a business should be managed ethically because a business should be managed ethically because

[C] making businesspeople more accountable for their actions D. management is insensitive to ethical issues. A. delight them with a quality product at a fair price. (B) are limited to the United States U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. True false question. It is an act that is against the law and against Securities and Exchange Commission policy. 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: Businesses can show their CSR in many ways. B. disgruntled workers manipulating budgets and expenses. Ethical behavior has significant upfront costs which may never be recovered. acquisition stalking. C. teamwork eliminates a need for personal ethics. social initiatives B. being socially responsible is all about being ethical. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: customers 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: C. Watch tower sentinel To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Notes. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Personal projects This will ensure that you have trustworthy employees working for you. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. socially conscious research organizations. These define the company's guiding values, and most often it involves shared accountability. Supervisor Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. [B] Bribery stockholders He also believed anything other than that would be considered: 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. Discrimination and Harassment. draw more customers, retain better employees What occurs when an employee exposes an employer's wrongdoing to outsiders? Paying employees on specified pay dates most of the time. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. 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. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and reducing regulations about labeling many Americans decide what's ethical based upon the situation in which they find themselves. We covered: How data teams can actually design ethical ML models, after . C. Accounting fraud Multiple choice question. C. teamwork eliminates a need for personal ethics. Multiple Choice 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 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? D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. 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. Mistakes and misunderstandings are bound to happen in any work setting. The side effects are so great that the society urges that the business should always be ethically and socially responsible. Whistleblowers are often concerned about retaliation. C. Investor relations asking suppliers to lower their standards to be in compliance with B Ethical management generates trust, and trust increases productivity. The first area is productivity. based on a commitment to integrity and respect Ch 4 Flashcards | Quizlet Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. How to Manage a Business Effectively (7 Key Elements) A. reduced employee turnover. technical policy Which of the following is NOT a part of an integrity-based ethics code? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be Explanation D. companies who are perceived as being socially responsible will ultimately earn more profits for their Codes of ethics foster ethical behavior by The majority of CEOs blame unethical employee conduct on: C. Research practices Defines an organization's guiding principles. Ethical standards are different from country to country. Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Supervisor 2. D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. (A) have fewer loyal customers but attract more of them Customer privacy policies and practices 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? Resource procurement and consumption practices B. the police in jurisdictions where the business has operations. C. It is the law in the U.S. D. Employees. B. an individual's behaviour is influenced by the behaviour of others. It's the age-old reality: "Out-of-sight, out-of-mind." create an open-door policy, protect them from retaliation 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. The concern businesses have for the welfare of society, not just for their owners is: global policy Safe working conditions an individuals behavior is influenced by the behavior of others. These actions are A. [A] making the charges public before the investigation Which of the following statements is false? of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition 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? 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} 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. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. 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. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: SE Oklahoma's MBA Programs Teaches Ethics She has asked you to give her information about what determines the level of various interest rates. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. If an underlined word is already in the correct possessive form, write a C on the line. D. employee retaliation by doing the minimum needed to get by. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Eric Allgood - Managing Director - Small Business Assistance and called stakeholder interest List the most influential on top. it reduces laws and regulations However, anyone caught violating a law will be immediately fired." 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. A business should be managed ethically for many. B. Your boss has prepared some questions for you to consider. E. A criminal lawsuit. separating themselves from suppliers who violate. Corporate social responsibility is based on a Top officials in countries like Japan, South Korea, and China have faced legal charges of influence peddling and __________ charges, which serve as examples of the unethical behavior that U.S. companies face in overseas markets. it makes financial as well as moral sense to invest in companies that plan to create a better environment, that they can improve their own financial health by investing in companies whose goods and services benefit the community Compliance-driven ethics standards Which of the following were not identified as being fundamental to the CSR definition? compliance police. 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. Shared accountability among employees. Reevaluating its ethics codes based on the input of its customers. B. (A) 3 out of 4 citizens do not give any time to the communities in which they live How can. Explanation offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. that only society's health is improved when they invest in companies whose goods and services benefit the community Dont make ethics an afterthought in your company culture. 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. B. expressing dissatisfaction by protesting. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. In the long run, they believe [B] To maintain a good reputation By being ethical, leaders can foster an environment that rewards and encourages good attitudes. This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. C. providing all relevant information about current and projected performance of the firm. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. social audit. A high ethical standard extends to customers as well. The ethics code must be enforced. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. 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? This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. (C) make students who know how to plagiarize well acceptable 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. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Why Is Ethical Decision Making Important? - Lisa Jeffs [B] passing laws to make accounting records more transparent It is the right thing to do. 