Business Ethics Knowledge Test Quiz!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.