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 Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Employees and management alike can work together to create businesses that have high standards. Which of the following statements is false? 'Business' can mean an activity of exchange. Suppliers Multiple choice question. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Multiple choice question. going to save money by not hiring those who are disabled 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) ? not concerned with the ethical or socially responsible behavior of their international suppliers. Multiple Choice Unethical behavior by financial and real estate businesses has led to increased financial donations to local areas but pulled away from national and global contributions. Dont make ethics an afterthought in your company culture. 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. help laid-off employees get their jobs back. Positive Effects of . This indicates that: A. dancing around issues should be part of a firm's code of ethics. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Multiple Choice About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Businesses can show their CSR in many ways. True Full-time co-workers Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. (C) gains for investors in 2008 and 2009 D. to please customers, employees, and society. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Supervisor 4. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. fascism This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Maria Juarez is a professional tennis player, and your firm manages her money. asking suppliers to lower their standards to be in compliance with D. the nation's business schools that tolerate unethical behaviour in students. Are Workplace Politics Destroying Your Business? profitable charities Ethical behavior does not matter to investors. True false question. The findings reveal that quality service and an ethical business plan are essential to long-term business success. A business should be managed ethically for many demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Value (ethics and social sciences) - Wikipedia Part-time co-workers. [C] making businesspeople more accountable for their actions [B] passing laws to make accounting records more transparent Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? The most basic question in an ethics-based management system is. Due to the fact that it is not yet public, those who act upon the information have an unfair advantage and stand to gain financially. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. Financial transparency Economic conditions in some developing countries make child labor a necessity for the survival of families. <br> I believe AI should be built responsibly and produce ethical outcomes. Chapter 4. investors. (A) 3 out of 4 citizens do not give any time to the communities in which they live Multiple Choice It may just be the cornerstone of your success. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. Multiple select question. Study 19 Terms | Philosophy Flashcards | Quizlet insider trading. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ Multiple choice question. Governments 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. [A] for the welfare of society as a whole E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Top management 1. CSR can lead to even more profits. An organization's managers instill corporate values and _____________________ in employees by the examples they set. lose sales revenues Putting Ethical Design into Practice. B Society What Are Business Ethics? Definition, Types and Examples The employees of a corporation are stakeholders who are affected by management practices. general guiding values Multiple Choice All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. \text{Total production cost} & \text{\$ 9.20}\\ responsible management of human resources, responsible management of human resources. Startup Costs: How Much Cash Will You Need? Explanation What occurs when an employee exposes an employer's wrongdoing to outsiders? Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. corporate inclusion policy C. providing all relevant information about current and projected performance of the firm. D. maximizing their investment in the firm. E. A criminal lawsuit. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. [B] Bribery When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. social order ethics The ethics code must be enforced. 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 . When management considers ethics in its actions toward stakeholders, employees can be positively affected. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. draw more customers, Many investors believe 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: insider trading. B. improve corporate profits. 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. C. Corporate strategy going to lose money by providing pay raises Full-time co-workers 3. Resource procurement and consumption practices Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. America's CEOs Seek a New Purpose for the Corporation Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? increasing the diversity of their workforce 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. enjoy greater employee loyalty It is a set of guidelines for dealing with various procedures ethically. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. The employment of ethical business practices can enhance overall corporate health in three important areas. A. D. employee retaliation by doing the minimum needed to get by. B. being socially responsible is all about being ethical. C. the increase in lawsuits used to avoid personal responsibility. (C) make students who know how to plagiarize well acceptable to employers [A] few losses to investors (D) occur in only a few countries. What does the research into business ethics say? 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. Multiple Choice 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 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.. (C) 4 out 5 citizens volunteer an hour each week C. Education and training Multiple choice question. (B) lack of trust in the free market system Customers 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 . Explanation It is essentially a moral compass. [C] can be trusted to maintain confidentiality The You Design, We Build Company makes custom furniture of all kinds. 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. ___________ __________ ______________is a business's concern for the welfare of society. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Distributors. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. free from the concern of Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. corporate social responsibility, Corporate social responsibility is when businesses are concerned True The first area is productivity. Supervisor 2. Corporate responsibility If an underlined word is already in the correct possessive form, write a C on the line. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: B. socially conscious research organizations. Top leaders from other countries have been charged with bribery. [D] They may choose to cancel orders when there are environmental abuses. Businesses should create and display their code of ethics publicly. corporate beneficial management Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. socially conscious research organizations. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. Personal projects Is it acceptable if everyone else is doing it? This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. internal investigation. allow for complete anonymity Business ethics benefits the bottom line. Workplace and colleague wellbeing. Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? A. D. Outsiders must be told about the ethics program. analysts. [C] allows them to reach specific groups more directly Those who argue in favour of corporate social responsibility suggest that: Multiple select question. This is the third year of operations for the company. List the most influential on top. C. structure and strategy. The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. corporate responsibility They should display behavior that is honest and fair in their relationships with co-workers and their. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ B. enjoy significantly higher profits. Think about a business that hires only family or one that gives inappropriate incentives, for example. This is called a bounty provision because as stated, they may receive a monetary award for their actions. I'm a Product Manager with experience working cross-functionally with business roles (e.g. [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. A. Overstating an expense report. Integrity-driven ethics codes False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. An important factor in enforcing an ethics code is: The owners of Good Eats Restaurant in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. Displaying good ethical behavior can boost company morale and client relations. 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. B. [C] only to compete and make a profit \text{Direct labor} & \text{2.70}\\ Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Multiple choice question. 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." B. the police in jurisdictions where the business has operations. Emphasizes strong penalties for wrongdoers an individuals behavior is influenced by the behavior of others. 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. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. that only society's health is improved when they invest in companies whose goods and services benefit the community What are the causes of pay discrimination in the labor market? C. all levels of management. Organizational ethics begins Multiple Choice at the top levels of management. increased their financial donations because they understood how badly society needed a helping hand. They need to take responsibility for what happened and be proactive in fixing it. Its easier for a business to retain employees when they work for a company that they believe in. (B) are limited to the United States Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? Chapter 4 - Business Flashcards | Quizlet the federal government A company that has socially responsible human resources management is Multiple choice question. The second major meaning behind the term is . What Are Business Ethics and Why Are They Important? D. Outsourcing practices Explanation C. energy consumption A. profits. 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? Explanation it attracts and retains customers (B) 3 out of 4 citizens think they should be paid for their volunteer work Business principle (3) Flashcards | Quizlet _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. D. varies from industry to industry. [C] The U.S. government will use military force to enforce labor laws.. building parks 2. 1. 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. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ standards. C. often experience customer loyalty problems. Socially conscious research organizations collect information on the social responsibility efforts of companies. 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. Multiple choice question. How does the action I am proposing to take make me feel about myself? In turn, employees will trust that their leadership team is working toward the greater good of the entire company. In a business setting, ethical behavior applies to any employee, team lead or supervisor. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny.