B. Horn blower How does the action I am proposing to take make me feel about myself? Which of the following is the BEST reason for a business to be managed ethically? With over 20 years of consulting experience across various industries throughout Australia and abroad, I am known for my ability to develop and turn creative strategies into efficient execution and excellent . The main principles of business ethics are based in academia and on academic writings on proper business operations. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. [C] The U.S. government will use military force to enforce labor laws.. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. True 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. Multiple Choice Maximizing ethical conflict in work groups Companies Displaying good ethical behavior can boost company morale and client relations. The mortgage bankers and real estate companies who helped create the financial crisis of 2008 were driven by, Financial and political leaders can restore trust in the free market system by: A. you need to justify socially responsible behaviour from an investors standpoint only. Corporate social responsibility is based on a U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. unethical Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: integrity-based Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. C. to attract new customers and retain existing customers. Multiple select question. E. all of the answers are correct. (B) it is using investors' money in ways they did not intend On the flip side, a leader who personifies ethical behavior will be fair in all situations. [C] Paying U.S. minimum wage (D) occur in only a few countries. Personal projects Scandals. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. In a business setting, ethical behavior applies to any employee, team lead or supervisor. Distributors. Ethics may seem like an intangible, but there is a clear connection to overall performance. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. Multiple choice question. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; Periodically asking every employee to evaluate the company's ethics performance. ", Corporate social responsibility is when businesses are concerned This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but about being fair and honest with their stakeholders The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. C. Accounting fraud Government and business leaders are being held to can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Internal auditors Ethical behavior includes honesty, fairness, integrity and understanding. Multiple choice question. opportunity influence ethical behavior There are a wide variety of examples of ethical behavior in the workplace. Explanation 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. Sherman Act Emphasizes strong penalties for wrongdoers Which of the following is a reason why a business should be managed ethically? Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. 1. 1. Top management 4. Honorees on this year's list of the World's Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. hiring only women and minorities She has asked you to give her information about what determines the level of various interest rates. [A] They will bribe local officials to change their policies. Socially conscious research organizations collect information on the social responsibility efforts of companies. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Explanation D. Integrity watchdog. reaches broad and diverse groups asking suppliers to lower their standards to be in compliance with Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. This indicates that: A. dancing around issues should be part of a firm's code of ethics. 8 Mini-Case Study, Intro-Into-Business: Ch. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. The majority of CEOs blame unethical employee conduct on: Multiple choice question. Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away!<br><br>As a product manager I have to wear different hats every day and I excel at . Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. Top leaders from other countries have been charged with bribery. Due to the fact that it is not yet public, those who act upon the information have an unfair advantage and stand to gain financially. Ethical behavior has significant upfront costs which may never be recovered. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. C. teamwork eliminates a need for personal ethics. Society Serves as full-time, tenure tracked Business Instructor for the college's Bachelor of Applied Science in Organizational Management (BAS-OM) program, teaching classroom, hybrid, and online courses. C. Operational initiatives It could also mention specific protocol within the business. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. D. buying the company's products. $A supervisor would have to be hired to oversee production of the starters. Safe working conditions whistleblowers. At a college, a code of ethics could include being honest and unbiased when grading and being a catalyst for diverse perspectives in the classroom. All successful businesses communicate effectively. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. True false question. With respect to business ethics, it can be said that "it takes two to tango." This indicates that: A. dancing around issues should be part of a firm's code of ethics. Target is a business. In addition to researching trends, reviewing products and writing articles that help small business owners, Sean runs a content marketing agency that creates high-quality editorial content for both B2B and B2C businesses. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Customers An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Supervisor 4. Who sets the standards of right and wrong as defined by ethics? Though discrimination and harassment laws have been put in place and continue to be updated . reducing regulations about labeling D. Outsiders must be told about the ethics program. create an open-door policy, protect them from retaliation An important reason for a company to maintain its ethical reputation is not concerned with the ethical or socially responsible behavior of their international suppliers. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. B. maintaining proper accounting procedures. