called stakeholder interest True Multiple choice question. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. enjoy greater employee loyalty Multiple select questions. Ethics can be rooted in belief or the pursuit of making the world better. likely to perform better financially A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. It may just be the cornerstone of your success. Which of the following is not one of the approaches associated with corporate social responsibility? analysts. 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? [C] it reduces the likelihood of lawsuits by employees or customers [D] Political risk taking. Everyone with whom the business has dealings. A business should be managed ethically because Multiple select question. social justice. It is a set of guidelines for dealing with various procedures ethically. A. reduced employee turnover. corporate raider divisions. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. A. Whistleblower They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. Business Ethics refers to carrying business as per self-acknowledged moral standards. Employees and management alike can work together to create businesses that have high standards. Periodically asking every employee to evaluate the company's ethics performance. Therefore, it is the most significant resource to run or upgrade any business. the federal government [C] lack of trust in the free market system Customers Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. C. energy consumption A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. B. disgruntled workers manipulating budgets and expenses. 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 Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Governments Sarbanes-Oxley Ruling allows them to connect directly with customers C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics C. Education and training Decorating Arrangements has just completed operations for the year ended December 31, 2016. Personal projects Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? He also believed anything other than that would be considered: D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. 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? Trust and cooperation between workers and managers must be based on which of the following? There are a wide variety of examples of ethical behavior in the workplace. An important reason for a company to maintain its ethical reputation is 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. Reevaluating its ethics codes based on the input of its customers. (D) make more money for investors in the short run. In the long run, they believe A business should be managed ethically because, businesses with good reputations attract customers. Multiple choice question. Prepare computations showing how much profits will increase or decrease as a result of making the starters. They should display behavior that is honest and fair in their relationships with co-workers and their. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. penalizing wrong-doers, increasing control Studies have found a _____ correlation between academic dishonesty and dishonesty at work. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. 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. Which of the following represent examples of how corporations set positive standards of ethical behavior? employees and internal public relations Defines an organization's guiding principles. [C] only to compete and make a profit 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. Multiple select question. D. help investors recoup their losses. In fact they contribute to it: 1. School McMaster University; Course Title COMMERCE 1E03; Type. Giving back to society B. because strict global regulations require it. B. helping others increased financial donations to local areas but pulled away from national and global contributions. B. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. actual ethics. building parks information technology She has asked you to give her information about what determines the level of various interest rates. Supervisor 4. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Top management Often, business ethics involve a system of practices and procedures that help build trust with the. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ E. A criminal lawsuit. "It's an ongoing phenomenon that must be better understood and managed and . not concerned with the ethical or socially responsible behavior of their international suppliers. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. A high ethical standard extends to customers as well. Multiple choice question. A. Internet 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. 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. Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. internal search and occupy organizations. Multiple Choice An ethical business will get your employees to respect your company . How can. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Startup Costs: How Much Cash Will You Need? Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. C. moral philosophy. 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. 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? reducing regulations about labeling because strict global regulations require it, learned by observing the actions of others in the organization. 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. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Multiple Choice Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. These examples of ethical behaviors ensures maximum productivity output at work. (D) going to lose money by providing pay raises, A business should be managed ethically because A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. Which of the following is a reason why a business should be managed ethically? formal and informal. 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. (C) gains for investors in 2008 and 2009 This will ensure that you have trustworthy employees working for you. Multiple choice question. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. It emphasizes sustainability, customer loyalty, brand image, and employee retention. 8 Mini-Case Study, Intro-Into-Business: Ch. 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. An organization's managers instill corporate values and _____________________ in employees by the examples they set. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. D. short run profit maximization. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. The employees of a corporation are stakeholders who are affected by management practices. 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. 2. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Internal auditors Ignoring hazardous job conditions that exist in the company's facilities Multiple choice question. Multiple choice question. Which step is the most critical to help improve business ethics? B. an individual's behaviour is influenced by the behaviour of others. Then, of course, there are the more serious consequences of highly unethical behavior. A. \end{array} The moral and ethical standards by which leaders are judged are far stricter than in the past. Amber was observing an example of the ___________ followed at this organization. (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 A. Integrity-based ethics codes (C) attract and retain better employees ", Corporate social responsibility is when businesses are concerned Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Research has shown that companies engaged in corporate social responsibility (CSR): D. Outsourcing practices Practice deception regarding product safety issues. In the workplace, there might be a standard for ethics set throughout the company. The employment of ethical business practices can enhance overall corporate health in three important areas. [C] making businesspeople more accountable for their actions It is actually a structure of moral principles and code of conduct applicable to a business. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; The side effects are so great that the society urges that the business should always be ethically and socially responsible. All successful businesses communicate effectively. