a business should be managed ethically because

B. Whistleblowing C. Plagiarism The term business ethics refers to the set of moral principles that guides a company's conduct. internal investigation. A. (A) 3 out of 4 citizens do not give any time to the communities in which they live (C) 4 out 5 citizens volunteer an hour each week Supervisor 2. True 8 Mini-Case Study, Intro-Into-Business: Ch. 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. In the following sentence, circle the subject of the underlined verb. D. varies from industry to industry. (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: Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Both positive and negative activities are measured. Whistleblowers are often concerned about retaliation. 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. A business's responsibilities to its owners and investors include This, then, creates greater stability within the company.. D. Outsiders must be told about the ethics program. D. Outsourcing practices E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? 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 . B. disgruntled workers manipulating budgets and expenses. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. integrity-based ethics integrity-based ethics 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. Multiple select question. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: However, anyone caught violating a law will be immediately fired." The most basic question in an ethics-based management system is. A business should be managed ethically because Multiple select question. [B] passing laws to make accounting records more transparent he many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that ____________________decisions start with each individual. Multiple select question. Defines an organization's guiding principles. Trust and cooperation between workers and managers must be based on which of the following? 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. D. to please customers, employees, and society. C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and using recyclable packaging What kind of person do you think Paulsen is? _____________________ _____________________ _____________________is a business's concern for the welfare of society. These actions are draw more customers, Many investors believe D. integrity. cultural and accountable A. code of ethics. corporate social initiative \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. Research has shown that companies engaged in corporate social responsibility (CSR): \text{Direct materials} & \text{\$ 3.10}\\ corporate policy an individuals behavior is influenced by the behavior of others. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Fraud B. philanthropy E. help restore confidence in Corporate America and Canada. Managing Business Ethics takes the view that ethical and unethical conduct are primarily the product of how systems align within an organization to promote certain kinds of behavior. 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. Business ethics concerns ethical dilemmas or controversial issues faced by a company. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. False, Whistleblowers can be helped by protecting them from: 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 Multiple choice question. Often, business ethics involve a system of practices and procedures that help build trust with the. Explanation The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. Ignoring hazardous job conditions that exist in the company's facilities Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. E. Employee benefit programs. building parks D. Mayhem (B) going to save money by not hiring those who are disabled The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. only to compete and make a profit D. management is insensitive to ethical issues. [B] They may choose to cancel orders when there are human rights abuses. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. The last recession changed the way many companies offer support to people and communities in need. social order ethics Responsible business behavior depends on the responsible behavior of each ______ in the business world. In the long run, CSR enhances profits. Businesses should create and display their code of ethics publicly. The first area is productivity. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. The benefit of using __________ to communicate a business's CSR efforts to the public is that it allows companies to reach broad and diverse groups directly in a low-cost, efficient way. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ social impact program. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Motivation. (A) it prevents government audits The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Multiple choice question. that only society's health is improved when they invest in companies whose goods and services benefit the community C. It is the law in the U.S. D. Employees. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. D. concern for the welfare of society. penalizing wrong-doers. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. What does the research into business ethics say? Multiple choice question. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Written ethics codes can be categorized as It is essentially a moral compass. (C) occur in many countries Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. The rent charge above is based on space utilized in the plant. actual ethics. [D] severe financial crises. [A] making the charges public before the investigation B. One strategy guaranteed to displease your customers is to: Demanding Ethical and Socially Res, Intro-Into-Business: Ch. 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. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. retain better employees [A] is costly, but worthwhile in reaching specific customers Multiple choice question. whistleblowers. Religious institutions, Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? 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. 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. 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. (C) benevolence is the highest virtue A. expanding the opportunity to behave ethically by providing rewards for following the rules. An ethically managed business helps to reduce employee turnover. C. help laid-off employees get their jobs back. Socially conscious investors insist that a company extend its own high standards to its ____________________. C. to attract new customers and retain existing customers. (A) have fewer loyal customers but attract more of them What Does Ethical Decision Making Mean? Multiple choice question. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. (C) attract and retain better employees Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. (D) affect hiring practices very little. C. energy consumption If an underlined word is already in the correct possessive form, write a C on the line. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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? They need to take responsibility for what happened and be proactive in fixing it. 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. A. protecting the owners' rights and investments. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. The concern businesses have for the welfare of society, not just for their owners is: False. I'm a Product Manager with experience working cross-functionally with business roles (e.g. higher ethical standards than in the past. ethical standards that are often unreasonable and cannot be met by most leaders. Supervisor The majority of CEOs blame unethical employee conduct on: free from the concern of What occurs when an employee exposes an employer's wrongdoing to outsiders? Therefore, it is the most significant resource to run or upgrade any business. Strict global regulations require it. B. Horn blower It is an act that is against the law and against Securities and Exchange Commission policy. What are the causes of pay discrimination in the labor market? 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. 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. And could be pivotal for career growth. 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. When management considers ethics in its actions toward stakeholders, employees can be positively affected. Which step is the most critical to help improve business ethics? C. business exists only to make money for shareholders. This will ensure that you have trustworthy employees working for you. (A) investors putting more money into both markets Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. fascism 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. Who sets the standards of right and wrong as defined by ethics? That person called five of his relatives and several friends. