a business should be managed ethically because
allows them to connect directly with customers likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." [B] most of those who caused the crisis going to jail called stakeholder interest 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Fraud Shared accountability among employees. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be [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. Which of the following would be a unique focus of an integrity-based ethics code? B. A business should be managed ethically for many. shareholders [B] allowing management to decide the outcomes of investigations U.S. companies tend to overlook and forget human rights abuses abroad. Ethical behavior does not matter to investors. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? Explanation This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. They define crimes more narrowly than do ethics protect from fraud, theft, and violence, while are used to decide how we treat others responsibly to society's views of right and wrong Ethically Behaving often requires more than obeying the law. separating themselves from suppliers who violate. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Explanation Multiple choice question. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. True This is the third year of operations for the company. These define the company's guiding values, and most often it involves shared accountability. penalizing wrong-doers. According to recent U.S. Census Bureau research volunteerism is at an all time high, but, 3 out of 4 citizens do not give any time to the communities in which they live. Global Business Ethics. The You Design, We Build Company makes custom furniture of all kinds. 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? Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. B. philanthropy. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. Periodically asking every employee to evaluate the company's ethics performance. [A] outsourcing enforcement of the laws to private firms Demanding Ethical and Socially Res, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Natuurwetenschappen eerste jaar examen trimes. Community members are bound by the pursuit of common values and goals. providing safety equipment and training for their workers, increasing the diversity of their workforce Though there are many ethical opinions that most people share, ethics will differ from person to person. Target is a business. It is essentially a moral compass. Multiple Choice D. Outsourcing practices B. [D] They may choose to cancel orders when there are environmental abuses. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. As a philosophy, ethics are the principles that guide a person's behaviour. B. focus on cost and quality control systems within your organization. Other countries also follow capitalist principles. 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 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 . corporate social responsibility, Corporate social responsibility is when businesses are concerned insider trading. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. because strict global regulations require it Corporate values are: True false question. D. Mayhem 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. 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. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. Unfair competitive practices in the computer industry The World Trade Organization (WTO) 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. This is an example of corporate: When Paulsen describes Storm, he also gives clues about his own personality. A. Overstating an expense report. An important reason for a company to maintain its ethical reputation is True A. To allow whistleblowers to come forward with information organizations should There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. One strategy guaranteed to displease your customers is to: Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; [C] making businesspeople more accountable for their actions 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. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Explanation There are a wide variety of examples of ethical behavior in the workplace. D. Improved awareness of the relevant laws. Top management must adopt and support a corporate code of conduct. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. 8 Mini-Case Study, Intro-Into-Business: Ch. . \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ 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) ? D. short run profit maximization. Trust and cooperation between workers and managers must be based on which of the following? social justice. All successful businesses communicate effectively. Synonym Discussion of Ethical. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? C. business exists only to make money for shareholders. C. diversity 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. The authors start from the assumption that most people wish to behave ethically. 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. B. an individual's behaviour is influenced by the behaviour of others. increased their financial donations because they understood how badly society needed a helping hand. Multiple choice question. (D) businesses cannot succeed in societies that fail. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. Multiple Choice 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. B. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. [D] allows them to connect directly with customers. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . A business should be managed ethically because, businesses with good reputations attract customers. (C) attract and retain better employees D. Integrity watchdog. Top management 4. Should an instance occur, the result could be devastating to your company's finances and reputation. C. the increase in lawsuits used to avoid personal responsibility. In the following sentence, circle the subject of the underlined verb. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. (A) investors putting more money into both markets Companies that participate in CSR typically have more loyal employees and customers. Increased control over employee actions. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Full-time co-workers 3. Think about a business that hires only family or one that gives inappropriate incentives, for example. A. E. Employee benefit programs. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . A. Internet On the flip side, a leader who personifies ethical behavior will be fair in all situations. 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. CSR can lead to even more profits. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. 1. 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. [A] Influence peddling reducing most costs Team and business confidence. Which of the following statements is false? The majority of CEOs blame unethical employee conduct on: corporate raiders. Explanation corporate responsibility How Does 401(k) Matching Work for Employers? They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Ethics can be rooted in belief or the pursuit of making the world better. 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. [B] Bribery A. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. The second major meaning behind the term is . The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. vigilantes. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. 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. 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. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". 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 internal search and occupy organizations. it reduces laws and regulations True Many companies (D) occur in only a few countries. 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. Are Workplace Politics Destroying Your Business? [A] for the welfare of society as a whole Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations.