(A) it prevents government audits 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. it reduces laws and regulations C. Education and training C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics C. to attract new customers and retain existing customers. [B] Bribery Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Financial transparency Putting Ethical Design into Practice. shareholders A company's effectiveness and financial performance are most affected by responsible _________ _________ management. C. all levels of management. Multiple choice question. Dodd-Frank Wall Street Reform and Consumer Protection Act. It may just be the cornerstone of your success. In "Two Kinds," how does the narrator feel after the talent show? Top management is essentially conducting a(n) 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Business Ethics: Definition, Principles, Why They're Important (C) make students who know how to plagiarize well acceptable to employers Which of the following represent examples of how corporations set positive standards of ethical behavior? the collection of laws to protect society from fraud, theft, and violence. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. A. Multiple select question. opportunity influence ethical behavior Supervisor 4. 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. HR Ethical Dilemmas - SHRM [C] can be trusted to maintain confidentiality Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. (B) going to save money by not hiring those who are disabled All successful businesses communicate effectively. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. 3 Reasons Why Business Ethics Is Important - Redlands not concerned with the ethical or socially responsible behavior of their international suppliers. (D) businesses cannot succeed in societies that fail. 8 Current Ethical Issues in Business (and How to Manage Them) B. enjoy significantly higher profits. The Importance of Business Ethics | Maryville Online Product safety Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Multiple select questions. corporate responsibility concern for the welfare of society B. the police in jurisdictions where the business has operations. D. help investors recoup their losses. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. 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. Source interviews were conducted for a previous version of this article. [B] most of those who caused the crisis going to jail Which of the following were not identified as being fundamental to the CSR definition? benevolence can lead to a vote of no confidence by company stakeholders. Emphasizes strong penalties for wrongdoers Business Ethics - Quick Guide - tutorialspoint.com What occurs when an employee exposes an employer's wrongdoing to outsiders? lose sales revenues (C) occur in many countries 'Business' can mean an activity of exchange. (C) gains for investors in 2008 and 2009 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. 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. But when they do, employees need to take accountability for their actions. Which of the following are reasons a business should be managed ethically? Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. 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. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. secondary market companies. (D) long jail terms for those who acted unethically. B. Employees and management alike can work together to create businesses that have high standards. Multiple choice question. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. aggregate independent appraisal. (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: protect them from retaliation Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Which step is the most critical to help improve business ethics? higher ethical standards than in the past. America's CEOs Seek a New Purpose for the Corporation Chapter 4 - Homework ( Introduction To Business) - Quizlet ethical standards that are often unreasonable and cannot be met by most leaders. 8 Mini-Case Study, Intro-Into-Business: Ch. In the long run, they believe When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet" is an example of: Attracting and retaining better employees is an example of a corporate social responsibility: Unethical behavior in business, especially in the real estate and banking industries, has resulted in A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. \text{Direct labor} & \text{2.70}\\ 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. D. management is insensitive to ethical issues. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. There are a wide variety of examples of ethical behavior in the workplace. B. ability to plan for the unexpected. 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 [C] The U.S. government will use military force to enforce labor laws.. Periodically asking every employee to evaluate the company's ethics performance. 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. 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. An organization's managers instill corporate values and _____________________ in employees by the examples they set. reaches broad and diverse groups 360-review. enjoy greater employee loyalty _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Explanation Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. corporate social responsibility, Corporate social responsibility is when businesses are concerned Marketing, Finance, Sales), technical roles (e.g. Explanation corporate beneficial management Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Marilena Crsteanu - International Customer Experience Advisor customers CSR can lead to even more profits. social order ethics Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? Compliance-driven ethics standards Here are five reasons why you should keep things legal and follow business ethics in accounting. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. China is a communist country. Multiple Choice 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 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} ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. B. Eric Allgood - Managing Director - Small Business Assistance and allow for complete anonymity [A] Influence peddling 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. Socially conscious investors insist that a company extend its own high standards to its ____________________. requiring suppliers to be evaluated monthly concerning B. disgruntled workers manipulating budgets and expenses. Which of the following statements is false? 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. How can. 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. (B) make employers reluctant to hire those who have cheated C. the increase in lawsuits used to avoid personal responsibility. C. structure and strategy. D. Outsiders must be told about the ethics program. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. D. concern for the welfare of society. E. law. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. providing safety equipment and training for their workers, increasing the diversity of their workforce Ethical issues are limited to for-profit organizations. [D] They may choose to cancel orders when there are environmental abuses. integrity-based __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. C. often experience customer loyalty problems. D. fail to earn sufficient profits for their owners. Explanation 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." These examples of ethical behaviors ensures maximum productivity output at work. E. help restore confidence in Corporate America and Canada. Customer privacy policies and practices _____________________ _____________________ _____________________is a business's concern for the welfare of society. 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 . (nervous). 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. Distributors. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility They should display behavior that is honest and fair in their relationships with co-workers and their clients. Is it acceptable if everyone else is doing it? Business ethics helps to optimize company resources. D. short run profit maximization. Sarbanes-Oxley Ruling Multiple Choice On the flip side, a leader who personifies ethical behavior will be fair in all situations. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . The total rent on the plant is$80.000 per period. 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. <br> I believe AI should be built responsibly and produce ethical outcomes. What Are Business Ethics and Why Are They Important? C. An ethics office must be set up. Those who have others interests in mind when they make decisions are displaying ethical behavior. Whistleblowers are insiders who report illegal or unethical behavior. Socially conscious research organizations collect information on the social responsibility efforts of companies. Ethics in Management | Encyclopedia.com Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. (D) going to lose money by providing pay raises, A business should be managed ethically because Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. This will ensure that you have trustworthy employees working for you. allows them to connect directly with customers E. All of the answers are correct. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. ", Corporate social responsibility is when businesses are concerned compliance police. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? Community members are bound by the pursuit of common values and goals. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Ethical Behavior Is Essential to Business - Business News Daily B. philanthropy (B) are limited to the United States corporate social initiative Rohit Sharma - Lead Technical Product Manager - LinkedIn Maximizing ethical conflict in work groups (B) 3 out of 4 citizens think they should be paid for their volunteer work Chapter 4. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. D. employee retaliation by doing the minimum needed to get by. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. D. expanding the opportunity to behave ethically by providing punishments for following the rules. internal investigation. Multiple choice question. Companies that participate in CSR typically have more loyal employees and customers. Multiple choice question. True A well-implemented ethics program can also reduce losses. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. List the most influential on top. D. Improved awareness of the relevant laws. 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. [A] outsourcing enforcement of the laws to private firms Strict global regulations require it. In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . 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. C. Increased penalties for code violators. is costly, but worthwhile in reaching specific customers Multinational corporations are committed to operating within the legal limits of U.S. law. Why Are Business Ethics Important? A Guide - Investopedia D. Outsourcing practices \text{Total production cost} & \text{\$ 9.20}\\ to increase employee turnover 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) ? C. teamwork eliminates a need for personal ethics. likely to perform better financially B. 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: That person called five of his relatives and several friends. Managing data ethics | Deloitte Insights