A. Sarbanes-Oxley Ruling it attracts and retains customers Multiple choice question. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Packaging requirements Ethical Marketing - Marketing Schools 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? Explanation The findings reveal that quality service and an ethical business plan are essential to long-term business success. An organization's managers instill corporate values and _____________ in employees by the examples they set. The rent charge above is based on space utilized in the plant. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. E. law. Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by Businesses should create and display their code of ethics publicly. [B] reaches broad and diverse groups Top management is essentially conducting a(n) \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ 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. What occurs when an employee exposes an employer's wrongdoing to outsiders? corporate social initiative (A) have fewer loyal customers but attract more of them reaches broad and diverse groups Multiple choice question. general guiding values 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. Which of the following are reasons a business should be managed ethically? Business Ethics: Definition, Principles, Why They're Important Ethics can be rooted in belief or the pursuit of making the world better. D. short run profit maximization. Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management Top management must adopt and support a corporate code of conduct. Which of the following is the BEST reason for a business to be managed ethically? We covered: How data teams can actually design ethical ML models, after . Stresses shared accountability 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. Unethical behavior by financial and real estate businesses has led to [A] Influence peddling 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. integrity-based likely to perform better financially In fact they contribute to it: 1. A business should be managed ethically for many. Managing Business Ethics - Ethical Systems Multiple Choice From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. the federal government Studies have shown that what most influences a company's effectiveness and financial performance is: responsible management of human resources, Which of the following behaviors are illegal in the United States, but potentially put our companies at a disadvantage in overseas markets? Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Reevaluating its ethics codes based on the input of its customers. [C] making businesspeople more accountable for their actions One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Reevaluating its ethics codes based on the input of its customers. Multiple choice question. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? C. structure and strategy. responsible management of human resources, responsible management of human resources. 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. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? (C) to increase employee turnover based on a commitment to integrity and respect an individual's ethics [B] about being fair and honest with their stakeholders 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. 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? [D] businesses with good reputations attract customers. [B] Bribery Multiple select question. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. _____________________ _____________________ _____________________is a business's concern for the welfare of society. Other countries also follow capitalist principles. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". \text{ } & \text{Per Unit} & \text{Total}\\ Ethical behavior can have negative consequences to the bottom line in the long run. B. Safe working conditions The majority of CEOs blame unethical employee conduct on: separating themselves from suppliers who violate A business's responsibilities to its owners and investors include D. employee retaliation by doing the minimum needed to get by. 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 Morality codes Corporate responsibility Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks whistleblowers corporate social responsibility, Corporate social responsibility is when businesses are concerned They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. firms should take added caution not to support government programs that protect the environment. Practice deception regarding product safety issues. [C] To increase employee turnover B. a failure of leadership to establish ethical standards. [B] most of those who caused the crisis going to jail Multiple choice question. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. 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. 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. It is the right thing to do. How Does 401(k) Matching Work for Employers? called stakeholder interest 1. 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. Rohit Sharma - Lead Technical Product Manager - LinkedIn Workplace and colleague wellbeing. Businesses must abide by some basic principles. Business Ethics - Stanford Encyclopedia Of Philosophy False. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. It's the age-old reality: "Out-of-sight, out-of-mind." 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. Notes. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are punishing unethical behavior and rewarding ethical behavior privately Displaying good ethical behavior can boost company morale and client relations. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. The side effects are so great that the society urges that the business should always be ethically and socially responsible. B. philanthropy. List the most influential on top. Increased control over employee actions. whistleblowers. [A] outsourcing enforcement of the laws to private firms The ethics code must be enforced. hiring only women and minorities Trustworthiness. B. the police in jurisdictions where the business has operations. True false question. HR professionals sometimes face ethical or moral dilemmas. The international Day Of Pe, Chapter 3 Doing Business in a Global Markets, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Spring 2018 Final Exam Review Chapters 8,9,10. 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. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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 . The deliberative system leads to more-ethical behaviors. concern for the welfare of society B. These define the company's guiding values, and most often it involves shared accountability. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. Multiple Choice True When Paulsen describes Storm, he also gives clues about his own personality. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. Explanation An important reason for a company to maintain its ethical reputation is This is due to the fact that our ethics are shaped by our moral code. U.S. companies tend to overlook and forget human rights abuses abroad. B. because strict global regulations require it. 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. How are these two rates measured? 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: [C] The U.S. government will use military force to enforce labor laws.. Multiple Choice A. code of ethics. free from the concern of This is called a bounty provision because as stated, they may receive a monetary award for their actions. D. Outsiders must be told about the ethics program. Which of the following were not identified as being fundamental to the CSR definition? C. writing their representatives in Congress. This indicates that: A. dancing around issues should be part of a firm's code of ethics. Multiple select question. Government and business leaders are being held to 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 When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. Ethical problems such as influence peddling and bribery: Explanation It may just be the cornerstone of your success. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Rank the following jobs according to their importance in influencing the implementation of ethical standards. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. holding international suppliers to different standards than American companies must adhere to in the United States. C. Research practices 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) ? These actions are aggregate independent appraisal. Another reason why business ethics is important is that it can improve profitability. A. the breakdown of traditional religious institutions. E. Employee benefit programs. C. moral philosophy. