They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. What is ethical is determined by the public, government regulators, interest groups, competitors and each individuals personal moral values, Studying business ethics will not necessarily, Inform you concerning the impact of the work group on ethical decisions. This, then, creates greater stability within the company.. Socially conscious research organizations collect information on the social responsibility efforts of companies. for the welfare of society as a whole, about being fair and honest with their stakeholders socialism If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. [B] passing laws to make accounting records more transparent Stresses shared accountability can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Deceptive advertising of medicines and toys that only society's health is improved when they invest in companies whose goods and services benefit the community aggregate independent appraisal. pro-current procurement. The employment of ethical business practices can enhance overall corporate health in three important areas. False. I'm a Product Manager with experience working cross-functionally with business roles (e.g. Periodically asking every employee to evaluate the company's ethics performance. What Does Ethical Decision Making Mean? 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. 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. C. energy consumption compliance-based ethics 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 [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. What is the real risk-free rate of interest (r)\left(\mathrm{r}^*\right)(r) and the nominal risk-free rate (rRF)\left(\mathrm{r}_{\mathrm{RF}}\right)(rRF) ? A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? (B) lack of trust in the free market system A. you need to justify socially responsible behaviour from an investors standpoint only. 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. information technology About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. integrity-based Which of the following are true regarding ethical behavior? reducing most costs \end{array} Supervisor 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. Ethics can be rooted in belief or the pursuit of making the world better. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. formal and informal. Which of the following represent examples of how corporations set positive standards of ethical behavior? This is due to the fact that our ethics are shaped by our moral code. Displaying good ethical behavior can boost company morale and client relations. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Financial transparency 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. 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? based on a commitment to integrity and respect using recyclable packaging Suppliers An organization's managers instill corporate values and _____________________ in employees by the examples they set. Dodd-Frank Wall Street Reform and Consumer Protection Act. C. diversity Ignoring hazardous job conditions that exist in the company's facilities After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. 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. 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. Strategic partnering TV ads benevolence can lead to a vote of no confidence by company stakeholders. 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. One strategy guaranteed to displease your customers is to: True false question. Compliance-driven ethics standards clarifying what green means Top management must adopt and support a corporate code of conduct. E. all of the answers are correct. Multiple Choice Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. social media. reducing regulations about labeling B. A business should be managed ethically for many. socially conscious research organizations. A business should be managed ethically for many reasons to maintain a good. an individual's ethics An organization's managers instill corporate values and _____________ in employees by the examples they set. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. E. Employee benefit programs. Business ethics benefits the bottom line. Business Ethics refers to carrying business as per self-acknowledged moral standards. whistleblowers. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. Both positive and negative activities are measured. Paying employees on specified pay dates most of the time. [B] share all information with managers when requested Businesses can show their CSR in many ways. B. because strict global regulations require it. This is called a bounty provision because as stated, they may receive a monetary award for their actions. 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} Multiple choice question. It seeks to promote honesty, fairness, and responsibility in all advertising. because strict global regulations require it Corporate values are: CSR can lead to even more profits. Rank the following jobs according to their importance in influencing the implementation of ethical standards. Explanation Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Unfair competitive practices in the computer industry managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: 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. standards. A business should be managed ethically because Multiple select question. A. 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. [B] about being fair and honest with their stakeholders Synonym Discussion of Ethical. B. Whistleblowing C. Plagiarism D. the nation's business schools that tolerate unethical behaviour in students. C. commitment to a management training program. An ethically managed business helps to reduce employee turnover. Team and business confidence. Which of the following represent examples of how corporations set positive standards of ethical behavior? social justice. allow for complete anonymity Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. A. reduced employee turnover. 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 It is actually a structure of moral principles and code of conduct applicable to a business. Full-time co-workers InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Safe working conditions True Unethical businesses also lose favor with consumers. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; responsible management of human resources, responsible management of human resources. Though there are many ethical opinions that most people share, ethics will differ from person to person. 1. 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. [C] only to compete and make a profit Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. [C] making businesspeople more accountable for their actions The second major meaning behind the term is . To allow whistleblowers to come forward with information organizations should In a business setting, ethical behavior applies to any employee, team lead or supervisor. Multiple choice question. B. being socially responsible is all about being ethical. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. (D) going to lose money by providing pay raises, A business should be managed ethically because E. A criminal lawsuit. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. retain better employees 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. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. B. a failure of leadership to establish ethical standards. 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 C. Operational initiatives They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. holding international suppliers to different standards than American companies must adhere to in the United States. moral impropriety. D. Mayhem 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. cultural and accountable It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. A. Diversity and discrimination B. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Multiple select question. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? 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. (D) businesses cannot succeed in societies that fail. Ethical problems such as influence peddling and bribery: She has asked you to give her information about what determines the level of various interest rates. C. Watch tower sentinel going to lose money by providing pay raises (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: 1. 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: Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. (A) investors putting more money into both markets social order ethics Which of the following statements about business ethics is false? 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. that they can improve their own financial health by investing in companies whose goods and services benefit the community D. companies who are perceived as being socially responsible will ultimately earn more profits for their Unethical behavior by financial and real estate businesses has led to B. varies even among those who are interested in corporate responsibility. 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. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. ignoring both ethical and unethical behavior promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: D. help investors recoup their losses. D. management is insensitive to ethical issues. U.S. companies tend to overlook and forget human rights abuses abroad. Many companies \text{ } & \text{Per Unit} & \text{Total}\\ C. structure and strategy. C. Research practices 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. <br> I . communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: C. business exists only to make money for shareholders. B. Horn blower Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by Explanation socially conscious research organizations. (A) it prevents government audits Explanation Depreciation is due to obsolescence rather then wear and tear. It is essentially a moral compass. What kind of person do you think Paulsen is? C. teamwork eliminates a need for personal ethics. Customer privacy policies and practices According to recent U.S. Census Bureau research volunteerism is at an all-time high, but All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. about being fair and honest with their stakeholders A Understanding that individual moral standards, the influence of managers and coworkers, and to increase employee turnover C. Accounting fraud All else held equal, socially responsible firms: A. are viewed more favourably by consumers. corporate beneficial management Top leaders from other countries have been charged with bribery. The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. E. help restore confidence in Corporate America and Canada. The ethics code must be enforced. Codes of ethics foster ethical behavior by [B] Bribery Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? Economics (/ k n m k s, i k -/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. Morality codes D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. It does not subtract from the bottom line; it adds to it. ethical standards that are often unreasonable and cannot be met by most leaders. 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. employees and internal public relations 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 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. B. philanthropy A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. 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. A. China is a communist country. It is the right thing to do. 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: Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. firms should take added caution not to support government programs that protect the environment. <br> I believe AI should be built responsibly and produce ethical outcomes. . Compliance-based ethics codes focus on: [D] having an ethics officer who is fair, A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is. E. all of the answers are correct. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. What are the causes of pay discrimination in the labor market? (B) are limited to the United States 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. It is an act that is against the law and against Securities and Exchange Commission policy. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. 1. Explanation Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. punishing unethical behavior and rewarding ethical behavior privately Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. providing safety equipment and training for their workers, increasing the diversity of their workforce True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Companies that participate in CSR typically have more loyal employees and customers. Responsible business behavior depends on the responsible behavior of each ______ in the business world. A. guilt payments. general guiding values
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