\text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Explanation Dodd-Frank Wall Street Reform and Consumer Protection Act An ethical business will get your employees to respect your company . Compliance-driven ethics standards 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. (A) 3 out of 4 citizens do not give any time to the communities in which they live 8 Mini-Case Study, Intro-Into-Business: Ch. penalizing wrong-doers. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. 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. Emphasizes strong penalties for wrongdoers analysts. Which step is the most critical to help improve business ethics? It seeks to promote honesty, fairness, and responsibility in all advertising. 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. 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) businesses who are socially responsible will earn more 051-Methods for Designing Ethical, Human-Centered AI with Undock Head B. B. being socially responsible is all about being ethical. Here are five reasons why you should keep things legal and follow business ethics in accounting. [B] share all information with managers when requested Why Is Ethical Decision Making Important? - Lisa Jeffs They should display behavior that is honest and fair in their relationships with co-workers and their clients. Which of the following are reasons a business should be managed leaving unethical behavior unpunished U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; \text{Variable manufacturing overhead} & \text{0.60}\\ internal investigation. A. the breakdown of traditional religious institutions. Businesses can show their CSR in many ways. Chapter 4 - Homework ( Introduction To Business) - Quizlet D. companies who are perceived as being socially responsible will ultimately earn more profits for their Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? The ethics code must be enforced. 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? Chapter 4. An important factor in enforcing ethics codes is selecting a(n) ________ ________. A. clarifying what green means D. the nation's business schools that tolerate unethical behaviour in students. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. integrity-based ethics \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ Business Ethics: Definition, Principles, Why They're Important They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. Then, of course, there are the more serious consequences of highly unethical behavior. Which of the following is not one of the approaches associated with corporate social responsibility? Depreciation is due to obsolescence rather then wear and tear. They need to take responsibility for what happened and be proactive in fixing it. Chapter 4. requiring suppliers to be evaluated monthly concerning A. Whistleblower An important factor in enforcing an ethics code is: Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. A Understanding that individual moral standards, the influence of managers and coworkers, and Ignoring hazardous job conditions that exist in the company's facilities 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. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. Value (ethics and social sciences) - Wikipedia corporate social initiative Which of the following is the BEST reason for a business to be managed ethically? managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. An important reason for a company to maintain its ethical reputation is . Paying employees on specified pay dates most of the time. Reevaluating its ethics codes based on the input of its customers. it reduces laws and regulations A. [A] few losses to investors A. C. It is the law in the U.S. D. Employees. 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} Source interviews were conducted for a previous version of this article. increased their financial donations because they understood how badly society needed a helping hand. internal search and occupy organizations. Which of the following would be a unique focus of an integrity-based ethics code? corporate social initiative Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. C. Accounting fraud Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? B. philanthropy. (B) it attracts and retains customers BUS-112 Chapter 4 - Subjecto.com E. Employee benefit programs. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: allows them to reach specific groups more directly, allows them to connect directly with customers <br> I . Multiple Choice There are a wide variety of examples of ethical behavior in the workplace. (A) likely to perform better financially 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? offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Suppliers can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. (B) lack of trust in the free market system Which of the following would least likely involve ethical concerns? Multiple select 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. Multiple Choice corporate raider divisions. Multiple Choice ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. True whistleblowers Morality codes One strategy guaranteed to displease your customers is to: (D) affect hiring practices very little. [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. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. 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. A. delight them with a quality product at a fair price. B. maintaining proper accounting procedures. B. an individual's behavior is influenced by the behavior of others. Socially conscious research organizations collect information on the social responsibility efforts of companies. Multiple choice question. As a philosophy, ethics are the principles that guide a person's behaviour. Multiple Choice to increase employee turnover B. (B) 3 out of 4 citizens think they should be paid for their volunteer work Explanation Maximizing ethical conflict in work groups Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn Reading: Global Business Ethics | International Business - Lumen Learning When Paulsen describes Storm, he also gives clues about his own personality. 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. \end{array} 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.. Safe working conditions social policy P 145 avoiding lawsuits is one reason to manage a - Course Hero How Does 401(k) Matching Work for Employers? Which of the following is a reason why a business should be managed ethically? Ethical issues are limited to for-profit organizations. opportunity influence ethical behavior whistleblowers. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. Multiple select question. 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. Its easier for a business to retain employees when they work for a company that they believe in. 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. A well-implemented ethics program can also reduce losses. corporate social initiative 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. Supervisor 4. Explanation True Typically, it is the kind of information where parties in the know can benefit. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Multiple choice question. Ethical Definition & Meaning - Merriam-Webster Supervisor promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be E. filing complaints with the company. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Multiple choice question. [B] it increases the likelihood of government intervention C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and The Importance of Business Ethics | Maryville Online C. An ethics office must be set up. holding international suppliers to different standards than American companies must adhere to in the United States. 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. aggregate independent appraisal. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? Multiple select question. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility 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. pro-current procurement. social audit. Team and business confidence. Multiple choice question. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. Though there are many ethical opinions that most people share, ethics will differ from person to person. (nervous). insider trading. A. you need to justify socially responsible behaviour from an investors standpoint only. going to lose money by providing pay raises Multiple Choice The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. socially conscious research organizations. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. A. protecting the owners' rights and investments. 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. Multiple Choice Explanation cultural and accountable [B] Bribery In "Two Kinds," how does the narrator feel after the talent show? It is an act that is against the law and against Securities and Exchange Commission policy. Explanation the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. 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. 1. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. protect them from retaliation C. a loss of employee commitment and trust in the company and its management. Business Should Always Be Ethically and Socially Responsible The side effects are so great that the society urges that the business should always be ethically and socially responsible. (C) 4 out 5 citizens volunteer an hour each week Managing data ethics | Deloitte Insights B. disgruntled workers manipulating budgets and expenses. List the most influential on top. Chapter 4 - Business Flashcards | Quizlet Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. Multiple Choice Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Practice deception regarding product safety issues. Distributors. SE Oklahoma's MBA Programs Teaches Ethics Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". It is essentially a moral compass. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. How can. using recyclable packaging Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. (D) businesses cannot succeed in societies that fail. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? To allow whistleblowers to come forward with information organizations should 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 . Eric Allgood - Managing Director - Small Business Assistance and standards. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Who sets the standards of right and wrong as defined by ethics? A high ethical standard extends to customers as well. providing safety equipment and training for their workers, increasing the diversity of their workforce C. Education and training Ethical behavior does not matter to investors. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. For example, international bank HSBC was subject to a decade-long enforcement action costing it $1.92 billion after the federal government determined the institution violated money-laundering laws and sanctions rules. Multiple choice question. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Why a Business Should be Managed Ethically? - The Business Guru Multiple choice question. social impact program. Integrity-driven ethics codes My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Think about a business that hires only family or one that gives inappropriate incentives, for example. Managing Business Ethics - Ethical Systems [C] making businesspeople more accountable for their actions an individual's ethics To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ An environmentally friendly business: operates in a sustainable manner, causing minimal damage to the environment and using renewable resources where possible considers where its supplies come from and how they are madeit will work with environmentally responsible suppliers and source materials locally to reduce its carbon footprint B. the police in jurisdictions where the business has operations. \text{Direct labor} & \text{2.70}\\ called stakeholder interest In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. standards. Scandals. formal and informal.