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Flashcards

BUS ETHICS

JANELLA CLAIRE LAZARO English 124 cards

Cards in this deck (124)

  1. 1The attire of the employees of the company is part of its organizational symbol that reflects the culture of the company. The attire and appearance of any employee should never be offensive and uncomfortable for others in the workplace.BUSINESS DECORUM
  2. 2They define the limits within which decisions must be made regarding acquisition of resources with which organizational goals can be achieved.BUSINESS POLICY
  3. 3It is an assurance that employees accept, understand and execute their roles and responsibilities in the company from appearance, attitudes, behaviors and role execution.BUSINESS PROTOCOL
  4. 4The corresponding adjective is decorous, meaning "well-behaved in a particular situation."BUSINESS DECORUM
  5. 5Consumers should be treated fairly based on the nature of the product and the nature of the consumerPRINCIPLE OF ETHICAL MARKETING
  6. 6From the Latin term decōrus "proper, becoming, handsome," from décor "beauty, grace," the root of English décor.BUSINESS DECORUM
  7. 7Also includes maintaining professionalism and proper conduct when communicating with people through virtual communication channels.BUSINESS DECORUM
  8. 8In the business setting, it includes language, actions, habits, behaviors and actions done in the business setting.BUSINESS DECORUM
  9. 9How can a person be ethical? The first is to be aware of the value of life, that one has to live in harmony with others.SOCRATES
  10. 10Ethical conduct springs from knowledge coupled with virtue. A person’s happiness depends on how he deals with other people in a virtuous way.SOCRATES
  11. 11To be happy starts with understanding and knowing oneself first, examining his life, because it is through this that he will realize his own strengths and weaknesses.SOCRATES
  12. 12It stated that virtue was sufficient for happiness, that there was no such thing as "moral luck" to grant rewards.PLATO
  13. 13Politics explicitly points out that usury is an unethical practice because the profit is derived from the currency itself not in the process of business through exchange of goods and services.ARISTOTLE
  14. 14His principles and the corresponding problems of trade, exchange, property, acquisition, money and wealth are applicable to the modern era. In whatever business transaction, justice must prevail by giving each individual his due, equal treatment must be observed with people in all business dealing and fair transactions must operate in all business entities.ARISTOTLE
  15. 15It gives importance on strategy and preparation as very important in business for sustainability.CONFUCIUS
  16. 16Crisis is a combination of Danger and Opportunity. A crisis becomes and opportunity if the danger is managed properly. A person should not be complacent because when everything is doing well, one must prepare for the worst scenario. When there is success, there might be an ensuing failure, so the business has to be prepared for any crisis to prevent failure. “Success depends upon previous preparation, and without such, there sure to be a failure”.CONFUCIUS
  17. 17It is stressed on the importance of “Guanxi” (interpersonal relationships) which to the Chinese is treated as a second currency. This interpersonal relationships entail respect in the business context, with all the people whom one conducts business with.CONFUCIUS
  18. 18Success in business does not mean amassing much profit since righteousness outweighs profit. Business is considered successful as long as there is no loss.CONFUCIUS
  19. 19true or false Values, attitudes, and behaviors are closely linked. Attitudes refer to the willingness to act in any given situation according to one’s beliefs, feelings and values.True
  20. 20TRUE OR FALSE Morality consist of fundamental beliefs that help one prefer, accept and choose one thing, action, belief or behavior or even person, over another.FALSE
    VALUES - consist of fundamental beliefs that help one prefer, accept and choose one thing, action, belief or behavior or even person, over another.
    MORALITY - - is concerned with understanding of what is right and wrong behavior. It is conformance to recognized code, doctrine or system of rules in order to behave accordingly.
  21. 21TRUE OR FALSE The definition of values differs according to place, group and time – therefore, there is no universal definition for it; although generally, it refers to conscious and deliberate effort to guide one’s conduct by reason of fairness and religious belief.FALSE
    The definition of MORALITY differs according to place, group and time –therefore, there is no universal definition for it
  22. 22TRUE OR FALSE Virtues reflect the keenest interests, feelings and convictions or a person because they are the representation of the dreams, ideals and aspirations and the way these can be achieved.FALSE
    VALUES reflect the keenest interests, feelings and convictions or a person because they are the representation of the dreams, ideals and aspirations and the way these can be achieved.
