Which statement best distinguishes business ethics from business law?
Correct answer: B. Ethics may require conduct beyond what the law strictly requires
- A. Ethics concerns only financial performance, while law concerns employee welfare
- B. Ethics may require conduct beyond what the law strictly requires
- C. Ethics applies to managers, while law applies only to companies
- D. Ethics is enforced by courts, while law is enforced by customers
Explanation
Business ethics includes moral standards that may go beyond minimum legal requirements. A business can obey the law and still act unfairly or irresponsibly.
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About Business Ethics and Corporate Governance
Business ethics applies principles such as honesty, fairness, responsibility and transparency to decisions involving employees, customers, investors, competitors and society. Corporate governance covers the board of directors, accountability, disclosure, internal controls, stakeholder interests, agency conflicts, corporate social responsibility, codes of conduct and whistleblowing.
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