Chapter 1:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Ethics refers to the beliefs, values, and principles that guide a person's life and decisions. ⊚ true ⊚ false 2) Ethical behavior and an ethical reputation can provide a competitive advantage in the marketplace and with customers, suppliers, and employees. ⊚ true ⊚ false 3) In a society that values individual freedom, everything that is legal is ethically right and everything that is ethically wrong is illegal. ⊚ true ⊚ false 4) Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are no principles, standards, concepts, or values common to business ethics. ⊚ true ⊚ false 5) The role of an ethics course should be to convey information to a passive audience, while treating students as passive learners. ⊚ true ⊚ false