  23. 23TRUE OR FALSE The definition of morality does not differs according to place, group and time – therefore, there is no universal definition for it; although generally, it refers to conscious and deliberate effort to guide one’s conduct by reason of fairness and religious belief.FALSE
    IT DIFFERS according to place, group and time – therefore, THERE IS universal definition for it;
  24. 24TRUE OR FALSE Ethics is the philosophical study of morality and encompasses it. It is the study of framework such as standards, rules or codes and traits for ensuring right action, behavior and conduct; while morality is the actual behavior and conduct.True
  25. 25TRUE OR FALSE Values is concerned with understanding of what is right and wrong behavior.FALSE
    MORALITY is concerned with understanding of what is right and wrong behavior
  26. 26an organization or an economic system that uses resources or inputs to provide products that come in the form of goods and services in exchange for money or even other resources in order to continue to exist.BUSINESS ENTITY
  27. 27- form of business that is easiest to set-up - requires small capital and is usually adopted for businesses with low risk - In case of bankruptcy, creditors can go after the personal assets of the owner.• Sole proprietorship
  28. 28- may be owned by 2 or more persons and partners can divide the profits among themselves - Owners can decide as to their share in the business, be it be money, machine or even their expertise. - may be limited or unlimited partnership - may be limited or unlimited partnership -PARTNERSHIP
  29. 29creditors cannot go after the personal assets of the partnerslimited partnership
  30. 30- form of business organization that has a separate legal personality from its owners - based on the shares of stocks - owners are called stockholders who enjoy limited liability and have limited (sometimes almost none) involvement in the company’s operations - stockholders elect the board of directors who control the activities of the organization• Corporation
  31. 31- forms of business considered as hybrids - they possess characteristics of being a partnership business and a corporation - owners of the business organization enjoy limited just liability - may choose to pay its taxes as either a sole proprietor, a partnership or as a corporation.• Limited Liability Company (LLCs)
  32. 32- a business organization owned by a group of individuals called members who themselves operate the business for their mutual benefit - may be incorporated or unincorporated• Cooperative
  33. 33- provides services also called intangible products. - These products may be in the form of professional skills (law firms, accounting firms, schools) or technical skills (repair shops, salons).• Service Business.
  34. 34- also known as a “buy and sell” business - buy products at wholesale prices and gain their profit by selling them on a retail basis with prices higher than their purchase cost. - Grocery stores, convenience stores, distributors, and other resellers• Merchandising Business.
  35. 35- buys raw materials and combine them with labor and transform them into finished goods - gain profit by placing an additional cost on materials, labor and factory overhead - goods are either sold on a wholesale basis to other businesses or on a retail basis.• Manufacturing Business
  36. 36- Most businesses today are of this type - combine being a manufacturer of a good - and sell it either on a wholesale of retail basis; or a service provider which also manufacturers its needed products for the provision of its service - restaurant businesses, salons and computer shops and other related businesses• Hybrid Business
  37. 37PURPOSES OF BUSINESS - efficient production of goods and services are meant to sustain society, environment through the economics of production, distribution and consumption of goods and services• Social Perspective
  38. 38- men and society cannot exist without the basic necessities of life - excess production of one group can be a necessity for another• Social Perspective
  39. 39- continuous innovation of technology is part of the social perspective in order to provide a more convenient life to individuals and society• Social Perspective
  40. 40- Services are exchanged for money like providing transport, education, healthcare, communications and other social services• Social Perspective
  41. 41- fulfillment of self-fulfillment, self-actualization that business is a personal achievement, a desire to be an entrepreneur because of one’s interests or dreams or the more lofty aim of providing employment to people and to be one’s own boss.• Individual Perspective
  42. 42- businesses whether small or major corporations, have to meet economic expectations, they also have ethical and social responsibilities, they have to give a part of their gain to their customers, to their employees, to the government and to the society• Individual Perspective
