a business should be managed ethically because

draw more customers, Many investors believe An ethical business will get your employees to respect your company . But when they do, employees need to take accountability for their actions. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. B. maintaining proper accounting procedures. (A) investors putting more money into both markets Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Explanation Whistleblowers are insiders who report illegal or unethical behavior. allows them to reach specific groups more directly. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. 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. enjoy greater employee loyalty Intro. business chapter 5 Flashcards | Quizlet A. Community members are bound by the pursuit of common values and goals. integrity-based ethics higher ethical standards than in the past. Discrimination and Harassment. social audit. reducing most costs The findings reveal that quality service and an ethical business plan are essential to long-term business success. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. information technology (B) it is using investors' money in ways they did not intend Ch 4 Flashcards | Quizlet 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. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. Business Ethics - Quick Guide - tutorialspoint.com (B) 3 out of 4 citizens think they should be paid for their volunteer work 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? \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ \text{Direct materials} & \text{\$ 3.10}\\ Shared accountability among employees. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. Compliance-based ethics codes focus on: moral impropriety. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. C. help laid-off employees get their jobs back. corporate raider divisions. D. short run profit maximization. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. (A) it prevents government audits And could be pivotal for career growth. Multiple select questions. The World Trade Organization (WTO) Who sets the standards of right and wrong as defined by ethics? To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. (A) matter very little to employers 'Business' can mean an activity of exchange. 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: Article. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. Which of the following is a reason why a business should be managed ethically? allows them to reach specific groups more directly, allows them to connect directly with customers Top management 1. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. social impact program. As a philosophy, ethics are the principles that guide a person's behaviour. When management considers ethics in its actions toward stakeholders, employees can be positively affected. Multiple choice question. Its premise is based on integrity, fairness, and respect for others. Depreciation is due to obsolescence rather then wear and tear. How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. [C] Paying U.S. minimum wage [A] it reduces employee turnover In fact they contribute to it: 1. requiring suppliers to be evaluated monthly concerning Why Is Ethical Decision Making Important? - Lisa Jeffs Both positive and negative activities are measured. Should an instance occur, the result could be devastating to your company's finances and reputation. B. improve corporate profits. Personal projects whistleblowers. actual ethics. Ethical behavior can have negative consequences to the bottom line in the long run. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. Multiple choice question. A. 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. The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. 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. (B) make employers reluctant to hire those who have cheated 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. Explanation Which of the following statements reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by U.S. firms? On the line provided after the sentence, write the possessive form of the underlined words. B. Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? because strict global regulations require it Corporate values are: (A) likely to perform better financially can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Explanation With regard to socially responsible behavior, American businesses are A. increasing the diversity of their workforce It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. C. a loss of employee commitment and trust in the company and its management. Explanation Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management E. all of the answers are correct. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. Corporate philanthropy U.S. companies tend to overlook and forget human rights abuses abroad. [A] To attract customers corporate responsibility lower ethical standards than in the past. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. This is an example of corporate: ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. [C] it reduces the likelihood of lawsuits by employees or customers Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. 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. She has asked you to give her information about what determines the level of various interest rates. C. the increase in lawsuits used to avoid personal responsibility. On the flip side, a leader who personifies ethical behavior will be fair in all situations. 360-review. To manage these risks and the ethical obligations they imply, CDOs should work on developing institutional practices for continual learning and interaction with external experts. Emphasizes strong penalties for wrongdoers A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? [B] They may choose to cancel orders when there are human rights abuses. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Chapter 4. How can. additional taxes It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Ethical Behavior Is Essential to Business - Business News Daily 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Giving back to society 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. Which of the following represent examples of how corporations set positive standards of ethical behavior? A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . likely to perform better financially [A] making the charges public before the investigation Socially conscious research organizations collect information on the social responsibility efforts of companies. acquisition stalking. Multiple choice question. Strategic partnering decreased financial donations and eliminated support in almost every way. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. increasing control ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Ignoring hazardous job conditions that exist in the company's facilities True false question. whistleblowers Internal Audit Company Protection Act Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is [B] it increases the likelihood of government intervention A. reduced employee turnover. (B) going to save money by not hiring those who are disabled 051-Methods for Designing Ethical, Human-Centered AI with Undock Head Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. C. Operational initiatives Business Ethics - Stanford Encyclopedia Of Philosophy B. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: At a college, a code of ethics could include being honest and unbiased when grading and being a catalyst for diverse perspectives in the classroom. Ethical standards are different from country to country. All successful businesses communicate effectively. A business starts with the correct usage and allocation of finances and cost management. 8 Current Ethical Issues in Business (and How to Manage Them) Which of the following would be a unique focus of an integrity-based ethics code? insider trading. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. Companies that participate in CSR typically have more loyal employees and customers. social order ethics about being fair and honest with their stakeholders B. a failure of leadership to establish ethical standards. hiring only women and minorities [C] allows them to reach specific groups more directly Multiple choice question. D. varies from industry to industry. Paying employees on specified pay dates most of the time. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. The employment of ethical business practices can enhance overall corporate health in three important areas. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Business ethics benefits the bottom line. 8 Mini-Case Study, Intro-Into-Business: Ch. [C] The U.S. government will use military force to enforce labor laws.. D. Outsiders must be told about the ethics program. HR professionals sometimes face ethical or moral dilemmas. C. Research practices [C] conducting objective investigations Motivation. Business Should Always Be Ethically and Socially Responsible draw more customers, retain better employees How Does 401(k) Matching Work for Employers? 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. 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. D. shift the production of goods to foreign facilities and layoff Canadian workers. In the long run, they believe investors. TV ads Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Notes. Deceptive advertising of medicines and toys This is due to the fact that our ethics are shaped by our moral code. D. employee retaliation by doing the minimum needed to get by. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? only with their responsibility to their shareholders Multinational corporations are committed to operating within the legal limits of U.S. law. Multiple select question. What Are Business Ethics? Definition, Types and Examples Multiple choice question. They need to take responsibility for what happened and be proactive in fixing it. Which of the following are reasons a business should be managed ethically? How are these two rates measured? B C. all levels of management. higher ethical standards than in the past. Multiple select question. 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. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. E. Employee benefit programs. A well-implemented ethics program can also reduce losses. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Multiple select question. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Multiple Choice It is the right thing to do. Safe working conditions B. the police in jurisdictions where the business has operations. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. False. Emphasizes strong penalties for wrongdoers (D) it reduces laws and regulations, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: A. D. management is insensitive to ethical issues. many Americans decide what's ethical based upon the situation in which they find themselves. (A) businesses who are socially responsible will earn more (nervous). Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. 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. 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." Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Ethical behavior positively impacts a businesss financial performance. 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? ", Corporate social responsibility is when businesses are concerned Executives at Enron and Tyco were found guilty ____________ of behavior that damaged their companies' reputations, The emergence of the green movement has affected businesses by. B. Whistleblowing C. Plagiarism Compliance-driven ethics standards They should display behavior that is honest and fair in their relationships with co-workers and their clients. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. stockholders (C) likely to perform worse financially What Are Business Ethics and Why Are They Important? The deliberative system leads to more-ethical behaviors. B. focus on cost and quality control systems within your organization. What is the best reason for a business to be managed ethically? 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. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. D. Pricing practices Periodically asking every employee to evaluate the company's ethics performance. Multiple choice question. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? to increase employee turnover Explanation Corporate social responsibility is based on a True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. B. an individual's behavior is influenced by the behavior of others. Unethical behavior by financial and real estate businesses has led to C. Research practices A. guilt payments. that only society's health is improved when they invest in companies whose goods and services benefit the community We covered: How data teams can actually design ethical ML models, after . Study 19 Terms | Philosophy Flashcards | Quizlet An important factor in enforcing an ethics code is: Multiple select question. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. C. to attract new customers and retain existing customers. Multiple Choice capitalism A business's responsibilities to its owners and investors include Ethical problems such as influence peddling and bribery: A. Research into ethics and business performance has shown the two are linked in some important ways. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. a clear set of rules and regulations The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Multiple Choice Multiple Choice They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. B. expressing dissatisfaction by protesting. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. There are a wide variety of examples of ethical behavior in the workplace. 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: 2. an individual's ethics Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. A. Internet corporate social initiative Customers A business should be managed ethically because, businesses with good reputations attract customers. Multiple Choice American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. B. opportunity. Multiple select question. Positive Effects of . B. Business Ethics - Overview, Examples, Components of Business Ethics Stresses shared accountability 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. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; Ethical Marketing - Marketing Schools responsible management of human resources, responsible management of human resources. cultural and accountable An organization's managers instill corporate values and _____________________ in employees by the examples they set. reaches broad and diverse groups Economic conditions in some developing countries make child labor a necessity for the survival of families. Unfair competitive practices in the computer industry D. integrity. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Business ethics helps to optimize company resources. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. not concerned with the ethical or socially responsible behavior of their international suppliers. The benefit of using __________ to communicate a business's CSR efforts to the public is that it allows companies to reach broad and diverse groups directly in a low-cost, efficient way. A. code of ethics. 2. 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 . Explanation C. Investor relations 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. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. \text{Direct labor} & \text{2.70}\\ My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. A company that has socially responsible human resources management is [D] allows them to connect directly with customers. B. protect them from retaliation 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. Multiple Choice This is called a bounty provision because as stated, they may receive a monetary award for their actions. [D] Political risk taking. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Multiple Choice Though discrimination and harassment laws have been put in place and continue to be updated . A. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. 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? C. It is the law in the U.S. D. Employees. (B) are limited to the United States