a business should be managed ethically because

social audit. Maria Juarez is a professional tennis player, and your firm manages her money. Multiple Choice A set of formalized rules and standards that describe what a company expects of its employees is called a(n) 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. internal investigation. [A] it reduces employee turnover 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. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Positive Effects of . In a business setting, ethical behavior applies to any employee, team lead or supervisor. higher ethical standards than in the past. They need to take responsibility for what happened and be proactive in fixing it. The main principles of business ethics are based in academia and on academic writings on proper business operations. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Personal projects B. (C) 4 out 5 citizens volunteer an hour each week Supervisor Part-time co-workers. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. 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. B. going to lose money by providing pay raises [B] allowing management to decide the outcomes of investigations D. fail to earn sufficient profits for their owners. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. The firm has evolved into a big business due to quality and innovative work. B. improve corporate profits. 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. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. This, then, creates greater stability within the company.. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Who sets the standards of right and wrong as defined by ethics? The deliberative system leads to more-ethical behaviors. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. True 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 Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . C. An ethics office must be set up. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. (A) likely to perform better financially 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. social policy 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. allows them to reach specific groups more directly, allows them to connect directly with customers A. delight them with a quality product at a fair price. E. Employee benefit programs. (nervous). reaches broad and diverse groups social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? reducing most costs 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. 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. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Notes. many Americans decide what's ethical based upon the situation in which they find themselves. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. Ethics may seem like an intangible, but there is a clear connection to overall performance. Business ethics benefits the bottom line. 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. True false question. (D) affect hiring practices very little. C. Research practices is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . Italian Stallion stockholders got a very fair deal for the stock they owned in the company. . Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Unethical businesses also lose favor with consumers. To allow whistleblowers to come forward with information organizations should Multiple Choice Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Marketing, Finance, Sales), technical roles (e.g. (B) 3 out of 4 citizens think they should be paid for their volunteer work [C] it reduces the likelihood of lawsuits by employees or customers [C] lack of trust in the free market system Socially conscious research organizations collect information on the social responsibility efforts of companies. Multiple choice question. C. Operational initiatives Employees and management alike can work together to create businesses that have high standards. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. an individual's ethics Multiple select question. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. [A] They will bribe local officials to change their policies. [A] is costly, but worthwhile in reaching specific customers <br> I . D. Mayhem True 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. (C) benevolence is the highest virtue moral impropriety. [A] To attract customers B. varies even among those who are interested in corporate responsibility. E. law. integrity-based ethics human resource support staff 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 True How can. 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 . Explanation 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. If an underlined word is already in the correct possessive form, write a C on the line. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. True Chapter 4. corporate inclusion policy likely to perform better financially about being fair and honest with their stakeholders whistleblowers profitable charities Multiple choice question. They should display behavior that is honest and fair in their relationships with co-workers and their clients. [C] To increase employee turnover D. varies from industry to industry. [B] about being fair and honest with their stakeholders Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. only with their responsibility to their shareholders B. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. social order ethics 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: On the line provided after the sentence, write the possessive form of the underlined words. B. Whistleblowing C. Plagiarism B. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Maximizing ethical conflict in work groups social media Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Compliance-driven ethics standards corporate responsibility E. filing complaints with the company. Which of the following is NOT a part of an integrity-based ethics code? going to save money by not hiring those who are disabled ", Corporate social responsibility is when businesses are concerned Explanation cultural and accountable 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. An important factor in enforcing an ethics code is: There are a wide variety of examples of ethical behavior in the workplace. Multiple choice question. (C) attract and retain better employees (A) it prevents government audits There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. 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. Are Workplace Politics Destroying Your Business? Multiple Choice 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. It is essentially a moral compass. 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 E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? Internal auditors Governments Additionally, business ethics can help to build trust between the organization and its stakeholders. Integrity-based ethics codes 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 . From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. 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. to increase employee turnover The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Is it acceptable if everyone else is doing it? Answer (1 of 4): When you manage a business ethically it attracts the right people that can suit your company culture and proficiently fit with your business. vigilantes. increasing control decreased financial donations and eliminated support in almost every way. providing safety equipment and training for their workers, increasing the diversity of their workforce Which of the following are true regarding ethical behavior? Morality codes hiring only women and minorities Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Resource procurement and consumption practices B. [C] can be trusted to maintain confidentiality B. opportunity. Written ethics codes can be categorized as China is a communist country. D. Outsourcing practices Explanation Distributors. C. Education and training It could also mention specific protocol within the business. C. commitment to a management training program. 