Managing Business Ethics - Ethical Systems They should display behavior that is honest and fair in their relationships with co-workers and their clients. 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. Chapter 4. Ethical Dilemmas: How Scandals Damage Companies Ch 4 Flashcards | Quizlet This is called a bounty provision because as stated, they may receive a monetary award for their actions. C. all levels of management. [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. punishing unethical behavior and rewarding ethical behavior privately Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? The dimension of social responsibility known as _________________responsibility includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment. Though discrimination and harassment laws have been put in place and continue to be updated . Whistleblowers are insiders who report illegal or unethical behavior. Which of the following would be a unique focus of an integrity-based ethics code? whistleblowers. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. increased their financial donations because they understood how badly society needed a helping hand. Business Ethics - Quick Guide - tutorialspoint.com lose sales revenues varies among those who are interested in corporate responsibility. Full-time co-workers 3. Executives at Enron and Tyco were found guilty ____________ of behavior that damaged their companies' reputations, The emergence of the green movement has affected businesses by. (B) it is using investors' money in ways they did not intend Increased control over employee actions. D. Mayhem fascism Answer (1 of 4): When you manage a business ethically it attracts the right people that can suit your company culture and proficiently fit with your business. Here are other common examples of ethical behavior: No matter the relationship between two people and what they agree or disagree upon, people within an organization should always respect each other. Integrity-driven ethics codes False, Whistleblowers can be helped by protecting them from: Corporate social responsibility describes the firm's: A. responsibility to their stockholders. Which of the following represent examples of how corporations set positive standards of ethical behavior? Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. Which of the following is NOT a part of an integrity-based ethics code? profitable charities Team and business confidence. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. . Study 19 Terms | Philosophy Flashcards | Quizlet It does not subtract from the bottom line; it adds to it. Displaying good ethical behavior can boost company morale and client relations. social policy Socially conscious investors insist that a company extend its own high standards to its ____________________. Multiple Choice [D] requiring all bankers to sign ethical codes. How can. C. teamwork eliminates a need for personal ethics. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. [A] outsourcing enforcement of the laws to private firms D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. 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. 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? An important factor in enforcing ethics codes is selecting a(n) ________ ________. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Compliance-based ethics codes focus on: Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. [C] conducting objective investigations [B] passing laws to make accounting records more transparent In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. If an underlined word is already in the correct possessive form, write a C on the line. Which of the following are reasons a business should be managed ethically? C. diversity Explanation C. Research practices C. Accounting fraud (A) businesses who are socially responsible will earn more Eric Allgood - Managing Director - Small Business Assistance and Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Then, of course, there are the more serious consequences of highly unethical behavior. [D] allows them to connect directly with customers. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. Ethical behavior includes honesty, fairness, integrity and understanding. Many companies 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] They will bribe local officials to change their policies. Whistleblowers are often concerned about retaliation. (D) make more money for investors in the short run. Ethical behavior can have negative consequences to the bottom line in the long run. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. formal and informal. Responsible business behavior depends on the responsible behavior of each ______ in the business world. ___________ __________ ______________is a business's concern for the welfare of society. Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. D. stockholders. Positive Effects of . U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. (B) are limited to the United States many Americans decide what's ethical based upon the situation in which they find themselves. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. only to compete and make a profit 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. C. writing their representatives in Congress. insider trading. D. expanding the opportunity to behave ethically by providing punishments for following the rules. Why Is Ethical Decision Making Important? - Lisa Jeffs Italian Stallion stockholders got a very fair deal for the stock they owned in the company. 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 \end{array} higher ethical standards than in the past. \end{matrix} 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. Multiple choice question. Multiple select questions. [C] it reduces the likelihood of lawsuits by employees or customers How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. D. Pricing practices Explanation 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: a written code of ethics A. Whistleblower Rohit Sharma - Lead Technical Product Manager - LinkedIn A. (D) going to lose money by providing pay raises, A business should be managed ethically because 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. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. 8 Mini-Case Study, Intro-Into-Business: Ch. A business's responsibilities to its owners and investors include the collection of laws to protect society from fraud, theft, and violence. [D] To avoid lawsuits, Effective ethics officers: D. to please customers, employees, and society. C. teamwork eliminates a need for personal ethics. D. short run profit maximization. providing safety equipment and training for their workers, increasing the diversity of their workforce The first area is productivity. 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 (A) are just part of doing business Multiple Choice U.S. companies tend to overlook and forget human rights abuses abroad. 