  43. 43- “Everyone, from the bottom to the top of the organizational chart, must take care to meet these responsibilities” (Newnan, 2011)”• Individual Perspective
  44. 44- People in the business should have integrity. People with integrity possess other principles, including honesty, respect, personal responsibility, compassion, and dependability• Individual Perspective
  45. 45- businesses exist to provide income, satisfaction of needs and wants that provide power and prestige to the person, specifically to gain profit for the continuous exchange of goods and services for money• Individual Perspective
  46. 46- Six Pillars of Character according to the Josephson Institute, a nonprofit organization that develops and delivers services and materials to increase ethical commitment. (1) Trustworthiness; (2) Respect; (3) Responsibility; (4) Fairness (5) Caring; (6) Citizenship.• Individual Perspective
  47. 47- Ethical business practices on a short-time basis may not be are not be the most profitable methods, but they are necessary for the survival of the business in the longterm.• Individual Perspective
  48. 48- A company that considers and promotes strong values is an employee- friendly and productive workplace and the business that behaves in an ethical manner can create growth and sustainability• Individual Perspective
  49. 49- practice of directing and controlling the company through the relationship between management with its stakeholders, the board of directors governed by a system of rules, practices and processesGood Corporate Governance
  50. 50- relationship is based on ethics, corporate culture and corporate valueGood Corporate Governance
  51. 51- involves the key principles of fairness, accountability, responsibility transparency and stewardshipGood Corporate Governance
  52. 52- involves the concept of justice as the central pillar that creates a fair business environment. - may involve the employees in the organization, the way they are being treated which may be distributive, procedural or interactional.• Fairness
  53. 53resources of the company that should be aligned with the inputs of the individual as in the case of salary, bonuses and benefits. Distributive treatment
  54. 54involves employee empowerment and allowing them for decision-making. Procedural treatment
  55. 55involves appropriate and equitable treatment of employees and giving them the proper information especially in crucial decisions involving them. Interactional treatment
  56. 56- refers to the obligation and responsibility to communicate and inform the stakeholders - applicable to both profit and non-profit organizations - means that managers set defined goals for supervisors and employees to have a framework for their performance of duties• Accountability
  57. 57- goes hand in hand with accountability - Responsibility of business organizations are multi-faceted - should not concern itself solely to its share shareholders for the sake of profit but to all those that make up the business environment.• Responsibility
  58. 58- Business organizations must comply with the different regulations and laws imposed by both the local and national government - Businesses are obliged to give salaries according to law,• Responsibility
  59. 59- Health and safety of the employees must be taken into consideration with the aim of providing a good quality of work-life. - Businesses now are cautious to prevent the degradation of the environment, its protection through the use of cost- efficient and renewable energy, efficient waste disposal and the observance of the 3 Rs (reduce, reuse and recycle).• Responsibility
  60. 60- means openness, the company provides to shareholders and other stakeholders updated, clear and honest information. - disclosure of financial performance figures which are truthful and accurate to the shareholders and investors of the company• Transparency
  61. 61- also includes matters concerning the organization’s performance and activities should be timely and accurate allowing all investors to have access to clear, factual information• Transparency
  62. 62- true financial standing of the company must be disclosed to the shareholders and investors of the company including their plans and goals• Transparency
  63. 63- can also be applied by business organizations to customers - Prices must be charged according to the quality of goods or services so that the customers must not be shortchanged.• Transparency
  64. 64- Unethical advertisements must be curtailed to allow consumers the proper information - Public officials and employees are now required to submit to their corresponding offices their Statement of Assets, Liabilities and Net worth (SALEN) regularly• Transparency
  65. 65- associated with traditions, ideals, and convictionsMorality
  66. 66- rooted in social structures that determine right and wrong for a person or a group. For Becker (2019),Morality
  67. 67- holistic reflection of principles and norms - heir nature and transitions, and the evaluation of its purpose and reasoningEthics
  68. 68- characterized as the study of morality and the application of ethical reasoningEthics
