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

allows them to reach specific groups more directly, allows them to connect directly with customers Chapter 4. Multiple Choice Which of the following is the BEST reason for a business to be managed ethically? only with their responsibility to their shareholders \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ (D) occur in only a few countries. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. C. writing their representatives in Congress. B. personal responsibility C. compliance P 145 avoiding lawsuits is one reason to manage a - Course Hero decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Ethical behavior can have negative consequences to the bottom line in the long run. corporate social initiative What does the research into business ethics say? How can. penalizing wrong-doers, increasing control Ethical problems such as influence peddling and bribery: Which of the following statements is false? 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. E. help restore confidence in Corporate America and Canada. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: What motivated the unethical behavior of real estate agents, lenders, and borrowers that led to the financial crisis of 2008? True Morality codes The Importance of Business Ethics | Maryville Online Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; In the workplace, there might be a standard for ethics set throughout the company. U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. They need to take responsibility for what happened and be proactive in fixing it. B. [B] about being fair and honest with their stakeholders D. fail to earn sufficient profits for their owners. U.S. companies tend to overlook and forget human rights abuses abroad. A. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Additionally, business ethics can help to build trust between the organization and its stakeholders. 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. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but (C) attract and retain better employees Notes. Another reason why business ethics is important is that it can improve profitability. Sarbanes-Oxley Ruling 2. If the verb is already correct, write C above it. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Resource procurement and consumption practices Which of the following were not identified as being fundamental to the CSR definition? using recyclable packaging B. disgruntled workers manipulating budgets and expenses. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . Trustworthiness. Multiple select questions. going to save money by not hiring those who are disabled B. 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. 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. social media [D] They may choose to cancel orders when there are environmental abuses. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. \end{array} Chapter 4. Unethical businesses also lose favor with consumers. Business Ethics: Definition, Principles, Why They're Important analysts. Managing data ethics | Deloitte Insights (B) make employers reluctant to hire those who have cheated First and foremost, father of 5 and grandfather to 3.<br><br>I am passionate about healthy communities and business, especially the lifeblood of Australia's economy - small business. create an open-door policy, protect them from retaliation Explanation How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. [D] Political risk taking. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. 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. Corporate philanthropy Multiple choice question. lower ethical standards than in the past. E. all of the answers are correct. Sherman Act The World Trade Organization (WTO) Part-time co-worker 3. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. A. Diversity and discrimination B. based on a commitment to integrity and respect CSR can lead to even more profits. Economics - Wikipedia Multiple select question. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. (C) 4 out 5 citizens volunteer an hour each week A Understanding that individual moral standards, the influence of managers and coworkers, and Multiple select question. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by All successful businesses communicate effectively. 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. Explanation That person called five of his relatives and several friends. 22. about being fair and honest with their stakeholders requiring suppliers to be evaluated monthly concerning social justice. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. How to Manage a Business Effectively (7 Key Elements) Explanation This is especially so when the market is very competitive, because then the customers have a lot of options and could switch to another product or service provider.. 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 . Multiple choice question. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Which of the following represent examples of how corporations set positive standards of ethical behavior? Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. C. structure and strategy. C. often experience customer loyalty problems. Ethics may seem like an intangible, but there is a clear connection to overall performance. social impact program. Businesses must abide by some basic principles. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. insider trading. (D) 3 out of 4 citizens volunteer, but cheat on their taxes, Using information from the internet or other sources without giving credit to the author is, The strong relationship between academic dishonesty and dishonesty at work is likely to 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. Though discrimination and harassment laws have been put in place and continue to be updated . E. filing complaints with the company. [A] few losses to investors Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . [B] passing laws to make accounting records more transparent Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Those who have others interests in mind when they make decisions are displaying ethical behavior. $A supervisor would have to be hired to oversee production of the starters. Multiple choice question. B Research has shown that companies engaged in corporate social responsibility (CSR): Companies that participate in CSR typically have more loyal employees and customers. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. investors. A. protecting the owners' rights and investments. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. A. you need to justify socially responsible behaviour from an investors standpoint only. corporate responsibility Supervisor 4. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. Multiple choice question. Here are five reasons why you should keep things legal and follow business ethics in accounting. D. to please customers, employees, and society. B. Horn blower Those who argue in favour of corporate social responsibility suggest that: A. reduced employee turnover. Multiple choice question. Business principle (3) Flashcards | Quizlet [C] lack of trust in the free market system An important factor in enforcing ethics codes is selecting a(n) ________ ________. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Business Ethics - Stanford Encyclopedia Of Philosophy social policy protect them from retaliation We covered: How data teams can actually design ethical ML models, after . \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ These actions are Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. reaches broad and diverse groups A. stockholders Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. The term business ethics refers to the set of moral principles that guides a company's conduct. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. D. buying the company's products. B. being socially responsible is all about being ethical. TV ads D. expanding the opportunity to behave ethically by providing punishments for following the rules. Many companies Compliance-based ethics codes focus on: cultural and accountable Multiple choice question. (D) businesses cannot succeed in societies that fail. In fact, data collected by Ethisphere, an organization that tracks the ethical conduct of the worlds largest companies, found that the businesses listed on its 2022 list of most ethical companies outperformed an index of similar large cap companies by 24.6 percent overall. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. Explanation However, it was disclosed that somehow a member of Paulie's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. B. clarifying what green means 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. to increase employee turnover Product safety Which of the following are examples of outside stakeholders that must be told about a company's ethics program? communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. 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. Multiple Choice actual ethics. 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. A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Depreciation is due to obsolescence rather then wear and tear. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. They should display behavior that is honest and fair in their relationships with co-workers and their clients. To allow whistleblowers to come forward with information organizations should Explanation Multinational corporations are committed to operating within the legal limits of U.S. law. It seeks to promote honesty, fairness, and responsibility in all advertising. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Discrimination and Harassment. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn An ethical business will get your employees to respect your company . lose sales revenues B. maintaining proper accounting procedures. 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." C. It is the law in the U.S. D. Employees. On the flip side, a leader who personifies ethical behavior will be fair in all situations. An ethically managed business helps to reduce employee turnover. Financial transparency 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 retaliation [B] allowing management to decide the outcomes of investigations Multiple Choice it attracts and retains customers 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. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. The second major meaning behind the term is . 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. D. the nation's business schools that tolerate unethical behaviour in students. 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: B. helping others enjoy greater employee loyalty [A] is costly, but worthwhile in reaching specific customers D. maximizing their investment in the firm. An important factor in enforcing an ethics code is: Explanation social audit. The firm has evolved into a big business due to quality and innovative work. On the line provided after the sentence, write the possessive form of the underlined words. increased financial donations to local areas but pulled away from national and global contributions. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Reading: Global Business Ethics | International Business - Lumen Learning Multiple Choice increasing the diversity of their workforce only to compete and make a profit [A] They will bribe local officials to change their policies. A. corporate raiders. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? Companies Chapter 4 - Homework ( Introduction To Business) - Quizlet A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Stresses shared accountability 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. (C) likely to perform worse financially Unfair competitive practices in the computer industry 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. unethical social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? I'm a Product Manager with experience working cross-functionally with business roles (e.g. D. employee retaliation by doing the minimum needed to get by. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Multiple choice question. Ethics in Management | Encyclopedia.com Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that (B) going to save money by not hiring those who are disabled It may just be the cornerstone of your success. Which of the following would least likely involve ethical concerns? A. expanding the opportunity to behave ethically by providing rewards for following the rules. [A] it reduces employee turnover Defines an organization's guiding principles. This is due to the fact that our ethics are shaped by our moral code. What kind of person do you think Paulsen is? formal and informal. Compliance-based ethics codes social initiatives E. All of the answers are correct. [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. Supervisor 2. integrity-based Ignoring hazardous job conditions that exist in the company's facilities Multiple choice question. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? . 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: asking suppliers to lower their standards to be in compliance with True false question. 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. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Top management 4. whistleblowers. 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. 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} Which of the following should help reduce the incidence of unethical behavior in an organization?