Business Ethics Concept Testing


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1) Business ethics = lays down company’s guidelines for response to a given business situations and fixes the accountability of the various stakeholders.

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2) Moral standards = customs of primitive humans or the carefully reasoned theories of modern life

3) Virtues and vices = Virtues are certain approved traits such as unselfishness, honesty, courage, self-control. Vices are other characteristics which are undesirable such as treachery, murder, thefts and cheating

4) Means = agency, instrument or method used to attain an end

5) Consequences = Effects or results of a moral decision based on a value

6) Moral situation = It includes virtues, vices, agreements, laws, change, moral agents with both rights and duties.

7) Agreements and laws = to protect the rights of people and lead an orderly social life

8 ) Teleological school of ethics = All action are considered ethical if they are able to fulfill a man’s needs. TELEO in greek means the End. And if the end is good, all actions are justified as ethical.

9) Trade Union Act = an act Respecting the Right of Employees
to Organize and Providing for Mediation, Conciliation and
Arbitration of Industrial Disputes

10) Child labor = exploiting the underage children to work illegally which harms or abuses them and deprives them from their rights of basic education

11) Hazard assessment = a formal assessment of the potential of something to harm humans or the environment

12) Hazards, Risks, Outcomes = Hazard is a possible source of danger. Risk is exposure to loss or destruction. Outcomes is a consequence or something that follows from an action.

13) Corporate Social Responsibility = continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large

14) Non-executive director = Non-working director of a firm who is not an executive director and, therefore, does not participate in the day-to-day management of the firm

15) Corporate Governance = rules, processes, or laws by which businesses are operated, regulated, and controlled

16) International labor Organization = Specialized agency of the United Nations system dedicated to improving labor conditions and living standards throughout the world

17) Deep ecology = A form of environmentalism that advocates radical measures to protect the natural environment regardless of their effect on the welfare of people.

18 ) Environmental ethics = part of environmental philosophy which considers extending the traditional boundaries of ethics from solely including humans to including the non-human world

19) Environmental Social Audit = a systematic assessment of an organization effects on society and covers internal codes of conduct, business ethics, human resource development, environmental impact, and the organization sense of social responsibility

20) Green marketing = Promotional activities aimed at taking advantage of the changing consumer attitudes toward a brand

21) Professional ethics = the rules governing the conduct, transactions, and relationships within a profession and among its public

22) Personal ethics = are how we ourselves should operate, not only in relation to the professional world but in our own personal and social spaces

23) TBL = Triple Bottom Line

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

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