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BBI2O1- 1.3 Vocab

Introduction to Business: Unit 1, Chapter 3 Business Ethics

TermDefinition
ETHICS The principles of morality and proper conduct that people or businesses use to guide their behaviour.
VALUES A personal or corporate belief about what is important.
MORALS A rule used to decide what is good or bad.
FAIR TRADE The practice of helping producers in developing countries bypass middlemen so they can sell their products for a fair profit.
CODE OF ETHICS A document that describes specifically how a company's employees should respond to different situations.
DILEMMA A situation where there is a difficult choice between two or more options.
ETHICAL DILEMMA A moral problem with potential right or wrong answers. Occurs in a business when approached with a decision to make that weighs values and morals against profitability and competitiveness.
WHISTLE-BLOWING The decision of an employee to inform officials or the public about a legal or ethical violation.
FRAUD The crime of lying or pretending.
ACCOUNTING SCANDAL A publicly exposed crime involving accountants or senior executives who alter accounting records for personal benefit.
FORENSIC ACCOUNTANT An accountant who investigates legal and financial documents, looking for evidence of tampering.
EMBEZZLEMENT A type of accounting fraud in which an accountant of senior executive invents phony accounts and redirects company money into them for personal gain.
ASSETS Items of value that a business owns.
LIABILITIES Debts that a business owes.
AUDITORS Outside accountants who check the financial records of a company.
INSIDER TRADING Illegal buying or selling of shares of a company based on confidential information that isn't available to the public.
PROVINCIAL SECURITIES COMMISSIONS A provincial governmental agency responsible for regualting the securities industry and prosecuting crimes such as insider trading.
CORPORATE SOCIAL RESPONSIBILITY (C.S.R) Conducting business in a way that is in line with society's values.
FORGERY A form of fraud that could involve passing bad cheques by forging someone else's name.
DUTY TO REPORT An obligation to disclose all important information.
GENDER DISCRIMINATION An employee being treated differently based on gender.
GLASS CEILING Invisible barriers to senior leadership positions.
HARASSMENT The behaviours that are found to be threatening or disturbing and not acceptable in society.
DUTY TO ACCOMODATE An employer's obligation to take appropriate steps to eliminate discrimination against employees.
GRASS ROOTS MOVEMENT A movement that develops from the bottom-up.
E.P.A (Environmental Protection Act) A law passed in 1999 to help prevent future environmental disasters administered by Environment Canada.
KYOTO PROTOCOL An international agreement on targets to combat global warming by 2012.
Created by: ShirleyT
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