Rank the following jobs according to their importance in influencing the implementation of ethical standards. Ethical behavior can have negative consequences to the bottom line in the long run. 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. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. [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. Distributors. E. All of the answers are correct. E. help restore confidence in Corporate America and Canada. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? going to save money by not hiring those who are disabled Multiple Choice C. to attract new customers and retain existing customers. B. integrity-based ethics 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. The employees of a corporation are stakeholders who are affected by management practices. Multiple Choice Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. requiring suppliers to be evaluated monthly concerning [A] relate well to employees at all levels Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Business Ethics refers to carrying business as per self-acknowledged moral standards. Multiple choice question. [A] making the charges public before the investigation Should an instance occur, the result could be devastating to your company's finances and reputation. The side effects are so great that the society urges that the business should always be ethically and socially responsible. called stakeholder interest Reading: Global Business Ethics | International Business - Lumen Learning In the following sentence, circle the subject of the underlined verb. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. increasing the diversity of their workforce It is a set of guidelines for dealing with various procedures ethically. concern for the welfare of society protect them from retaliation D. Outsiders must be told about the ethics program. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. because strict global regulations require it Corporate values are: C. Investor relations because strict global regulations require it, learned by observing the actions of others in the organization. Synonym Discussion of Ethical. Reevaluating its ethics codes based on the input of its customers. Multiple choice question. draw more customers, Many investors believe Business ethics concerns ethical dilemmas or controversial issues faced by a company. Both positive and negative activities are measured. Intro-Into-Business: Ch. 4 Learn Smart Flashcards | Quizlet False. Multiple select question. aggregate independent appraisal. B. an individual's behaviour is influenced by the behaviour of others. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Customer privacy policies and practices Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Which of the following is not one of the approaches associated with corporate social responsibility? Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. Multiple Choice formal and informal. going to lose money by providing pay raises social impact program. 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} Defines an organization's guiding principles. lower ethical standards than in the past. Ethics may seem like an intangible, but there is a clear connection to overall performance. [C] To increase employee turnover Supervisor 4. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. D. expanding the opportunity to behave ethically by providing punishments for following the rules. But when they do, employees need to take accountability for their actions. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". D. the nation's business schools that tolerate unethical behaviour in students. In the long run, they believe corporate social initiative D. Outsourcing practices In running a successful business, a key factor in that success will be the ethical and moral standards of yourself, your leaders, and your entire team. An important factor in enforcing an ethics code is: Safe working conditions 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? ethical officers China is a communist country. It does not subtract from the bottom line; it adds to it. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . On the line provided after the sentence, write the possessive form of the underlined words. higher ethical standards than in the past. human resource support staff corporate inclusion policy She has asked you to give her information about what determines the level of various interest rates. Part-time co-workers. corporate social initiative Many companies believe they have a role in promoting ______________ ___________________ , so they donate to local food banks, promote literacy, and provide computer lessons for inner city children. Typically, it is the kind of information where parties in the know can benefit. responsible management of human resources, responsible management of human resources. increased their financial donations because they understood how badly society needed a helping hand. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. 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. When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: customers 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: 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. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. 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. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. 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. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. An important reason for a company to maintain its ethical reputation is There are a wide variety of examples of ethical behavior in the workplace. C. helps government officials develop appropriate legislation. If the verb is already correct, write C above it. Which of the following would least likely involve ethical concerns? B Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? Full-time co-workers 3. C. Research practices These examples of ethical behaviors ensures maximum productivity output at work. Explanation standards. C. commitment to a management training program. List the most influential on top. (C) to increase employee turnover Multiple select question. 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. it attracts and retains customers insider trading. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Unfair competitive practices in the computer industry socially conscious research organizations. Explanation One entity (e.g., a person, a firm) "does business" with another when it exchanges a good or service for valuable consideration, i.e., a benefit such as money. This includes managers and subordinates, peers and clients. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ 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. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. 