Business Ethics, Corporate Social Responsibility, and Entrepreneurial Decision-Making Flashcards

Fill-in-the-blank practice flashcards covering business ethics, corporate social responsibility (CSR), ethical dilemmas, emotional intelligence, entrepreneurial decision-making, and problem-solving methodologies from Quiz 2 notes.

Integrity in business means being honest, trustworthy, and responsible when making decisions and dealing with __________.

customers, employees, and other people

Corporate Social Responsibility (CSR) is the idea that businesses should operate according to principles and policies that make a positive impact on __________.

society and the environment

Focusing on initiatives that minimize a company's environmental impact and make positive contributions to the environment is known as __________ Responsibility.

Environmental

Balancing responsible financial management and financial support for causes that positively impact society is known as __________ Responsibility.

Economic

__________ Responsibility relates to how businesses give back to local communities or society as a whole.

Philanthropic

Running a corporation in an honest and accountable manner with transparency toward all stakeholders is called __________ Responsibility.

Ethical

Three major constraints of CSR are Lack of a Clear Framework, Balancing Short-Term Profits & Long-Term Goals, and __________ Constraints.

Cost & Resource

An ethical dilemma is a situation where a person or organization must choose between two or more actions that involve conflicting __________.

moral principles or responsibilities

An ethical dilemma where a business must choose between telling the truth and making more money is called __________ vs. Profit.

Honesty

Giving or receiving money, gifts, or favors to get an unfair advantage in business is known as __________.

Bribery and Corruption

Hiring and promoting people or employees based on personal connections rather than skills, experience, and performance is called __________.

Favoritism in hiring or promotion

Private or sensitive information that should not be with people who are not allowed to see it is known as __________ Information.

Confidential

A temporary difficulty or problem that delays or interrupts progress toward an entrepreneurial goal is a __________.

Setback

An attempt or business endeavor that does not achieve its expected outcome or operational viability is defined as a __________.

Failure

Unforeseen cash flow deficiencies, reduced market demand, or revenue drops contribute to Financial Loss & __________.

Low Sales

Emotional Intelligence (EI) is the ability to recognize, understand, and manage our own emotions while recognizing and empathizing with the __________ of others.

emotions

In Emotional Intelligence, controlling your reactions is defined as __________.

Self Management

The ability to recover from difficulties, adapt to challenges, and continue moving forward is called __________ Resilience.

Entrepreneurial

Starting with a specific goal and then choosing the resources and actions needed to achieve it is called __________.

Causation

Starting with the resources you already have and determining what you can create from them is known as __________.

Effectuation

Making use of whatever resources are available to solve problems or pursue opportunities, especially when resources are limited, is called __________.

Bricolage

The process where entrepreneurs test their ideas, observe results, and use mistakes and feedback to improve future decisions is called __________ Decision-Making.

Trial-and-Error

Focusing on finding the main reason why a problem occurred by examining processes and systems is known as __________ Analysis.

Root Cause

In the experimentation and testing phase of problem-solving, entrepreneurs choose __________ solutions to test.

5-10

In SWOT analysis, internal advantages and resources are designated as __________.

Strengths

In SWOT analysis, internal limitations and lacking skills are categorized as __________.

Weaknesses

In SWOT analysis, external favorable factors such as market trends are categorized as __________.

Opportunities

In SWOT analysis, external risks such as economic changes or competitors are categorized as __________.

Threats

Digital marketing channels used to reach target audiences include social media, content marketing, email marketing, and __________.

search engine optimization (SEO)