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Unit 4
Term | Definition |
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Ethics | set of standards of conduct that guide decisions and actions based on duties derived from core values |
Ethical Behavior | action guided by a set of principles of morality Moral Behavior conduct in accordance with what a person determines is right versus wrong |
Legal Behavior | conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm |
False Financial Statement | an organization's financial statement containing untrue data which is used to mislead |
Embezzlement | an entrusted person converts other’s assets or properties for his or her own use |
Ethical Dilemma | complex situation in which people have difficulty choosing between a moral or an immoral act |
Code of Ethics | set of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values |
Business Social Responsibility | duties and obligations of businesses which contribute to the well-being of society |
Stakeholders | all the parties which interact with the business |