Halfon and Friedman are in agreement on the social responsibility of a corporation
1.Halfon and Friedman are in agreement on the social responsibility of a corporation.
a. True
b. False
2.When a company announces that an executive is “Leaving to spend more time with his family”:
a.
It means that the executive is leaving to spend more time with his family.
b.
It means that the executive is probably leaving for a different reason.
c.
It means the executive is retiring.
d.
It means that the executive has a health problem.
3.What happened to the Piper High School teacher, Ms. Pelton?
a.
Her decision was reversed
b.
Both a and b
c.
She quit her job
d.
Both b and c
e.
She was fired
4.Megyn Kelly, a Fox News Anchor, is interviewing a physician about the impact of Obamacare. The physician is a partner with Ms. Kelly’s ex-husband.
a.
Ms. Kelly needs to disclose the relationship.
b.
Ms. Kelly need not disclose the relationship because she is now divorced.
c.
Ms. Kelly need not disclose the relationship unless she also interviews her ex-husband.
d.
Ms. Kelly need not disclose the relationship because she is an anchor, not a reporter.
5.Labeling infertility surgery as “diagnostic surgery” in order to allow the patient to recover the costs from an insurer is unethical.
a. True
b. False
6.BP was delaying repairs as a way of cutting expenses prior to the Deepwater Horizon spill.
a. True
b. False
7.Top of Form
Place the following in the order of their progression in the regulatory cycle:
0. Activism
0. Awareness
0. Latency
0. Regulation/Litigation
a.
I, II, III, IV
b.
II, III, I, IV
c.
III, I, II, IV
d.
None of the above is the correct order
e.
III, II, I, IV
Bottom of Form
8.Temporary chaos can result as markets make adjustments under Adam Smith’s theories.
a. True
b. False
9.“Recall creep” is part of the Blue Bell investigation into the Listeria issue.
a. True
b. False
10.BP was banned from federal drilling rights following the Deepwater Horizon spill.
a. True
b. False
11.BP had no way of knowing about the evolving issues at Deepwater Horizon.
a. True
b. False
12.What was the issue with the Ice-T Body Count CD?
a.
None of the above
b.
The lyrics were obscene
c.
The CD was not selling
d.
People objected because the lyrics suggested killing police officers
13.Where in the regulatory cycle would you place text messaging?
a.
Latency
b.
Activism
c.
Regulation/Litigation
d.
Awareness
14.Which of the following is not a stage in the regulatory cycle?
a.
Awareness
b.
All of the above are stages
c.
Latency
d.
Ethical options
e.
Activism
15.What was the issue with Valeant’s accounting?
a.
Timing on booking of sales revenues
b.
Structuring and acquisition charges
c.
GAAP vs. non-GAAP accounting
d.
All of the above
16.One of the questions in the Laura Nash model is to examine your intentions in choosing a particular course of conduct.
a. True
b. False
17.As the regulatory cycle progresses:
a.
Options decrease and cost increases.
b.
Options increase and cost decreases.
c.
Options decrease and cost decreases.
d.
Options increase and cost increases.
18.Goldman was originally founded as a partnership.
a. True
b. False
19.Albert Carr believes that an executive who dyes his hair in order to appear younger for a job interview has committed an ethical breach.
a. True
b. False
20.BP’s exploration activity decreased following the Deepwater Horizon spill.
a. True
b. False
21.A quid pro quo relates to which category of ethical dilemma?
a.
False impressions
b.
Personal decadence
c.
Conflict of interest
d.
Hiding or divulging information
22.Most ethical lapses are sudden and not foreseen.
a. True
b. False
23.Which category of ethical dilemma applies to dog walkers who do not scoop up after their pets?
a.
Balancing ethical dilemmas
b.
Conflict of interest
c.
Saying things you know are not true
d.
Not following the rules
24.Adam Smith is part of the Divine Command School.
a. True
b. False
25.Taking advantage of a party in a contract situation due to the party’s inexperience, and not due to any lack of disclosure on your part, is ethical.
a. True
b. False
26.Penn State officials did not comply with the reporting requirements regarding Mr. Sandusky’s conduct.
a. True
b. False
27.Which reflects Marjorie Kelly’s financial model for corporations?
a.