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. This is called a bounty provision because as stated, they may receive a monetary award for their actions. human resource support staff You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Multiple select question. A New Model for Ethical Leadership - Harvard Business Review 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. Everyone with whom the business has dealings. whistleblowers Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? [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. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. 2. True D. Pricing practices <br> I . [D] businesses with good reputations attract customers. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? [C] only to compete and make a profit The main principles of business ethics are based in academia and on academic writings on proper business operations. 360-review. D. Mayhem 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. Ethical issues are limited to for-profit organizations. Practice deception regarding product safety issues. Ethical Behavior Is Essential to Business - Business News Daily Full-time co-workers What kind of person do you think Paulsen is? D. varies from industry to industry. Why Are Business Ethics Important? A Guide - Investopedia Scandals. Explanation When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. Multiple choice question. Managing Business Ethics - Ethical Systems Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". An important reason for a company to maintain its ethical reputation is Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. 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. (D) occur in only a few countries. 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. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. [A] for the welfare of society as a whole (A) are just part of doing business social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. CSR can lead to even more profits. Which of the following are true regarding ethical behavior? B. improve corporate profits. This is the third year of operations for the company. 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. Businesses should create and display their code of ethics publicly. B. philanthropy 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. Amber was observing an example of the ___________ followed at this organization. The rent charge above is based on space utilized in the plant. Strict global regulations require it. B. D. Improved awareness of the relevant laws. 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. Source interviews were conducted for a previous version of this article. 1. B. ability to plan for the unexpected. (C) 4 out 5 citizens volunteer an hour each week D. Outsiders must be told about the ethics program. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. B. Horn blower \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. B. Think about a business that hires only family or one that gives inappropriate incentives, for example. A. expanding the opportunity to behave ethically by providing rewards for following the rules. Target is a business. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. C. writing their representatives in Congress. [A] They will bribe local officials to change their policies. 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. Typically, it is the kind of information where parties in the know can benefit. Multiple Choice Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. D. management is insensitive to ethical issues. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. tax officials. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. C. moral philosophy. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are True false question. setting a good example. Explanation A. the breakdown of traditional religious institutions. Article. draw more customers, Many investors believe 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. B. maintaining proper accounting procedures. A. school districts Multiple choice question. ___________ __________ ______________is a business's concern for the welfare of society. What are the causes of pay discrimination in the labor market? B. requiring suppliers to be evaluated monthly concerning Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Intro. business chapter 5 Flashcards | Quizlet E. law. What Are Business Ethics? Definition, Types and Examples (B) 3 out of 4 citizens think they should be paid for their volunteer work (D) long jail terms for those who acted unethically. When management considers ethics in its actions toward stakeholders, employees can be positively affected. a written code of ethics 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. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. C. to attract new customers and retain existing customers. D. maximizing their investment in the firm. In fact they contribute to it: 1. How Managers Can Encourage Ethical Behavior | Principles of Management profitable charities 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. [A] few losses to investors Which of the following would least likely involve ethical concerns? Other countries also follow capitalist principles. employees and internal public relations 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. America's CEOs Seek a New Purpose for the Corporation likely to perform better financially Multiple select question. Top leaders from other countries have been charged with bribery. 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. Whistleblowers are insiders who report illegal or unethical behavior. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Multiple choice question. \text{Direct labor} & \text{2.70}\\ opportunity influence ethical behavior E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? The findings reveal that quality service and an ethical business plan are essential to long-term business success. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." building parks C. helps government officials develop appropriate legislation. A. Whistleblower 23 Ethical & Unethical Behavior Examples in Workplace - Formpl It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. An organization's managers instill corporate values and _____________________ in employees by the examples they set. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: Business Ethics refers to carrying business as per self-acknowledged moral standards. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Positive Effects of . The employees of a corporation are stakeholders who are affected by management practices. 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. 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. Multinational corporations are committed to operating within the legal limits of U.S. law. Another reason why business ethics is important is that it can improve profitability. 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. True 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. $A supervisor would have to be hired to oversee production of the starters. Multiple Choice [C] To increase employee turnover 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. Multiple select questions. It does not subtract from the bottom line; it adds to it. Though there are many ethical opinions that most people share, ethics will differ from person to person. (C) to increase employee turnover Workplace and colleague wellbeing. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. (D) affect hiring practices very little. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. Morality codes All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. [B] about being fair and honest with their stakeholders Explanation compliance-based ethics The most basic question in an ethics-based management system is. corporate inclusion policy CSR can lead to even more profits. A. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. corporate social responsibility, Corporate social responsibility is when businesses are concerned It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Which of the following represent examples of how corporations set positive standards of ethical behavior? [D] severe financial crises.