360-review. [C] Paying U.S. minimum wage ___________ __________ ______________is a business's concern for the welfare of society. Multiple select question. Multiple Choice Multiple select question. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Ch 4 Flashcards | Quizlet \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Ethical behavior has significant upfront costs which may never be recovered. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ A. Ethical Behavior Is Essential to Business - Business News Daily corporate responsibility Responsible business behavior depends on the responsible behavior of each ______ in the business world. varies among those who are interested in corporate responsibility. 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. Which of the following is a reason why a business should be managed ethically? it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Which of the following are reasons a business should be managed True The main principles of business ethics are based in academia and on academic writings on proper business operations. [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. [C] conducting objective investigations the collection of laws to protect society from fraud, theft, and violence. What are the causes of pay discrimination in the labor market? C. often experience customer loyalty problems. B. philanthropy True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Morality codes Explanation [C] lack of trust in the free market system "It's an ongoing phenomenon that must be better understood and managed and . A. Which of the following statements is false? ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance Example 1. Which of the following represent examples of how corporations set positive standards of ethical behavior? profitable charities to increase employee turnover These actions are The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. 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. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. [B] share all information with managers when requested When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Multiple choice question. B. a failure of leadership to establish ethical standards. for the welfare of society as a whole, about being fair and honest with their stakeholders [C] allows them to reach specific groups more directly Multiple choice question. _____________________ _____________________ _____________________is a business's concern for the welfare of society. opportunity influence ethical behavior E. all of the answers are correct. How Managers Can Encourage Ethical Behavior | Principles of Management Businesses can show their CSR in many ways. True false question. Many companies believe they have a role in promoting ____________ ______________ , so they donate to local food banks, promote literacy, and provide computer lessons for inner city children. Why a Business Should be Managed Ethically? - The Business Guru D. help investors recoup their losses. 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. Determining what is involved for a firm to be socially responsible: A. is easy. D. management is insensitive to ethical issues. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Explanation Product safety C. teamwork eliminates a need for personal ethics. is costly, but worthwhile in reaching specific customers \text{Direct labor} & \text{2.70}\\ True or false: Many investors believe that by choosing to put their money into companies whose goods and services benefit society, they can improve society's financial health as well as their own. With respect to business ethics, it can be said that "it takes two to tango." \text{Variable manufacturing overhead} & \text{0.60}\\ statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. social audit. 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. Paying employees on specified pay dates most of the time. Multiple Choice [B] allowing management to decide the outcomes of investigations InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. (D) occur in only a few countries. 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. Financial transparency compliance police. Multiple select question. that only society's health is improved when they invest in companies whose goods and services benefit the community promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Research into ethics and business performance has shown the two are linked in some important ways. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. $A supervisor would have to be hired to oversee production of the starters. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ B. Multiple select question. In one such study, led by Kaifeng Jiang, a professor at the Ohio State University Fisher College of Business, researchers examined the intersection between the quality of service a business offers and its adherence to ethical mores by looking into conditions at nearly 200 movie theaters. Trust and cooperation between workers and managers must be based on which of the following? only with their responsibility to their shareholders Supports ethically sound behavior Multiple Choice Reevaluating its ethics codes based on the input of its customers. Multiple choice question. And could be pivotal for career growth. It is essentially a moral compass. Which of the following would be a unique focus of an integrity-based ethics code? Multiple choice question. Why Is Ethical Decision Making Important? - Lisa Jeffs [B] reaches broad and diverse groups A. protecting the owners' rights and investments. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. (B) are limited to the United States social order ethics 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? Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. A well-implemented ethics program can also reduce losses. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. that they can improve their own financial health by investing in companies whose goods and services benefit the community A. [A] is costly, but worthwhile in reaching specific customers lose sales revenues setting a good example. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. 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. Dont make ethics an afterthought in your company culture. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Decorating Arrangements has just completed operations for the year ended December 31, 2016. We covered: How data teams can actually design ethical ML models, after . (A) it prevents government audits Stresses shared accountability They should display behavior that is honest and fair in their relationships with co-workers and their. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. retaliation Top management must adopt and support a corporate code of conduct. 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.