Profits = Revenues – Cost
b.
Profits = Revenues – Employee Income + Cost of Materials
c.
Profits = Revenues – Cost + Shareholder distributions
d.
None of the above
28.William Wilberforce was a member of the British Parliament who fell victim to the Bathsheba syndrome.
a. True
b. False
29.Lance Armstrong says that he looked up the meaning of the word “cheat” in the dictionary when he was using performance-enhancing drugs (PEDs). The dictionary defined cheating as “using an unfair advantage in a competition.” Mr. Armstrong believed that PEDs were used by his competitors and felt it was ethical to continue using them. Which rationalization did Mr. Armstrong use?
a.
I deserve this.
b.
Everyone does it.
c.
It’s a gray area.
d.
It could be worse.
30.Moral relativism is circumstantial ethics.
a. True
b. False
31.There is agreement among the field of scholars on the definition of stakeholders.
a. True
b. False
32.If I discover that a fellow employee is reporting falsely his overtime hours, it is best for me to say nothing and ignore the situation.
a. True
b. False
33.Valeant admitted that it had a transparency problem with its investors.
a. True
b. False
34.XYZ Corporation expects its managers and employees to testify at congressional hearings and appear before state legislatures to advocate policy positions on everything from taxes to activities in national parks. What risk does XYZ Corporation have because of this policy?
a.
Both b and c
b.
Shareholder sell-offs because of the positions taken
c.
Backlash from those who feel differently about these issues
d.
None because social responsibility involvement enhances the reputation of XYZ
35.With what crime was Martin Shkreli, the former CEO of Turing, charged?
a.
Price-fixing
b.
Securities fraud
c.
All of the above
d.
Price gauging
36.Ashley Madison declared bankruptcy.
a. True
b. False
37.“Whack a mole” results once an unethical course of action begins.
a. True
b. False
38.Who said, “All businesses, forewarned, should be proactive, not reactive. They must be prepared to fight fire with fire and, if necessary, should be prepared to take their case all the way to the court”?
a.
Michael Novak
b.
R. Edward Freeman
c.
Robert Halfon
d.
Milton Friedman
39.What did the inspection reports of Blue Bell Ice Cream not indicate?
a.
That there was damaged equipment
b.
Both a and b
c.
That there was Listeria in the plants
d.
That there was recall creep
40.Who said, “The question is not about business, it’s about responsibility”?
a.
Charlton Heston
b.
President Clinton
c.
David Geffen
d.
Tracy Morrow
Assignment: Unit 03: Legal Reasoning
1. Many companies have taken the position that their products have no GMOs. In the United States, foods that contain ingredients derived from corn, soy, canola, and sugar beets have usually been genetically modified. Sixty-four countries around the world have required that GMO foods be labeled. A 2015 survey from ABC News founds that 93% of Americans believe that GMO foods should be labeled. On the other hand, many scientists and political leaders have argued that the use of GMOs has permitted the United States to grow more food, food that supplies those who are starving throughout the world. Former Governor Mitch Daniels of Indiana maintains that the intentional starvation of people is callous and cruel, but he also believes that denying the world the benefits of increased food production from GMOs carries no moral distinction in resulting starvation. There are scientific concerns about the effects of GMOs on the environment and on humans when they ingest the food. If you were on the board of a company that is faced with using GMO or non-GMO suppliers, discuss what position Milton Friedman might take on this issue.
2. Using the facts in question 1, discuss how Edward Freeman would address the issue the company faces.
3. Andy Puzder, once a candidate for secretary of labor in the Trump administration, has written, “When a store closes, the minimum wage for your lost job is zero.” Mr. Puzder believes that increases in minimum wage destroy jobs and hurt working class Americans. What readings and cases in Unit 3 provide support for Mr. Puzder’s view? Which readings and cases would take a different view?
4. Who are the stakeholders in those situations in which pharmaceutical companies substantially increase the prices of their drugs?
5. What would Milton Friedman say about the pharmaceutical price increases?
Assignment: Unit 05: Legal Reasoning
1.What types of ethical issues did you see in the cases on contract formation?
