Ethics at the Individual Level
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What term describes the ultimate goals or end-states a person strives to achieve in life, such as a comfortable and secure life?
These are called terminal values — they represent the final objectives or desired end-states that an individual ultimately aims to attain.
What type of value is defined as a desirable state of existence that one desires to achieve as an ultimate goal in one's lifetime?
Terminal value
What term describes values that serve as means or tools to achieve terminal values, such as being polite, obedient, or self-controlled?
These are called instrumental values — they are behavioural modes or personal qualities used as stepping stones toward achieving terminal values.
What is a 'norm' in the context of individual ethics at a bank?
An unwritten expectation of proper behaviour enforced only through group sanctions such as disapproval or exclusion
How are terminal values and instrumental values distinguished in the context of individual ethics?
Terminal values are the desired end-states or ultimate life goals, whereas instrumental values are the means or behavioural traits (like honesty, ambition, or politeness) employed to reach those goals.
What are the three essential elements of 'managing by values' as described in ethics at the individual level?
Identification, communication, and aligning values with practices
What is the relationship between ethics and values at the individual level in banking?
Ethics at the individual level is grounded in personal values — the principles and beliefs that guide a banker's conduct, decisions, and professional behaviour on a day-to-day basis.
Which application area of business ethics is primarily breached when a bank employee mis-sells a product by hiding key features?
Ethics of sales and marketing
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