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ going to save money by not hiring those who are disabled A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. (C) likely to perform worse financially Multiple choice question. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. B. profitable charities Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. for the welfare of society as a whole, about being fair and honest with their stakeholders Multiple select question. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. 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: Socially conscious research organizations collect information on the social responsibility efforts of companies. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. ignoring both ethical and unethical behavior A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Complete each sentence with the comparative or superlative form of the modifier in parentheses. Socially conscious investors insist that a company extend its own high standards to its ____________________. It is the right thing to do. The World Trade Organization (WTO) 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. fascism Multiple Choice 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. E. law. standards. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . An important factor in enforcing ethics codes is selecting a(n) ________ ________. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. First and foremost, father of 5 and grandfather to 3.<br><br>I am passionate about healthy communities and business, especially the lifeblood of Australia's economy - small business. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. This sort of behavior is not limited to the workplace; it can be present in every facet of life. A. C. all levels of management. [B] They may choose to cancel orders when there are human rights abuses. Chapter 4. stockholders Top management is essentially conducting a(n) Shared accountability among employees. increasing control (C) benevolence is the highest virtue A. Top leaders from other countries have been charged with bribery. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. D. integrity. _____________________ _____________________ _____________________is a business's concern for the welfare of society. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ Top management 1. to increase employee turnover A. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. U.S. companies tend to overlook and forget human rights abuses abroad. Packaging requirements 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. Many companies A business should be managed ethically for many. Emphasizes strong penalties for wrongdoers Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. An ethically managed business helps to reduce employee turnover. a clear set of rules and regulations moral impropriety. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. 2. Should an instance occur, the result could be devastating to your company's finances and reputation. D. Mayhem 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 social audit. Top management must adopt and support a corporate code of conduct. In a business setting, ethical behavior applies to any employee, team lead or supervisor. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. This is called a bounty provision because as stated, they may receive a monetary award for their actions. True false question. These actions are Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. $A supervisor would have to be hired to oversee production of the starters. firms should take added caution not to support government programs that protect the environment. True 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. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Its premise is based on integrity, fairness, and respect for others. Ethical standards are different from country to country. 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. 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. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Research into ethics and business performance has shown the two are linked in some important ways. whistleblowers. Notes. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that Multiple choice question. Responsible business behavior depends on the responsible behavior of each ______ in the business world. government-supported direct mail campaigns Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Mistakes and misunderstandings are bound to happen in any work setting. Explanation Demanding Ethical and Socially Res, Intro-Into-Business: Ch. Businesses should create and display their code of ethics publicly. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Which of the following are reasons a business should be managed ethically? Multiple choice question. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ D. Integrity watchdog. corporate inclusion policy Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. A. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ 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. Those who argue in favour of corporate social responsibility suggest that: internal investigation. Those who have others interests in mind when they make decisions are displaying ethical behavior. that they can improve their own financial health by investing in companies whose goods and services benefit the community I'm a Product Manager with experience working cross-functionally with business roles (e.g. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. whistleblowers True Which of the following would be a unique focus of an integrity-based ethics code? integrity-based ethics List the most influential on top. The field of ethics is a branch of philosophy that seeks virtue and morality, addressing questions about "right" and "wrong" behavior for people in a variety of settings; the standards of behavior that tell how human beings ought to act. 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." C. Watch tower sentinel 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. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. 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. How are these two rates measured? 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. What Does Ethical Decision Making Mean? decreased financial donations and eliminated support in almost every way. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. If an underlined word is already in the correct possessive form, write a C on the line. 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. C. Accounting fraud 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. 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. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. retaliation 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 . If the verb is already correct, write C above it. social initiatives Morality codes Multiple Choice 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. B. expressing dissatisfaction by protesting. benevolence can lead to a vote of no confidence by company stakeholders. Integrity-based ethics codes Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: [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. \text{ } & \text{Per Unit} & \text{Total}\\ Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. reaches broad and diverse groups With regard to socially responsible behavior, American businesses are \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ corporate beneficial management Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. D. fail to earn sufficient profits for their owners. True [D] allows them to connect directly with customers. Multiple choice question. whistleblowers Here are five reasons why you should keep things legal and follow business ethics in accounting. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Which of the following statements about business ethics is false? [A] Influence peddling lower ethical standards than in the past. C. a loss of employee commitment and trust in the company and its management. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. B. \text{Variable manufacturing overhead} & \text{0.60}\\ <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . social impact program. Its easier for a business to retain employees when they work for a company that they believe in. Supervisor ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. 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.
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