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These principles govern every aspect of the company's operations, including its interaction with the government and other businesses, its treatment of its employees and its relationship with its customers. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Why Business Should Be Managed Ethically - Liveboardroom.info If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. ethical standards that are often unreasonable and cannot be met by most leaders. D. Outsourcing practices Determining what is involved for a firm to be socially responsible: A. is easy. Business Ethics - A Successful way of conducting business Unethical behavior by financial and real estate businesses has led to D. varies from industry to industry. B. an individual's behavior is influenced by the behavior of others. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn This indicates that: A. dancing around issues should be part of a firm's code of ethics. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: whistleblowers What are the causes of pay discrimination in the labor market? whistleblowers free from the concern of With regard to socially responsible behavior, American businesses are A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. We covered: How data teams can actually design ethical ML models, after . Chapter 4. C. often experience customer loyalty problems. And could be pivotal for career growth. A business's responsibilities to its owners and investors include C. Investor relations Discrimination and Harassment. 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: Multiple Choice Managing Business Ethics - Ethical Systems What is the best reason for a business to be managed ethically? to increase employee turnover True (C) gains for investors in 2008 and 2009 A set of formalized rules and standards that describe what a company expects of its employees is called a(n) If an underlined word is already in the correct possessive form, write a C on the line. 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: There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. Multiple select question. A. Diversity and discrimination B. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. social initiatives D. maximizing their investment in the firm. Customers Which of the following would be a unique focus of an integrity-based ethics code? A. profits. draw more customers, Many investors believe The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. 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. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. that only society's health is improved when they invest in companies whose goods and services benefit the community Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Other countries also follow capitalist principles. Sherman Act 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 Corporate responsibility ___________ __________ ______________is a business's concern for the welfare of society. An important reason for a company to maintain its ethical reputation is asking suppliers to lower their standards to be in compliance with ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Managing data ethics | Deloitte Insights The employees of a corporation are stakeholders who are affected by management practices. True false question. Explanation Which of the following are reasons a business should be managed ethically? allows them to reach specific groups more directly, allows them to connect directly with customers Codes of ethics foster ethical behavior by This is due to the fact that our ethics are shaped by our moral code. C. providing all relevant information about current and projected performance of the firm. It is essentially a moral compass. School McMaster University; Course Title COMMERCE 1E03; Type. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. 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? This is the third year of operations for the company. An important reason for a company to maintain its ethical reputation is corporate responsibility Internal auditors Is it acceptable if everyone else is doing it? Business ethics concerns ethical dilemmas or controversial issues faced by a company. Multiple select question. [A] it reduces employee turnover stockholders Stresses shared accountability How Managers Can Encourage Ethical Behavior | Principles of Management benevolence can lead to a vote of no confidence by company stakeholders. Which of the following statements about business ethics is false? The side effects are so great that the society urges that the business should always be ethically and socially responsible. However, anyone caught violating a law will be immediately fired." Fraud [B] it increases the likelihood of government intervention Multiple choice question. 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 Whistleblowers are often concerned about retaliation. CSR can lead to even more profits. corporate beneficial management 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: Multiple select question. A. expanding the opportunity to behave ethically by providing rewards for following the rules. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. using recyclable packaging Multiple choice question. Explanation Those who have others interests in mind when they make decisions are displaying ethical behavior. ethical officers In the long run, CSR enhances profits. acquisition stalking. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. 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. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. 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. Its easier for a business to retain employees when they work for a company that they believe in. True It is actually a structure of moral principles and code of conduct applicable to a business. Supervisor capitalism A. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. 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. 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. [C] only to compete and make a profit 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. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. A business should be managed ethically for many customers This, then, creates greater stability within the company.. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. D. buying the company's products. Multiple select question. Chapter 4 - Homework ( Introduction To Business) - Quizlet True penalizing wrong-doers, increasing control A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Socially conscious investors insist that a company extend its own high standards to its ____________________. An organization's managers instill corporate values and _____________________ in employees by the examples they set. retaliation A. code of ethics. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. B. An important factor in enforcing ethics codes is selecting a(n) ________ ________. 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? The last recession changed the way many companies offer support to people and communities in need. