Why Are Codes of Conduct and Ethics Important to the Industry

question 27

Multiple Choice

Why are codes of conduct and ethics important to the industry?

• A) They show the world we have the best product.
• B) They create very professional work staff.
• C) Tourists buy our product sight unseen and place their lives and a great deal of trust in our honesty.
• D) Tourists prefer to travel to countries that have codes of conduct because they feel safer.

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Definitions:

Future Amount

The value of a current asset or amount of money at a specified date in the future, based on expected growth or interest rates.

Accrued Liability

Expenses that have been incurred but not yet paid for, recognized in the financial statements under the accrual basis of accounting.

Contingent Liability

A potential obligation that may arise from a past event, the outcome of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events.