corporate responsibility C. commitment to a management training program. 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. Who sets the standards of right and wrong as defined by ethics? _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. social media 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. 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? corporate inclusion policy Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Top management Ethical behavior includes honesty, fairness, integrity and understanding. Top management 1. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Ethics can be rooted in belief or the pursuit of making the world better. Dodd-Frank Wall Street Reform and Consumer Protection Act Top leaders from other countries have been charged with bribery. (D) make more money for investors in the short run. [C] only to compete and make a profit Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . B. ability to plan for the unexpected. 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 Source interviews were conducted for a previous version of this article. It seeks to promote honesty, fairness, and responsibility in all advertising. varies among those who are interested in corporate responsibility. protect them from retaliation Positive Effects of . Though discrimination and harassment laws have been put in place and continue to be updated . of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition building parks We covered: How data teams can actually design ethical ML models, after . (C) benevolence is the highest virtue reaches broad and diverse groups integrity-based ethics 1. Businesses must abide by some basic principles. C. all levels of management. It does not subtract from the bottom line; it adds to it. (C) make students who know how to plagiarize well acceptable to employers integrity-based And could be pivotal for career growth. Deceptive advertising of medicines and toys The moral and ethical standards by which leaders are judged are far stricter than in the past. Explanation D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. Which of the following is the BEST reason for a business to be managed ethically? Should an instance occur, the result could be devastating to your company's finances and reputation. social audit. 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. Unethical businesses also lose favor with consumers. 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. lower ethical standards than in the past. 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. True C. Corporate strategy analysts. 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. Resource procurement and consumption practices Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. D. management is insensitive to ethical issues. 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. C. It is the law in the U.S. D. Employees. Ethical issues are limited to for-profit organizations. Both positive and negative activities are measured. ", Corporate social responsibility is when businesses are concerned Ethical behavior does not matter to investors. B. Horn blower Those who have others interests in mind when they make decisions are displaying ethical behavior. The most basic question in an ethics-based management system is. Tejas Vemparala also contributed to this article. Decorating Arrangements has just completed operations for the year ended December 31, 2016. C. Research practices Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. 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. (B) make employers reluctant to hire those who have cheated A business should be managed ethically for many reasons to maintain a good. Ethical behavior has significant upfront costs which may never be recovered. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Think about a business that hires only family or one that gives inappropriate incentives, for example. social policy A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. responsible management of human resources, responsible management of human resources. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Personal projects D. Outsourcing practices The employment of ethical business practices can enhance overall corporate health in three important areas. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Which of the following statements about business ethics is false? many Americans decide what's ethical based upon the situation in which they find themselves. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Companies Research has shown that companies engaged in corporate social responsibility (CSR): This sort of behavior is not limited to the workplace; it can be present in every facet of life. increasing the diversity of their workforce formal and informal. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? separating themselves from suppliers who violate Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. That person called five of his relatives and several friends. leaving unethical behavior unpunished Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. In the following sentence, circle the subject of the underlined verb. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. A company that has socially responsible human resources management is Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Here are five reasons why you should keep things legal and follow business ethics in accounting. Part-time co-workers. Codes of ethics foster ethical behavior by higher ethical standards than in the past. It is an act that is against the law and against Securities and Exchange Commission policy. A. Diversity and discrimination B. for the welfare of society as a whole, about being fair and honest with their stakeholders based on a commitment to integrity and respect E. All of the answers are correct. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Multiple Choice D. integrity. Workplace and colleague wellbeing. 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. Unethical behavior by financial and real estate businesses has led to reaches broad and diverse groups Everyone with whom the business has dealings. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. How are these two rates measured? Written ethics codes can be categorized as school districts In a business setting, ethical behavior applies to any employee, team lead or supervisor. punishing unethical behavior and rewarding ethical behavior privately Multiple choice question. 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. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: TV ads enjoy greater employee loyalty 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. using recyclable packaging About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (A) 3 out of 4 citizens do not give any time to the communities in which they live 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 . 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} E. law. 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. A high ethical standard extends to customers as well. compliance police. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. social media. The rent charge above is based on space utilized in the plant. likely to perform better financially \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ E. all of the answers are correct. Multiple select question. corporate social initiative Supervisor 2. Though there are many ethical opinions that most people share, ethics will differ from person to person. Marketing, Finance, Sales), technical roles (e.g. List the most influential on top. social initiatives How can. This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. is costly, but worthwhile in reaching specific customers lose sales revenues Multiple select question. B. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. 