Integrity-driven ethics codes The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. create an open-door policy, protect them from retaliation is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . Multiple select question. 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. It is actually a structure of moral principles and code of conduct applicable to a business. D. Outsourcing practices Supervisor (B) going to save money by not hiring those who are disabled American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (D) long jail terms for those who acted unethically. Part-time co-worker 3. Multiple select question. integrity-based ethics A. Overstating an expense report. the federal government Businesses can show their CSR in many ways. B. philanthropy. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Explanation Multiple choice question. responsible management of human resources, responsible management of human resources. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. An ethically managed business helps to reduce employee turnover. "It's an ongoing phenomenon that must be better understood and managed and . B. Responsible business behavior depends on the responsible behavior of each ______ in the business world. D. help investors recoup their losses. The first area is productivity. The term business ethics refers to the set of moral principles that guides a company's conduct. Customers It does not subtract from the bottom line; it adds to it. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. [D] They may choose to cancel orders when there are environmental abuses. formal and informal. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. 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. C. often experience customer loyalty problems. Multiple Choice increased their financial donations because they understood how badly society needed a helping hand. Motivation. concern for the welfare of society E. all of the answers are correct. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. ethical standards that are often unreasonable and cannot be met by most leaders. A. Is it acceptable if everyone else is doing it? Which of the following are examples of outside stakeholders that must be told about a company's ethics program? D. stockholders. A. reduced employee turnover. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. However, anyone caught violating a law will be immediately fired." ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. whistleblowers. (B) it is using investors' money in ways they did not intend Ethical behavior does not matter to investors. Complete each sentence with the comparative or superlative form of the modifier in parentheses. 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. Multiple select question. Ethical management generates trust, and trust increases productivity. [C] making businesspeople more accountable for their actions ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Serves as full-time, tenure tracked Business Instructor for the college's Bachelor of Applied Science in Organizational Management (BAS-OM) program, teaching classroom, hybrid, and online courses. Those who argue in favour of corporate social responsibility suggest that: There are a wide variety of examples of ethical behavior in the workplace. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Compliance-based ethics codes ethical officers Are Workplace Politics Destroying Your Business? C. An ethics office must be set up. human resource support staff Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. A. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. an individuals behavior is influenced by the behavior of others. \text{ } & \text{Per Unit} & \text{Total}\\ Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Sarbanes-Oxley Ruling Ethics may seem like an intangible, but there is a clear connection to overall performance. protect them from retaliation (A) 3 out of 4 citizens do not give any time to the communities in which they live about being fair and honest with their stakeholders The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Vanessa recognizes this as a(n) ________-based code of ethics. 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: The ethics code must be enforced. Here are five reasons why you should keep things legal and follow business ethics in accounting. 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. [C] The U.S. government will use military force to enforce labor laws.. U.S. companies tend to overlook and forget human rights abuses abroad. Multiple select question. holding international suppliers to different standards than American companies must adhere to in the United States. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . ", Corporate social responsibility is when businesses are concerned Internal auditors (B) are limited to the United States 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. Business ethics benefits the bottom line. 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} 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 . Which of the following are reasons a business should be managed ethically? Multiple choice question. Business ethics concerns ethical dilemmas or controversial issues faced by a company. 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 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. insider trading. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. [B] To maintain a good reputation Multiple choice question. 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. 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. Which of the following is NOT a part of an integrity-based ethics code? [B] Bribery Compliance-based ethics codes focus on: A. profits. [C] lack of trust in the free market system D. to please customers, employees, and society. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Ethics can be rooted in belief or the pursuit of making the world better. 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. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. C. all levels of management. using recyclable packaging C. to attract new customers and retain existing customers. 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. It is a set of guidelines for dealing with various procedures ethically. D. management is insensitive to ethical issues. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. 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. With respect to business ethics, it can be said that "it takes two to tango." Multiple choice question. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Multiple Choice 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. 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. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . for the welfare of society as a whole, about being fair and honest with their stakeholders List the most influential on top. Personal projects Multiple select question. Everyone with whom the business has dealings. It is an act that is against the law and against Securities and Exchange Commission policy. E. Employee benefit programs. Multiple select question. Top management is essentially conducting a(n) capitalism [D] severe financial crises. Multiple select questions. D. shift the production of goods to foreign facilities and layoff Canadian workers. (C) benevolence is the highest virtue Compliance-driven ethics standards Top management 4. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. 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. 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. 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. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. [B] about being fair and honest with their stakeholders The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. [B] They may choose to cancel orders when there are human rights abuses. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; (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 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. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. CSR can lead to even more profits. (A) are just part of doing business punishing unethical behavior and rewarding ethical behavior privately 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. 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. 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. C. commitment to a management training program. free from the concern of The moral and ethical standards by which leaders are judged are far stricter than in the past. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? E. law. The most basic question in an ethics-based management system is. C. moral philosophy. Which of the following is a reason why a business should be managed ethically? customers All else held equal, socially responsible firms: A. are viewed more favourably by consumers. 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. Which of the following represent examples of how corporations set positive standards of ethical behavior? Reevaluating its ethics codes based on the input of its customers. True false question. Written ethics codes can be categorized as An important factor in enforcing ethics codes is selecting a(n) ________ ________. C. help laid-off employees get their jobs back. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is to increase employee turnover Multiple choice question. It does not subtract from the bottom line; it adds to it. 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. Ethical behavior has significant upfront costs which may never be recovered. D. fail to earn sufficient profits for their owners. lower ethical standards than in the past. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. [D] requiring all bankers to sign ethical codes. A. If an underlined word is already in the correct possessive form, write a C on the line. Businesses must abide by some basic principles. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Multiple Choice A. responsibility Governments allows them to reach specific groups more directly, allows them to connect directly with customers The primary value of using social media to communicate CSR efforts is that it allows companies to reach broad and diverse groups, allows them to connect directly with customers in a low-cost, efficient way, and enables them to interact with specific groups more easily than through more traditional efforts. D. employee retaliation by doing the minimum needed to get by. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. C. providing all relevant information about current and projected performance of the firm. [B] passing laws to make accounting records more transparent Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Explanation The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Corporate responsibility Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. it attracts and retains customers D. structure and strategy. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. 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. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Reevaluating its ethics codes based on the input of its customers. [C] conducting objective investigations B. B. an individual's behaviour is influenced by the behaviour of others. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? B. varies even among those who are interested in corporate responsibility. B. Whistleblowing C. Plagiarism There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. 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. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. 1. 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. (B) lack of trust in the free market system Product safety corporate social initiative \end{matrix} In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. [B] most of those who caused the crisis going to jail Explanation Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. 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 plan to maximize profits for shareholders to spend in communities 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. [A] relate well to employees at all levels A set of formalized rules and standards that describe what a company expects of its employees is called a(n) True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. standards. An important reason for a company to maintain its ethical reputation is Explanation Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. (C) gains for investors in 2008 and 2009 A. protecting the owners' rights and investments. 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. [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. (A) have fewer loyal customers but attract more of them employees and internal public relations A. guilt payments. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. A. 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. B. helping others What kind of person do you think Paulsen is? B. reducing regulations about labeling Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are additional taxes Unethical businesses also lose favor with consumers. D. management is insensitive to ethical issues. False. because strict global regulations require it Corporate values are: Which of the following should help reduce the incidence of unethical behavior in an organization? Organizational ethics begins Multiple Choice at the top levels of management. The side effects are so great that the society urges that the business should always be ethically and socially responsible. (D) make more money for investors in the short run. And could be pivotal for career growth. A. delight them with a quality product at a fair price. A business's responsibilities to its owners and investors include Dont make ethics an afterthought in your company culture. using recyclable packaging What Does Ethical Decision Making Mean? Multiple choice question. 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. pro-current procurement. Whistleblowers are insiders who report illegal or unethical behavior. Maria Juarez is a professional tennis player, and your firm manages her money. CSR can lead to even more profits. C. structure and strategy. whistleblowers. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ called stakeholder interest promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: 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. Discrimination and Harassment. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. The firm has evolved into a big business due to quality and innovative work. The rent charge above is based on space utilized in the plant. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Full-time co-workers social media A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. tax officials. social audit. Which step is the most critical to help improve business ethics? A. Internet D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. 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.
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