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. C. diversity Source interviews were conducted for a previous version of this article. An ethical business will get your employees to respect your company . Its easier for a business to retain employees when they work for a company that they believe in. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. True Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. [A] relate well to employees at all levels False, Whistleblowers can be helped by protecting them from: 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} A. Internet A. reduced employee turnover. 5 Reasons Why Ethics Is Important in Accounting for Business Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. School McMaster University; Course Title COMMERCE 1E03; Type. Ethical behavior has significant upfront costs which may never be recovered. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. [D] Political risk taking. E. A criminal lawsuit. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Multiple choice question. E. help restore confidence in Corporate America and Canada. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. D. expanding the opportunity to behave ethically by providing punishments for following the rules. Resource procurement and consumption practices B. that they can improve their own financial health by investing in companies whose goods and services benefit the community To allow whistleblowers to come forward with information organizations should 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 Corporate social responsibility is based on a ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance It is an act that is against the law and against Securities and Exchange Commission policy. Often, business ethics involve a system of practices and procedures that help build trust with the. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. Integrity-driven ethics codes True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. It does not subtract from the bottom line; it adds to it. Ch 4 Flashcards | Quizlet Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. many Americans decide what's ethical based upon the situation in which they find themselves. \end{array} 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. enjoy greater employee loyalty A. Multiple choice question. higher ethical standards than in the past. actual ethics. A Understanding that individual moral standards, the influence of managers and coworkers, and lose sales revenues A. Due to the fact that it is not yet public, those who act upon the information have an unfair advantage and stand to gain financially. 22. (A) matter very little to employers corporate raider divisions. asking suppliers to lower their standards to be in compliance with decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. The World Trade Organization (WTO) The term business ethics refers to the set of moral principles that guides a company's conduct. C. An ethics office must be set up. 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. Multiple choice question. In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . increasing control Study 19 Terms | Philosophy Flashcards | Quizlet 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. (A) 3 out of 4 citizens do not give any time to the communities in which they live C. providing all relevant information about current and projected performance of the firm. Which of the following is NOT a part of an integrity-based ethics code? 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. C. often experience customer loyalty problems. [C] conducting objective investigations '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. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. corporate beneficial management Research into ethics and business performance has shown the two are linked in some important ways. Chapter 4. A. responsibility socially conscious research organizations. Which of the following represent examples of how corporations set positive standards of ethical behavior? D. guideline. True false question. The moral and ethical standards by which leaders are judged are far stricter than in the past. A. Whistleblower Multiple select question. Ethics may seem like an intangible, but there is a clear connection to overall performance. Tejas Vemparala also contributed to this article. Which step is the most critical to help improve business ethics? C. Increased penalties for code violators. [C] allows them to reach specific groups more directly [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is (B) going to save money by not hiring those who are disabled Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. The most basic question in an ethics-based management system is. 3 Reasons Why Business Ethics Is Important - Redlands 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. integrity-based ethics Ethics in Management | Encyclopedia.com Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. Codes of ethics foster ethical behavior by Why Is Ethical Decision Making Important? - Lisa Jeffs 'Business' can mean an activity of exchange. 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. integrity-based ethics All else held equal, socially responsible firms: A. are viewed more favourably by consumers. However, anyone caught violating a law will be immediately fired." vigilantes. analysts. Multiple choice question. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ During the last recession monetary contributions decreased and companies found ways to continue their philanthropic participation by asking employees to donate time to corporate social initiatives and other projects. 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. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. 1. Everyone with whom the business has dealings. is costly, but worthwhile in reaching specific customers Multiple choice question. Marketing, Finance, Sales), technical roles (e.g. Giving back to society A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Ethical issues are limited to for-profit organizations. These examples of ethical behaviors ensures maximum productivity output at work. Why Should Businesses Act Ethically? - Business Ethics and Corporate Responsible business behavior depends on the responsible behavior of each ______ in the business world. Scandals. Paying employees on specified pay dates most of the time. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. They should display behavior that is honest and fair in their relationships with co-workers and their. The total rent on the plant is$80.000 per period. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; (A) businesses who are socially responsible will earn more In the long run, CSR enhances profits. social media. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. 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. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Multiple choice question. Should an instance occur, the result could be devastating to your company's finances and reputation. Its premise is based on integrity, fairness, and respect for others. 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. D. buying the company's products. formal and informal. Multiple select question. CSR can lead to even more profits. P 145 avoiding lawsuits is one reason to manage a - Course Hero the collection of laws to protect society from fraud, theft, and violence. corporate social initiative Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Multiple Choice D. integrity. Multiple choice question. Shared accountability among employees. The firm has evolved into a big business due to quality and innovative work. \end{matrix} C. Operational initiatives investors. As a philosophy, ethics are the principles that guide a person's behaviour. Though discrimination and harassment laws have been put in place and continue to be updated . [C] only to compete and make a profit In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Global Business Ethics. social order ethics Multiple select question. Which of the following should help reduce the incidence of unethical behavior in an organization? D. the nation's business schools that tolerate unethical behaviour in students. This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and
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