Workplace and colleague wellbeing. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. B. the police in jurisdictions where the business has operations. A. Whistleblower corporate social initiative All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. draw more customers, Many investors believe This is called a bounty provision because as stated, they may receive a monetary award for their actions. An organization's managers instill corporate values and _____________ in employees by the examples they set. Often, business ethics involve a system of practices and procedures that help build trust with the. Is it acceptable if everyone else is doing it? When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. A. delight them with a quality product at a fair price. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Eric Allgood - Managing Director - Small Business Assistance and it reduces laws and regulations Compliance-based ethics codes focus on: B. expressing dissatisfaction by protesting. An important factor in enforcing an ethics code is: 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. The total rent on the plant is$80.000 per period. The moral and ethical standards by which leaders are judged are far stricter than in the past. 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: draw more customers, retain better employees [B] Bribery school districts A company's effectiveness and financial performance are most affected by responsible _________ _________ management. The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. But when they do, employees need to take accountability for their actions. He also believed anything other than that would be considered: An important reason for a company to maintain its ethical reputation is Another reason why business ethics is important is that it can improve profitability. 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. Multiple Choice Motivation. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. D. concern for the welfare of society. 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 Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. lower ethical standards than in the past. Morality codes Ethical behavior can have negative consequences to the bottom line in the long run. C. the increase in lawsuits used to avoid personal responsibility. the federal government U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. providing safety equipment and training for their workers, increasing the diversity of their workforce Top management concern for the welfare of society [C] can be trusted to maintain confidentiality The second major meaning behind the term is . Depreciation is due to obsolescence rather then wear and tear. 360-review. C. business exists only to make money for shareholders. . This is the third year of operations for the company. [D] They may choose to cancel orders when there are environmental abuses. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Explanation The concern businesses have for the welfare of society, not just for their owners is: Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. [A] outsourcing enforcement of the laws to private firms Why a Business Should be Managed Ethically? - The Business Guru 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. profitable charities Ch 4 Flashcards | Quizlet Unethical businesses also lose favor with consumers. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. increasing the diversity of their workforce That person called five of his relatives and several friends. Corporate philanthropy [B] share all information with managers when requested Dodd-Frank Wall Street Reform and Consumer Protection Act Multiple choice question. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. Typically, it is the kind of information where parties in the know can benefit. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. Dont make ethics an afterthought in your company culture. One entity (e.g., a person, a firm) "does business" with another when it exchanges a good or service for valuable consideration, i.e., a benefit such as money. reaches broad and diverse groups Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. A. code of ethics. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Prepare computations showing how much profits will increase or decrease as a result of making the starters. It is a set of guidelines for dealing with various procedures ethically. Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. plan to maximize profits for shareholders to spend in communities Which of the following is not one of the approaches associated with corporate social responsibility? Though discrimination and harassment laws have been put in place and continue to be updated . 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. firms should take added caution not to support government programs that protect the environment. Strict global regulations require it. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Ethical Dilemmas: How Scandals Damage Companies The ethics code must be enforced. Ethical Behavior Is Essential to Business - Business News Daily Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. compliance-based ethics D. guideline. Dodd-Frank Wall Street Reform and Consumer Protection Act. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? ethical officers Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. 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 whistleblowers Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. (C) benevolence is the highest virtue Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. E. all of the answers are correct. Resource procurement and consumption practices B. [A] Influence peddling In a business setting, ethical behavior applies to any employee, team lead or supervisor. What Are Business Ethics and Why Are They Important? Trustworthiness. actual ethics. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? 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 Customers I'm a Product Manager with experience working cross-functionally with business roles (e.g. 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 of the following are reasons a business should be managed Article. 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. \text{Total production cost} & \text{\$ 9.20}\\ cultural and accountable She was even _____ after her solo than before. unethical All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Displaying good ethical behavior can boost company morale and client relations. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. How Managers Can Encourage Ethical Behavior | Principles of Management [B] reaches broad and diverse groups Corporate responsibility Written ethics codes can be categorized as If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. C. Research practices separating themselves from suppliers who violate Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". It is essentially a moral compass. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. 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. only to compete and make a profit B. focus on cost and quality control systems within your organization. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. Paying employees on specified pay dates most of the time. How can. Multiple Choice allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Which of the following are true regarding ethical behavior? Unethical behavior by financial and real estate businesses has led to 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. 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 . 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} setting a good example. Multiple Choice an individuals behavior is influenced by the behavior of others. Global Business Ethics. E. all of the answers are correct. The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Multiple choice question. On the line provided after the sentence, write the possessive form of the underlined words. In a business setting, ethical behavior applies to any employee, team lead or supervisor. [C] To increase employee turnover It is an act that is against the law and against Securities and Exchange Commission policy. