1. A “moral minimum” means which of the following?  actions a firm undertakes to satisfy the base threshold for acting ethically
2. A common law or principle stating that officers, directors, and managers of a corporation are not liable for losses incurred when the evidence demonstrates that decisions were reasonable and made in good faith is known as ________.  business judgement rule
3. A junzi, the Confucian ideal of a moral sage, is ______.  ethically consistent
4. According to Donaldson and Preston, whose distinction we considered in class, what are the three theoretical approaches to considering stakeholder claims?  normative, descriptive, and instrumental approaches
5. All stakeholders must be treated the same.   False
6. Businesses that wish to achieve the dual goal of human flourishing and responsible profits should model which ethical behavior?  humanistic business model
7. Corporate Social Responsibility (CSR) is an approach to corporate culture which emphasizes the results of business decisions on stockholders.   False
8. CSR and greenwashing are the same concepts.   False
9. Culture and ethics cannot be completely separated, because ethical norms have been established over time by, and make sense to, people who share the same background, language, and customs.   True
10. Ethical reasoning is about establishing ___________ between one’s moral beliefs, goals and methods, visions and actions.   Consistency
11. Even in business, ethics is not about human morality but rather about human consumption.  False
12. For Aristotle, virtue is _______.    the proper choice of a mean between two opposite vices
13. For utilitarianism, the intent of the actors and how humanely people are treated are the determining factors.  False
14. How is the concept of corporate personhood defined?  the doctrine that a corporation has some of the same legal rights and responsibilities enjoyed by natural persons
15. Hume’s Law claims that we can never know if something is moral or not.  False
16. If normative business ethics is to recognize and, ultimately, be based on individual ethics rather than company ethical standards, it must address which other human trait?  Bias
17. In the case of Dodge v. Ford Motor Company, the Michigan Supreme Court ruled in favor of shareholder primacy. What was the decision?  Henry Ford must operate Ford Motor Company primarily to maximize profit for its shareholders
18. In the Supreme Court ruling Citizens United v. Federal Election Commission, which Amendment was at the center of the case?     First Amendment
19. J.S. Mill’s utilitarianism differed from that of Jeremy Bentham by its ________.  emphasis on human rights and higher pleasures
20. Laws dictate all the possible ethical responsibilities that a company may owe key stakeholders.  False
21. Localization is the process of adapting products to non-native languages and environments.  True
22. Match the normative ethical theory with its corresponding standard for evaluating ethical actions.  A 1. Deontology
    B 3. Virtue Ethics
    C 2. consequentialism/utilitarianism
23. Morality, as considered by Kant, ________.   embraces good will and the moral law
24. Most business organizations hold three different kinds of beliefs about themselves. Which of the following is not a belief that businesses hold?  the belief that business is not culturally neutral
25. Rachel Carson’s 1962 book, Silent Spring, first brought attention to chemical poisoning of waterways by corporations   True
26. South Korean companies like LG and Samsung employ 52,000 workers in the United States, and many U.S. companies now manufacture their products abroad. This is an example of ________.   Globalization
27. The “revolving door” effect occurs when the relationship between business and government becomes too close, as when executives from the private sector leave their jobs to work for government agencies, becoming the regulators rather than the regulated, and then return to industry.   True
28. The advantage of justice theory over other ethical systems is its ________.  emphasis on method as opposed to content
29. The concept of limited liability means the owners of corporations are protected by laws stating that, in most circumstances, their losses in case of business failure cannot exceed the amount they paid for their shares of ownership   True
30. The concept, from J.S. Mill, that preventing harm is the only purpose for which the state’s power can be justly used is called ________.  the harm principle
31. The environment is not considered a stakeholder.   False
32. The relationship between a trustee of an estate and its beneficiary or between a fund manager and client are examples of relationships that include what responsibility?  fiduciary duty
33. The veil of ignorance ________.  is the condition of arriving at the original position without identity
34. Virtue ethics emphasizes the formation of character.   True
35. What do peers and competitors as normative stakeholders influence? (Select all that apply.)  A and B
36. What is a measure that accounts for an organization’s results in terms of its effects on profits, planet, and people?   triple bottom line
37. What is ethics?   the study of issues of morality in our professional and personal lives
38. What is the difference between a stakeholder and a stockholder?   Stakeholders include all who are effected by a company’s business, while stockholders do not.
39.  What which of the following objections best illustrate what is problematic about ethical relativism?   Ethical relativists have a hard time showing that      Ethical relativism may be self-contradictory.
40. When corruption takes place, at which basic level is it a matter of conscience?  Individual
41. Which employee typically reports directly to a board of directors?   chief executive officer
42. Which example from the text best exemplifies how a single stakeholder or stakeholder group can effect a change that, in turn, affects many other stakeholders?  an NGO raising concern about a firm’s unequal compensation to its laborers
43. Which of the following are stakeholders?  entities and people invested and influential in the success of an organization
44. Which of the following best describe differences between ethical and legal responsibilities? (Check all that apply.)  A. The law does not address all ethical dilemmas.
    B. Legal responsibilities are societally mandated, while ethical responsibilities can be determined independently by a person or an organization.
    C. Ethical responsibilities form the basis for legal responsibilities.
45. Which of the following best describes managerial ethics?  a way of relating to self, employees, and the organization that balances individual and collective responsibility
46. Which of the following best describes the concept of eudaimonia, or happiness, from Aristotle’s Nicomachean Ethics?   the goal at which all other human activities aim
47. Which of the following definitions best describes consumerism?  the lifestyle characterized by the acquisition of goods and services
48. Which of the following definitions best describes moral agency?   the freedom and ability to make choices based on one’s perception of right and wrong
49. Which of the following did Nobel Prize-winning economist Milton Friedman believe?  Shareholders should be able to decide what social initiatives to donate to or take part in
50. Which of the following is a resource made available to employees, in addition to salary?  Amenities
51. Which of the following is the best description for what it means to be a professional of integrity?  remaining consistent in one’s ethical mindset in business
52. Which of the following is the most ethical action a company can take if a product does not live up to manufacturing claims?   The company corrects the problem
53. Which of the following statements regarding earth jurisprudence is not true?  U.S. jurisprudence has officially recognized the concept that Earth has legal rights.
54. Which of the following terms refers to the process by which humans learn the rules, customs, skills, and values to participate in a society?  Enculturation
55. Which of the following theories was popularized by philosopher Garrett Hardin, who tied it directly to environmental issues?  tragedy of the commons

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