ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. setting a good example. Chapter 4. <br> I . Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. analysts. Multiple Choice [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is It is an act that is against the law and against Securities and Exchange Commission policy. 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} 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. A business should be managed ethically because, businesses with good reputations attract customers. 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. They should display behavior that is honest and fair in their relationships with co-workers and their clients. lose sales revenues Part-time co-worker 3. fascism 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. Sherman Act \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ A. integrity-based B. Horn blower Corporate policy refers to the position a firm takes on ______________ and __________________ issues. School McMaster University; Course Title COMMERCE 1E03; Type. B. [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. Ethics in Management | Encyclopedia.com 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. global policy Team and business confidence. internal investigation. information technology In "Two Kinds," how does the narrator feel after the talent show? that only society's health is improved when they invest in companies whose goods and services benefit the community Ethics in the Workplace: Examples & Tips | PayScale Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Is it acceptable if everyone else is doing it? (C) occur in many countries How to Design an Ethical Organization - Harvard Business Review These examples of ethical behaviors ensures maximum productivity output at work. Which of the following is a reason why a business should be managed ethically? E. All of the answers are correct. that they can improve their own financial health by investing in companies whose goods and services benefit the community 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. In the long run, CSR enhances profits. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. A. Diversity and discrimination B. Synonym Discussion of Ethical. D. employee retaliation by doing the minimum needed to get by. called stakeholder interest \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ 'Business' can mean an activity of exchange. Trustworthiness. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Multiple choice question. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. True Which of the following is not one of the approaches associated with corporate social responsibility? C. helps government officials develop appropriate legislation. Often, business ethics involve a system of practices and procedures that help build trust with the. employees and internal public relations for the welfare of society as a whole, about being fair and honest with their stakeholders Think about a business that hires only family or one that gives inappropriate incentives, for example. Dodd-Frank Wall Street Reform and Consumer Protection Act. retain better employees 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. C. Research practices A. code of ethics. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. How are these two rates measured? A. profits. Complete each sentence with the comparative or superlative form of the modifier in parentheses. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Multiple choice question. based on a commitment to integrity and respect Putting Ethical Design into Practice. False. An important factor in enforcing an ethics code is: A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Studies have found a _____ correlation between academic dishonesty and dishonesty at work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . Multiple choice question. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ Ethical Behavior Is Essential to Business - Business News Daily 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. Depreciation is due to obsolescence rather then wear and tear. Multiple Choice Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. [B] They may choose to cancel orders when there are human rights abuses. general guiding values Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. A. expanding the opportunity to behave ethically by providing rewards for following the rules. To allow whistleblowers to come forward with information organizations should (A) 3 out of 4 citizens do not give any time to the communities in which they live Economics - Wikipedia (D) businesses cannot succeed in societies that fail. Global Business Ethics. 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. [A] for the welfare of society as a whole Multiple select question. Explanation \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ Multiple select question. (A) investors putting more money into both markets An important reason for a company to maintain its ethical reputation is Ethical Definition & Meaning - Merriam-Webster This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. 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. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. CSR can lead to even more profits. Chapter 4 LearnSmart Quiz Flashcards | Quizlet B. Whistleblowing C. Plagiarism Product safety In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. 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: [B] it increases the likelihood of government intervention Organizational ethics begins Multiple Choice at the top levels of management. [C] can be trusted to maintain confidentiality 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. Explanation B. being socially responsible is all about being ethical. B. varies even among those who are interested in corporate responsibility. Explanation 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. This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Business Ethics - Stanford Encyclopedia Of Philosophy P 145 avoiding lawsuits is one reason to manage a - Course Hero (nervous). Many companies [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. Codes of ethics foster ethical behavior by (C) 4 out 5 citizens volunteer an hour each week Italian Stallion stockholders got a very fair deal for the stock they owned in the company. insider trading. This includes managers and subordinates, peers and clients. This is an example of corporate: 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? The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. This will ensure that you have trustworthy employees working for you. Compliance-driven ethics standards When management considers ethics in its actions toward stakeholders, employees can be positively affected. This indicates that: A. dancing around issues should be part of a firm's code of ethics. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. 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 Does Ethical Decision Making Mean? B. (D) make more money for investors in the short run. to increase employee turnover 1. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . There are a number of reasons why businesses should act ethically: to protect its own interest; to protect the interests of the business community as a whole so that the public will have trust in it; to keep its commitment to society to act ethically; to meet stakeholder expectations; to prevent . There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. an individual's ethics Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023. True Chapter 4 - Homework ( Introduction To Business) - Quizlet Top management 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. [B] allowing management to decide the outcomes of investigations B. A company that has socially responsible human resources management is All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Resource procurement and consumption practices corporate raiders. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. because strict global regulations require it Corporate values are: Which of the following is NOT a part of an integrity-based ethics code? The deliberative system leads to more-ethical behaviors. Multiple Choice An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. The majority of CEOs blame unethical employee conduct on: Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Example 1. social impact program. The many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that __________ decisions start with each individual. 5 Reasons Why Ethics Is Important in Accounting for Business [C] only to compete and make a profit C. teamwork eliminates a need for personal ethics. create an open-door policy, protect them from retaliation Top management is essentially conducting a(n) Why Is Ethical Decision Making Important? - Lisa Jeffs 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. help investors recoup their losses. corporate policy Ethics may seem like an intangible, but there is a clear connection to overall performance. A. protecting the owners' rights and investments. C. all levels of management. many Americans decide what's ethical based upon the situation in which they find themselves. It is actually a structure of moral principles and code of conduct applicable to a business. 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. 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 . E. all of the answers are correct. [B] Bribery Business Ethics: Definition, Principles, Why They're Important Multiple choice question. draw more customers, Many investors believe Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. compliance-based ethics E. A criminal lawsuit. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. As a philosophy, ethics are the principles that guide a person's behaviour. America's CEOs Seek a New Purpose for the Corporation Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Which step is the most critical to help improve business ethics? What is the best reason for a business to be managed ethically? 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Economics (/ k n m k s, i k -/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. Multiple choice question. 1. Ethical standards are different from country to country. Which of the following statements about business ethics is false? A Understanding that individual moral standards, the influence of managers and coworkers, and Multiple choice question. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Scandals. Explanation Resource procurement and consumption practices B. only with their responsibility to their shareholders When Paulsen describes Storm, he also gives clues about his own personality. A New Model for Ethical Leadership - Harvard Business Review Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Strict global regulations require it. A business starts with the correct usage and allocation of finances and cost management. standards. 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. \end{matrix} C. It is the law in the U.S. D. Employees. requiring suppliers to be evaluated monthly concerning (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 Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Multiple choice question. Dodd-Frank Wall Street Reform and Consumer Protection Act They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. concern for the welfare of society (B) it is using investors' money in ways they did not intend social justice. A. Packaging requirements C. business exists only to make money for shareholders. [A] making the charges public before the investigation The last recession changed the way many companies offer support to people and communities in need. increasing the diversity of their workforce These principles govern every aspect of the company's operations, including its interaction with the government and other businesses, its treatment of its employees and its relationship with its customers. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ 22. [A] They will bribe local officials to change their policies.

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