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Multiple choice question. enjoy greater employee loyalty 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. D. expanding the opportunity to behave ethically by providing punishments for following the rules. C. Research practices Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ corporate raider divisions. In this episode of Experiencing Data, Chenda and I explore her actual methods to designing ethical AI solutions as well as how she works with UX and product teams on ML solutions. opportunity influence ethical behavior \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Which of the following should help reduce the incidence of unethical behavior in an organization? (D) businesses cannot succeed in societies that fail. Product safety Which of the following represent examples of how corporations set positive standards of ethical behavior? Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management $A supervisor would have to be hired to oversee production of the starters. 360-review. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Compliance-driven ethics standards Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Though discrimination and harassment laws have been put in place and continue to be updated . 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. 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. C. Increased penalties for code violators. [C] The U.S. government will use military force to enforce labor laws.. D. Outsourcing practices it attracts and retains customers E. help restore confidence in Corporate America and Canada. True false question. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Corporate philanthropy 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. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. only to compete and make a profit Government and business leaders are being held to going to save money by not hiring those who are disabled 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) ? It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. (A) businesses who are socially responsible will earn more Typically, it is the kind of information where parties in the know can benefit. Ethical issues are limited to for-profit organizations. increasing control firms should take added caution not to support government programs that protect the environment. Explanation 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is (A) investors putting more money into both markets Business Should Always Be Ethically and Socially Responsible whistleblowers. Suppliers When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. standards. not concerned with the ethical or socially responsible behavior of their international suppliers. What Does Ethical Decision Making Mean? According to recent U.S. Census Bureau research volunteerism is at an all-time high, but \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ 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. Ethical behavior does not matter to investors. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. Though there are many ethical opinions that most people share, ethics will differ from person to person. 1. Multiple select question. A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. Which of the following are reasons a business should be managed Eric Allgood - Managing Director - Small Business Assistance and Integrity-driven ethics codes When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Top officials in countries like Japan, South Korea, and China have faced legal charges of influence peddling and __________ charges, which serve as examples of the unethical behavior that U.S. companies face in overseas markets. higher ethical standards than in the past. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ It emphasizes sustainability, customer loyalty, brand image, and employee retention. Multiple select question. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. social policy \text{Total production cost} & \text{\$ 9.20}\\ Ethics in the Workplace: Examples & Tips | PayScale Which of the following are examples of outside stakeholders that must be told about a company's ethics program? increased financial donations to local areas but pulled away from national and global contributions. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ Think about a business that hires only family or one that gives inappropriate incentives, for example. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. B. helping others B. focus on cost and quality control systems within your organization. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. True C. teamwork eliminates a need for personal 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. The World Trade Organization (WTO) Everyone with whom the business has dealings. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: reducing most costs Multiple choice question. Increased control over employee actions. One strategy guaranteed to displease your customers is to: About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Ethical Definition & Meaning - Merriam-Webster 1. 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. Deceptive advertising of medicines and toys Why a Business Should be Managed Ethically? - The Business Guru Explanation Ethics can be rooted in belief or the pursuit of making the world better. C. Research practices It does not subtract from the bottom line; it adds to it. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ With respect to business ethics, it can be said that "it takes two to tango." If the verb is already correct, write C above it. All successful businesses communicate effectively. Which of the following is NOT a part of an integrity-based ethics code? Dodd-Frank Wall Street Reform and Consumer Protection Act because strict global regulations require it Corporate values are: (C) make students who know how to plagiarize well acceptable to employers called stakeholder interest [B] passing laws to make accounting records more transparent social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? for the welfare of society as a whole, about being fair and honest with their stakeholders 2. Trustworthiness. 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. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. U.S. companies tend to overlook and forget human rights abuses abroad. Top leaders from other countries have been charged with bribery. Multiple select question. C. Operational initiatives social audit. [D] requiring all bankers to sign ethical codes. Which of the following statements is false? False. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. A. A. [D] They may choose to cancel orders when there are environmental abuses. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. A. Internet True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Business should be managed ethically because Businesses with good reputations attract customers It reduces employee turnover It reduces the likelihood of lawsuits by employees or customers True or false: individuals have social responsibilities regarding their ethical behavior in the business world. Full-time co-workers 3. (C) likely to perform worse financially Multiple Choice The total rent on the plant is$80.000 per period. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. D. to please customers, employees, and society. ignoring both ethical and unethical behavior Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large.
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