My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. [B] about being fair and honest with their stakeholders Top management is essentially conducting a(n) She was even _____ after her solo than before. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. (A) likely to perform better financially Reevaluating its ethics codes based on the input of its customers. 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. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Periodically asking every employee to evaluate the company's ethics performance. Reevaluating its ethics codes based on the input of its customers. (D) long jail terms for those who acted unethically. 1. government-supported direct mail campaigns a clear set of rules and regulations likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." varies among those who are interested in corporate responsibility. \text{ } & \text{Per Unit} & \text{Total}\\ The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. 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. There are a wide variety of examples of ethical behavior in the workplace. What Does Ethical Decision Making Mean? Which of the following are reasons a business should be managed ethically? [C] The U.S. government will use military force to enforce labor laws.. holding international suppliers to different standards than American companies must adhere to in the United States. 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. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. On the flip side, a leader who personifies ethical behavior will be fair in all situations. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is [D] allows them to connect directly with customers. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. penalizing wrong-doers. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Suppliers increasing control D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Fraud Ignoring hazardous job conditions that exist in the company's facilities Practice deception regarding product safety issues. he 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. D. shift the production of goods to foreign facilities and layoff Canadian workers. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. D. Mayhem 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. True false question. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? Scandals. Unethical businesses also lose favor with consumers. Explanation The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. human resource support staff 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. Companies E. all of the answers are correct. secondary market companies. An organization's managers instill corporate values and _____________ in employees by the examples they set. Multiple choice question. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? 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. (A) matter very little to employers Complete each sentence with the comparative or superlative form of the modifier in parentheses. Which of the following are reasons a business should be managed ethically? A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. (C) occur in many countries the collection of laws to protect society from fraud, theft, and violence. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. The concern businesses have for the welfare of society, not just for their owners is: . profitable charities Multiple Choice ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance [B] most of those who caused the crisis going to jail Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. They should display behavior that is honest and fair in their relationships with co-workers and their. [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. Multiple Choice 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. Even small companies participate in _______ through donations and volunteer support of local causes and national charities, such as the Red Cross and the United Way. D. structure and strategy. D. varies from industry to industry. The majority of CEOs blame unethical employee conduct on: In the long run, they believe <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Integrity-based ethics codes A company that has socially responsible human resources management is \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ The first area is productivity. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition \text{Total production cost} & \text{\$ 9.20}\\ Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. (C) benevolence is the highest virtue decreased financial donations and eliminated support in almost every way. standards. a written code of ethics Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? Explanation D. help investors recoup their losses. Businesses should create and display their code of ethics publicly. compliance-based ethics Why Business Should Be Managed Ethically - Liveboardroom.info An ethically managed business helps to reduce employee turnover. 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. 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. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Chapter 4 - Business Flashcards | Quizlet Business Ethics: Definition, Principles, Why They're Important 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. The term business ethics refers to the set of moral principles that guides a company's conduct. whistleblowers. Ethical management generates trust, and trust increases productivity. Eric Allgood - Managing Director - Small Business Assistance and This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. B. maintaining proper accounting procedures. C. Education and training 1. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Compliance-based ethics codes setting a good example. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. C. to attract new customers and retain existing customers. enjoy greater employee loyalty B. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. A. It seeks to promote honesty, fairness, and responsibility in all advertising. Think about a business that hires only family or one that gives inappropriate incentives, for example. Which step is the most critical to help improve business ethics? Multiple Choice Maria Juarez is a professional tennis player, and your firm manages her money. Emphasizes strong penalties for wrongdoers Strategic partnering (B) lack of trust in the free market system (C) make students who know how to plagiarize well acceptable to employers Corporate responsibility Depreciation is due to obsolescence rather then wear and tear. Morality codes It is actually a structure of moral principles and code of conduct applicable to a business. [D] requiring all bankers to sign ethical codes. 22. The findings reveal that quality service and an ethical business plan are essential to long-term business success. integrity-based ethics Which of the following is the BEST reason for a business to be managed ethically? BUS-112 Chapter 4 - Subjecto.com C. Research practices 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 Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: The side effects are so great that the society urges that the business should always be ethically and socially responsible. hiring only women and minorities Multiple Choice A. profits. C. Investor relations How Does 401(k) Matching Work for Employers? Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. To manage these risks and the ethical obligations they imply, CDOs should work on developing institutional practices for continual learning and interaction with external experts. True C. diversity Business principle (3) Flashcards | Quizlet Multiple select question. Decorating Arrangements has just completed operations for the year ended December 31, 2016. A. guilt payments. Research has shown that companies engaged in corporate social responsibility (CSR): Distributors. (C) to increase employee turnover reaches broad and diverse groups What occurs when an employee exposes an employer's wrongdoing to outsiders? social audit. How to Manage a Business Effectively (7 Key Elements) They need to take responsibility for what happened and be proactive in fixing it. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: retain better employees 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. compliance police. 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. True \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Multiple Choice 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: \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Ethical Definition & Meaning - Merriam-Webster G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . (A) businesses who are socially responsible will earn more The last recession changed the way many companies offer support to people and communities in need. A business starts with the correct usage and allocation of finances and cost management. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. America's CEOs Seek a New Purpose for the Corporation Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? The You Design, We Build Company makes custom furniture of all kinds. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. With regard to socially responsible behavior, American businesses are Internal Audit Company Protection Act An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. 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. E. all of the answers are correct. A. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. B. disgruntled workers manipulating budgets and expenses. Business ethics concerns ethical dilemmas or controversial issues faced by a company. [A] making the charges public before the investigation 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. To allow whistleblowers to come forward with information organizations should D. expanding the opportunity to behave ethically by providing punishments for following the rules. Intro. business chapter 5 Flashcards | Quizlet Ethical behavior positively impacts a businesss financial performance. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Multiple choice question. information technology According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? (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 A. Ethical Behavior Is Essential to Business - Business News Daily 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. Integrity-based ethics codes Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Motivation. Multiple Choice moral impropriety. C. moral philosophy. building parks However, anyone caught violating a law will be immediately fired." socially conscious research organizations. Employees and management alike can work together to create businesses that have high standards. This is called a bounty provision because as stated, they may receive a monetary award for their actions. because strict global regulations require it, learned by observing the actions of others in the organization. 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) ? Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. [B] it increases the likelihood of government intervention corporate raider divisions. 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? Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. How are these two rates measured? corporate social initiative It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Why Should Businesses Act Ethically? - Business Ethics and Corporate Defines an organization's guiding principles. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. C. Accounting fraud B. an individual's behaviour is influenced by the behaviour of others. 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: Workplace and colleague wellbeing. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Governments The employees of a corporation are stakeholders who are affected by management practices. (B) it attracts and retains customers In the workplace, there might be a standard for ethics set throughout the company. Chapter 4 LearnSmart Quiz Flashcards | Quizlet Steven Barber, RBLP-T, SPHR, SHRM-SCP, GCDF, CCSP - Business Management Multiple Choice Government and business leaders are being held to 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. Corporate philanthropy 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. Multinational corporations are committed to operating within the legal limits of U.S. law. These examples of ethical behaviors ensures maximum productivity output at work. True Should an instance occur, the result could be devastating to your company's finances and reputation. 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 Often, business ethics involve a system of practices and procedures that help build trust with the.