Business Ethics and Social Responsibility 2024

Business Ethics and Social Responsibility
Pg. 89 #1-7 and Pg. 105 #8-14
1. What does the term ethics mean?

Ethics are the rules that help us tell the difference between right and wrong. They encourage
us to do the right thing, and help people decide on the best course of action during a situation.
2. Do most people practice good ethical behaviour? Should they?

Good ethical behaviour is one's behaviour that conforms to ethics. A person's ethical
behaviour is based on values such as respect, responsibility, trustworthiness, justice and much
more. People who have good ethical behaviour have their own individual beliefs and social
standards about what is right and what is wrong. However, not all people practice good ethical
behaviour. People should try to practice ethical behaviour as it is important for getting along with
others, living with yourself, and having a good character.
3. How can a business convey its ethics and values to its employees, customers, and owners?
A business can convey its ethical values to its employees, customers, and owners by making a
code of ethics. Many companies choose to operate according to this document that specifically
outlines how employees should respond in varying situations. A code of ethics is very useful
when problems arise, because they ensure that ever
Businesses face ethical questions every day concerning the

products or services they sell and the way they deal with people
inside and outside the company. Many companies choose to
operate according to a code of ethics—a document that explains
specifically how employees should respond in different situations.
A code of ethics is especially useful when problems arise. A code of ethics helps different people
approach problems
in the same way. Many companies have gone beyond simply
writing a code and have established educational programs to help
employees learn to behave more ethically. Program topics range
from making personal calls during business hours to handling
employee layoffs.
4. Use an example to describe what is meant by “ethical dilemma.”

An ethical dilemma is a moral problem that has right and wrong answers, however it is
difficult to make the right decision. Businesses experience ethical dilemmas when they must
weigh their values and morals with profitability and competitiveness to make a decision. For
instance, if a company is producing toxic waste, but doesn’t have a place to dispose of it, they
have an ethical dilemma. Although, it is the ethically right thing for the environment to properly
dispose of this waste, it can be very expensive, and put off production until this issue is resolved.
The business can lose lots of money if they go against the ethically correct decision, making this
a dilemma.
5. a) Define whistle-blowing.
Whistle-blowing is reporting the misconduct of others, which can include colleagues, a boss,
or a company as a whole. They can be difficult ethical decisions because a lot is at risk.
b) Describe a hypothetical job situation in which you might be a whistle-blower.

An example of a hypothetical job situation that involves a whistle-blower would be finding
out a doctor at a hospital is going against their practice, and giving patients false test results. If
you know that this is happening, and alert people with high positions at the hospital, you would
be whistle-blowing this doctor’s unethical behaviour.
6. What is an accounting scandal?

An accounting scandal is a crime that involves accountants or senior executives who adjust
accounting records for their own personal benefit. Accounting scandals are publicly exposed and
typically occur in large corporations. Forensic accountants are brought in to investigate legal and
financial documents, to find evidence of tampering.
7. Is insider trading always illegal? Explain.

Yes, insider trading is always illegal. Insider trading is when only a select amount of people
know confidential information about a business that could lead to major financial benefits. For
example, if a business is about to suffer a huge loss soon, the people that know about this may
sell their stocks. Conversely, if certain people are aware of a major innovation the business will
shortly release, resulting in major profits, they might purchase many stocks. Insider trading is
against the law and can result in jail time and fines because it is unfair for only certain people to
get benefits, while others may suffer or miss out on major financial benefits.
8. Which is more important—doing the right thing or being perceived as having done the right
thing? Explain.
9. To whom do corporations have a duty to report?

Corporations have a duty to report, which means they must disclose all important information
to shareholders, business partners, lenders, insurers, communities, regulators, consumers,
employees, and investors.
10. Define what the terms glass ceiling and gender discrimination mean.
The term A glass ceiling describes the invisible barriers to senior leadership positions.
Companies with glass ceilings don’t have official policies of
appointing only white, able-bodied males to these positions; yet
procedures, expectations, selection and recruitment practices,
job assignments, performance evaluations, decisions about
salaries, and the working environment all may work together
to prevent women, minorities, and disabled people from
obtaining promotions.
11. What does a duty to accommodate mean for a business?
12. Why was pay equity legislation necessary in Canada? Has it accomplished its objective?
13. What law was passed by Parliament to help protect against environmental disasters, such as
the Exxon Valdez oil spill?
14. Define global warming.

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Business Ethics and Social Responsibility

Pg. 89 #1-7 and Pg. 105 #8-14

1. What does the term ethics mean?

2. Do most people practice good ethical behaviour? Should they?

Businesses face ethical questions every day concerning the

4. Use an example to describe what is meant by “ethical dilemma.”

b) Describe a hypothetical job situation in which you might be a whistle-blower.

6. What is an accounting scandal?

7. Is insider trading always illegal? Explain.

9. To whom do corporations have a duty to report?

11. What does a duty to accommodate mean for a business?

14. Define global warming.

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