  69. 69- to better understand certain rules and principles that serve as a guide in coming up with a morally acceptable course of action.Ethics
  70. 70- something that can be considered as morally "good" and "right" as opposed to "bad" or "wrong" in a particular set up depending on the nature of the situation.‘Ethical behavior’
  71. 71- According to Sims (2003), we can examine „ethics‟ in different levels: - individual/personal; - organizational; - industry; - societal and international by which this enables us to see and identify the issue's origin and how it goes to another level.‘Ethical behavior’
  72. 72- It is a set of guiding principles, practices, and philosophies that rules, define, and shape the behavior of the employees of a certain company (Walker, 2019).Code of ethics’ or ‘Code of conduct’
  73. 73- are ‘policies’ that governs a certain organization, wherein most of this are written in a form of contract where companies outline the basic protocolsCode of ethics’ or ‘Code of conduct’
  74. 74may also be defined as a business etiquette.Business Decorum
  75. 75requires choosing an appropriate language, attitudes, norms, and activities and acts conducted in the business setting.Business Decorum
  76. 76means a display of a professional image. reflection of how an organization projects its culture- Proper decorum
  77. 77Employees are now being empowered and are given rights and privileges for decision-making but business policy outlines the extent by which decisions can be rendered, what kinds and types of problems they can deal with including the flow of communication and the extent of accountabilities of both lower level and higher management, this particularly applies to the front liners whose service are directed to the customers. In the service organization, the front liners are usually the waiters, the guards, the, customer service representatives, tellers, etc.BUSINESS POLICY
  78. 78This is to encourage all employees in all levels of the organization to act in a uniform manner according to the dictates of the organizational culture.BUSINESS PROTOCOL
  79. 79This includes several aspects of a business from behavior and dress to task execution.BUSINESS PROTOCOL
  80. 80A set of guidelines developed by an organization to govern the actions of the organization.BUSINESS POLICY
  81. 81such happy life is not founded on material things but on contentment based on how the person harnesses love and friendshipSOCRATES
  82. 82a matured person is not gauged through his age but through his ability to understand the feelings of othersSOCRATES
  83. 83He maintains that "virtue" is equated to human well-being which is the highest aim of moral thought and conductPLATO
  84. 84He vehemently abhors greed and taking advantage of other people for economic gainsARISTOTLE
  85. 85it is particularly on business are embodied on 5 principles. The first of these is " the way to perceive crisis"CONFUCIUS
  86. 86The caste system refers to the ordering of Indian society based on four occupational groups. It is an enduring class structure that defines even professional status of workers.HINDUISM
  87. 87The basic teaching of this religion argues that there is no “self” or “I” that means selflessness; and that every person and everything in the world is assumed to be interconnected.BUDDHISM
  88. 88It was founded by Siddharta Gautama, a prince from NepaBUDDHISM
  89. 89It was derived from the Chinese words “shin tao” (the way of the gods) which started in 500 B. C.SHINTOISM
  90. 90One of the traditional religions of China that started during the 5th and 6th century BC based on the teachings of Confucius.CONFUCIANISM
  91. 91This religion also stresses a sense of justice in business, such as the strict observance of contracts, observing regulations and working for the sake of the common goodCHRISTIANITY
  92. 92There are approximately 5 million people who practice it.CONFUCIANISM
  93. 93It has 15 million adherentsJUDAISM
  94. 94A faith based on the life, teachings, death, and resurrection of JesusCHRISTIANITY
  95. 95It advocate for the "right livelihood" and are generally against companies that do not care for the environment or that abuse animals.HINDUISM
  96. 96It seeks to promote the inner peace of individuals and harmony with their surroundings.TAOISM
  97. 97The legitimacy of business activity and profit, conducted within a framework of religious and ethical norms, is one of the guiding principles for business ethics highlighted in the Jewish tradition.JUDAISM
  98. 98It coexists with Confucianism in China. "Tao" could be translated as "path" or "the way." It's like a force that flows through life and pervades all things.TAOISM
  99. 99It is a broad and inclusive term referring to those individuals who mostly respect and accept the ancient traditions of IndiaHINDUISM
  100. 100In this religion, work, including manual work, is held in great esteem, like a sort of human partnership with the divine.JUDAISM
