Lance Armstrong Says That He Looked Up the Meaning of the Word

question 9

Multiple Choice

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) It's a gray area.
• B) It could be worse.
• C) Everyone does it.
• D) I deserve this.

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Definitions:

Default Risk Exposure

The likelihood that a borrower will be unable to make required payments on their debt obligations.

Investment

The allocation of resources, usually money, with the expectation of generating an income or profit.

Convertible Bonds

Bonds that can be converted into a predetermined number of the issuing company's shares at certain times during the bond's life, usually at the discretion of the bondholder.

Earnings Before Taxes

A company's profitability measure calculated by subtracting all expenses, except taxes, from revenues.