2.Describe the stakeholders involved in the case of excessive use of returning goods.
3.Explain the conflicts of interest issues in pension funding.
4.Regarding the Stanford University research funding case (Case 5.9), discuss whether Stanford was in a gray area in terms of its overhead reimbursement requests. Be sure to list any other rationalizations Stanford used with regard to its conduct.
5.Make a list of the legal issues that created confusion in the dispute between Katy Perry and the nuns from the Los Angeles convent. Discuss the impact on the various stakeholders of these points of legal confusion.
Assignment: Unit 06: Legal Reasoning
1.Gingham Best, Inc. is a US company with clothing production facilities around the world. Gingham is concerned about conditions in the factories with which it has production contracts. What advice can you offer Gingham for preventing a public relations crisis or a boycott over factory conditions?
2.You have just been put in charge of supervising all of your company’s offices around the world. What will you do to be certain that there are no FCPA violations?
3.You have been given the task of analyzing whether your company should expand its operations into a particular country. There are concerns about risk in that country. Based on the cases that you have studied, what would you examine in that country to provide input on risk?
Assignment: Unit 07: Legal Reasoning
1.Regarding the Kodak Appraiser case (7.10), explain the scheme that the participants used to reduce Kodak’s taxes, and what ethical issues arose.
2.Based on the case readings, what components of an employer romance policy could reduce the tensions and other problems that might arise?
3.If you were developing a policy to give employees about blogging, what would you include based on the readings and cases?
4.Regarding the case involving the Welch/Wetlaufer affair, discuss how that private relationship affected the workplace for both parties (Ms. Wetlaufer and Mr. Welch).
5.Using Reading 7.22 on performance evaluations and Case 7.23 on the denial of a partnership to Ann Hopkins, make a list of the things the partners should have done differently in performing partner evaluations.
Test: Final (Units 4-6)
1.An underwater mortgage is not enforceable.
a. True
b. False
2.The Red Cross CEO resigned in protest over the use of Red Cross funds.
a. True
b. False
3.How much were Enron board members paid?
a.
$25,000 per year
b.
None of the above
c.
They were not paid
d.
$3,000,000 per year
4.You work in the finance division of a NYSE company. You have just learned that your supervisor has been using information on quarterly returns, prior to the time they are made public, to trade in the company’s stock. You:
a.
Must report the activity in some way.
b.
Must confront the supervisor.
c.
Need not do anything because the SEC will eventually uncover his activities.
d.
Need not do anything because only officers are prohibited from trading on inside information.
5.FINOVA eventually declared bankruptcy.
a. True
b. False
6.Dennis Kozlowski’s first trial resulted in a hung jury.
a. True
b. False
7.Mr. Ebbers was a Sunday School teacher at his Hattiesburg, Mississippi church.
a. True
b. False
8.Joseph Jett:
a.
Held a Harvard MBA.
b.
None of the above
c.
Held his first job at Kidder Peabody.
d.
Was convicted of securities fraud.
9.Most ethical lapses are sudden and not foreseen.
a. True
b. False
10.There was a fluid transfer of employees between Andersen and Enron.
a. True
b. False
11.Mark-to-market accounting gave corporate officers discretion in reporting earnings.
a. True
b. False
12.Who was the CEO at GE at the time GE owned Kidder Peabody?
a.
Edward Cerullo
b.
Gary Lynch
c.
Linda LaPrade
d.
Jack Welch
13.What auditor practice was stopped by Sarbanes-Oxley?
a.
CPA certification
b.
Compensation of auditors by their audit clients
c.
Joint audit and consulting contracts for the same companies
d.
Auditing the same company for two years in a row
14.Who was trying to have an investigation into Madoff’s operation launched as of 2005?
a.
Congress
b.
Harry Markopolos
c.
The SEC
d.
NASD
15.Circumventing rules in order to get products imported is not covered under the FCPA.
a. True
b. False
16.What did PwC not anticipate in deciding to do business in Russia?
a.
The difficulty of many attempting to use it for money-laundering purposes.
b.
Both a and b
c.
