An important factor in enforcing ethics codes is selecting a(n) ________ ________. asking suppliers to lower their standards to be in compliance with capitalism Customers D. help investors recoup their losses. There are a wide variety of examples of ethical behavior in the workplace. [A] outsourcing enforcement of the laws to private firms Corporate social responsibility describes the firm's: A. responsibility to their stockholders. Multiple Choice The last recession changed the way many companies offer support to people and communities in need. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. False. called stakeholder interest D. to please customers, employees, and society. ethical standards that are often unreasonable and cannot be met by most leaders. corporate responsibility An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. CSR can lead to even more profits. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Increased control over employee actions. Multiple Choice The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". <br> I . Team and business confidence. allow for complete anonymity Italian Stallion stockholders got a very fair deal for the stock they owned in the company. It could also mention specific protocol within the business. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Emphasizes strong penalties for wrongdoers Motivation. Explanation Target is a business. 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. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. aggregate independent appraisal. tax officials. They should display behavior that is honest and fair in their relationships with co-workers and their clients. A. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. (B) 3 out of 4 citizens think they should be paid for their volunteer work As a philosophy, ethics are the principles that guide a person's behaviour. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. For example, international bank HSBC was subject to a decade-long enforcement action costing it $1.92 billion after the federal government determined the institution violated money-laundering laws and sanctions rules. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ is costly, but worthwhile in reaching specific customers cultural and accountable [A] for the welfare of society as a whole compliance-based ethics Here are five reasons why you should keep things legal and follow business ethics in accounting. What does the research into business ethics say? If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: C. Increased penalties for code violators. Think about a business that hires only family or one that gives inappropriate incentives, for example. 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. C. An ethics office must be set up. Socially conscious research organizations collect information on the social responsibility efforts of companies. Multiple Choice an individuals behavior is influenced by the behavior of others. socially conscious research organizations. it reduces laws and regulations Business Ethics refers to carrying business as per self-acknowledged moral standards. An important reason for a company to maintain its ethical reputation is Therefore, it is the most significant resource to run or upgrade any business. Integrity-driven ethics codes Multiple choice question. Ethics can be rooted in belief or the pursuit of making the world better. The employment of ethical business practices can enhance overall corporate health in three important areas. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. Multiple Choice Who sets the standards of right and wrong as defined by ethics? B. Whistleblowing C. Plagiarism an individual's ethics A Understanding that individual moral standards, the influence of managers and coworkers, and it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Explanation 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. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. B. helping others [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. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Compliance-driven ethics standards Though there are many ethical opinions that most people share, ethics will differ from person to person. B. whistleblowers. 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 A. expanding the opportunity to behave ethically by providing rewards for following the rules. 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 The total rent on the plant is$80.000 per period. The majority of CEOs blame unethical employee conduct on: [A] To attract customers My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Multiple Choice This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Multiple choice question. If an ethical tone is set at the top and followed by management, everyone who works there will hold themselves and each other to those standards. (B) have higher turnover employees and internal public relations Notes. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. Multiple choice question. 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. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. 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. [B] To maintain a good reputation Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. C. moral philosophy. B. ability to plan for the unexpected. Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. A. B. focus on cost and quality control systems within your organization. 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. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. Determining what is involved for a firm to be socially responsible: A. is easy. B. Ethical behavior has significant upfront costs which may never be recovered. (B) it attracts and retains customers acquisition stalking. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Explanation 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. C. Research practices \text{Direct labor} & \text{2.70}\\ social justice. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. 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." Multiple choice question. Trustworthiness. [B] about being fair and honest with their stakeholders secondary market companies. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Which of the following statements is false? For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. corporate social responsibility, Corporate social responsibility is when businesses are concerned A. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: Internal Audit Company Protection Act [C] only to compete and make a profit 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. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . A. Written ethics codes can be categorized as Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. Multiple select question. compliance police. 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. In the long run, CSR enhances profits. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. using recyclable packaging (A) businesses who are socially responsible will earn more Which of the following were not identified as being fundamental to the CSR definition? D. short run profit maximization. Dodd-Frank Wall Street Reform and Consumer Protection Act. Business ethics concerns ethical dilemmas or controversial issues faced by a company. Explanation C. structure and strategy. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. social media using recyclable packaging Everyone with whom the business has dealings. building parks Multiple choice question. reaches broad and diverse groups The 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. How can. 360-review. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Safe working conditions Unfair competitive practices in the computer industry separating themselves from suppliers who violate. D. concern for the welfare of society. government-supported direct mail campaigns True false question. D. buying the company's products. Dont make ethics an afterthought in your company culture. Employees and management alike can work together to create businesses that have high standards. The term business ethics refers to the set of moral principles that guides a company's conduct. D. shift the production of goods to foreign facilities and layoff Canadian workers. We covered: How data teams can actually design ethical ML models, after . In a business setting, ethical behavior applies to any employee, team lead or supervisor. (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: [D] severe financial crises. (D) affect hiring practices very little. 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. Governments Customer privacy policies and practices A. (A) are just part of doing business What Does Ethical Decision Making Mean? C. business exists only to make money for shareholders. [A] Influence peddling 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. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility requiring suppliers to be evaluated monthly concerning Stresses shared accountability Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. B. B. personal responsibility C. compliance There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Multiple Choice Which of the following represent examples of how corporations set positive standards of ethical behavior? And could be pivotal for career growth. general guiding values opportunity influence ethical behavior [D] Political risk taking. One strategy guaranteed to displease your customers is to: ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. C. writing their representatives in Congress. Companies 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. 