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Supervisor 2. Companies The employees of a corporation are stakeholders who are affected by management practices. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. [C] it reduces the likelihood of lawsuits by employees or customers (D) going to lose money by providing pay raises, A business should be managed ethically because decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Answer (1 of 4): When you manage a business ethically it attracts the right people that can suit your company culture and proficiently fit with your business. D. maximizing their investment in the firm. In fact they contribute to it: 1. Which of the following is a reason why a business should be managed ethically? Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? 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? Distributors. Who sets the standards of right and wrong as defined by ethics? 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. Even small companies participate in _______ through donations and volunteer support of local causes and national charities, such as the Red Cross and the United Way. Supports ethically sound behavior 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? B. D. expanding the opportunity to behave ethically by providing punishments for following the rules. Whistleblowers are insiders who report illegal or unethical behavior. Reading: Global Business Ethics | International Business - Lumen Learning (B) 3 out of 4 citizens think they should be paid for their volunteer work standards. Which of the following is a reason why a business should be managed 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: American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (A) it prevents government audits benevolence can lead to a vote of no confidence by company stakeholders. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Multiple choice question. D. help investors recoup their losses. information technology B. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. compliance-based asking suppliers to lower their standards to be in compliance with The last recession changed the way many companies offer support to people and communities in need. employees and internal public relations Socially conscious research organizations collect information on the social responsibility efforts of companies. B. personal responsibility C. compliance A. Overstating an expense report. compliance police. The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. for the welfare of society as a whole, about being fair and honest with their stakeholders Multiple choice question. C. moral philosophy. integrity-based ethics Business ethics benefits the bottom line. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: A. responsibility When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. Complete each sentence with the comparative or superlative form of the modifier in parentheses. ", Corporate social responsibility is when businesses are concerned ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Multiple select question. Many businesses believe that they should have an influential and important role in: Societies set the standards for moral behavior, known as, About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through __________ work. Multiple choice question. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. 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. B. philanthropy [D] requiring all bankers to sign ethical codes. Business ethics concerns ethical dilemmas or controversial issues faced by a company. Value (ethics and social sciences) - Wikipedia Trust and cooperation between workers and managers must be based on which of the following? List the most influential on top. [B] To maintain a good reputation Multiple choice question. increasing control A. guilt payments. Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks B. ability to plan for the unexpected. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. socially conscious research organizations. Notes. 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. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility [D] businesses with good reputations attract customers. [B] most of those who caused the crisis going to jail Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. (D) long jail terms for those who acted unethically. the collection of laws to protect society from fraud, theft, and violence. Positive Effects of . \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Compliance-based ethics codes The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. A. you need to justify socially responsible behaviour from an investors standpoint only. enjoy greater employee loyalty CSR can lead to even more profits. 1. A. profits. Multiple choice question. [A] To attract customers 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. A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. Thinking Ethically - Markkula Center for Applied Ethics Product safety C. Accounting fraud \text{Variable manufacturing overhead} & \text{0.60}\\ social initiatives _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Other countries also follow capitalist principles. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? Which of the following were not identified as being fundamental to the CSR definition? 1. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. False. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . [A] They will bribe local officials to change their policies. Scandals. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. A. Then, of course, there are the more serious consequences of highly unethical behavior. Why Business Should Be Managed Ethically - Liveboardroom.info The field of ethics is a branch of philosophy that seeks virtue and morality, addressing questions about "right" and "wrong" behavior for people in a variety of settings; the standards of behavior that tell how human beings ought to act. Shared accountability among employees. D. employee retaliation by doing the minimum needed to get by. Which of the following are reasons a business should be managed ethically? retaliation Multiple choice question. analysts. Multiple Choice B. philanthropy. It is the right thing to do. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. corporate raider divisions. Multiple select question. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ In turn, employees will trust that their leadership team is working toward the greater good of the entire company. separating themselves from suppliers who violate. investors. providing safety equipment and training for their workers, 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: allows them to connect directly with customers Intro. business chapter 5 Flashcards | Quizlet [A] relate well to employees at all levels 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. Customer privacy policies and practices Business Ethics refers to carrying business as per self-acknowledged moral standards. B. being socially responsible is all about being ethical. Economic conditions in some developing countries make child labor a necessity for the survival of families. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. not concerned with the ethical or socially responsible behavior of their international suppliers. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. A business should be managed ethically for many reasons to maintain a good. What does the research into business ethics say? Ethical Marketing - Marketing Schools C. all levels of management. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. Government and business leaders are being held to
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