Quiz 5

Integrity-based ethics programs are primarily concerned with the avoidance of illegality.

• True

• False

Profit maximization and corporate social responsibility necessarily lead to opposing corporate policies.

• True

• False

Individuals can be ethical leaders if they have a strong moral character, regardless of which issues attract their attention.

• True

• False

According to virtue ethics, moral individuals can transcend society’s rules by applying personal virtues.

• True

• False

The ethical system known as egoism is similar to Adam Smith's concept of the invisible hand in business.

• True

• False

Business ethics are

• the principles of conduct, such as caring, being honest, pursuing excellence, and showing loyalty.

• the moral principles and standards that guide behavior in the world of business.

• the system of rules that governs the ordering of economic value.

• a situation, problem, or opportunity in which a political leader must choose among several actions.

• the principles, rules, and values that people use in deciding what is right or wrong for themselves.

During the Covid-19 pandemic the employees of a company decided to take a 5 percent cut in pay instead of having to lay off two of their employees. This is an example of

• universalism.

• utilitarianism.

• relativism.

• egoism.

• pragmatism.

According to relativism, a major ethical system,

• individual self-interest is the actual motive of all conscious action.

• the greatest good for the greatest number should be the overriding concern of decision makers.

• ethical behavior is defined based on the opinions and behaviors of associated people.

• all people should uphold certain values that society needs to function.

• the welfare of the underprivileged should be the overriding concern of decision makers.

Once a year at the annual employee meeting, the president of Northwest Bank, Incorporated, reminds his employees of his belief that there are certain values everyone can agree on, such as honesty, fairness, and respect for life. Which ethical system does the president believe in?

• universalism

• utilitarianism

• relativism

• egoism

• pragmatism

Louis received a holiday gift from one of his company’s suppliers. He estimated the value of the gift at $20. He was not sure he could ethically accept the gift, so he reviewed company policy and discussed the matter with his manager. Then, using the relativism approach to decision making, Louis

• made a decision based upon his individual self-interest.

• weighed the ethical issues relative to financial issues.

• was influenced by guidance from other resources and respected people.

• weighed the ethical issues relative to practical issues.

• weighed the ethical issues relative to internal “political” issues.