Business Ethics Flashcards

In Institute of Business Administration, what is the primary purpose of a professional code of ethics?

Answer: To establish standards of conduct and guide professional behavior

A professional code of ethics provides guidelines for acceptable behavior, helps practitioners make difficult decisions, and maintains public trust in the profession.

Which ethical principle in Institute of Business Administration requires practitioners to avoid conflicts of interest?

Answer: Objectivity and impartiality

Objectivity and impartiality require professionals to make decisions free from personal bias or conflicts of interest, ensuring fair and honest professional conduct.

What should a Institute of Business Administration professional do when they discover a colleague has violated ethical standards?

Answer: Report the violation through proper channels according to organizational policy

Ethical obligations typically require reporting violations through established channels to protect the public, maintain professional standards, and give the organization an opportunity to address the issue properly.

Confidentiality in Institute of Business Administration practice means which of the following?

Answer: Protecting sensitive information from unauthorized disclosure

Confidentiality requires protecting sensitive information from unauthorized access or disclosure while still complying with legal requirements for information sharing.

What is informed consent in the context of Institute of Business Administration?

Answer: Ensuring all parties understand and agree to terms before proceeding

Informed consent means providing all relevant information so that parties can make knowledgeable decisions. It requires clear communication of risks, benefits, alternatives, and procedures.

In Institute of Business Administration, what does the principle of accountability primarily require?

Answer: Taking responsibility for one's actions and their consequences

Accountability means accepting responsibility for decisions and actions, being transparent about processes, and being willing to explain and justify professional conduct.