Distributive Justice

What is distributive justice? In chapter 2 of Business Ethics, read the case study named, “Three Forms of Justice”. Based on that case study, answer the following question: When people debate distributive justice today, what concerns do they raise about it?

Distributive justice refers to the fair and equitable distribution of resources, benefits, and burdens in a society. It is concerned with how goods and services are allocated among individuals and groups, and whether this allocation is just or unjust. The principles of distributive justice can vary depending on the context, but they generally involve ensuring that everyone has access to basic necessities such as food, shelter, healthcare, and education (Byars & Stanberry, 2018).

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The Equifax Data Breach

Which elements of this case might involve issues of legal compliance? Which elements illustrate acting legally but not ethically? What would acting ethically and with personal integrity in this situation look like?
How do you think this breach will affect Equifax’s position relative to those of its competitors? How might it affect the future success of the company? Was it sufficient for Equifax to offer online privacy protection to those whose personal information was hacked? What else might it have done?

 Introduction

The Equifax data breach of 2017 was one of the largest and most significant cybersecurity incidents in history, affecting nearly half of the US population. This breach compromised sensitive personal information, including social security numbers, birth dates, and addresses, and raised serious concerns about the security of personal data held by major corporations. The Equifax breach not only had significant legal and financial consequences for the company but also highlighted the need for stronger cybersecurity measures and greater accountability for companies that handle personal data (Byars & Stanberry, 2022). In this paper, we will examine the Equifax data breach and its aftermath, including the legal and ethical implications of the breach, and the adequacy of the company’s response to the breach. We will also discuss the lessons that can be learned from this incident and the steps that companies can take to prevent similar breaches in the future.

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Buying leather and fur products

Read Chapter 12. Does reading this chapter make you less likely to buy leather and fur products, or not? Does reading this chapter make you more likely to go vegetarian in your food consumption (if you are not already), or not? Do you feel that the consumption of meat and the use of leather and fur are “natural” and therefore acceptable? Does an “ethical” company owe any duty to animals, or are ethical duties only owed to humans?

For this discussion assignment, we were asked to read about Animal rights and Corporate Social Responsibility. This reading did make me less likely to buy leather and fur products because it highlighted the inhumane treatment of animals in the fashion industry, which is something that I was not previously aware of. It is appalling to learn that animals are often kept in cramped, unsanitary conditions and subjected to cruel practices just to produce clothing items (Jimenez & Pulos, n.d.). As a result, I would feel guilty purchasing these products knowing the harm that has been inflicted on animals.

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Leasing VS owning a car

What are the benefits and drawbacks of leasing a car rather than owning one?

          According to Siegal & Yacht (2009), a car lease is an agreement to long-term rent a car, which also allows you to purchase this car at the end of the lease using the balloon payment. Such agreements can be different in length, but normally take up to 3-4 years. To decide, whether you need to lease a car, you can ask yourself several questions such as: for how long will you need a car? Are you going to sell it later to receive money for another purchase?

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Cash flow budget

When is a cash flow budget a useful alternative to a comprehensive budget? Answer in approximately 250 words.

First, let’s see what these terms mean. According to Seagal and Yacht (2009), a comprehensive budget includes each area of a financial plan and lets us estimate incomes and expenses. The capital budget and operating budget are two levels of the comprehensive budget.

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Accounting and bookkeeping

What exactly is accounting, and how does it assist you in managing your finances? Describe three accounting and bookkeeping procedures products that are most useful in personal financial planning. How could personal financial software assist you in your personal financial decisions?

Keeping track of financial transactions related to a business is called accounting. It doesn’t matter how big the business is: accounting is an important tool for decision-making, planning, and performance measurement (Fernando, 2021).

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Evaluations of Alice’s financial goals

Complete the Assignment: Personal Finance by Rachel Siegel and Carol Yacht (2009); Page 23. Exercise 2. See below: “Use the S.M.A.R.T. planning model and information in this section to evaluate Alice’s goals (below). a. pay off student loan b. buy a house and save for children’s education c. accumulate assets d. retire e. travel around the world in a sailboat. Discuss your evaluations” (p.23).

           In this paper, we will talk about Alice – a girl with lots of financial plans for her future. These plans include paying off a student loan, buying a house and saving for children’s education, accumulating assets, retiring, and traveling around the world in a sailboat (Personal Finance, 2009). For checking how good her goals are, we will use a popular S.M.A.R.T. model which claims that the really useful goals are Specific, Measurable, Achievable, Realistic, and Timely.

            In our textbook and from this week’s reading assignment, we could learn about Alice’s current situation, goals, and other background information. Let’s challenge them against the S.M.A.R.T. tool.

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Personal Finance Course

What skills and knowledge do you hope to obtain by taking the Personal Finance course?

In the modern world, every part of your life requires some expenses – from daily necessities like food to being able to simply go from destination A to destination B (for example, by car, bus, or taxi) to get to your work or spending some time with your family in a movie theater. Therefore, it is really important to plan your life and know more about your personal finance.

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Insurance

Why is insurance important? Choose two types of insurance and discuss their characteristics.

         According to Kagan J. (October 12, 2021), we can define insurance as a contract, which provides individuals or entities with financial protection from the insurance company when damages take place. There are different types of insurance, and the most common are life, homeowners, health, and auto insurance. In the modern world, where everything must be paid, it is very important to have insurance: it will help you pay for your financial losses caused by different types of damages. For example, your health insurance can help you pay for hospitalization and treatment, and auto insurance can help you pay for the repair bills after the accidents. Sometimes having insurance can save you almost a fortune!

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Budget variances

What are the causes of budget variances?

           First, let’s talk about what a budget variance is. It is a term that we use to describe the situation when the actual costs differ from the standard (and planned) ones. The budget variance can be favorable (when there are gains, and the difference is positive) and unfavorable (when there are losses, and the difference is negative). Such variances occur because of different factors, including errors, wrong expectations, increased costs, and many other external and internal reasons (Chen, 2020).

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