Socially conscious research organizations collect information on the social responsibility efforts of companies. P 145 avoiding lawsuits is one reason to manage a - Course Hero Explanation Intro-Into-Business: Ch. 4 Learn Smart Flashcards | Quizlet retain better employees Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Who sets the standards of right and wrong as defined by ethics? C. Investor relations analysts. clarifying what green means Periodically asking every employee to evaluate the company's ethics performance. Dodd-Frank Wall Street Reform and Consumer Protection Act. shareholders Explanation Which of the following is a reason why a business should be managed Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. 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} D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. D. help investors recoup their losses. CSR can lead to even more profits. (A) it prevents government audits In "Two Kinds," how does the narrator feel after the talent show? A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. This, then, creates greater stability within the company.. Though there are many ethical opinions that most people share, ethics will differ from person to person. using recyclable packaging B. that they can improve their own financial health by investing in companies whose goods and services benefit the community social justice. A. Diversity and discrimination B. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. An organization's managers instill corporate values and _____________________ in employees by the examples they set. Multiple choice question. allow for complete anonymity fascism whistleblowers. Explanation When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. D. Improved awareness of the relevant laws. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Synonym Discussion of Ethical. 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. Ethics can be rooted in belief or the pursuit of making the world better. Explanation (D) affect hiring practices very little. for the welfare of society as a whole, about being fair and honest with their stakeholders C. diversity An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. While these actions might not be illegal, they can definitely have negative effects on the morale and success of a company, especially if their dirty laundry is aired publicly. socially conscious research organizations. 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) ? 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. 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. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ We covered: How data teams can actually design ethical ML models, after . cultural and accountable (D) businesses cannot succeed in societies that fail. secondary market companies. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Ethical Marketing - Marketing Schools D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Those who argue in favour of corporate social responsibility suggest that: [B] Bribery Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? A. code of ethics. As a philosophy, ethics are the principles that guide a person's behaviour. 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. Periodically asking every employee to evaluate the company's ethics performance. Multiple choice question. In the long run, they believe Today, as many Americans (64%) say that a company's "primary purpose" should include "making the world better" as say it should include "making money for shareholders." \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ How can. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Which of the following are reasons a business should be managed ethically? Business ethics concerns ethical dilemmas or controversial issues faced by a company. 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. 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. Business Ethics - Quick Guide - tutorialspoint.com (B) 3 out of 4 citizens think they should be paid for their volunteer work a written code of ethics These actions are Which of the following should help reduce the incidence of unethical behavior in an organization? Stresses shared accountability government-supported direct mail campaigns Employees and management alike can work together to create businesses that have high standards. 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. C. structure and strategy. Intro. business chapter 5 Flashcards | Quizlet (C) benevolence is the highest virtue (B) are limited to the United States An important reason for a company to maintain its ethical reputation is Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. 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: Business Ethics: Definition, Principles, Why They're Important (C) 4 out 5 citizens volunteer an hour each week The ethics code must be enforced. because strict global regulations require it, learned by observing the actions of others in the organization. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Source interviews were conducted for a previous version of this article. corporate beneficial management Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. This is an example of corporate: Displaying good ethical behavior can boost company morale and client relations. 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. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Top leaders from other countries have been charged with bribery. requiring suppliers to be evaluated monthly concerning Maria Juarez is a professional tennis player, and your firm manages her money. Which of the following would be a unique focus of an integrity-based ethics code? (A) have fewer loyal customers but attract more of them Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Multiple choice question. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". To allow whistleblowers to come forward with information organizations should Packaging requirements True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. 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: The World Trade Organization (WTO) 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} The rent charge above is based on space utilized in the plant. whistleblowers 8 Current Ethical Issues in Business (and How to Manage Them) Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. setting a good example. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. One strategy guaranteed to displease your customers is to: All else held equal, socially responsible firms: A. are viewed more favourably by consumers. 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] it increases the likelihood of government intervention 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. 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. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Business Ethics - Definition, Principles, Types, Examples - WallStreetMojo By being ethical, leaders can foster an environment that rewards and encourages good attitudes. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. 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. information technology Defines an organization's guiding principles. 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. The You Design, We Build Company makes custom furniture of all kinds. D. short run profit maximization. D. the nation's business schools that tolerate unethical behaviour in students. Multinational corporations are committed to operating within the legal limits of U.S. law. