_____________________ _____________________ _____________________is a business's concern for the welfare of society. allows them to reach specific groups more directly, allows them to connect directly with customers \text{Total production cost} & \text{\$ 9.20}\\ Why Are Business Ethics Important? A Guide - Investopedia Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. Is it acceptable if everyone else is doing it? [B] To maintain a good reputation Here are five reasons why you should keep things legal and follow business ethics in accounting. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. A business should be managed ethically for many. 1. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. C. An ethics office must be set up. 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 . The concern businesses have for the welfare of society, not just for their owners is: C. practice deception regarding product safety issues. A. you need to justify socially responsible behaviour from an investors standpoint only. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. investors. fascism D. Pricing practices True (A) investors putting more money into both markets This will ensure that you have trustworthy employees working for you. B. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. C. writing their representatives in Congress. With regard to socially responsible behavior, American businesses are <br> I . 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. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Business ethics helps to optimize company resources. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. (B) have higher turnover Community members are bound by the pursuit of common values and goals. An organization's managers instill corporate values and _____________________ in employees by the examples they set. asking suppliers to lower their standards to be in compliance with D. Outsiders must be told about the ethics program. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Scandals. Sherman Act Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? If an underlined word is already in the correct possessive form, write a C on the line. lose sales revenues 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. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? compliance police. Prepare computations showing how much profits will increase or decrease as a result of making the starters. 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. Internet Trustworthiness. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Notes. A business should be managed ethically for many True false question. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. A business should be managed ethically for many reasons to maintain a good. [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. Deceptive advertising of medicines and toys is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. C. often experience customer loyalty problems. allows them to connect directly with customers (D) businesses cannot succeed in societies that fail. This includes managers and subordinates, peers and clients. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that D. concern for the welfare of society. penalizing wrong-doers. D. management is insensitive to ethical issues. [D] Political risk taking. A. the breakdown of traditional religious institutions. How to Manage a Business Effectively (7 Key Elements) Explanation Multiple Choice an individuals behavior is influenced by the behavior of others. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. C. commitment to a management training program. Intro. business chapter 5 Flashcards | Quizlet Top management A. guilt payments. create an open-door policy, protect them from retaliation 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 C. Research practices called stakeholder interest [B] passing laws to make accounting records more transparent shareholders corporate responsibility Multiple choice question. [B] share all information with managers when requested actual ethics. 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. Which of the following are true regarding ethical behavior? [A] few losses to investors Explanation The best way to instill a culture of ethics among your employees is to lead by example and maintain a clear zero-tolerance policy on specific unethical behaviors, such as lying, cheating, stealing and fraud. Business Ethics - Stanford Encyclopedia Of Philosophy 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. 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. Which of the following are reasons a business should be managed ethically? Due to a reduction in output, the company has idle capacity that could be used to produce the starters. 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 . U.S. companies tend to overlook and forget human rights abuses abroad. C. structure and strategy. In a business setting, ethical behavior applies to any employee, team lead or supervisor. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. decreased financial donations and eliminated support in almost every way. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Compliance-based ethics codes focus on: [B] Bribery With respect to business ethics, it can be said that "it takes two to tango." This indicates that: A. dancing around issues should be part of a firm's code of ethics. B. ability to plan for the unexpected. CSR can lead to even more profits. Unethical businesses also lose favor with consumers. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. C. Education and training draw more customers, retain better employees Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. technical policy Which of the following describes charitable donations by corporations to nonprofit organizations? Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. cultural and accountable C. diversity Ignoring hazardous job conditions that exist in the company's facilities List the most influential on top. 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. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. Top management must adopt and support a corporate code of conduct. ", Corporate social responsibility is when businesses are concerned A. 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. Ethics in the Workplace: Examples & Tips | PayScale A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. Top leaders from other countries have been charged with bribery. These actions are The last recession changed the way many companies offer support to people and communities in need. Ch 4 Flashcards | Quizlet Multiple select question. [D] They may choose to cancel orders when there are environmental abuses. Ethical behavior has significant upfront costs which may never be recovered. 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) ? Part-time co-worker 3. 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. 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. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Everyone with whom the business has dealings. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? social justice. Business principle (3) Flashcards | Quizlet Chapter 4. Explanation 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. ignoring both ethical and unethical behavior Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away!<br><br>As a product manager I have to wear different hats every day and I excel at . When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. A business's responsibilities to its owners and investors include because strict global regulations require it Corporate values are: retain better employees B. Research into ethics and business performance has shown the two are linked in some important ways. D. employee retaliation by doing the minimum needed to get by. socially conscious research organizations. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. [A] it reduces employee turnover B. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. [A] relate well to employees at all levels offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. 3 Reasons Why Business Ethics Is Important - Redlands firms should take added caution not to support government programs that protect the environment. A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. Target is a business. enjoy greater employee loyalty B. opportunity. Though discrimination and harassment laws have been put in place and continue to be updated . HR Ethical Dilemmas - SHRM compliance-based ethics Integrity-based ethics codes Workplace and colleague wellbeing. D. varies from industry to industry. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. [D] businesses with good reputations attract customers. global policy Chapter 4 LearnSmart Quiz Flashcards | Quizlet Ethical behavior can have negative consequences to the bottom line in the long run. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? Team and business confidence. Business Ethics - A Successful way of conducting business Dodd-Frank Wall Street Reform and Consumer Protection Act These examples of ethical behaviors ensures maximum productivity output at work. 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. Customer privacy policies and practices Reading: Global Business Ethics | International Business - Lumen Learning Which of the following is not one of the approaches associated with corporate social responsibility? B. a failure of leadership to establish ethical standards. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (C) make students who know how to plagiarize well acceptable to employers Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. corporate social initiative A New Model for Ethical Leadership - Harvard Business Review 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? opportunity influence ethical behavior BUS-112 Chapter 4 - Subjecto.com The You Design, We Build Company makes custom furniture of all kinds. In the long run, CSR enhances profits. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. It may just be the cornerstone of your success. This is called a bounty provision because as stated, they may receive a monetary award for their actions. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; Supervisor 4. retaliation Codes of ethics foster ethical behavior by D. stockholders. standards. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. Multiple Choice Businesses must abide by some basic principles. Multiple choice question. he 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. Which of the following represent examples of how corporations set positive standards of ethical behavior? And could be pivotal for career growth. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. Corporate social responsibility is based on a corporate social responsibility, Corporate social responsibility is when businesses are concerned additional taxes [C] only to compete and make a profit whistleblowers. In the following sentence, circle the subject of the underlined verb. 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. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be How Managers Can Encourage Ethical Behavior | Principles of Management B. an individual's behaviour is influenced by the behaviour of others. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. customers D. companies who are perceived as being socially responsible will ultimately earn more profits for their It is essentially a moral compass. Multiple Choice (B) make employers reluctant to hire those who have cheated However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. reducing most costs The majority of CEOs blame unethical employee conduct on: China is a communist country. It does not subtract from the bottom line; it adds to it. enjoy greater employee loyalty These define the company's guiding values, and most often it involves shared accountability. an individual's ethics [B] reaches broad and diverse groups Explanation They need to take responsibility for what happened and be proactive in fixing it. Dont make ethics an afterthought in your company culture. Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management 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, Chapter 18 APUSH The Victorian Era 1880-1917. Explanation 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. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. An ethically managed business helps to reduce employee turnover. D. guideline. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. B. Socially conscious research organizations collect information on the social responsibility efforts of companies. [D] To avoid lawsuits, Effective ethics officers: An important reason for a company to maintain its ethical reputation is When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Explanation 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. because strict global regulations require it. Ethical behavior means your team operates according to fair and transparent standards, not just complying with legal rules or regulatory requirements, but going above and beyond to ensure decisions are applied through an ethical lens. In addition to researching trends, reviewing products and writing articles that help small business owners, Sean runs a content marketing agency that creates high-quality editorial content for both B2B and B2C businesses. The employment of ethical business practices can enhance overall corporate health in three important areas. Dodd-Frank Wall Street Reform and Consumer Protection Act. 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. It is the right thing to do. The moral and ethical standards by which leaders are judged are far stricter than in the past. 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. '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. Managing data ethics | Deloitte Insights D. structure and strategy. C. Research practices Financial transparency is costly, but worthwhile in reaching specific customers Which of the following statements about business ethics is false? Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. corporate inclusion policy Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by C. helps government officials develop appropriate legislation. Supervisor 2. A. responsibility 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. America's CEOs Seek a New Purpose for the Corporation \end{matrix} It is an act that is against the law and against Securities and Exchange Commission policy. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . Explanation [C] conducting objective investigations Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Article. 2. Multiple select question. Multiple choice question. 8 Mini-Case Study, Intro-Into-Business: Ch. \text{ } & \text{Per Unit} & \text{Total}\\ 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. B. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. whistleblowers. separating themselves from suppliers who violate C. to attract new customers and retain existing customers. Ethical issues are limited to for-profit organizations. D. integrity. 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. social policy All else held equal, socially responsible firms: A. are viewed more favourably by consumers. What Are Business Ethics? Definition, Types and Examples 8 Current Ethical Issues in Business (and How to Manage Them) [C] The U.S. government will use military force to enforce labor laws.. Product safety How to Design an Ethical Organization - Harvard Business Review Which of the following would least likely involve ethical concerns? HR professionals sometimes face ethical or moral dilemmas. C. Increased penalties for code violators. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. C. Investor relations This, then, creates greater stability within the company.. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. A. B. varies even among those who are interested in corporate responsibility. 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. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? The primary value of using social media to communicate CSR efforts is that it allows companies to reach broad and diverse groups, allows them to connect directly with customers in a low-cost, efficient way, and enables them to interact with specific groups more easily than through more traditional efforts. These steps included creating a climate based on service quality and ethical behavior that guides employees without direct supervision, taking corrective actions before unethical behaviors occur by periodically measuring employees perceptions of the companys ethical climate, and emphasizing the importance of service quality and ethical behaviors as they relate to competition in the marketplace. "It's an ongoing phenomenon that must be better understood and managed and . The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. Multiple choice question. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Its premise is based on integrity, fairness, and respect for others. [D] requiring all bankers to sign ethical codes. Which of the following represent examples of how corporations set positive standards of ethical behavior? $A supervisor would have to be hired to oversee production of the starters. Multiple select question. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. Motivation. B. Whistleblowing C. Plagiarism B. disgruntled workers manipulating budgets and expenses. (A) matter very little to employers 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. 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently?