an individuals behavior is influenced by the behavior of others. Written ethics codes can be categorized as \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ the collection of laws to protect society from fraud, theft, and violence. E. law. '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 business's responsibilities to its owners and investors include Compliance-based ethics codes focus on: A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. C. a loss of employee commitment and trust in the company and its management. How Does 401(k) Matching Work for Employers? 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.. government-supported direct mail campaigns What Are Business Ethics and Why Are They Important? secondary market companies. 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. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. What occurs when an employee exposes an employer's wrongdoing to outsiders? A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. [A] it reduces employee turnover The ethics code must be enforced. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. If an underlined word is already in the correct possessive form, write a C on the line. Complete each sentence with the comparative or superlative form of the modifier in parentheses. 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. Integrity-based ethics codes Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. a written code of ethics Target is a business. C. providing all relevant information about current and projected performance of the firm. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. 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. 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) ? Vanessa recognizes this as a(n) ________-based code of ethics. Safe working conditions They should display behavior that is honest and fair in their relationships with co-workers and their. Ethical behavior can have negative consequences to the bottom line in the long run. Decorating Arrangements has just completed operations for the year ended December 31, 2016. [C] allows them to reach specific groups more directly Multiple Choice B. helping others TV ads True false question. Chapter 4 - Homework ( Introduction To Business) - Quizlet 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. Top management must adopt and support a corporate code of conduct. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ B. enjoy significantly higher profits. Internal Audit Company Protection Act Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. C. Education and training How does the action I am proposing to take make me feel about myself? (C) make students who know how to plagiarize well acceptable to employers Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. With respect to business ethics, it can be said that "it takes two to tango." A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. Multiple choice question. Ethical issues are limited to for-profit organizations. How are these two rates measured? Those who argue in favour of corporate social responsibility suggest that: 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: aggregate independent appraisal. An important factor in enforcing an ethics code is: Multiple choice question. The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Who sets the standards of right and wrong as defined by ethics? [B] about being fair and honest with their stakeholders He also believed anything other than that would be considered: However, anyone caught violating a law will be immediately fired." D. management is insensitive to ethical issues. A. In the workplace, there might be a standard for ethics set throughout the company. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. It is actually a structure of moral principles and code of conduct applicable to a business. [C] The U.S. government will use military force to enforce labor laws.. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. False, Whistleblowers can be helped by protecting them from: In the long run, they believe A. profits. A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Becoming an environmentally friendly business | Business Queensland likely to perform better financially Which of the following describes charitable donations by corporations to nonprofit organizations? called stakeholder interest Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. 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. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. Ethics in the Workplace: Examples & Tips | PayScale (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 C. teamwork eliminates a need for personal ethics. Which of the following represent examples of how corporations set positive standards of ethical behavior? Codes of ethics foster ethical behavior by C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics higher ethical standards than in the past. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. 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? Multiple choice question. 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. B. a failure of leadership to establish ethical standards. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ 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. [C] it reduces the likelihood of lawsuits by employees or customers D. Outsourcing practices Multiple Choice analysts. 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. Chapter 4 - Business Flashcards | Quizlet Strategic partnering Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. This indicates that: A. dancing around issues should be part of a firm's code of ethics. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Depreciation is due to obsolescence rather then wear and tear. (A) likely to perform better financially False. C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and Ethics in the workplace: the ethical manager | HRZone The main principles of business ethics are based in academia and on academic writings on proper business operations. Explanation Explanation Think about a business that hires only family or one that gives inappropriate incentives, for example. providing safety equipment and training for their workers, increasing the diversity of their workforce An ethically managed business helps to reduce employee turnover. increasing control B. Internal auditors socialism This, then, creates greater stability within the company.. Explanation 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. (A) are just part of doing business A business should be managed ethically for many. B. A. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. general guiding values Which of the following is a reason why a business should be managed ethically? opportunity influence ethical behavior Multiple Choice 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. 