WME Chapter 2 questions with 100% complete solutions A+ graded passed!, Exams of Nursing

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WME Chapter 2

questions with 100%

complete solutions A+

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WME Chapter 2 Flashcards 2 / Ethical Dilemma When two or more possible choices pit different values against each other *Truth vs Loyalty

• Individual vs Group
• Short term vs Long term *Justice vs Mercy Ethical Decision Making Process
• Determine whether the decision represents a moral issue that requires further analysis
• Identify who is required to make the ethical decision
• Individual must accept responsibility and consequences for making the decision
• Gather all relevant facts and test for right vs wrong Right vs Wrong Test * Legal test (Does it break any laws)
• Smell Test (Intuitively involves wrongdoing although we don't know where the wrong is)
• Front Page Test (Firms rep if decision appeared on front page of newspaper)
• Mom Test (would you reveal the decision to Mom or would you be ashamed) Resolution Principles for Ethical Dilemmas (Right vs Right)
• Ends based ethical thinking (greatest good to the greatest number)
• Rule based ethical thinking (creates a suitable precedent)
• Social contract based (Harmony in the group)
• Personalistic based (true to your heart) Needed for a code ethics
• Must have support from senior management *All employees must participate in the development and reinforcement of the code of ethics *Training and reinforcement must be included *The code of ethics should be reviewed periodically IIROC Rules for Registrants
• Use proper care and exercise independent judgment
• Conduct themselves with trustworthiness, integrity honest etc.

WME Chapter 2 Flashcards 3 /

• Encourage others to act in a professional manner
• Comply with the securities act
• Maintain client confidentiality What must be present for a Trust based relationship *Advisor possess specialized knowledge the client does not have *Advisor belong to an industry that is well regulated *Advisor places the interest of the client above their own