  101. 101It is a broad and multifaceted religious tradition that focuses primarily on the reality of worldly suffering (4 Noble Truths) and on the ways one can be freed from such suffering by following the 8-Fold Path.BUDDHISM
  102. 102focus on the worship of kami (a host of supernatural and mysterious beings or deities)SHINTOISM
  103. 103oldest religion with no known founderHINDUISM
  104. 104Started with the original covenant made between God and Abraham around 1900JUDAISM
  105. 105refers to the set of values that most of the Filipino have historically believed important in their lives.FILIPINO VALUE SYSTEM
  106. 106It is defined by the way of people live their life according to one's culture. These include ideologies, moral code, cultural and personal values, and code of ethics that are promoted in their society.FILIPINO VALUE SYSTEM
  107. 107defines how Filipinos live according totheir ideologies, moral code, ethical principles, etiquette and cultural and personal values.FILIPINO VALUE SYSTEM
  108. 108it is a technique of reciprocity of debt of gratitude to others within the family circle or primary group, sometimes unlimited in nature, emotional rather than financial or rational.UTANG NA LOOB/Debt of gratitude
  109. 109much synonymous with loyalty that one attaches tohisorganization or even the to the people behind the organization especially if helpwas extended to their families.UTANG NA LOOB/Debt of gratitude
  110. 110takes its roots from Confucianism. It is a virtue of respect for one's parents, elders and ancestorsFILIAL PIETY
  111. 111is a strong religious belief, or behavior that is religious or morally correct.Piety
  112. 112refers to the duties, feelings, or relationships which exist between ason or daughter and his or her parents.filial
  113. 113“Charity begins at Home”, as the saying goes. Applying this to the value of filial piety, the respect that one has learned from home, will brought by the person This practice will mean less troubles, less friction in relationships.FILIAL PIETY
  114. 114may be known by other terms such as patronage and cronyism takes it roots from the two values of filial piety and utang na loob, the fact that Filipinos value social and institutional bonds, sometimes over blood relationship and the bonds created by each relationship extend across entire families.PADRINO SYSTEM
  115. 115classified as nepotism, the practice of gaining favor, promotion orpolitical appointment through family affiliationPatronage
  116. 116is based on friendship though one‟s qualifications are not based on merit.cronyism
  117. 117is rampant among business peopleisin the allocation of government contracts, permits, grants, benefits, etc.cronyism
  118. 118was adopted years and years ago from our Chinese brothers inBinondo and other Chinese commercial congregations in the country where loyalty and relationship bear more importance in business than profit” (Magpayo,2009).Filipinos make sure to have quality time together, especially just simple eating together for dinner and going to church every Sunday.SUKI SYSTEM
  119. 119This attitude of being fatalistic may always be taken as negative because of lack of planning and foresight; although in some instances this may refer to the ability to take risks, unmindful of the consequences, just being equipped with the virtue of hopeBAHALA NA
  120. 120This at times pose some advantage to some micro-entrepreneurs whowere forced into it from unemployment or the death of a loved one or the need to support a family of five or six or more because not everyone has that entrepreneurial spirit.BAHALA NA
  121. 121This is another habit which keeps the development of our country slow. This maycome in the form of government projects which have been left undone for several years thereby delaying the necessary services to the taxpayers. Instead of working on a task while there is much time, some people usually wait for the deadline not putting their best energy that sometimes lead to a poor quality of tasks or goods done.MANAŇA HABIT
  122. 122To stay competitive in business means a lot of innovation that one should be ahead of the others. Putting off ideas, delaying strategies may be the only thing being watched by competitors until finally they get the edge.MANAŇA HABIT
  123. 123Amor propio can have various English translations–“self-love”, self-worth, respect for one's self or even pride for one's selfAMOR PROPIO
  124. 124Consumers find it difficult to return goodspurchased even if they fall below the standard quality if itcamefrom their friendsor relatives. In financial transactions, very often that friends do not work out a contract or if debts were incurred by a friend or a relative, usually the person who provided the loan feels awkward as actually trying to collect on a debt to family or friends can bring on a violation of that person's amor propio.AMOR PROPIO

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Flashcards on BUS ETHICS, created by JANELLA CLAIRE LAZARO on 22/03/2021.
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