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. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. 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. B. D. structure and strategy. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be Explanation stockholders Business ethics helps to optimize company resources. It does not subtract from the bottom line; it adds to it. Ethical management generates trust, and trust increases productivity. How to Design an Ethical Organization - Harvard Business Review D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. Which step is the most critical to help improve business ethics? increasing the diversity of their workforce These define the company's guiding values, and most often it involves shared accountability. Which of the following is NOT a part of an integrity-based ethics code? Part-time co-workers. (B) it attracts and retains customers Socially conscious research organizations collect information on the social responsibility efforts of companies. 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. 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. Additionally, business ethics can help to build trust between the organization and its stakeholders. 1. (D) make more money for investors in the short run. BUS-112 Chapter 4 - Subjecto.com When Paulsen describes Storm, he also gives clues about his own personality. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Business Ethics - Definition, Principles, Types, Examples - WallStreetMojo C. often experience customer loyalty problems. [D] Political risk taking. [B] passing laws to make accounting records more transparent Dodd-Frank Wall Street Reform and Consumer Protection Act Which of the following were not identified as being fundamental to the CSR definition? Those who have others interests in mind when they make decisions are displaying ethical behavior. enjoy greater employee loyalty D. Improved awareness of the relevant laws. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. E. All of the answers are correct. Thinking Ethically - Markkula Center for Applied Ethics ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. 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. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Dont make ethics an afterthought in your company culture. What Does Ethical Decision Making Mean? Strict global regulations require it. socially conscious research organizations. D. employee retaliation by doing the minimum needed to get by. Both positive and negative activities are measured. Who sets the standards of right and wrong as defined by ethics? Multiple choice question. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and shareholders Paying employees on specified pay dates most of the time. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . If the verb is already correct, write C above it. C. diversity Businesses can show their CSR in many ways. C. business exists only to make money for shareholders. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. HR professionals sometimes face ethical or moral dilemmas. B. philanthropy. C. commitment to a management training program. SE Oklahoma's MBA Programs Teaches Ethics The unethical and illegal activity in which investors use private company information to further their own fortunes or those of their family and friends is called: The most effective ethics officers are equally comfortable as ________ and investigators. Top management 1. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. A. the breakdown of traditional religious institutions. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? 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. The firm has evolved into a big business due to quality and innovative work. C. Corporate strategy [A] making the charges public before the investigation (D) businesses cannot succeed in societies that fail. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. Notes. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. It seeks to promote honesty, fairness, and responsibility in all advertising. An organization's managers instill corporate values and _____________ in employees by the examples they set. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Here are five reasons why you should keep things legal and follow business ethics in accounting. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. only to compete and make a profit Reevaluating its ethics codes based on the input of its customers. The total rent on the plant is$80.000 per period. Multiple select question. Multiple select question. Business Ethics - Quick Guide - tutorialspoint.com insider trading. whistleblowers True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Ethical Behavior Is Essential to Business - Business News Daily P 145 avoiding lawsuits is one reason to manage a - Course Hero internal investigation. 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. 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 The second major meaning behind the term is . They need to take responsibility for what happened and be proactive in fixing it. reducing regulations about labeling Companies that participate in CSR typically have more loyal employees and customers. Its premise is based on integrity, fairness, and respect for others. 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. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Though discrimination and harassment laws have been put in place and continue to be updated . Putting Ethical Design into Practice. corporate raiders. corporate raider divisions. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. An important reason for a company to maintain its ethical reputation is Study 19 Terms | Philosophy Flashcards | Quizlet Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away!<br><br>As a product manager I have to wear different hats every day and I excel at . Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is B. an individual's behaviour is influenced by the behaviour of others. (B) 3 out of 4 citizens think they should be paid for their volunteer work 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, Chapter 18 APUSH The Victorian Era 1880-1917. Top officials in countries like Japan, South Korea, and China have faced legal charges of influence peddling and __________ charges, which serve as examples of the unethical behavior that U.S. companies face in overseas markets. varies among those who are interested in corporate responsibility. Amber was observing an example of the ___________ followed at this organization. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. B. D. Outsiders must be told about the ethics program. How Managers Can Encourage Ethical Behavior | Principles of Management The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? B. 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}