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. B. lower ethical standards than in the past. A company that has socially responsible human resources management is for the welfare of society as a whole, about being fair and honest with their stakeholders Product safety TRUE There are many reasons why a business should be managed ethically : ( 1 ) to maintain a good reputation , ( 2 ) to keep existing customers , ( 3 ) to attract new customers , ( 4 ) to avoid lawsuits , ( 5 ) to reduce turnover , ( 6 ) to avoid government intervention , ( 7 ) to please customers , employees , and society , and ( 8 ) because it is the right thing to do . When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet" is an example of: Attracting and retaining better employees is an example of a corporate social responsibility: Unethical behavior in business, especially in the real estate and banking industries, has resulted in Global Business Ethics. 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. Corporate philanthropy 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. 1. analysts. E. A criminal lawsuit. 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) ? increasing the diversity of their workforce When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. 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. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Multiple select question. B. ability to plan for the unexpected. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Ethics can be rooted in belief or the pursuit of making the world better. List the most influential on top. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. . G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . How does the action I am proposing to take make me feel about myself? aggregate independent appraisal. Its premise is based on integrity, fairness, and respect for others. [C] conducting objective investigations When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: customers 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: (D) 3 out of 4 citizens volunteer, but cheat on their taxes, Using information from the internet or other sources without giving credit to the author is, The strong relationship between academic dishonesty and dishonesty at work is likely to increased financial donations to local areas but pulled away from national and global contributions. A. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? D. maximizing their investment in the firm. Which of the following describes charitable donations by corporations to nonprofit organizations? Explanation C. An ethics office must be set up. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. 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. acquisition stalking. Which of the following would least likely involve ethical concerns? Business Ethics refers to carrying business as per self-acknowledged moral standards. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. ethical officers Which of the following are examples of outside stakeholders that must be told about a company's ethics program? 2. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. On the line provided after the sentence, write the possessive form of the underlined words. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Positive Effects of . A. reduced employee turnover. reducing regulations about labeling 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 create an open-door policy, protect them from retaliation D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? (A) are just part of doing business C. writing their representatives in Congress. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. (D) make more money for investors in the short run. Compliance-based ethics codes Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. Displaying good ethical behavior can boost company morale and client relations. Dont make ethics an afterthought in your company culture. A. responsibility 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. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. investors. not concerned with the ethical or socially responsible behavior of their international suppliers. D. fail to earn sufficient profits for their owners. 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: moral impropriety. (D) businesses cannot succeed in societies that fail. The You Design, We Build Company makes custom furniture of all kinds. True false question. Multiple choice question. An important factor in enforcing an ethics code is: [C] allows them to reach specific groups more directly 22. Sarbanes-Oxley Ruling Should an instance occur, the result could be devastating to your company's finances and reputation. Explanation Ethical standards are different from country to country. corporate responsibility socially conscious research organizations. Which of the following are true regarding ethical behavior? Is it acceptable if everyone else is doing it? [B] about being fair and honest with their stakeholders Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. 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: A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . C. moral philosophy. 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? Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. 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. social justice. Those who have others interests in mind when they make decisions are displaying ethical behavior. B. being socially responsible is all about being ethical. enjoy greater employee loyalty D. short run profit maximization. True E. filing complaints with the company. This is an example of corporate: Explanation The World Trade Organization (WTO) The findings reveal that quality service and an ethical business plan are essential to long-term business success. TV ads technical policy protect them from retaliation (B) 3 out of 4 citizens think they should be paid for their volunteer work The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? 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 social media To allow whistleblowers to come forward with information organizations should Multiple choice question. C. teamwork eliminates a need for personal ethics. 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? 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. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. [B] reaches broad and diverse groups Which of the following are reasons a business should be managed ethically? 1. (B) have higher turnover ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. Another reason why business ethics is important is that it can improve profitability. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. A business should be managed ethically for many. likely to perform better financially Explanation 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. Safe working conditions Economic conditions in some developing countries make child labor a necessity for the survival of families. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. It does not subtract from the bottom line; it adds to it. U.S. companies tend to overlook and forget human rights abuses abroad. 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. 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. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: B. improve corporate profits. for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Here are five reasons why you should keep things legal and follow business ethics in accounting. D. the nation's business schools that tolerate unethical behaviour in students. Corporate social responsibility is based on a There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. is costly, but worthwhile in reaching specific customers Your boss has prepared some questions for you to consider. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. Which of the following is not one of the approaches associated with corporate social responsibility? About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. standards. Shared accountability among employees. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. using recyclable packaging Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is [D] They may choose to cancel orders when there are environmental abuses. government-supported direct mail campaigns Multiple choice question. B. It does not subtract from the bottom line; it adds to it. Startup Costs: How Much Cash Will You Need? A. delight them with a quality product at a fair price. D. stockholders. Integrity-based ethics codes Learn how to boost employee morale and create a better company Good leadership is central to the success of any business.

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