Professionalism and Ethics Flashcards

Vocabulary-style flashcards covering the key concepts, definitions, and types of ethical and professional business practices as outlined in Grade 12 Business Studies Chapter 3.

Business ethics

Ideas about what is morally correct or not applied in a business situation.

Ethical behaviour

Acting in ways consistent with what society and individuals think are good values.

Business practice

A procedure/rule employed or followed by a business in the pursuit of its objectives.

Professionalism

Describes the internationally accepted standards/expectations that society has of people’s conduct and levels of competence in the workplace.

Tax evasion

When a business does not declare all their income to SARS with the aim of paying less tax.

Corporate governance

The exercise of ethical and effective leadership by the board of governors of a business towards achieving good performance, effective control, sustainability, and profitability.

Accountability

Holding directors and officials responsible to stakeholders for their decisions and action.

Transparency

Directors and managers are expected to operate in a manner that is easy for stakeholders to understand what actions are performed.

Responsibility

The legal and moral obligation of the business in relation to the economic, social and natural environment within which it operates.

Sexual harassment

A violation of basic human rights that normally happen when someone in power abuses his/her power/position through gestures, remarks, or actions which victimise the worker.

Unauthorised use of workplace funds and resources

A form of fraud involving the misuse of money or company assets for private use/personal gain without prior authorisation from a senior manager.

Abuse of work time

When employees arrive late, leave early, take longer lunch breaks, or use working hours for personal gain, leading to decreased productivity.

Unfair advertising

The use of false or misleading statements in advertising leading to misrepresentation of the concerned product.

Bait and switch

Advertising goods at a very low price to attract customers but when the customer reaches the store the item is no longer there.

Pricing of goods in rural areas

When businesses exploit vulnerable consumers in remote areas by inflating prices or charging more for goods of inferior quality.

King Code principles

Principles of transparency, accountability, and responsibility applied for good corporate governance.

Quid pro quo harassment

When a manager promises an increase in salary or a promotion in exchange for sexual favours.

BCEA

Basic Conditions of Employment Act; legislation that businesses should follow regarding payment of fair wages and overtime.

Annual General Meeting (AGM)

The meeting where businesses present accurate annual reports and shareholder voting rights details to stakeholders.

SAPS

South African Police Services; the institution where serious cases of sexual harassment should be reported.

Advertising Standards Authority

The body to which consumers must report unfair or misleading advertisements.

SARS

South African Revenue Service; the government body to which businesses must declare income and pay corporate tax.