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. whistleblowers A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. it reduces laws and regulations only to compete and make a profit In fact, data collected by Ethisphere, an organization that tracks the ethical conduct of the worlds largest companies, found that the businesses listed on its 2022 list of most ethical companies outperformed an index of similar large cap companies by 24.6 percent overall. When Paulsen describes Storm, he also gives clues about his own personality. _____________________ _____________________ _____________________is a business's concern for the welfare of society. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Explanation allows them to reach specific groups more directly. Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. E. law. (A) it prevents government audits lose sales revenues Discrimination and Harassment. A. Internet B. Whistleblowers are insiders who report illegal or unethical behavior. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. The last recession changed the way many companies offer support to people and communities in need. (D) make more money for investors in the short run. A. Full-time co-workers 3. What are the causes of pay discrimination in the labor market? integrity-based ethics Practice deception regarding product safety issues. Multiple choice question. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. (A) have fewer loyal customers but attract more of them Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. Putting Ethical Design into Practice. School McMaster University; Course Title COMMERCE 1E03; Type. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. 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 Morality codes . B. personal responsibility C. compliance True China is a communist country. B. an individual's behaviour is influenced by the behaviour of others. Though there are many ethical opinions that most people share, ethics will differ from person to person. Resource procurement and consumption practices B. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Which of the following are reasons a business should be managed ethically? A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. plan to maximize profits for shareholders to spend in communities A. Whistleblower ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. 360-review. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? D. management is insensitive to ethical issues. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? insider trading. Full-time co-workers Mistakes and misunderstandings are bound to happen in any work setting. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. 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. The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Who sets the standards of right and wrong as defined by ethics? Compliance-based ethics codes Multiple choice question. Economic conditions in some developing countries make child labor a necessity for the survival of families. We covered: How data teams can actually design ethical ML models, after . In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. D. the nation's business schools that tolerate unethical behaviour in students. Paying employees on specified pay dates most of the time. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. True false question. (B) 3 out of 4 citizens think they should be paid for their volunteer work Written ethics codes can be categorized as E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? analysts. fascism Governments Explanation whistleblowers CSR can lead to even more profits. social initiatives 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 (D) businesses cannot succeed in societies that fail. That person called five of his relatives and several friends. Integrity-driven ethics codes You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Then, of course, there are the more serious consequences of highly unethical behavior. It is an act that is against the law and against Securities and Exchange Commission policy. [C] can be trusted to maintain confidentiality True [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is [B] To maintain a good reputation Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. [B] allowing management to decide the outcomes of investigations Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. 2. Global Business Ethics. A high ethical standard extends to customers as well. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. These define the company's guiding values, and most often it involves shared accountability. I'm a Product Manager with experience working cross-functionally with business roles (e.g. (B) lack of trust in the free market system A. Diversity and discrimination B. the collection of laws to protect society from fraud, theft, and violence. The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. Unfair competitive practices in the computer industry Part-time co-worker 3. because strict global regulations require it, learned by observing the actions of others in the organization. It is essentially a moral compass. Businesses should create and display their code of ethics publicly. B. disgruntled workers manipulating budgets and expenses. Ethical standards are different from country to country. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. [B] They may choose to cancel orders when there are human rights abuses. The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. An organization's managers instill corporate values and _____________________ in employees by the examples they set. False, Whistleblowers can be helped by protecting them from: D. structure and strategy. (C) likely to perform worse financially Management ethics can factor into issues including coworker interactions, conflicts of interest, customer safety, honest advertising, customer information security and the responsible use of corporate resources. D. management is insensitive to ethical issues. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. 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. It is a set of guidelines for dealing with various procedures ethically. [D] They may choose to cancel orders when there are environmental abuses. E. A criminal lawsuit. Business ethics helps to optimize company resources. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Multiple Choice It's the age-old reality: "Out-of-sight, out-of-mind." Multiple select question. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Ethical issues are limited to for-profit organizations. