Business Ethics Knowledge Test Quiz!

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Questions: 10 | Attempts: 8,627

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Business Ethics Knowledge Test Quiz! - Quiz


What do you know about business ethics? Take this quiz and test your knowledge for the same. Business ethics is the culmination of ethical values and appropriate business behavior. It examines the ethical problems that can occur in a business environment. It applies to all variables involved in business conduct, and it helps companies maintain relationships with the people with whom they do business. With this quiz, you will be put to the test on your knowledge of ethics in a working environment, and it means business.


Questions and Answers
  • 1. 

    What is the definition of ethics?

    • A.

      A set of classroom laws

    • B.

      Telling the truth 55% of the time

    • C.

      A set of moral principles

    • D.

      A set of criminal laws

    Correct Answer
    C. A set of moral principles
    Explanation
    Ethics refers to a set of moral principles that guide individuals' behavior and decision-making. It involves determining what is right or wrong, and acting in accordance with those principles. It provides a framework for individuals to make ethical judgments and behave ethically in various situations. Ethics is not synonymous with criminal laws or classroom laws, as it focuses on moral principles rather than legal regulations. Telling the truth 55% of the time does not capture the essence of ethics, as it implies a lack of consistency and integrity in one's actions.

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  • 2. 

    Work Ethics are:

    • A.

      Based on moral virtues of hard work

    • B.

      Based on looking for shortcuts

    • C.

      Based on working hard only when the manager is looking

    • D.

      Based on trying to get to work on time

    Correct Answer
    A. Based on moral virtues of hard work
    Explanation
    Work ethics are based on moral virtues of hard work. This means that individuals with strong work ethics prioritize and value the importance of hard work in their professional lives. They believe in putting in their best effort, being diligent, and maintaining a strong work ethic regardless of external factors such as supervision or time constraints. They understand the significance of integrity, discipline, and dedication in achieving success and strive to uphold these moral virtues in their work.

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  • 3. 

    Should a gas station owner be allowed to charge $8.00 a gallon, if his store is the only store with gas:

    • A.

      Yes, if the person is not a regular customer

    • B.

      Yes, this is honest business practice.

    • C.

      No, this is dishonest business practices

    • D.

      It depends on how long he has been in business.

    Correct Answer
    C. No, this is dishonest business practices
    Explanation
    Charging $8.00 a gallon for gas when the store is the only one with gas can be considered dishonest business practices because it takes advantage of the customers' lack of alternatives. The gas station owner has a monopoly on gas supply in the area and is exploiting the situation to charge exorbitant prices. This behavior goes against fair market practices and can be seen as unethical.

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  • 4. 

    Ethical character traits include integrity, honesty, and justice.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Ethical character traits such as integrity, honesty, and justice are widely recognized as positive and desirable qualities. These traits reflect a person's moral values and guide their behavior in ethical dilemmas. Integrity refers to being honest and having strong moral principles. Honesty involves being truthful and sincere in all interactions. Justice entails treating others fairly and impartially. Recognizing the importance of these traits in ethical decision-making, it can be concluded that the statement is true.

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  • 5. 

    Ethics have effects on how people live their lives, and how they make decisions.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Ethics refers to a set of principles or values that guide individuals in determining what is right or wrong. These principles influence people's behavior, choices, and actions in various aspects of life. By considering ethical standards, individuals can make decisions that align with their moral beliefs and values. Therefore, ethics indeed have effects on how people live their lives and make decisions, making the given answer "True" accurate.

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  • 6. 

    Ethical business decisions are the same as legal decisions.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Ethical business decisions are not necessarily the same as legal decisions. While some ethical decisions may align with legal requirements, there are instances where ethical choices may go beyond what is legally mandated. Ethical decisions consider moral values, principles, and the impact on stakeholders, whereas legal decisions are based on laws and regulations. Therefore, it is possible for a decision to be legal but unethical, or for an ethical decision to go beyond what is legally required.

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  • 7. 

    Business Code of Ethics:

    • A.

      Should provide a list that only new employees must follow

    • B.

      Should exempt upper management

    • C.

      Should change every week

    • D.

      Should provide a framework for professional responsibility

    Correct Answer
    D. Should provide a framework for professional responsibility
    Explanation
    The correct answer is "should provide a framework for professional responsibility". This is because a business code of ethics is a set of guidelines and principles that outline the expected behavior and conduct of employees within an organization. It is not limited to new employees only, and it should apply to all levels of the organization, including upper management. The code of ethics is not meant to change every week but rather provide a consistent framework for professional responsibility.

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  • 8. 

    A corporate director who bought a company’s stock after he knew it was about to increase in price committed fraud by buying while not disclosing his inside information:

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    This statement is true because it describes a situation where a corporate director, who has access to inside information about the company, purchases its stock knowing that the price is about to increase. This action is considered fraudulent because the director is taking advantage of non-public information for personal gain without disclosing it to the public, which is a violation of securities laws.

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  • 9. 

    Computer hacking can be used to steal credit card information, government information, and information on private citizens:

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Computer hacking can indeed be used to steal credit card information, government information, and information on private citizens. Hackers have the ability to breach security systems and gain unauthorized access to sensitive data. This stolen information can then be used for various malicious purposes, such as identity theft, financial fraud, or even blackmail. Therefore, the statement is true.

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  • 10. 

    Copyright Infringement:

    • A.

      Includes writing poetry

    • B.

      Includes selling pencils

    • C.

      Includes distributing and selling unauthorized copies of CDs and DVDs

    • D.

      Includes distributing and selling computer paper

    Correct Answer
    C. Includes distributing and selling unauthorized copies of CDs and DVDs
    Explanation
    The correct answer is "includes distributing and selling unauthorized copies of CDs and DVDs." This answer is correct because copyright infringement refers to the unauthorized use, reproduction, or distribution of someone else's work without permission. Selling unauthorized copies of CDs and DVDs falls under this category as it involves distributing and selling copyrighted material without the necessary rights or licenses.

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