In the Context of Codes of Ethics, the Best-Known Code

question 23

Multiple Choice

In the context of codes of ethics, the best-known code is the Johnson & Johnson Credo, which has guided the company profitably through a number of crises. One of the striking elements of the credo is the firm focus on:

• A) fairness.
• B) nepotism.
• C) ethnocentrism.
• D) collusion.

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Definitions:

Guarantor

A person or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.

Jointly

Involves two or more parties working together or sharing a specified obligation or liability.

Severally Liable

When individuals or entities are individually responsible for their own proportion of liability in a debt or claim, instead of being collectively responsible.

Principal Relationship

A legal relationship between two parties in which one, the agent, is authorized to act on behalf of the other, the principal, in business transactions.