<br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Financial transparency D. management is insensitive to ethical issues. Which of the following were not identified as being fundamental to the CSR definition? Multiple choice question. B. ability to plan for the unexpected. To allow whistleblowers to come forward with information organizations should [B] share all information with managers when requested Multiple choice question. Codes of ethics foster ethical behavior by social audit. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as B. An organization's managers instill corporate values and _____________________ in employees by the examples they set. They should display behavior that is honest and fair in their relationships with co-workers and their clients. Reevaluating its ethics codes based on the input of its customers. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Which of the following represent examples of how corporations set positive standards of ethical behavior? 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 Full-time co-workers 3. aggregate independent appraisal. building parks 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. Morality codes decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. 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. Who sets the standards of right and wrong as defined by ethics? unethical Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. D. structure and strategy. C. practice deception regarding product safety issues. (C) 4 out 5 citizens volunteer an hour each week B. 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. List the most influential on top. Corporate philanthropy Discrimination and Harassment. corporate social responsibility, Corporate social responsibility is when businesses are concerned This is an example of corporate: 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. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. Which of the following are true regarding ethical behavior? Explanation free from the concern of 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. Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. vigilantes. \end{matrix} Business should be managed ethically because Businesses with good reputations attract customers It reduces employee turnover It reduces the likelihood of lawsuits by employees or customers True or false: individuals have social responsibilities regarding their ethical behavior in the business world. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. Global Business Ethics. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. The rent charge above is based on space utilized in the plant. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. 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} Therefore, it is the most significant resource to run or upgrade any business. Multiple choice question. socialism E. all of the answers are correct. Compliance-driven ethics standards False. ethical standards that are often unreasonable and cannot be met by most leaders. analysts. it reduces laws and regulations (C) benevolence is the highest virtue Your boss has prepared some questions for you to consider. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Full-time co-workers Multiple select question. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. 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? C. writing their representatives in Congress. increasing control Depreciation is due to obsolescence rather then wear and tear. Multiple choice question. lower ethical standards than in the past. She was even _____ after her solo than before. When management considers ethics in its actions toward stakeholders, employees can be positively affected. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. requiring suppliers to be evaluated monthly concerning It is actually a structure of moral principles and code of conduct applicable to a business. <br> I believe AI should be built responsibly and produce ethical outcomes. 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. 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. As a philosophy, ethics are the principles that guide a person's behaviour. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Emphasizes strong penalties for wrongdoers A. expanding the opportunity to behave ethically by providing rewards for following the rules. Multiple choice question. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. A. profits. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics corporate responsibility Another reason why business ethics is important is that it can improve profitability. about being fair and honest with their stakeholders secondary market companies. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. that only society's health is improved when they invest in companies whose goods and services benefit the community True Which of the following statements about business ethics is false? HR professionals sometimes face ethical or moral dilemmas. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? The field of ethics is a branch of philosophy that seeks virtue and morality, addressing questions about "right" and "wrong" behavior for people in a variety of settings; the standards of behavior that tell how human beings ought to act. retain better employees This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Whistleblowers are often concerned about retaliation. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Supports ethically sound behavior Multiple select question. Multiple choice question. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ allow for complete anonymity [D] requiring all bankers to sign ethical codes. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. general guiding values Multiple Choice [C] To increase employee turnover Putting Ethical Design into Practice. Multiple choice question. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. holding international suppliers to different standards than American companies must adhere to in the United States. The You Design, We Build Company makes custom furniture of all kinds. D. fail to earn sufficient profits for their owners. A Understanding that individual moral standards, the influence of managers and coworkers, and Top management must adopt and support a corporate code of conduct. Which of the following is the BEST reason for a business to be managed ethically? D. guideline. The findings reveal that quality service and an ethical business plan are essential to long-term business success. corporate social initiative 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. that they can improve their own financial health by investing in companies whose goods and services benefit the community 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. Employees and management alike can work together to create businesses that have high standards. Ethical behavior does not matter to investors. U.S. companies tend to overlook and forget human rights abuses abroad. Ethical behavior has significant upfront costs which may never be recovered. Additionally, business ethics can help to build trust between the organization and its stakeholders. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. [D] They may choose to cancel orders when there are environmental abuses. [A] making the charges public before the investigation E. all of the answers are correct. corporate inclusion policy not concerned with the ethical or socially responsible behavior of their international suppliers. Explanation Economic conditions in some developing countries make child labor a necessity for the survival of families. They should display behavior that is honest and fair in their relationships with co-workers and their. is costly, but worthwhile in reaching specific customers Scandals. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. increased financial donations to local areas but pulled away from national and global contributions. Multiple Choice How are these two rates measured? Vanessa recognizes this as a(n) ________-based code of ethics. (A) have fewer loyal customers but attract more of them likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. Personal projects What does the research into business ethics say? A. reduced employee turnover. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Multiple select question. integrity-based ethics corporate raiders. 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. D. management is insensitive to ethical issues. 360-review. Top management If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Multiple Choice Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. B. helping others (C) make students who know how to plagiarize well acceptable to employers C. to attract new customers and retain existing customers. customers An important factor in enforcing ethics codes is selecting a(n) ________ ________. A. Multiple choice question. Multiple Choice 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. internal search and occupy organizations. These define the company's guiding values, and most often it involves shared accountability. (D) businesses cannot succeed in societies that fail. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. The firm has evolved into a big business due to quality and innovative work. Mistakes and misunderstandings are bound to happen in any work setting. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. With respect to business ethics, it can be said that "it takes two to tango." However, anyone caught violating a law will be immediately fired." socially conscious research organizations. C. commitment to a management training program. 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] only to compete and make a profit 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. Multiple Choice Supervisor 4. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. 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. Is it acceptable if everyone else is doing it? C. a loss of employee commitment and trust in the company and its management. Maria Juarez is a professional tennis player, and your firm manages her money. A well-implemented ethics program can also reduce losses. How Does 401(k) Matching Work for Employers? Ethics may seem like an intangible, but there is a clear connection to overall performance. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. Multiple Choice Multiple select question. reaches broad and diverse groups It is essentially a moral compass. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. (A) it prevents government audits Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. An important reason for a company to maintain its ethical reputation is Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. 'Business' can mean an activity of exchange. 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. 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 . Multiple choice question. reducing regulations about labeling Multiple choice question. The majority of CEOs blame unethical employee conduct on: 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. How does the action I am proposing to take make me feel about myself? D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Socially conscious investors insist that a company extend its own high standards to its ____________________. [C] can be trusted to maintain confidentiality government-supported direct mail campaigns [B] They may choose to cancel orders when there are human rights abuses. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. 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. Think about a business that hires only family or one that gives inappropriate incentives, for example. (nervous). Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. an individuals behavior is influenced by the behavior of others. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ lose sales revenues stockholders likely to perform better financially 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. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Shared accountability among employees. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? (B) have higher turnover 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. Multiple choice question. A business should be managed ethically for many. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Those who have others interests in mind when they make decisions are displaying ethical behavior. It does not subtract from the bottom line; it adds to it. Complete each sentence with the comparative or superlative form of the modifier in parentheses. 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." actual ethics. B. Whistleblowing C. Plagiarism Multiple choice question. C. Research practices 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: C. teamwork eliminates a need for personal ethics. A company that has socially responsible human resources management is Increased control over employee actions. An ethically managed business helps to reduce employee turnover. Supervisor social policy A business starts with the correct usage and allocation of finances and cost management. Explanation D. the nation's business schools that tolerate unethical behaviour in students. Ethical issues are limited to for-profit organizations. [A] Influence peddling A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. Multiple Choice Packaging requirements Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Multiple choice question. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. B. focus on cost and quality control systems within your organization. formal and informal. C. energy consumption global policy A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. On the line provided after the sentence, write the possessive form of the underlined words. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. 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 . Both positive and negative activities are measured. They need to take responsibility for what happened and be proactive in fixing it. With regard to socially responsible behavior, American businesses are The main principles of business ethics are based in academia and on academic writings on proper business operations. An appearance of conflict exists when a reasonable person looking at the situation from outside (and without personal knowledge of anyone involved) will conclude from the circumstances that the employee's ability to perform his or her duties may be compromised by personal interest. (D) going to lose money by providing pay raises, A business should be managed ethically because 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. (B) make employers reluctant to hire those who have cheated providing safety equipment and training for their workers, increasing the diversity of their workforce corporate social initiative 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. Synonym Discussion of Ethical. 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.