Business ethics can be defined as Multiple Choice applying general ethical principles and standards to the various stakeholders of businesses rules that each company makes about what is right and what is wrong" for top management and the board of directors the application of ethical principles and standards to the actions and decisions of business organizations and the conduct of their personnel special standards and codes of conduct that are only present in business situations. adopting or rejecting various societal ethical standards to arrive at a set of standards for operating a business