1. [C] conducting objective investigations 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. Unfair competitive practices in the computer industry A business starts with the correct usage and allocation of finances and cost management. Integrity-based ethics codes This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. corporate social initiative corporate beneficial management 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. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. D. employee retaliation by doing the minimum needed to get by. 8 Mini-Case Study, Intro-Into-Business: Ch. Businesses should create and display their code of ethics publicly. When Paulsen describes Storm, he also gives clues about his own personality. D. to please customers, employees, and society. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Business Ethics refers to carrying business as per self-acknowledged moral standards. An organization's managers instill corporate values and _____________ in employees by the examples they set. C. Accounting fraud Chapter 4. It is a set of guidelines for dealing with various procedures ethically. A. profits. that only society's health is improved when they invest in companies whose goods and services benefit the community \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ 'Business' can mean an activity of exchange. 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. Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? A. Overstating an expense report. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. It's the age-old reality: "Out-of-sight, out-of-mind." B. using recyclable packaging How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. School McMaster University; Course Title COMMERCE 1E03; Type. called stakeholder interest Explanation actual ethics. Vanessa recognizes this as a(n) ________-based code of ethics. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. D. buying the company's products. A. responsibility \text{Variable manufacturing overhead} & \text{0.60}\\ Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. 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 . customers A. protecting the owners' rights and investments. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ He also believed anything other than that would be considered: In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. (D) occur in only a few countries. only with their responsibility to their shareholders 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] lack of trust in the free market system True false question. A. Whistleblower Morality codes Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. A. expanding the opportunity to behave ethically by providing rewards for following the rules. increased their financial donations because they understood how badly society needed a helping hand. C. help laid-off employees get their jobs back. Ethical behavior positively impacts a businesss financial performance. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Determining what is involved for a firm to be socially responsible: A. is easy. True C. teamwork eliminates a need for personal ethics. Explanation \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ 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. Multiple Choice \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ These actions are _____________________ _____________________ _____________________is a business's concern for the welfare of society. An appearance of conflict exists when a reasonable person looking at the situation from outside (and without personal knowledge of anyone involved) will conclude from the circumstances that the employee's ability to perform his or her duties may be compromised by personal interest. But when they do, employees need to take accountability for their actions. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. 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: not concerned with the ethical or socially responsible behavior of their international suppliers. A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Multiple Choice 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. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. shareholders (C) occur in many countries Corporate social responsibility describes the firm's: A. responsibility to their stockholders. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. Multiple choice question. E. A criminal lawsuit. 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. They should display behavior that is honest and fair in their relationships with co-workers and their clients. 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. corporate raider divisions. Which of the following would least likely involve ethical concerns? Team and business confidence. going to lose money by providing pay raises C. Watch tower sentinel Internal auditors \text{Direct materials} & \text{\$ 3.10}\\ . 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. secondary market companies. Organizational ethics begins Multiple Choice at the top levels of management. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. Strict global regulations require it. Explanation (D) businesses cannot succeed in societies that fail. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. D. short run profit maximization. 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 U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Another reason why business ethics is important is that it can improve profitability. C. Increased penalties for code violators. In the long run, CSR enhances profits. 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. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Whistleblowers are often concerned about retaliation. insider trading. What occurs when an employee exposes an employer's wrongdoing to outsiders? [B] Bribery An important reason for a company to maintain its ethical reputation is With regard to socially responsible behavior, American businesses are social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? D. maximizing their investment in the firm. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. socialism D. Outsiders must be told about the ethics program. Multiple choice question. Top management is essentially conducting a(n) Multiple select question. Which of the following is a reason why a business should be managed ethically? [C] making businesspeople more accountable for their actions How does the action I am proposing to take make me feel about myself? 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. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. A. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. B. the police in jurisdictions where the business has operations. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (A) matter very little to employers Integrity-driven ethics codes She was even _____ after her solo than before. B. an individual's behaviour is influenced by the behaviour of others. Society Multiple Choice B. enjoy significantly higher profits. draw more customers, Many investors believe A. A. (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 Suppliers 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. An important factor in enforcing ethics codes is selecting a(n) ________ ________. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. The concern businesses have for the welfare of society, not just for their owners is: [D] requiring all bankers to sign ethical codes. 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. stockholders C. the increase in lawsuits used to avoid personal responsibility. If an underlined word is already in the correct possessive form, write a C on the line. A. The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Who sets the standards of right and wrong as defined by ethics?
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