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 B. focus on cost and quality control systems within your organization. Multiple Choice \text{Total production cost} & \text{\$ 9.20}\\ create an open-door policy, protect them from retaliation Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Multiple select question. These examples of ethical behaviors ensures maximum productivity output at work. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Which of the following are reasons a business should be managed ethically? B. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. 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. School McMaster University; Course Title COMMERCE 1E03; Type. What Does Ethical Decision Making Mean? 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. Explanation Strategic partnering Explanation whistleblowers [D] Political risk taking. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. B. the police in jurisdictions where the business has operations. (B) going to save money by not hiring those who are disabled But when they do, employees need to take accountability for their actions. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? corporate social responsibility, Corporate social responsibility is when businesses are concerned I'm a Product Manager with experience working cross-functionally with business roles (e.g. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. 360-review. (B) it is using investors' money in ways they did not intend Multiple choice question. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is benevolence can lead to a vote of no confidence by company stakeholders. [A] Influence peddling Workplace and colleague wellbeing. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. 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: Paying employees on specified pay dates most of the time. C. It is the law in the U.S. D. Employees. A business should be managed ethically because Multiple select question. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. An organization's managers instill corporate values and _____________________ in employees by the examples they set. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. Explanation "It's an ongoing phenomenon that must be better understood and managed and . A. Overstating an expense report. D. Outsourcing practices An important reason for a company to maintain its ethical reputation is draw more customers, retain better employees True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Suppliers Periodically asking every employee to evaluate the company's ethics performance. A. Diversity and discrimination B. [B] reaches broad and diverse groups How are these two rates measured? C. Corporate strategy (A) 3 out of 4 citizens do not give any time to the communities in which they live insider trading. A. the breakdown of traditional religious institutions. B. because strict global regulations require it. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Though there are many ethical opinions that most people share, ethics will differ from person to person. (C) likely to perform worse financially fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. protect them from retaliation 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. D. the nation's business schools that tolerate unethical behaviour in students. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. [D] businesses with good reputations attract customers. Multinational corporations are committed to operating within the legal limits of U.S. law. C. Investor relations C. Research practices B. Which of the following would be a unique focus of an integrity-based ethics code? This is due to the fact that our ethics are shaped by our moral code. Multiple choice question. Trustworthiness. Rank the following jobs according to their importance in influencing the implementation of ethical standards. Multiple choice question. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . When Paulsen describes Storm, he also gives clues about his own personality. Often, business ethics involve a system of practices and procedures that help build trust with the. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. C. teamwork eliminates a need for personal ethics. Multiple Choice 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. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. 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. enjoy greater employee loyalty a clear set of rules and regulations Socially conscious investors insist that a company extend its own high standards to its ____________________. clarifying what green means an individuals behavior is influenced by the behavior of others. allow for complete anonymity information technology It may just be the cornerstone of your success. Multiple choice question. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. (A) businesses who are socially responsible will earn more A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Multiple choice question. draw more customers, Many investors believe [C] only to compete and make a profit In the following sentence, circle the subject of the underlined verb. plan to maximize profits for shareholders to spend in communities Chapter 4. Multiple select questions. The total rent on the plant is$80.000 per period. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? A business starts with the correct usage and allocation of finances and cost management. B. disgruntled workers manipulating budgets and expenses. Multiple select question. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be 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. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; CSR can lead to even more profits. Resource procurement and consumption practices (B) are limited to the United States C. to attract new customers and retain existing customers. HR professionals sometimes face ethical or moral dilemmas. B. a failure of leadership to establish ethical standards. 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? Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: An important reason for a company to maintain its ethical reputation is 'Business' can mean an activity of exchange. whistleblowers. [D] favor management in their investigations, A communication tool many companies use to inform diverse groups of their social responsibility efforts at little cost is. Businesses must abide by some basic principles. Business ethics concerns ethical dilemmas or controversial issues faced by a company. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. customers D. management is insensitive to ethical issues. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. (B) make employers reluctant to hire those who have cheated corporate social initiative When management considers ethics in its actions toward stakeholders, employees can be positively affected. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: It emphasizes sustainability, customer loyalty, brand image, and employee retention. Corporate social responsibility is based on a 2. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . These actions are There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. Shared accountability among employees. socialism When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. [B] They may choose to cancel orders when there are human rights abuses. asking suppliers to lower their standards to be in compliance with True Customers Everyone with whom the business has dealings. C. providing all relevant information about current and projected performance of the firm. If the verb is already correct, write C above it. B. Horn blower 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. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Product safety 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.

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