Some examples from this set of practice questions
1.
Define \'Ethics\'. Then define \'Business ethics\'.
Answer: Ethics = how we should act, given that we want to do the right thing Business ethics = ethics in the world of commerce/business
2.
Not all that is legal is moral. Name an example.
Answer: Slavery was legal, but not moral (sometimes laws are not morally right)
3.
Define a corporate executive
Answer: an employee of the owners of the business
4.
What does CSR stand for?
Answer: Corporate Social Responsibility
5.
Name an example of CSR
Answer: - Ikea prohibiting the employment of children - Starbucks selling only coffee bearing the Fair Trade label - PepsiCo withdrawing investments from Burma because of human rights concerns
6.
What is Milton Friendman\'s argument?
Answer: The Social Responsibility of Business is to Increase its Profits
7.
Milton Friedman\'s approach is the stakeholders approach. True or false?
Answer: False! The Shareholder approach.
8.
Who is an advocate of the Stakeholder approach?
Answer: R. Edward Freeman.
9.
Define the Stakeholder view/approach
Answer: Manager’s responsibility is to balance the rights and interests of all stakeholders (beyond the shareholders).
10.
What is an argument for the Strategic stakeholder view?
Answer: Acting in accordance with stakeholders’ interests is good for business
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