False. Deceptive advertising of medicines and toys All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. investors. She has asked you to give her information about what determines the level of various interest rates. stockholders In turn, employees will trust that their leadership team is working toward the greater good of the entire company. (C) likely to perform worse financially allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Trust and cooperation between workers and managers must be based on which of the following? Shared accountability among employees. 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. ", Corporate social responsibility is when businesses are concerned lower ethical standards than in the past. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Are Workplace Politics Destroying Your Business? called stakeholder interest 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 C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and [A] outsourcing enforcement of the laws to private firms C. It is the law in the U.S. D. Employees. 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. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: C. help laid-off employees get their jobs back. They should display behavior that is honest and fair in their relationships with co-workers and their clients. Multiple choice question. Safe working conditions government-supported direct mail campaigns The rent charge above is based on space utilized in the plant. [C] making businesspeople more accountable for their actions 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. Often, business ethics involve a system of practices and procedures that help build trust with the. In fact they contribute to it: 1. ethical standards that are often unreasonable and cannot be met by most leaders. C. to attract new customers and retain existing customers. (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 The most basic question in an ethics-based management system is. An organization's managers instill corporate values and _____________ in employees by the examples they set. China is a communist country. What does the research into business ethics say? A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. This includes managers and subordinates, peers and clients. [B] allowing management to decide the outcomes of investigations \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? List the most influential on top. B. maintaining proper accounting procedures. [A] it reduces employee turnover When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Unethical behavior by financial and real estate businesses has led to A Understanding that individual moral standards, the influence of managers and coworkers, and corporate policy Maximizing ethical conflict in work groups [C] it reduces the likelihood of lawsuits by employees or customers For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. for the welfare of society as a whole, about being fair and honest with their stakeholders Those who argue in favour of corporate social responsibility suggest that: Practice deception regarding product safety issues. Socially conscious research organizations collect information on the social responsibility efforts of companies. Which of the following describes charitable donations by corporations to nonprofit organizations? [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. 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. [B] reaches broad and diverse groups InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. going to lose money by providing pay raises social order ethics responsible management of human resources, responsible management of human resources. Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be A. Multiple select question. Multiple select question. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Explanation Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. benevolence can lead to a vote of no confidence by company stakeholders. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Multiple Choice But when they do, employees need to take accountability for their actions. Multiple choice question. Strict global regulations require it. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. Explanation because strict global regulations require it Corporate values are: The authors start from the assumption that most people wish to behave ethically. 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. only to compete and make a profit The deliberative system leads to more-ethical behaviors. True The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. D. help investors recoup their losses. Ethical behavior does not matter to investors. Multiple choice question. A business should be managed ethically for many. retain better employees allows them to connect directly with customers firms should take added caution not to support government programs that protect the environment. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. 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. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. A. Internet B. being socially responsible is all about being ethical. A. Overstating an expense report. C. structure and strategy. Multiple select question. As a philosophy, ethics are the principles that guide a person's behaviour. hiring only women and minorities Corporate policy refers to the position a firm takes on ______________ and __________________ issues. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. Explanation Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. [A] is costly, but worthwhile in reaching specific customers Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. If an underlined word is already in the correct possessive form, write a C on the line. Which of the following is a reason why a business should be managed ethically? 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. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. B. opportunity. [B] about being fair and honest with their stakeholders An important factor in enforcing an ethics code is: 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. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . 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. Unfair competitive practices in the computer industry \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ Sarbanes-Oxley Ruling Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. whistleblowers 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. Compliance-driven ethics standards Compliance-based ethics codes focus on: And could be pivotal for career growth. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. While these actions might not be illegal, they can definitely have negative effects on the morale and success of a company, especially if their dirty laundry is aired publicly. Top leaders from other countries have been charged with bribery. ignoring both ethical and unethical behavior However, anyone caught violating a law will be immediately fired." . [C] allows them to reach specific groups more directly Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. This, then, creates greater stability within the company.. In the following sentence, circle the subject of the underlined verb. corporate social responsibility, Corporate social responsibility is when businesses are concerned Which of the following were not identified as being fundamental to the CSR definition? Motivation. socialism B. helping others This is called a bounty provision because as stated, they may receive a monetary award for their actions. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. 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. Businesses must abide by some basic principles. A. code of ethics. corporate raiders. Codes of ethics foster ethical behavior by corporate social initiative It is an act that is against the law and against Securities and Exchange Commission policy. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. 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 . Multiple choice question. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. corporate responsibility (D) make more money for investors in the short run. [D] allows them to connect directly with customers. Which of the following are reasons a business should be managed ethically? "It's an ongoing phenomenon that must be better understood and managed and . cultural and accountable ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. 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. The findings reveal that quality service and an ethical business plan are essential to long-term business success. A business should be managed ethically because, businesses with good reputations attract customers. social initiatives The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. A. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ B. This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. 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. standards. 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. Multiple select question. A. pro-current procurement. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. Many businesses believe that they should have an influential and important role in: Societies set the standards for moral behavior, known as, About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through __________ work. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. '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. D. management is insensitive to ethical issues. Financial transparency 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. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Suppliers Internal auditors Fraud (C) benevolence is the highest virtue (B) make employers reluctant to hire those who have cheated To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. social impact program. D. buying the company's products. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . \text{Direct materials} & \text{\$ 3.10}\\ Multiple Choice is costly, but worthwhile in reaching specific customers There are a wide variety of examples of ethical behavior in the workplace. The ethics code must be enforced. analysts. (A) 3 out of 4 citizens do not give any time to the communities in which they live The moral and ethical standards by which leaders are judged are far stricter than in the past. Ethical behavior means your team operates according to fair and transparent standards, not just complying with legal rules or regulatory requirements, but going above and beyond to ensure decisions are applied through an ethical lens. social policy Many companies D. stockholders. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. D. short run profit maximization. A. guilt payments. \text{Variable manufacturing overhead} & \text{0.60}\\ Chapter 4. B. philanthropy. CSR can lead to even more profits. [D] To avoid lawsuits, Effective ethics officers: