The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. 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. Which of the following would be a unique focus of an integrity-based ethics code? [C] To increase employee turnover Explanation Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. ___________ __________ ______________is a business's concern for the welfare of society. (B) going to save money by not hiring those who are disabled C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics 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. In the following sentence, circle the subject of the underlined verb. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? A. \text{Direct labor} & \text{2.70}\\ True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. separating themselves from suppliers who violate. that only society's health is improved when they invest in companies whose goods and services benefit the community Corporate social responsibility describes the firm's: A. responsibility to their stockholders. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. ethical officers (C) likely to perform worse financially A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . based on a commitment to integrity and respect C. the increase in lawsuits used to avoid personal responsibility. C. helps government officials develop appropriate legislation. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Part-time co-workers. True or false: Many investors believe that by choosing to put their money into companies whose goods and services benefit society, they can improve society's financial health as well as their own. 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. Resource procurement and consumption practices 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 Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. penalizing wrong-doers. Shared accountability among employees. C. teamwork eliminates a need for personal ethics. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. [A] for the welfare of society as a whole compliance-based ethics The moral and ethical standards by which leaders are judged are far stricter than in the past. B. disgruntled workers manipulating budgets and expenses. Top management must adopt and support a corporate code of conduct. C. Increased penalties for code violators. Multiple choice question. (C) occur in many countries asking suppliers to lower their standards to be in compliance with \text{ } & \text{Per Unit} & \text{Total}\\ Multiple Choice Amber was observing an example of the ___________ followed at this organization. information technology U.S. companies tend to overlook and forget human rights abuses abroad. Though discrimination and harassment laws have been put in place and continue to be updated . With regard to socially responsible behavior, American businesses are draw more customers, Many investors believe $A supervisor would have to be hired to oversee production of the starters. This is an example of corporate: A well-implemented ethics program can also reduce losses. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. (A) matter very little to employers Which of the following statements about business ethics is false? reaches broad and diverse groups 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. ethical standards that are often unreasonable and cannot be met by most leaders. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. 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. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Integrity-driven ethics codes Which of the following is a reason why a business should be managed ethically? Which of the following are reasons a business should be managed ethically? general guiding values A. In "Two Kinds," how does the narrator feel after the talent show? 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? Compliance-driven ethics standards On the line provided after the sentence, write the possessive form of the underlined words. True Paying employees on specified pay dates most of the time. A. Diversity and discrimination B. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ [C] can be trusted to maintain confidentiality C. all levels of management. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Multiple select question. HR professionals sometimes face ethical or moral dilemmas. When Paulsen describes Storm, he also gives clues about his own personality. Integrity-based ethics codes [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is 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. C. commitment to a management training program. (D) businesses cannot succeed in societies that fail. D. structure and strategy. Chapter 4. B. ability to plan for the unexpected. lose sales revenues C. practice deception regarding product safety issues. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? vigilantes. using recyclable packaging <br> I . Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. [D] They may choose to cancel orders when there are environmental abuses. building parks 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) ? 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. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. 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. Periodically asking every employee to evaluate the company's ethics performance. ", Corporate social responsibility is when businesses are concerned In the long run, they believe An important reason for a company to maintain its ethical reputation is ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. (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 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: [C] only to compete and make a profit C. business exists only to make money for shareholders. E. all of the answers are correct. 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: corporate social responsibility, Corporate social responsibility is when businesses are concerned \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Complete each sentence with the comparative or superlative form of the modifier in parentheses. 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. B. focus on cost and quality control systems within your organization. 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 employees of a corporation are stakeholders who are affected by management practices. 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 However, anyone caught violating a law will be immediately fired." Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Employees and management alike can work together to create businesses that have high standards. Multiple choice question. Which of the following would least likely involve ethical concerns? Marketing, Finance, Sales), technical roles (e.g. B. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. I'm a Product Manager with experience working cross-functionally with business roles (e.g. reducing regulations about labeling Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. CSR can lead to even more profits. 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. Other countries also follow capitalist principles. C. Watch tower sentinel [C] allows them to reach specific groups more directly allows them to reach specific groups more directly, allows them to connect directly with customers insider trading. firms should take added caution not to support government programs that protect the environment. . True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? In addition to researching trends, reviewing products and writing articles that help small business owners, Sean runs a content marketing agency that creates high-quality editorial content for both B2B and B2C businesses. Ethical behavior can have negative consequences to the bottom line in the long run. because strict global regulations require it Corporate values are: Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. C. energy consumption [D] To avoid lawsuits, Effective ethics officers: Think about a business that hires only family or one that gives inappropriate incentives, for example. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. Trustworthiness. Dodd-Frank Wall Street Reform and Consumer Protection Act. A. delight them with a quality product at a fair price. (A) businesses who are socially responsible will earn more It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Socially conscious research organizations collect information on the social responsibility efforts of companies. 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} B. opportunity. D. Outsourcing practices social impact program. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Business ethics concerns ethical dilemmas or controversial issues faced by a company. D. Pricing practices Distributors. Multiple select question. The concern businesses have for the welfare of society, not just for their owners is: Economic conditions in some developing countries make child labor a necessity for the survival of families. Research has shown that companies engaged in corporate social responsibility (CSR): D. shift the production of goods to foreign facilities and layoff Canadian workers. 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. Suppliers Explanation They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. because strict global regulations require it, learned by observing the actions of others in the organization. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. Ethics may seem like an intangible, but there is a clear connection to overall performance. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. B. philanthropy. Ethical standards are different from country to country. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. that they can improve their own financial health by investing in companies whose goods and services benefit the community a clear set of rules and regulations Multiple choice question. The first area is productivity. C. a loss of employee commitment and trust in the company and its management. for the welfare of society as a whole, about being fair and honest with their stakeholders [B] Bribery A. you need to justify socially responsible behaviour from an investors standpoint only. Honorees on this year's list of the World's Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. 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. The total rent on the plant is$80.000 per period. Explanation One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. 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. It's the age-old reality: "Out-of-sight, out-of-mind." B. maintaining proper accounting procedures. [A] They will bribe local officials to change their policies. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. he 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. B. Whistleblowing C. Plagiarism False. Which of the following are reasons a business should be managed ethically? A. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition (D) make more money for investors in the short run. This will ensure that you have trustworthy employees working for you. B. C. Investor relations Studies have shown that what most influences a company's effectiveness and financial performance is: responsible management of human resources, Which of the following behaviors are illegal in the United States, but potentially put our companies at a disadvantage in overseas markets? 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. 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. pro-current procurement. \text{Direct materials} & \text{\$ 3.10}\\ Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. (D) going to lose money by providing pay raises, A business should be managed ethically because [A] few losses to investors aggregate independent appraisal. corporate social initiative When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Multiple Choice This sort of behavior is not limited to the workplace; it can be present in every facet of life. B. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. A. Explanation the federal government 'Business' can mean an activity of exchange. What occurs when an employee exposes an employer's wrongdoing to outsiders? E. All of the answers are correct. B. philanthropy 8 Mini-Case Study, Intro-Into-Business: Ch. [A] relate well to employees at all levels [B] reaches broad and diverse groups A. Internet 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 . However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. 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. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: D. Outsiders must be told about the ethics program. Here are five reasons why you should keep things legal and follow business ethics in accounting. Integrity-based ethics codes Religious institutions, Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? 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. Product safety Multiple select question. Business ethics benefits the bottom line. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. E. law. Explanation A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. 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. 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 2. (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: B The majority of CEOs blame unethical employee conduct on: A Understanding that individual moral standards, the influence of managers and coworkers, and Ethics can be rooted in belief or the pursuit of making the world better. 1. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. secondary market companies. social media. D. guideline. The most basic question in an ethics-based management system is. The ethics code must be enforced. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." retain better employees Multiple choice question. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. benevolence can lead to a vote of no confidence by company stakeholders. (B) have higher turnover Resource procurement and consumption practices B. [C] The U.S. government will use military force to enforce labor laws.. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but A. Whistleblower [B] share all information with managers when requested Multiple select question. corporate responsibility Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Compliance-based ethics codes acquisition stalking. B. a failure of leadership to establish ethical standards. free from the concern of [B] allowing management to decide the outcomes of investigations C. An ethics office must be set up. Multiple choice question. Multiple choice question. Your boss has prepared some questions for you to consider. investors. (C) gains for investors in 2008 and 2009 Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Ethical problems such as influence peddling and bribery: ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. C. It is the law in the U.S. D. Employees. Explanation (A) likely to perform better financially setting a good example. 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? It is the right thing to do. C. diversity Businesses must abide by some basic principles. 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. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. In the workplace, there might be a standard for ethics set throughout the company. Who sets the standards of right and wrong as defined by ethics?
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