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Question

Which of the following statements about business ethics is true?

A

It concerns the impact of a business activities on society

B

It refers to principles and standards that determine acceptable behaviour in the world of business

C

It relates to an individual's values and moral standards and the resulting business decisions he or she makes

D

What is ethical is determined by the public, government regulators, interest groups, competitors and individual's personal moral values

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Solution

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Correct option is
B

It refers to principles and standards that determine acceptable behaviour in the world of business

Business ethics is nothing but the application of ethics in business. Business ethics is the application of general ethical ideas to business behavior. Ethical business behavior facilitates and promotes good to society, improves profitability, fosters business relations and employee productivity. The concept of business ethics has come to mean various things to various people, but generally it‘s coming to know what it right or wrong in the workplace and doing what‘s right - this is in regard to effects of products/ services and in relationships with stakeholders. 

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