increased financial donations to local areas but pulled away from national and global contributions. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? These define the company's guiding values, and most often it involves shared accountability. 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. Top leaders from other countries have been charged with bribery. CSR can lead to even more profits. A. Overstating an expense report. Is it acceptable if everyone else is doing it? A. you need to justify socially responsible behaviour from an investors standpoint only. Therefore, it is the most significant resource to run or upgrade any business. D. management is insensitive to ethical issues. 1. It may just be the cornerstone of your success. Which step is the most critical to help improve business ethics? corporate social initiative help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? Multiple Choice C. Operational initiatives When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Businesses should create and display their code of ethics publicly. \text{ } & \text{Per Unit} & \text{Total}\\ B. helping others 1. leaving unethical behavior unpunished 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. \end{matrix} Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. corporate social initiative (A) 3 out of 4 citizens do not give any time to the communities in which they live Strategic partnering Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. A. Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Chapter 18 APUSH The Victorian Era 1880-1917. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. HR professionals sometimes face ethical or moral dilemmas. A. B. 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. Explanation Should an instance occur, the result could be devastating to your company's finances and reputation. Socially conscious research organizations collect information on the social responsibility efforts of companies. When there is a base level of respect established, people take criticism less personally, are able to communicate more openly, and can see and value the other persons perspective. D. structure and strategy. Explanation whistleblowers. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. Multiple choice question. D. Outsourcing practices These examples of ethical behaviors ensures maximum productivity output at work. integrity-based 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. 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. Rank the following jobs according to their importance in influencing the implementation of ethical standards. 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. The second major meaning behind the term is . Multiple choice question. asking suppliers to lower their standards to be in compliance with Explanation Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. An ethically managed business helps to reduce employee turnover. Target is a business. E. A criminal lawsuit. Stresses shared accountability 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: social order ethics increasing the diversity of their workforce [A] They will bribe local officials to change their policies. As a philosophy, ethics are the principles that guide a person's behaviour. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. All successful businesses communicate effectively. Which of the following represent examples of how corporations set positive standards of ethical behavior? [C] To increase employee turnover What occurs when an employee exposes an employer's wrongdoing to outsiders? The firm has evolved into a big business due to quality and innovative work. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. The most basic question in an ethics-based management system is. [C] lack of trust in the free market system Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . How Does 401(k) Matching Work for Employers? What Does Ethical Decision Making Mean? B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and separating themselves from suppliers who violate E. all of the answers are correct. Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by allows them to reach specific groups more directly, allows them to connect directly with customers Multiple Choice With regard to socially responsible behavior, American businesses are Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Part-time co-worker 3. 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 . They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. True Multinational corporations are committed to operating within the legal limits of U.S. law. 8 Mini-Case Study, Intro-Into-Business: Ch. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. 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. An organization's managers instill corporate values and _____________________ in employees by the examples they set. What are the causes of pay discrimination in the labor market? (D) occur in only a few countries. 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. Multiple select question. Complete each sentence with the comparative or superlative form of the modifier in parentheses. The side effects are so great that the society urges that the business should always be ethically and socially responsible. [C] it reduces the likelihood of lawsuits by employees or customers free from the concern of Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. It is actually a structure of moral principles and code of conduct applicable to a business. (A) likely to perform better financially [D] businesses with good reputations attract customers. 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. 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. C. to attract new customers and retain existing customers. It is a set of guidelines for dealing with various procedures ethically. A business should be managed ethically for many reasons to maintain a good. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Increased control over employee actions. Positive Effects of . Which of the following were not identified as being fundamental to the CSR definition? U.S. companies tend to overlook and forget human rights abuses abroad. Which of the following is not one of the approaches associated with corporate social responsibility? [C] The U.S. government will use military force to enforce labor laws.. technical policy A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. Typically, it is the kind of information where parties in the know can benefit. This includes managers and subordinates, peers and clients. But when they do, employees need to take accountability for their actions. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. A. reduced employee turnover. 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: an individual's ethics The term business ethics refers to the set of moral principles that guides a company's conduct. Which of the following would least likely involve ethical concerns? When Paulsen describes Storm, he also gives clues about his own personality. setting a good example. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? 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. C. helps government officials develop appropriate legislation. 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. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Dont make ethics an afterthought in your company culture. B. opportunity. 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. A. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Product safety B. Horn blower Paying employees on specified pay dates most of the time. using recyclable packaging Business ethics helps to optimize company resources. 1. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. False. 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. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. the collection of laws to protect society from fraud, theft, and violence. B. improve corporate profits. Today, as many Americans (64%) say that a company's "primary purpose" should include "making the world better" as say it should include "making money for shareholders." True demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. To manage these risks and the ethical obligations they imply, CDOs should work on developing institutional practices for continual learning and interaction with external experts. This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. B. enjoy significantly higher profits. Integrity-based ethics codes Socially conscious investors insist that a company extend its own high standards to its ____________________. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. [B] share all information with managers when requested Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. 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. In fact, data collected by Ethisphere, an organization that tracks the ethical conduct of the worlds largest companies, found that the businesses listed on its 2022 list of most ethical companies outperformed an index of similar large cap companies by 24.6 percent overall. