Shared Flashcard Set

Details

MGMT 212
Ethics & Business Decision Making (Ch. 5)
7
Management
Undergraduate 2
07/01/2009

Additional Management Flashcards

 


 

Cards

Term
The Importance of Ethical Leadership
Definition
1. Attitude of top management: convey to subordinates that ethics are important. 2.) Looking the other way: be proactive. 3.) Creating unrealistic goals: tempts subordinates to cheat. 4.) Periodic evaluation: help maintain ethical atmosphere.
Term
Creating Ethical Codes of Conduct
Definition
Codes must be clearly communicated to employees, and must be implemented.
Term
Sarbanes-Oxley Act of 2002
Definition
Requires that companies set up confidential systems so that employees and others may report suspected illegal or unethical auditing and accounting practices. // Web-based system with an icon on desktop so employees can anonymously "blow the whistle" on unethical practices.
Term
Ideal Decision
Definition
1.) Profitable. 2.) Legal. 3.) Ethical.
Term
Is the decision legal?
Definition
Business is heavily regulated. The law is always changing. Ignorance of the law is not an excuse. Many "gray" areas.
Term
Moral Minimum
Definition
Compliance with law is the minimum acceptable standard for ethical business behavior.
Term
Maximum v. Optimum Profits
Definition
Maximum profits = by any means necessary. Optimum profits = max profits realizable while remaining ethical and legal.
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