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. social media corporate social initiative capitalism The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. hiring only women and minorities False, Whistleblowers can be helped by protecting them from: Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management increased their financial donations because they understood how badly society needed a helping hand. 360-review. Sarbanes-Oxley Ruling D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Internal Audit Company Protection Act Complete each sentence with the comparative or superlative form of the modifier in parentheses. compliance-based an individuals behavior is influenced by the behavior of others. She was even _____ after her solo than before. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. A. Overstating an expense report. A. responsibility internal investigation. 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. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." 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. enjoy greater employee loyalty social policy E. help restore confidence in Corporate America and Canada. D. Pricing practices With over 20 years of consulting experience across various industries throughout Australia and abroad, I am known for my ability to develop and turn creative strategies into efficient execution and excellent . B. maintaining proper accounting procedures. Team and business confidence. Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. Multiple select question. A company that has socially responsible human resources management is Unfair competitive practices in the computer industry If the verb is already correct, write C above it. Internal auditors Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. (B) going to save money by not hiring those who are disabled Example 1. reducing most costs Explanation Additionally, business ethics can help to build trust between the organization and its stakeholders. Increased control over employee actions. What are the causes of pay discrimination in the labor market? A. Whistleblower The term business ethics refers to the set of moral principles that guides a company's conduct. 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: To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. 'Business' can mean an activity of exchange. 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. Multiple choice question. B. philanthropy. vigilantes. D. Integrity watchdog. A business should be managed ethically for many \text{Variable manufacturing overhead} & \text{0.60}\\ Explanation This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. 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. It could also mention specific protocol within the business. List the most influential on top. Top management is essentially conducting a(n) corporate policy Multiple Choice Emphasizes strong penalties for wrongdoers acquisition stalking. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. Explanation penalizing wrong-doers. [C] making businesspeople more accountable for their actions A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. A number of ethical scandals in the past decade have raised awareness of ethical issues in business. B. focus on cost and quality control systems within your organization. Businesses must abide by some basic principles. B. being socially responsible is all about being ethical. He also believed anything other than that would be considered: The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? This is called a bounty provision because as stated, they may receive a monetary award for their actions. Are Workplace Politics Destroying Your Business? It is an act that is against the law and against Securities and Exchange Commission policy. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. Supervisor 4. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. called stakeholder interest An ethically managed business helps to reduce employee turnover. [D] businesses with good reputations attract customers. 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. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. Why a Business Should be Managed Ethically? - The Business Guru What Are Business Ethics? Definition, Types and Examples Those who have others interests in mind when they make decisions are displaying ethical behavior. B. Shared accountability among employees. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. Integrity-based ethics codes Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. D. shift the production of goods to foreign facilities and layoff Canadian workers. ethical officers Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. Multiple Choice plan to maximize profits for shareholders to spend in communities Explanation C. teamwork eliminates a need for personal ethics. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. Economics - Wikipedia Depreciation is due to obsolescence rather then wear and tear. D. Outsourcing practices technical policy leaving unethical behavior unpunished draw more customers, retain better employees This is due to the fact that our ethics are shaped by our moral code. concern for the welfare of society general guiding values 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 When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Vanessa recognizes this as a(n) ________-based code of ethics. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and B. the police in jurisdictions where the business has operations. opportunity influence ethical behavior How does the action I am proposing to take make me feel about myself? Multiple choice question. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. 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. 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. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. 3 Reasons Why Business Ethics Is Important - Redlands B. philanthropy It emphasizes sustainability, customer loyalty, brand image, and employee retention. [A] They will bribe local officials to change their policies. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Ethical Dilemmas: How Scandals Damage Companies the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. 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. 2. A business should be managed ethically for many reasons to maintain a good. Ethical behavior does not matter to investors. How Managers Can Encourage Ethical Behavior | Principles of Management 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. Unethical businesses also lose favor with consumers. The deliberative system leads to more-ethical behaviors. ignoring both ethical and unethical behavior Codes of ethics foster ethical behavior by 2. A. E. filing complaints with the company. Socially conscious investors insist that a company extend its own high standards to its ____________________. SE Oklahoma's MBA Programs Teaches Ethics Organizational ethics begins Multiple Choice at the top levels of management. to increase employee turnover Due to a reduction in output, the company has idle capacity that could be used to produce the starters. . In a business setting, ethical behavior applies to any employee, team lead or supervisor. social order ethics It is essentially a moral compass. 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? Resource procurement and consumption practices Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Ethics in Management | Encyclopedia.com communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: 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. \text{Direct labor} & \text{2.70}\\ [A] To attract customers Chapter 4. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. Scandals. They should display behavior that is honest and fair in their relationships with co-workers and their. asking suppliers to lower their standards to be in compliance with A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication.

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