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? tax officials. How are these two rates measured? create an open-door policy, protect them from retaliation (B) 3 out of 4 citizens think they should be paid for their volunteer work Notes. [B] most of those who caused the crisis going to jail Vanessa recognizes this as a(n) ________-based code of ethics. Community members are bound by the pursuit of common values and goals. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as 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. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Reevaluating its ethics codes based on the input of its customers. varies among those who are interested in corporate responsibility. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. D. integrity. Multiple choice question. Ethical problems such as influence peddling and bribery: corporate social initiative D. Mayhem Written ethics codes can be categorized as Financial transparency many Americans decide what's ethical based upon the situation in which they find themselves. [A] To attract customers B. focus on cost and quality control systems within your organization. responsible management of human resources, responsible management of human resources. Suppliers fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. How can. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. Multiple select question. social justice. 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 . B. maintaining proper accounting procedures. Internal Audit Company Protection Act This is due to the fact that our ethics are shaped by our moral code. The World Trade Organization (WTO) D. maximizing their investment in the firm. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Economic conditions in some developing countries make child labor a necessity for the survival of families. Multiple select question. Source interviews were conducted for a previous version of this article. <br> I . D. buying the company's products. [D] requiring all bankers to sign ethical codes. It is an act that is against the law and against Securities and Exchange Commission policy. A business should be managed ethically because, businesses with good reputations attract customers. [D] Political risk taking. Maria Juarez is a professional tennis player, and your firm manages her money. The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Codes of ethics foster ethical behavior by corporate policy Startup Costs: How Much Cash Will You Need? Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. C. commitment to a management training program. Multiple Choice When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? information technology of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition social initiatives False, Whistleblowers can be helped by protecting them from: The owners of Good Eats Restaurant in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. In fact they contribute to it: 1. \text{Total production cost} & \text{\$ 9.20}\\ a clear set of rules and regulations [C] making businesspeople more accountable for their actions However, anyone caught violating a law will be immediately fired." After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Which of the following is the BEST reason for a business to be managed ethically? _____________________ _____________________ _____________________is a business's concern for the welfare of society. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. In a business setting, ethical behavior applies to any employee, team lead or supervisor. Putting Ethical Design into Practice. Giving back to society Demanding Ethical and Socially Res, Intro-Into-Business: Ch. whistleblowers. Multiple select question. [A] relate well to employees at all levels decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. ", Corporate social responsibility is when businesses are concerned B. Multiple choice question. This is an example of corporate: 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. [C] can be trusted to maintain confidentiality based on a commitment to integrity and respect China is a communist country. D. Outsiders must be told about the ethics program. Often, business ethics involve a system of practices and procedures that help build trust with the. 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: 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? [D] severe financial crises. building parks \text{Variable manufacturing overhead} & \text{0.60}\\ \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ That person called five of his relatives and several friends. A. expanding the opportunity to behave ethically by providing rewards for following the rules. C. Investor relations Multiple Choice The dimension of social responsibility known as _________________responsibility includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment. social policy only to compete and make a profit Part-time co-workers. A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. \end{array} When management considers ethics in its actions toward stakeholders, employees can be positively affected. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? [A] few losses to investors Businesses must abide by some basic principles. They should display behavior that is honest and fair in their relationships with co-workers and their. C. teamwork eliminates a need for personal ethics. CSR can lead to even more 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. D. Integrity watchdog. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. ethical officers Though discrimination and harassment laws have been put in place and continue to be updated . D. guideline. allows them to connect directly with customers According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Personal projects [A] outsourcing enforcement of the laws to private firms reducing regulations about labeling Which of the following is a reason why a business should be managed ethically? True false question. Multiple Choice Those who have others interests in mind when they make decisions are displaying ethical behavior. Decorating Arrangements has just completed operations for the year ended December 31, 2016. 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 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. According to recent U.S. Census Bureau research volunteerism is at an all time high, but, 3 out of 4 citizens do not give any time to the communities in which they live. List the most influential on top. Ethics can be rooted in belief or the pursuit of making the world better. What is ethical is determined by the public, government regulators, interest groups, competitors and each individuals personal moral values, Studying business ethics will not necessarily, Inform you concerning the impact of the work group on ethical decisions. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. Team and business confidence. Business Ethics refers to carrying business as per self-acknowledged moral standards. Practice deception regarding product safety issues. B. expressing dissatisfaction by protesting. Multiple choice question. reducing most costs 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 lower ethical standards than in the past. 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. This is especially so when the market is very competitive, because then the customers have a lot of options and could switch to another product or service provider.. Trust and cooperation between workers and managers must be based on which of the following? Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. an individuals behavior is influenced by the behavior of others. compliance-based Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. A. They need to take responsibility for what happened and be proactive in fixing it. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. Its easier for a business to retain employees when they work for a company that they believe in. D. companies who are perceived as being socially responsible will ultimately earn more profits for their allow for complete anonymity higher ethical standards than in the past. Global Business Ethics. Chapter 4. I'm a Product Manager with experience working cross-functionally with business roles (e.g. 'Business' can mean an activity of exchange. called stakeholder interest An important reason for a company to maintain its ethical reputation is 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 Multiple choice question. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Multiple choice question. Ethical behavior includes honesty, fairness, integrity and understanding. standards. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. A. code of ethics. B. a failure of leadership to establish ethical standards. E. All of the answers are correct. Explanation C. teamwork eliminates a need for personal ethics.
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