What is ethical is determined by the public, government regulators, interest groups, competitors and each individuals personal moral values, Studying business ethics will not necessarily, Inform you concerning the impact of the work group on ethical decisions. C. a loss of employee commitment and trust in the company and its management. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but C. structure and strategy. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. The total rent on the plant is$80.000 per period. D. maximizing their investment in the firm. building parks Italian Stallion stockholders got a very fair deal for the stock they owned in the company. C. helps government officials develop appropriate legislation. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. How are these two rates measured? The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. standards. Research has shown that companies engaged in corporate social responsibility (CSR): B. improve corporate profits. Business Ethics - Overview, Examples, Components of Business Ethics [C] Paying U.S. minimum wage Demanding Ethical and Socially Res, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Natuurwetenschappen eerste jaar examen trimes. social media. When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet" is an example of: Attracting and retaining better employees is an example of a corporate social responsibility: Unethical behavior in business, especially in the real estate and banking industries, has resulted in Ethics in Management | Encyclopedia.com Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. aggregate independent appraisal. (D) businesses cannot succeed in societies that fail. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. D. concern for the welfare of society. B. philanthropy. Which of the following are reasons a business should be managed ethically? To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. A. Top management is essentially conducting a(n) Think about a business that hires only family or one that gives inappropriate incentives, for example. How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. HR professionals sometimes face ethical or moral dilemmas. Fraud varies among those who are interested in corporate responsibility. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. A. Internet True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. The primary value of using social media to communicate CSR efforts is that it allows companies to reach broad and diverse groups, allows them to connect directly with customers in a low-cost, efficient way, and enables them to interact with specific groups more easily than through more traditional efforts. Executives at Enron and Tyco were found guilty ____________ of behavior that damaged their companies' reputations, The emergence of the green movement has affected businesses by. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. corporate inclusion policy Part-time co-worker 3. Which of the following represent examples of how corporations set positive standards of ethical behavior? [A] outsourcing enforcement of the laws to private firms [D] Political risk taking. government-supported direct mail campaigns [B] reaches broad and diverse groups Ethics in the Workplace: Examples & Tips | PayScale reducing most costs higher ethical standards than in the past. [C] it reduces the likelihood of lawsuits by employees or customers Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. Practice deception regarding product safety issues. shareholders allows them to reach specific groups more directly, allows them to connect directly with customers A. This, then, creates greater stability within the company.. Often, business ethics involve a system of practices and procedures that help build trust with the. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be clarifying what green means E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? Compliance-based ethics codes Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? [A] making the charges public before the investigation An environmentally friendly business: operates in a sustainable manner, causing minimal damage to the environment and using renewable resources where possible considers where its supplies come from and how they are madeit will work with environmentally responsible suppliers and source materials locally to reduce its carbon footprint An important factor in enforcing ethics codes is selecting a(n) ________ ________. corporate raider divisions. Employees and management alike can work together to create businesses that have high standards. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Multiple choice question. technical policy A. reduced employee turnover. A business should be managed ethically for many reasons to maintain a good. The owners of Good Eats Restaurant in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? Internal Audit Company Protection Act it makes financial as well as moral sense to invest in companies that plan to create a better environment, that they can improve their own financial health by investing in companies whose goods and services benefit the community Trust and cooperation between workers and managers must be based on which of the following? Your boss has prepared some questions for you to consider. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. On the line provided after the sentence, write the possessive form of the underlined words. Why a Business Should be Managed Ethically? - The Business Guru D. shift the production of goods to foreign facilities and layoff Canadian workers. They should display behavior that is honest and fair in their relationships with co-workers and their clients. (A) it prevents government audits Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. retain better employees [B] share all information with managers when requested Multiple choice question. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. he many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that ____________________decisions start with each individual. compliance-based According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? because strict global regulations require it, learned by observing the actions of others in the organization. B. focus on cost and quality control systems within your organization. Reevaluating its ethics codes based on the input of its customers. Which of the following were not identified as being fundamental to the CSR definition? Value (ethics and social sciences) - Wikipedia Chapter 4 LearnSmart Quiz Flashcards | Quizlet only with their responsibility to their shareholders social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? secondary market companies. