business Ethics is a set of moral principles applied in the commercial world. Business ethics provide guidelines for acceptable behavior by organizations in both their strategy formulation and day-to-day operations. An ethical approach is becoming necessary both for corporate success and a positive corporate image. Following pressure from

Ethical principles are essential for the proper and fair conduct of business around the world. In principal, ethical principles can and should dominate any and all decision making, regardless if it occurs during a business transaction. Without ethics, it would be impossible to conduct business and establish the trust necessary between consumers and business entities.

Business ethics and values are closely related, their effect and application in business activities correlate and they make one to ask very important questions that may or may not guide an individual in an organisation to make an ethical decision.

“As a branch of ethics the field of business ethics is interested in how judgments of right and wrong, good and bad, moral obligation and responsibility, rights and duties, and the like, are made and justified” (Gill, David). As a descriptive enterprise, business ethics is an analytical exercise in understanding and explaining how people and businesses make their ethical judgments and decisions. If your business does not carry the proper ethics it cannot thrive. It takes the necessary steps within the business management to enforce these ethics upon their business. The field of business ethics is interested in more than just social and environmental responsibilities but those are certainly critical component areas.