Exam 2: Business Ethics and Social Responsibility

Short Case Scenario 2-1 MKD Transportation owns and operates a fleet of container ships and tankers that transport goods around the globe. Company executives have just been contacted by the media with a credible report that one of their ships is leaking an oily substance off the coast of Belize. If true, some of the world's most beautiful coral reefs could be in danger. On the other hand, the captain of the ship in question has not notified the company of any problem, and cleanup could be very costly. Environmental groups and the government of Belize have demanded that the company admit responsibility and immediately begin cleanup. -If MKD were to adopt a written code of ethics,what would it include generally?

Short Case Scenario 2-1 MKD Transportation owns and operates a fleet of container ships and tankers that transport goods around the globe. Company executives have just been contacted by the media with a credible report that one of their ships is leaking an oily substance off the coast of Belize. If true, some of the world's most beautiful coral reefs could be in danger. On the other hand, the captain of the ship in question has not notified the company of any problem, and cleanup could be very costly. Environmental groups and the government of Belize have demanded that the company admit responsibility and immediately begin cleanup. -MKD Transportation's managers strongly believe in consumer rights.What does this mean?

How does the Salvation Army raise money and what services does it provide?

Small businesses must answer many of the same social responsibility questions as big businesses.

About half of all whistle-blowers eventually get fired.

In a social audit,an independent group of examiners evaluate a company's compliance with GAAP.

In response to the economic turmoil of the Great Depression,the government deregulated most business activity.

Collusion is an illegal agreement between two or more companies or individuals to commit a wrongful act.

An individual's personal code of ethics is shaped by their life experiences.

Firms that adopt a(n)________ stance to social responsibility meet their legal requirements and exceed legal minimums when specifically asked.

Identify at least two issues of ethics in advertising.

Explain the steps that an organization must take to foster a company-wide sense of social responsibility.

How do issues of social responsibility and ethics affect small business?

As a rule,irresponsible behavior toward shareholders means abuse of a firm's ________.

Because ethics are based on both individual beliefs and social concepts,they do not vary from person to person.

How are social responsibility and ethics related?

Short Case Scenario 2-1 MKD Transportation owns and operates a fleet of container ships and tankers that transport goods around the globe. Company executives have just been contacted by the media with a credible report that one of their ships is leaking an oily substance off the coast of Belize. If true, some of the world's most beautiful coral reefs could be in danger. On the other hand, the captain of the ship in question has not notified the company of any problem, and cleanup could be very costly. Environmental groups and the government of Belize have demanded that the company admit responsibility and immediately begin cleanup. -How might this situation have been different in the event that MKD had initially adopted a proactive stance to social responsibility?

Today,almost all major corporations have written codes of ethics.

When two or more firms agree to collaborate on wrongful acts,it is referred to as ________.

In the United States,there are increased expectations for a greater social role for business.