Business Ethics Exam 1

What does Jeremiah 17:9 say regarding the condition of our hearts? How can this impact our personal ethical behavior and choices?

The heart is deceitful above all things - beyond cure - who can understand it?

Attributes of God

Holiness, Mercy, Justice, Love, Grace, Righteousness, Truth

Holiness

stands alone, lays aside weights and sins - we need to follow with peace and holiness

Mercy

God not giving us what we deserve

Justice

God carrying out what he established (plan of salvation)

Love

an act of the will - drives extraordinary decisions

Grace

do what we can’t do in our own strength

Righteousness

always does what is right (psalm 15) - doing what is right regardless of convenience

Truth

He is truth (John 14:6) - I am the way the truth and the life

God’s overarching attribute

Holiness - stands along, lays aside weights and sins, we need to follow with peace and holiness

Why do people behave unethically?

1. Personal Gain

2. Easy way out

3. Pressure

4. Greed

5. Revenge

According to Psalm 15, and our discussion in class what does it mean to swear to your own hurt?

to do what is right regardless of the outcome and how it may hurt you. when you make an oath you keep it even when it hurts

truth is always your

friend

1 Peter 2:22

he committed no sin and no deceit was found in his mouth

Revelation 14:5

No lies were found in their mouths, they were blameless

Self-Interest

cares about their own outcomes

Greed

a desire to want more for yourself

What did Milton Friedman say about business and ethics

a company has no social responsibility to the public or society; its only responsibility is to its shareholders

What was Paul’s advice to Timothy from I Timothy chapter 3

you need to maintain competency and you may be tested in order to prove that you will come out more excellent

Other than Paul, who taught Timothy? Why is it important to remember what we have been taught from our childhood? List and describe at least five of the attributes of Love and provide examples of how we can apply these attributes in the workplace.

• His mother and grandmother taught him

• love: is kind, does not envy, is not full of pride, does not speak evil, rejoices in truth

List and describe the four levels of the ethical framework

Biblical principles, organizational policies and standards and values, professional and occupational standards, laws and regulations and rules

Romans 13:1-8 + 1 Peter 2:13

You should submit to governing authorities but if the authority goes against God, then you should follow the way of the Lord

What are the three prongs of the Fraud Triangle? Please be prepared to describe each in detail

Pressure - Opportunity - Rationalization

What does the AICPA Code of Conduct Preamble require of the CPA

responsibilities, public interest, integrity, objectivity and independence principle, due care, scope and nature of services

According to the American Marketing Association’s Code of Conduct

honesty, responsibility, fairness, and respect

Per the CFP Code of Conduct, what are some of the main responsibilities that the Certified Financial Planner has to their clients

fiduciary duty, integrity, competence, diligence, conflicts of interest, professional judgement, professionalism, confidentiality and privacy, duties communicating with clients, duties when representing, duties when recommending, duties when selecting, refrain from borrowing

According to the Tree Diagram in the notes, what are the “Two Choices on the Shelf”?

Pleasing god and pleasing self

Per the exercise and discussion related to I Timothy 6:1-5, what is our responsibility to those who are in authority over us? What did God command in His word in verses 3-5?

We have to respect our masters, and if they are being rude and unfair to the employees those employees still need to be respectful no matter what.

What are the three main areas of temptation? How should we respond to them? Provide an example of what that might look like in the workplace.

lust of the flesh, the lust of the eyes, and the pride of life, looking toward God for our desires instead of the world.

What are the four steps in unethical behavior? Why is it difficult to correct the course as we take each step?

see, covet, take, and hide or cover up

What led to Moses’s failure to follow God’s instructions when God told him to speak to the rock?

Moses was frustrated, he was angry, instead of God instructing him to hit the rock, moses got frustrated and hit the rock without Gods instruction