A Understanding that individual moral standards, the influence of managers and coworkers, and Often, business ethics involve a system of practices and procedures that help build trust with the. higher ethical standards than in the past. A business's responsibilities to its owners and investors include Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Mistakes and misunderstandings are bound to happen in any work setting. (B) it is using investors' money in ways they did not intend C. providing all relevant information about current and projected performance of the firm. (nervous). vigilantes. Though there are many ethical opinions that most people share, ethics will differ from person to person. Customer privacy policies and practices List the most influential on top. Which of the following would be a unique focus of an integrity-based ethics code? varies among those who are interested in corporate responsibility. CSR can lead to even more profits. What occurs when an employee exposes an employer's wrongdoing to outsiders? Multiple Choice Which of the following are reasons a business should be managed ethically? The rent charge above is based on space utilized in the plant. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. (C) attract and retain better employees Ethical behavior positively impacts a businesss financial performance. Multiple Choice Businesses must abide by some basic principles. It is an act that is against the law and against Securities and Exchange Commission policy. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. A. Why a Business Should be Managed Ethically? - The Business Guru Business Ethics - Definition, Principles, Types, Examples - WallStreetMojo An organization's managers instill corporate values and _____________________ in employees by the examples they set. What Are Business Ethics? Definition, Types and Examples True D. help investors recoup their losses. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Startup Costs: How Much Cash Will You Need? Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Maximizing ethical conflict in work groups B. expressing dissatisfaction by protesting. B. Whistleblowers are often concerned about retaliation. reducing most costs fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. C. Corporate strategy Its easier for a business to retain employees when they work for a company that they believe in. corporate responsibility \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Compliance-based ethics codes focus on: ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. 051-Methods for Designing Ethical, Human-Centered AI with Undock Head Unethical behavior by financial and real estate businesses has led to D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? C. Education and training Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; The You Design, We Build Company makes custom furniture of all kinds. A. Diversity and discrimination B. whistleblowers. B Therefore, it is the most significant resource to run or upgrade any business. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. integrity-based E. filing complaints with the company. corporate inclusion policy asking suppliers to lower their standards to be in compliance with Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". 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. Companies that participate in CSR typically have more loyal employees and customers. (D) occur in only a few countries. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks Ignoring hazardous job conditions that exist in the company's facilities 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. Why Business Should Be Managed Ethically - Liveboardroom.info When Paulsen describes Storm, he also gives clues about his own personality. D. employee retaliation by doing the minimum needed to get by. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. 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. allows them to reach specific groups more directly. Multiple Choice 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 Your boss has prepared some questions for you to consider. Which of the following is NOT a part of an integrity-based ethics code? Full-time co-workers 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Ethical behavior has significant upfront costs which may never be recovered. (D) it reduces laws and regulations, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. (B) make employers reluctant to hire those who have cheated A. expanding the opportunity to behave ethically by providing rewards for following the rules. Ethics can be rooted in belief or the pursuit of making the world better. (D) long jail terms for those who acted unethically. Rank the following jobs according to their importance in influencing the implementation of ethical standards. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. E. law. It's the age-old reality: "Out-of-sight, out-of-mind." Chapter 4 - Homework ( Introduction To Business) - Quizlet 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. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. profitable charities Society C. teamwork eliminates a need for personal ethics. (B) lack of trust in the free market system This is called a bounty provision because as stated, they may receive a monetary award for their actions. penalizing wrong-doers, increasing control Scandals. Multiple select questions. E. all of the answers are correct. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. to increase employee turnover shareholders The Importance of Business Ethics | Maryville Online Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility clarifying what green means Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Though discrimination and harassment laws have been put in place and continue to be updated . Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. Suppliers capitalism Studies have found a _____ correlation between academic dishonesty and dishonesty at work. Multiple select question. (C) 4 out 5 citizens volunteer an hour each week An important reason for a company to maintain its ethical reputation is Explanation D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is called stakeholder interest Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. In the long run, they believe U.S. companies tend to overlook and forget human rights abuses abroad. Which step is the most critical to help improve business ethics? But when they do, employees need to take accountability for their actions. C. An ethics office must be set up. Stresses shared accountability ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. social order ethics It seeks to promote honesty, fairness, and responsibility in all advertising. Multiple Choice A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. [A] for the welfare of society as a whole Multiple choice question. 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. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. (B) it attracts and retains customers managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Multiple choice question. C. structure and strategy. C. diversity Multiple Choice Research has shown that companies engaged in corporate social responsibility (CSR): is costly, but worthwhile in reaching specific customers A. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. D. to please customers, employees, and society. B. Emphasizes strong penalties for wrongdoers 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 . 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: Many companies believe they have a role in promoting ______________ ___________________ , so they donate to local food banks, promote literacy, and provide computer lessons for inner city children. A. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. Typically, it is the kind of information where parties in the know can benefit. In the following sentence, circle the subject of the underlined verb. fascism If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. 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 opportunity influence ethical behavior Multiple select question. When management considers ethics in its actions toward stakeholders, employees can be positively affected. The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. 