The problems with bribes.
d.
The power of government officials to get information and results.
17.The WorldCom stock frenzy is unique in business history.
a. True
b. False
18.EBITDA is an acronym for:
a.
Earnings before I took depreciation for assets.
b.
Earnings before interest and taxes decertified by the auditor.
c.
Earnings before interest and debt adjustments.
d.
Earnings before interest, taxes, depreciation, amortization.
19.Which of the following was not a Kozlowski expense that Tyco paid for?
a.
A $6,000 shower curtain
b.
Ice sculptures in Sardinia
c.
All of the above were Kozlowski expenses paid for by Tyco
d.
Jimmy Buffett entertainment at Mrs. Kozlowski’s birthday party
20.What are the risks of marketing infant formula in third-world countries?
a.
Customers may mix the powdered formula with bad water.
b.
Customers may water down the formula.
c.
Customers cannot afford the formula.
d.
All of the above
21.Whistleblowers who turn to external avenues for dealing with issues are unethical.
a. True
b. False
22.Loans to corporate executives are now illegal under Sarbanes-Oxley.
a. True
b. False
23.Which of the following is an effective tool for preventing individual ethical lapses?
a.
Internal controls
b.
All of the above
c.
Screening
d.
Ethics training
24.Provide the accounting for the following:
Operating Revenues: $10,000,000
Nonrecurring, non-operating gain: $4,000,000
Nonrecurring, non-operating loss: $8,000,000
Operating expenses: $6,000,000
a.
EBITDA is $4,000,000
b.
GAAP is no income
c.
None of the above
d.
EBITDA is no income
25.How many CFOs did Scrushy have at HealthSouth from 1998 through 2003?
a.
Three
b.
One
c.
Five
d.
Four
26.Bribery is a cultural issue and generally not regulated by law.
a. True
b. False
27.How many people were fired following the Challenger explosion?
a.
Three, including the CEO
b.
None
c.
Two
d.
One
28.The HealthSouth board knew very little about the creative accounting at HealthSouth.
a. True
b. False
29.What was Lavery’s first step in dealing with the concentrate issues?
a.
Canceling the contract
b.
Checking the supplier’s facilities
c.
None of the above
d.
Ordering less concentrate
30.When was the Beech-Nut hold-harmless agreement signed?
a.
None of the above
b.
When the contract with the supplier was first entered into
c.
After the suspicions about the syrup content of the concentrate
d.
After the criminal cases
31.What happened to the Union Carbide plant in Bhopal?
a.
The Indian government now owns the plant and produces dry-cell batteries.
b.
Dow acquired Union Carbide and now operates the plant.
c.
Union Carbide still operates it.
d.
The plant has been mothballed.
32.Although you are not part of your company’s engineering group, you have discovered a major flaw in the company’s new paper-thin solar calculator. The calculator adds when the subtract button is pressed if there are more than three figures to the right of the decimal point. Since it is not your area, you should do and say nothing.
a. True
b. False
33.The Red Cross disclosed that 9-11-01 funds would be used for administrative purposes.
a. True
b. False
34.Andrew Fastow’s role as an officer of an SPE was not a conflict of interest.
a. True
b. False
35.What happens under a car title loan?
a.
A default results in the debtor’s loss of ownership in the car
b.
None of the above
c.
That as long as the creditor holds the title, the debtor has time to pay without the creditor being able to sell the car
d.
That no interest is paid until the default
36.UBS had rules that prevented operations employees from trading/client-facing positions.
a. True
b. False
37.What is the length of Mr. Madoff’s sentence?
a.
150 years
b.
10 years
c.
18 years
d.
25 years
38.What do the VA and Atlanta Public School System cases have in common?
a.
Both involved evaluation and compensation based on numeric goals
b.
Both involved government entities
c.
All of the above
d.
Both involved employees trying to alert others to the problems
39.A county commissioner who makes decisions on construction permits and zoning exceptions and approaches a hotel builder to lease space for her clothing store in his new hotel while his application for zoning and construction are pending has done nothing unethical.
a. True
b. False
40.Whistleblowers have both internal and external avenues for dealing with issues.
a. True
b. False
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