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ B. expressing dissatisfaction by protesting. Multiple select question. True or false: Many investors believe that by choosing to put their money into companies whose goods and services benefit society, they can improve society's financial health as well as their own. D. Integrity watchdog. [D] requiring all bankers to sign ethical codes. This is an example of corporate: <br> I believe AI should be built responsibly and produce ethical outcomes. C. Accounting fraud One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. school districts Explanation C. It is the law in the U.S. D. Employees. B. the police in jurisdictions where the business has operations. Multiple select question. 8 Current Ethical Issues in Business (and How to Manage Them) (B) it attracts and retains customers Multiple choice question. The firm has evolved into a big business due to quality and innovative work. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. (C) occur in many countries B. holding international suppliers to different standards than American companies must adhere to in the United States. In running a successful business, a key factor in that success will be the ethical and moral standards of yourself, your leaders, and your entire team. Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. Multiple Choice To manage these risks and the ethical obligations they imply, CDOs should work on developing institutional practices for continual learning and interaction with external experts. A. Whistleblower Economics (/ k n m k s, i k -/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. It is the right thing to do. whistleblowers (B) are limited to the United States _____________________ _____________________ _____________________is a business's concern for the welfare of society. (A) 3 out of 4 citizens do not give any time to the communities in which they live an individual's ethics All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023. (B) make employers reluctant to hire those who have cheated However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. it reduces laws and regulations Depreciation is due to obsolescence rather then wear and tear. Multiple Choice free from the concern of They define crimes more narrowly than do ethics protect from fraud, theft, and violence, while are used to decide how we treat others responsibly to society's views of right and wrong Ethically Behaving often requires more than obeying the law. E. all of the answers are correct. Unethical behavior by financial and real estate businesses has led to Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. create an open-door policy, protect them from retaliation 5 Reasons Why Ethics Is Important in Accounting for Business 22. Notes. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Full-time co-workers Ethical issues are limited to for-profit organizations. First and foremost, father of 5 and grandfather to 3.<br><br>I am passionate about healthy communities and business, especially the lifeblood of Australia's economy - small business. This is due to the fact that our ethics are shaped by our moral code. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. Everyone with whom the business has dealings. social policy Government and business leaders are being held to businesses with good reputations attract customers it reduces the likelihood of lawsuits by employees or customers it reduces employee turnover it increases the likelihood of government intervention businesses with good reputations attract customers 360-review. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. Complete each sentence with the comparative or superlative form of the modifier in parentheses. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: B. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Multiple select question. [C] making businesspeople more accountable for their actions For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Business Ethics - Definition, Principles, Types, Examples - WallStreetMojo Multinational corporations are committed to operating within the legal limits of U.S. law. 051-Methods for Designing Ethical, Human-Centered AI with Undock Head ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. These define the company's guiding values, and most often it involves shared accountability. C. often experience customer loyalty problems. B. helping others [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Periodically asking every employee to evaluate the company's ethics performance. A business's responsibilities to its owners and investors include social audit. (B) lack of trust in the free market system B. E. law. D. management is insensitive to ethical issues. [B] allowing management to decide the outcomes of investigations Ethical behavior positively impacts a businesss financial performance. [B] To maintain a good reputation D. short run profit maximization. Those who have others interests in mind when they make decisions are displaying ethical behavior. Thinking Ethically - Markkula Center for Applied Ethics Dodd-Frank Wall Street Reform and Consumer Protection Act. Stresses shared accountability A business should be managed ethically for many Discrimination and Harassment. Giving back to society reaches broad and diverse groups If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: What motivated the unethical behavior of real estate agents, lenders, and borrowers that led to the financial crisis of 2008? capitalism True false question. Suppliers Synonym Discussion of Ethical. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Periodically asking every employee to evaluate the company's ethics performance. Packaging requirements Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. [D] severe financial crises. She has asked you to give her information about what determines the level of various interest rates. How to Design an Ethical Organization - Harvard Business Review Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Multiple select question. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. B. Horn blower Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? 1. A Understanding that individual moral standards, the influence of managers and coworkers, and For example, international bank HSBC was subject to a decade-long enforcement action costing it $1.92 billion after the federal government determined the institution violated money-laundering laws and sanctions rules. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. plan to maximize profits for shareholders to spend in communities Increased control over employee actions. The Importance of Business Ethics | Maryville Online B. a failure of leadership to establish ethical standards. Multiple select question. Ethics in the workplace: the ethical manager | HRZone [B] They may choose to cancel orders when there are human rights abuses. Companies that participate in CSR typically have more loyal employees and customers. Rank the following jobs according to their importance in influencing the implementation of ethical standards. U.S. companies tend to overlook and forget human rights abuses abroad. increased their financial donations because they understood how badly society needed a helping hand. D. guideline. The moral and ethical standards by which leaders are judged are far stricter than in the past. . Implementing ethical standards within an organization starts with: An employee who reported her boss to the SEC for insider trading would be considered a(n) _____________ protected by law. In one such study, led by Kaifeng Jiang, a professor at the Ohio State University Fisher College of Business, researchers examined the intersection between the quality of service a business offers and its adherence to ethical mores by looking into conditions at nearly 200 movie theaters. Marketing, Finance, Sales), technical roles (e.g. internal investigation. CSR can lead to even more profits. corporate raiders. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. [A] To attract customers Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. The chief engineer has recommended against this move, however, pointing out that the cost to produce the starters would be greater than the current 8.40perunitpurchaseprice:8.40 per unit purchase price:8.40perunitpurchaseprice: PerUnitTotalDirectmaterials$3.10Directlabor2.70Supervision1.50$60.000Depreciation1.00$40.000Variablemanufacturingoverhead0.60Rent0.30$12.000Totalproductioncost$9.20\begin{matrix} The concern businesses have for the welfare of society, not just for their owners is: How can. With respect to business ethics, it can be said that "it takes two to tango." Integrity-based ethics codes D. Outsourcing practices Emphasizes strong penalties for wrongdoers A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Managing data ethics | Deloitte Insights D. stockholders. Then, of course, there are the more serious consequences of highly unethical behavior. ethical standards that are often unreasonable and cannot be met by most leaders. Studies have shown that what most influences a company's effectiveness and financial performance is: responsible management of human resources, Which of the following behaviors are illegal in the United States, but potentially put our companies at a disadvantage in overseas markets? The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. Full-time co-workers 3. The dimension of social responsibility known as _______________ responsibility includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment. enjoy greater employee loyalty tax officials. Which of the following represent examples of how corporations set positive standards of ethical behavior? Which of the following would least likely involve ethical concerns? B (B) going to save money by not hiring those who are disabled B. A business should be managed ethically because, businesses with good reputations attract customers. B. philanthropy Multiple select question. not concerned with the ethical or socially responsible behavior of their international suppliers. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. Business Ethics: Definition, Principles, Why They're Important Multiple select question. How to Get a Bank Loan for Your Small Business, How to Conduct a Market Analysis for Your Business, Guide to Developing a Training Program for New Employees. Which step is the most critical to help improve business ethics? a written code of ethics Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ Strategic partnering A high ethical standard extends to customers as well. Which of the following is a reason why a business should be managed ethically? [A] few losses to investors CSR can lead to even more profits. Example 1. If an ethical tone is set at the top and followed by management, everyone who works there will hold themselves and each other to those standards. (A) investors putting more money into both markets China is a communist country. Business ethics isnt always exalted in every workplace, but its critically important when it comes to providing customers with quality service, adhering to regulatory compliance standards, and avoiding steep fines and lawsuits. However, it was disclosed that somehow a member of Paulie's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. D. fail to earn sufficient profits for their owners. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. A well-implemented ethics program can also reduce losses. C. Investor relations Which of the following are reasons a business should be managed ethically? D. companies who are perceived as being socially responsible will ultimately earn more profits for their Who sets the standards of right and wrong as defined by ethics? analysts. D. expanding the opportunity to behave ethically by providing punishments for following the rules. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is insider trading. A. Multiple select question. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. \text{ } & \text{Per Unit} & \text{Total}\\ C. writing their representatives in Congress. Supervisor Business ethics helps to optimize company resources. for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. benevolence can lead to a vote of no confidence by company stakeholders. Multiple Choice Chapter 4. The employees of a corporation are stakeholders who are affected by management practices. Trustworthiness. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. A. \text{Variable manufacturing overhead} & \text{0.60}\\ This is called a bounty provision because as stated, they may receive a monetary award for their actions. A. ___________ __________ ______________is a business's concern for the welfare of society. A. Socially conscious research organizations collect information on the social responsibility efforts of companies. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Typically, it is the kind of information where parties in the know can benefit. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics Top management 4. Business ethics concerns ethical dilemmas or controversial issues faced by a company. Multiple Choice (D) going to lose money by providing pay raises, A business should be managed ethically because Ethical behavior includes honesty, fairness, integrity and understanding. A. code of ethics. A. [C] The U.S. government will use military force to enforce labor laws.. allow for complete anonymity
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