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. (C) to increase employee turnover A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. Multiple Choice [B] most of those who caused the crisis going to jail There are a number of reasons why businesses should act ethically: to protect its own interest; to protect the interests of the business community as a whole so that the public will have trust in it; to keep its commitment to society to act ethically; to meet stakeholder expectations; to prevent . Strict global regulations require it. Marketing, Finance, Sales), technical roles (e.g. Part-time co-workers. a written code of ethics The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. vigilantes. The second major meaning behind the term is . building parks A business's responsibilities to its owners and investors include A. code of ethics. Ethical behavior can have negative consequences to the bottom line in the long run. A. A. profits. [A] outsourcing enforcement of the laws to private firms to increase employee turnover A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Multiple Choice Ethical behavior does not matter to investors. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. [B] passing laws to make accounting records more transparent True socialism 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. Today, as many Americans (64%) say that a company's "primary purpose" should include "making the world better" as say it should include "making money for shareholders." holding international suppliers to different standards than American companies must adhere to in the United States. In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . Multiple select question. E. All of the answers are correct. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Multiple select questions. Here are other common examples of ethical behavior: No matter the relationship between two people and what they agree or disagree upon, people within an organization should always respect each other. During the last recession monetary contributions decreased and companies found ways to continue their philanthropic participation by asking employees to donate time to corporate social initiatives and other projects. standards. insider trading. Positive Effects of . Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. [C] conducting objective investigations D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Top management It is the right thing to do. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that A. responsibility Periodically asking every employee to evaluate the company's ethics performance. commitment to maximizing shareholder profits in all decisions, Insiders, such as employees, who report concerns about a company's accounting or auditing practices are called: Explanation 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. A. Overstating an expense report. B The best way to instill a culture of ethics among your employees is to lead by example and maintain a clear zero-tolerance policy on specific unethical behaviors, such as lying, cheating, stealing and fraud. They need to take responsibility for what happened and be proactive in fixing it. B. because strict global regulations require it. The amount of pollutants a firm unleashes into the environment would serve as an example of a negative activity that would be included in the social audit measurements. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. [B] it increases the likelihood of government intervention The You Design, We Build Company makes custom furniture of all kinds. [A] it reduces employee turnover Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. B. a failure of leadership to establish ethical standards. Multiple choice question. increased their financial donations because they understood how badly society needed a helping hand. C. often experience customer loyalty problems. internal investigation. separating themselves from suppliers who violate U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. Chapter 4. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. actual ethics. corporate responsibility 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. In the following sentence, circle the subject of the underlined verb. corporate social initiative Determining what is involved for a firm to be socially responsible: A. is easy. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. A. reduced employee turnover. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Compliance-based ethics codes focus on: separating themselves from suppliers who violate. employees and internal public relations called stakeholder interest C. help laid-off employees get their jobs back. D. Outsourcing practices is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . Businesses should be managed ethically because it is the right thing to do, it is legal and keeps the government from writing new laws, it is good for employee turnover, maintains a good reputation, keeps customers and attracts new ones, pleases employees and society Compliance based ethics code D. integrity. \text{Direct labor} & \text{2.70}\\ [D] requiring all bankers to sign ethical codes. \text{Total production cost} & \text{\$ 9.20}\\ D. to please customers, employees, and society. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Top management is essentially conducting a(n) C. commitment to a management training program. [C] To increase employee turnover Multiple choice question. 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? U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Explanation Multiple choice question. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." corporate social responsibility, Corporate social responsibility is when businesses are concerned What is the real risk-free rate of interest (r)\left(\mathrm{r}^*\right)(r) and the nominal risk-free rate (rRF)\left(\mathrm{r}_{\mathrm{RF}}\right)(rRF) ? (B) going to save money by not hiring those who are disabled many Americans decide what's ethical based upon the situation in which they find themselves. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ because strict global regulations require it Corporate values are: [C] making businesspeople more accountable for their actions However, anyone caught violating a law will be immediately fired." What does the research into business ethics say? In the workplace, there might be a standard for ethics set throughout the company. 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. The 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.
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