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 . Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. She has asked you to give her information about what determines the level of various interest rates. Multiple choice question. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. 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. Product safety Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . Multiple select question. D. Improved awareness of the relevant laws. D. short run profit maximization. D. Outsiders must be told about the ethics program. [B] passing laws to make accounting records more transparent \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ [B] reaches broad and diverse groups [B] most of those who caused the crisis going to jail [A] relate well to employees at all levels When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. [D] They may choose to cancel orders when there are environmental abuses. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Business Ethics - Quick Guide - tutorialspoint.com This indicates that: A. dancing around issues should be part of a firm's code of ethics. pro-current procurement. 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. Which of the following are true regarding ethical behavior? Economics - Wikipedia Strategic partnering [B] They may choose to cancel orders when there are human rights abuses. It may just be the cornerstone of your success. A number of ethical scandals in the past decade have raised awareness of ethical issues in business. A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Ethical Marketing - Marketing Schools True _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . holding international suppliers to different standards than American companies must adhere to in the United States. Fraud firms should take added caution not to support government programs that protect the environment. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. lose sales revenues Ethical behavior means your team operates according to fair and transparent standards, not just complying with legal rules or regulatory requirements, but going above and beyond to ensure decisions are applied through an ethical lens. Resource procurement and consumption practices Think about a business that hires only family or one that gives inappropriate incentives, for example. Unethical businesses also lose favor with consumers. The unethical and illegal activity in which investors use private company information to further their own fortunes or those of their family and friends is called: The most effective ethics officers are equally comfortable as ________ and investigators. (D) affect hiring practices very little. retaliation A. (C) likely to perform worse financially When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. Ethical behavior does not matter to investors. 5 Reasons Why Ethics Is Important in Accounting for Business [C] conducting objective investigations C. often experience customer loyalty problems. 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. Explanation \text{Direct materials} & \text{\$ 3.10}\\ Ethics in the workplace: the ethical manager | HRZone Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. How Managers Can Encourage Ethical Behavior | Principles of Management 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. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. [C] making businesspeople more accountable for their actions From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. Team and business confidence. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. D. stockholders. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. B. opportunity. allows them to connect directly with customers stockholders B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Reevaluating its ethics codes based on the input of its customers. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. Which of the following would least likely involve ethical concerns? cultural and accountable 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. 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. While these actions might not be illegal, they can definitely have negative effects on the morale and success of a company, especially if their dirty laundry is aired publicly. actual ethics. Depreciation is due to obsolescence rather then wear and tear. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. How can. 2. C. commitment to a management training program. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ It is actually a structure of moral principles and code of conduct applicable to a business. I'm a Product Manager with experience working cross-functionally with business roles (e.g. 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. 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. D. Outsourcing practices <br> I . Multiple Choice help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? integrity-based ethics Multiple Choice 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 . A. profits. Which of the following statements reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by U.S. firms? A well-implemented ethics program can also reduce losses. C. help laid-off employees get their jobs back. (A) investors putting more money into both markets Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? an individual's ethics (A) matter very little to employers B. being socially responsible is all about being ethical. aggregate independent appraisal. [B] share all information with managers when requested [A] They will bribe local officials to change their policies. human resource support staff Source interviews were conducted for a previous version of this article. corporate beneficial management True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Ethics in Management | Encyclopedia.com 'Business' can mean an activity of exchange. B. [C] it reduces the likelihood of lawsuits by employees or customers 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. Practice deception regarding product safety issues. Becoming an environmentally friendly business | Business Queensland 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. Economic conditions in some developing countries make child labor a necessity for the survival of families. concern for the welfare of society The following data have been assembled for the business: InsuranceExpense$2,000SalariesExpense$37,000ServiceRevenue80,000AccountsPayable4,300UtilitiesExpense500OfficeSupplies1,500RentExpense11,000Dividends4,500CommonStock8,500AccountsReceivable7,500Cash7,000Equipment26,600RetainedEarnings,Jan.1,20164,800\begin{array}{lrlr} Ethical standards are different from country to country. D. the nation's business schools that tolerate unethical behaviour in students. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: Businesses should create and display their code of ethics publicly. B. the police in jurisdictions where the business has operations. School McMaster University; Course Title COMMERCE 1E03; Type. If an underlined word is already in the correct possessive form, write a C on the line. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. D. Pricing practices They need to take responsibility for what happened and be proactive in fixing it. Global Business Ethics. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but customers B. philanthropy. Explanation Ethical issues are limited to for-profit organizations. C. energy consumption penalizing wrong-doers. Chapter 4 LearnSmart Quiz Flashcards | Quizlet C. practice deception regarding product safety issues. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Ch 4 Flashcards | Quizlet Compliance-based ethics codes D. integrity. Marketing, Finance, Sales), technical roles (e.g. socially conscious research organizations. Value (ethics and social sciences) - Wikipedia about being fair and honest with their stakeholders Multiple choice question. As a philosophy, ethics are the principles that guide a person's behaviour. that they can improve their own financial health by investing in companies whose goods and services benefit the community
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