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: She has asked you to give her information about what determines the level of various interest rates. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. [C] lack of trust in the free market system Which of the following is a reason why a business should be managed ethically? ", Corporate social responsibility is when businesses are concerned Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. Global Business Ethics. Multiple Choice Deceptive advertising of medicines and toys Top management (A) likely to perform better financially C. Education and training Supports ethically sound behavior corporate social initiative 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. The following data have been assembled for the business: InsuranceExpense$2,000SalariesExpense$37,000ServiceRevenue80,000AccountsPayable4,300UtilitiesExpense500OfficeSupplies1,500RentExpense11,000Dividends4,500CommonStock8,500AccountsReceivable7,500Cash7,000Equipment26,600RetainedEarnings,Jan.1,20164,800\begin{array}{lrlr} Part-time co-worker 3. 8 Mini-Case Study, Intro-Into-Business: Ch. D. employee retaliation by doing the minimum needed to get by. Is it acceptable if everyone else is doing it? it attracts and retains customers "It's an ongoing phenomenon that must be better understood and managed and . A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Multiple select question. 2. She was even _____ after her solo than before. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. many Americans decide what's ethical based upon the situation in which they find themselves. An organization's managers instill corporate values and _____________ in employees by the examples they set. 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. technical policy [C] Paying U.S. minimum wage Multiple select question. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. 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. Marketing, Finance, Sales), technical roles (e.g. C. Research practices Top management must adopt and support a corporate code of conduct. B. Horn blower [B] it increases the likelihood of government intervention C. a loss of employee commitment and trust in the company and its management. In "Two Kinds," how does the narrator feel after the talent show? 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. 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. based on a commitment to integrity and respect (A) investors putting more money into both markets C. helps government officials develop appropriate legislation. What kind of person do you think Paulsen is? ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. A. delight them with a quality product at a fair price. (C) benevolence is the highest virtue promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: about being fair and honest with their stakeholders Multiple Choice C. the increase in lawsuits used to avoid personal responsibility. B. disgruntled workers manipulating budgets and expenses. B. an individual's behaviour is influenced by the behaviour of others. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. A high ethical standard extends to customers as well. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility A business's responsibilities to its owners and investors include True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. 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. The second major meaning behind the term is . 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. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." because strict global regulations require it, learned by observing the actions of others in the organization. True that they can improve their own financial health by investing in companies whose goods and services benefit the community Multiple select question. The moral and ethical standards by which leaders are judged are far stricter than in the past. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. D. stockholders. Multiple select question. Explanation Product safety <br> I believe AI should be built responsibly and produce ethical outcomes. Multiple choice question. A business should be managed ethically for many reasons to maintain a good. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is plan to maximize profits for shareholders to spend in communities of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition retain better employees insider trading. This is called a bounty provision because as stated, they may receive a monetary award for their actions. Corporate social responsibility is based on a investors. Government and business leaders are being held to \text{Total production cost} & \text{\$ 9.20}\\ Many companies A. Overstating an expense report. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. The chief engineer has recommended against this move, however, pointing out that the cost to produce the starters would be greater than the current 8.40perunitpurchaseprice:8.40 per unit purchase price:8.40perunitpurchaseprice: PerUnitTotalDirectmaterials$3.10Directlabor2.70Supervision1.50$60.000Depreciation1.00$40.000Variablemanufacturingoverhead0.60Rent0.30$12.000Totalproductioncost$9.20\begin{matrix} corporate beneficial management [A] relate well to employees at all levels It emphasizes sustainability, customer loyalty, brand image, and employee retention. Multiple choice question. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. corporate raiders. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. It's the age-old reality: "Out-of-sight, out-of-mind." D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? 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. (B) make employers reluctant to hire those who have cheated Often, business ethics involve a system of practices and procedures that help build trust with the. \text{Variable manufacturing overhead} & \text{0.60}\\ Explanation Multiple choice question. Business ethics benefits the bottom line. [D] businesses with good reputations attract customers. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Supervisor True allows them to reach specific groups more directly. C. Watch tower sentinel $A supervisor would have to be hired to oversee production of the starters. Business ethics isnt always exalted in every workplace, but its critically important when it comes to providing customers with quality service, adhering to regulatory compliance standards, and avoiding steep fines and lawsuits. (nervous). human resource support staff C. to attract new customers and retain existing customers. Article. Integrity-based ethics codes What are the causes of pay discrimination in the labor market? Top management 4. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: 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.. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. Trust and cooperation between workers and managers must be based on which of the following? E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? This indicates that: A. dancing around issues should be part of a firm's code of ethics. Multiple choice question. With respect to business ethics, it can be said that "it takes two to tango." draw more customers, retain better employees 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. Personal projects Ethics may seem like an intangible, but there is a clear connection to overall performance. Compliance-based ethics codes focus on: According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Dodd-Frank Wall Street Reform and Consumer Protection Act Ethics are the standards of right and wrong set for us by society, whereas legality refers to. [A] is costly, but worthwhile in reaching specific customers E. All of the answers are correct. ethical officers B. maintaining proper accounting procedures. 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 increasing the diversity of their workforce How Does 401(k) Matching Work for Employers? [A] making the charges public before the investigation The firm has evolved into a big business due to quality and innovative work. Multiple choice question. The findings reveal that quality service and an ethical business plan are essential to long-term business success. 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. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. corporate inclusion policy <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. 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. They should display behavior that is honest and fair in their relationships with co-workers and their. 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. In the workplace, there might be a standard for ethics set throughout the company. Its easier for a business to retain employees when they work for a company that they believe in. Reevaluating its ethics codes based on the input of its customers. It may just be the cornerstone of your success. (B) it is using investors' money in ways they did not intend [B] passing laws to make accounting records more transparent In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. True Economic conditions in some developing countries make child labor a necessity for the survival of families.
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