Formula: How To Know Right From Wrong

I am not usually much on 'Christian Formula's', but while reading Jerry Bridges book, The Pursuit of Holiness, I came across this formula and it seems as though it could be helpful for us, especially in those gray areas in life. The following formula is biblical and very applicable to our lives:

1. "Everything is permissible for me, but not everything is beneficial." (1 Cor. 6:12)
Question 1: Is it helpful - physically, spiritually, and mentally?

2. "Everything is permissible for me, but I will not be mastered by anything." (1 Cor 6:12)
Question 2: Does it bring me under its power?

3. "Therefore, if what I eat causes my brother to fall into sin, I will never eat meat again, so that I will not cause him to fall." (1 Cor. 8:13)
Question 3: Does it hurt others or cause them to fall in their spiritual journey?

4. "So whether you eat or drink or whatever you do, do it all for the glory of God." (1 Cor. 10:31)
Question 4: Does it glorify God?

"Am I willing to develop convictions from the Scriptures and live by those convictions?"
-Jerry Bridges