Which of the Following Provides the Best Definition of Ethics

question 28

Multiple Choice

Which of the following provides the best definition of ethics?

• A) Ethics is a formal system for evaluating who profits in a business transaction.
• B) Ethics is merely a different term for the laws and regulations created by a government.
• C) Ethics is merely another word for morality, which is only involved in what is right and what is wrong.
• D) Ethics is a simplified term given to the momentary decisions we all make regarding which answer will lead each person to the most personally successful solution.
• E) Ethics is a formal system for deciding what is right and wrong and for justifying moral decisions.

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Definitions:

Sales

Revenue generated from goods or services sold by a company in a specific period.

COGS

Short for Cost of Goods Sold, it represents the direct costs attributable to the production of the goods sold by a company.

Factoring Costs

Expenses associated with selling accounts receivable to a third party, commonly referred to as a factor, to improve cash flow.

Accounts Receivable

Accounts receivable refers to the money owed to a company by its customers or clients for goods or services delivered but not yet paid for.