Which of the following best describes ethics?

The correct choice defines ethics as principles that govern conduct and behavior, which is fundamental in understanding the moral frameworks that guide both individual actions and professional practices. Ethics encompasses the values and norms that help individuals determine right from wrong, influencing decision-making and interactions in various contexts, including personal relationships, business dealings, and societal expectations.

The other options describe important concepts but do not encapsulate the broader scope of ethics. Legal guidelines for businesses are regulatory in nature, but ethics often transcends legal requirements, focusing on moral implications. Strategies for effective team management relate to leadership and collaboration skills, which are practical aspects of organizational behavior rather than a foundation of ethical principles. Rules for proper financial transactions pertain to financial ethics, but they are too narrow to represent the entire concept of ethics, which includes various fields beyond just finance. In essence, choice B accurately captures the essence of ethics as foundational principles guiding behavior across all aspects of life.