Principles of Business Chapter 4 Review

Front

Standards are moral principles by which people conduct themselves personally, socially, or professionally.

Back

False

Answer explanation

Ethics are moral principles by which people conduct themselves personally, socially, or professionally.

Front

Different cultures, businesses, and industries have the same ethical standards for uniformity in international commerce.

Back

True

Front

In some cultures, excessive gift giving in business is overlooked and considered ethical.

Back

True

Front

Most businesses follow their industry’s code of ethics.

Back

True

Front

Business ethics focus on decisions considered good or bad, correct or incorrect.

Back

True

Front

Bribery occurs when gifts, money, or favors are offered to encourage business deals.

Back

to encourage business deals.

Front

A conflict of interest is a conflict between self-interest and

Back

professional obligation.

Front

The following are examples of conflicts of interest except: an elected official awarding a contract to his business partner, a judge hearing a case defended by his former law-firm partner, a principal hiring her husband to teach at her school, a business hiring an accounting firm to oversee record-keeping.

Back

a business hiring an accounting firm to oversee record-keeping.

Front

Most businesses are committed to

Back

providing safe products, treating employees fairly, being truthful about their financial situation.

Front

Some firms limit the damage they do to the environment by

Back

using recycled or recyclable paper, installing filtration systems to reduce air pollutants, using renewable energy sources.