Unit One: Ethics in Business

A comprehensive set of practice flashcards covering business ethics vocabulary, financial terminology, types of corporate crimes, and professional values based on the lecture notes.

What is the definition of Corruption according to the transcript?

An illegal, bad or dishonest act especially by people in positions of power.

What is Bribery?

An attempt to make someone do something for you by giving the person money or something else that they want.

How is Smuggling defined?

The act of taking things or people to or from a place secretly and often illegally.

What is Stealing - robbery?

To take something without the permission or knowledge of the owner and keep it.

What is Money laundering?

The crime of moving money that has been obtained illegally through banks and other businesses to make it seem as if the money has been obtained legally.

What does the term Lobbying refer to?

The activity of trying to persuade someone in authority usually an elected member of a government.

How is Fraud defined?

The crime of getting money by deceiving people.

What is Deception?

The act of hiding the truth especially to get an advantage.

What are the ways of illegally paying less tax than you should called?

Tax evasion

What is Nepotism-favouritism?

The act of using your power or influence to get good jobs or unfair advantages for members of your own family.

What is Counterfeiting - imitation?

The activity of making illegal copies of things such as banks notes.

What is Child labour?

The use of children to do work that should be done by adults.

How is Embezzlement defined in the notes?

The crime of secretly taking money that is in your care or that belongs to an organization or business you work for.

What is Whistle-blowing?

The act of telling about something illegal that's happening especially in a government department or a company.

What is Fighting child labour?

Struggling to get rid of child labour.

What is False accounting?

The crime of changing or destroying records to get money.

What are three words listed as synonyms for 'Genuine'?

Authentic / Original and Real

In the context of Money & Finance, what is the difference between Profit and Loss?

Profit / Gain is a financial increase, while Loss is a financial decrease.

What terms are used to describe a company's success or growth?

Prosper / Flourish and Growth / Development

What is the opposite of 'Prosper / Flourish' in the transcript?

Collapse / Fail

What are some terms associated with 'Occupations / Professions'?

Employees / Workers and Employers

What are the components of 'Ethics & Values' mentioned in the list?

Integrity, Honesty, Fairness, Equality, Respect, Responsibility, Trust, Transparency, Accountability, Reliability, Commitment, Professionalism, Loyalty, Faith / Faithfulness, Justice, Goodwill, Principles, Values, and Standards.

What are the 'Problems & Challenges' listed in the transcript?

Problem / Issue, Challenge / Difficulty, Conflict, Dispute, Risk, Crisis, Pressure, Stress, Obstacle, Failure, Shortage, unemployment, Poverty, Inflation, and Recession.

What are the verbs listed under 'Actions & Verbs' regarding regulations?

Regulate, Enforce / Implement, Approve, Authorize / Permit, Apply, and Comply with.

What are the terms related to 'Law & Regulation'?

Law / Rule / Regulation, Legislation, Authority, Government, Compliance, Violation, Penalty, Fine (legal), Court / Judge, Rights, and Obligations.