22. List the most influential on top. What Does Ethical Decision Making Mean? A. protecting the owners' rights and investments. It's the age-old reality: "Out-of-sight, out-of-mind." Compliance-based ethics codes fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. it reduces laws and regulations Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. E. All of the answers are correct. [B] allowing management to decide the outcomes of investigations An ethical business will get your employees to respect your company . Prepare computations showing how much profits will increase or decrease as a result of making the starters. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. Its premise is based on integrity, fairness, and respect for others. 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. Ethics may seem like an intangible, but there is a clear connection to overall performance. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Multiple choice question. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Which of the following should help reduce the incidence of unethical behavior in an organization? Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. B. 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 C. Research practices social audit. the federal government The term business ethics refers to the set of moral principles that guides a company's conduct. The rent charge above is based on space utilized in the plant. E. law. Organizational ethics begins Multiple Choice at the top levels of management. an individuals behavior is influenced by the behavior of others. (C) likely to perform worse financially can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. B. being socially responsible is all about being ethical. Economics - Wikipedia '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. A high ethical standard extends to customers as well. enjoy greater employee loyalty Source interviews were conducted for a previous version of this article. [A] it reduces employee turnover The most basic question in an ethics-based management system is. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. 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. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. A New Model for Ethical Leadership - Harvard Business Review Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that She has asked you to give her information about what determines the level of various interest rates. It seeks to promote honesty, fairness, and responsibility in all advertising. Which of the following statements is false? acquisition stalking. They need to take responsibility for what happened and be proactive in fixing it. B. helping others Explanation 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. ignoring both ethical and unethical behavior Multiple select question. separating themselves from suppliers who violate global policy 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? 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. Ethical Definition & Meaning - Merriam-Webster 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. D. employee retaliation by doing the minimum needed to get by. Resource procurement and consumption practices B. 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? Explanation Part-time co-workers. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. Ethics in the Workplace: Examples & Tips | PayScale Article. B. expressing dissatisfaction by protesting. Should an instance occur, the result could be devastating to your company's finances and reputation. Multiple choice question. TV ads 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. It is essentially a moral compass. Intro-Into-Business: Ch. 4 Learn Smart Flashcards | Quizlet This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. One strategy guaranteed to displease your customers is to: C. structure and strategy. Who sets the standards of right and wrong as defined by ethics? Which of the following are examples of outside stakeholders that must be told about a company's ethics program? D. Outsourcing practices setting a good example. A business starts with the correct usage and allocation of finances and cost management. Chapter 4. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Government and business leaders are being held to A company's effectiveness and financial performance are most affected by responsible _________ _________ management. higher ethical standards than in the past. . Which of the following are reasons a business should be managed ethically? 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. aggregate independent appraisal. The last recession changed the way many companies offer support to people and communities in need. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility The international Day Of Pe, Chapter 3 Doing Business in a Global Markets, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Spring 2018 Final Exam Review Chapters 8,9,10. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Multiple Choice They should display behavior that is honest and fair in their relationships with co-workers and their. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ 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. That person called five of his relatives and several friends. 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. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Top management is essentially conducting a(n) 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: Scandals. E. all of the answers are correct. Multiple choice question. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Multiple Choice In this episode of Experiencing Data, Chenda and I explore her actual methods to designing ethical AI solutions as well as how she works with UX and product teams on ML solutions. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. allows them to connect directly with customers a clear set of rules and regulations Supervisor 4. This includes managers and subordinates, peers and clients. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Multiple choice question. Financial transparency integrity-based ethics This, then, creates greater stability within the company.. corporate beneficial management 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 . U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. A business should be managed ethically for many In the long run, they believe reducing most costs B. C. Investor relations The moral and ethical standards by which leaders are judged are far stricter than in the past. Amber was observing an example of the ___________ followed at this organization. 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. A. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. customers C. energy consumption corporate social responsibility, Corporate social responsibility is when businesses are concerned ethical officers Global Business Ethics.