\text{Total production cost} & \text{\$ 9.20}\\ 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. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Multiple select question. This is the third year of operations for the company. Multiple choice question. Emphasizes strong penalties for wrongdoers [C] allows them to reach specific groups more directly clarifying what green means Ethical standards are different from country to country. Society Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. protect them from retaliation [C] only to compete and make a profit True C. the increase in lawsuits used to avoid personal responsibility. retaliation I'm a Product Manager with experience working cross-functionally with business roles (e.g. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Is it acceptable if everyone else is doing it? What are the causes of pay discrimination in the labor market? My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Whistleblowers are insiders who report illegal or unethical behavior. D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. A. Explanation whistleblowers. Which of the following is a reason why a business should be managed ethically? [C] lack of trust in the free market system Determining what is involved for a firm to be socially responsible: A. is easy. a written code of ethics reducing most costs B. C. Increased penalties for code violators. Multiple choice question. socialism B. Think about a business that hires only family or one that gives inappropriate incentives, for example. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: A. separating themselves from suppliers who violate Source interviews were conducted for a previous version of this article. E. A criminal lawsuit. 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. 1. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. Multiple select question. D. Pricing practices Research into ethics and business performance has shown the two are linked in some important ways. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. Packaging requirements [D] allows them to connect directly with customers. A. guilt payments. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. Multiple select question. B. improve corporate profits. lose sales revenues Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. D. companies who are perceived as being socially responsible will ultimately earn more profits for their demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (A) likely to perform better financially Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. B. an individual's behaviour is influenced by the behaviour of others. Compliance-based ethics codes Explanation 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. 8 Mini-Case Study, Intro-Into-Business: Ch. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. Whistleblowers are often concerned about retaliation. Stresses shared accountability [C] The U.S. government will use military force to enforce labor laws.. A. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. The moral and ethical standards by which leaders are judged are far stricter than in the past. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. True (B) 3 out of 4 citizens think they should be paid for their volunteer work Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. 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. 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. global policy ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Amber was observing an example of the ___________ followed at this organization. Multiple select question. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Defines an organization's guiding principles. 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. Top management must adopt and support a corporate code of conduct. 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. A business's responsibilities to its owners and investors include It may just be the cornerstone of your success. socially conscious research organizations. CSR can lead to even more profits. B. varies even among those who are interested in corporate responsibility. decreased financial donations and eliminated support in almost every way. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. A. C. Research practices Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. it makes financial as well as moral sense to invest in companies that plan to create a better environment, that they can improve their own financial health by investing in companies whose goods and services benefit the community moral impropriety. Multiple Choice Resource procurement and consumption practices B. B. (B) going to save money by not hiring those who are disabled This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. D. stockholders. C. often experience customer loyalty problems. lower ethical standards than in the past. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Multiple Choice A company that has socially responsible human resources management is G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Your boss has prepared some questions for you to consider. 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. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. (C) attract and retain better employees (nervous). Maximizing ethical conflict in work groups 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. <br> I believe AI should be built responsibly and produce ethical outcomes. (D) occur in only a few countries. [A] They will bribe local officials to change their policies. Which of the following is NOT a part of an integrity-based ethics code? What occurs when an employee exposes an employer's wrongdoing to outsiders? Those who argue in favour of corporate social responsibility suggest that: Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Sherman Act is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . This will ensure that you have trustworthy employees working for you. tax officials. 1. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. C. Corporate strategy penalizing wrong-doers, increasing control Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. [D] Political risk taking. B. expressing dissatisfaction by protesting. corporate policy When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. (C) make students who know how to plagiarize well acceptable to employers 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. Synonym Discussion of Ethical. D. concern for the welfare of society. increasing the diversity of their workforce stockholders ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. cultural and accountable Marketing, Finance, Sales), technical roles (e.g. create an open-door policy, protect them from retaliation A. Internet In the long run, CSR enhances profits. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . True false question. government-supported direct mail campaigns 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.. E. all of the answers are correct. Which of the following were not identified as being fundamental to the CSR definition? Product safety Supports ethically sound behavior Resource procurement and consumption practices It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. [B] most of those who caused the crisis going to jail There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. Distributors. An organization's managers instill corporate values and _____________ in employees by the examples they set. Prepare computations showing how much profits will increase or decrease as a result of making the starters. 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 . varies among those who are interested in corporate responsibility. investors. whistleblowers. An important factor in enforcing an ethics code is: Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? A. profits. 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. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. B. philanthropy. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Should an instance occur, the result could be devastating to your company's finances and reputation. A. protecting the owners' rights and investments. \end{matrix} Fraud 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. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ A. enjoy greater employee loyalty Multiple Choice increased financial donations to local areas but pulled away from national and global contributions. An organization's managers instill corporate values and _____________________ in employees by the examples they set. Article. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . 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." This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Giving back to society She has asked you to give her information about what determines the level of various interest rates. Shared accountability among employees. $A supervisor would have to be hired to oversee production of the starters. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. U.S. companies tend to overlook and forget human rights abuses abroad. Its easier for a business to retain employees when they work for a company that they believe in. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. A business should be managed ethically for many. D. Outsourcing practices 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. corporate responsibility integrity-based ethics Explanation Top management is essentially conducting a(n) 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. E. all of the answers are correct. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. A. the breakdown of traditional religious institutions. using recyclable packaging What kind of person do you think Paulsen is? If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: What motivated the unethical behavior of real estate agents, lenders, and borrowers that led to the financial crisis of 2008? 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. The most basic question in an ethics-based management system is. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. acquisition stalking. [B] about being fair and honest with their stakeholders The ethics code must be enforced. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is C. It is the law in the U.S. D. Employees. B. because strict global regulations require it. These actions are Which of the following should help reduce the incidence of unethical behavior in an organization? it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Deceptive advertising of medicines and toys Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Morality codes Due to a reduction in output, the company has idle capacity that could be used to produce the starters. Strategic partnering Then, of course, there are the more serious consequences of highly unethical behavior. 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 . Compliance-driven ethics standards providing safety equipment and training for their workers, 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: They need to take responsibility for what happened and be proactive in fixing it. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. secondary market companies. Multiple choice question. Codes of ethics foster ethical behavior by With respect to business ethics, it can be said that "it takes two to tango." Which of the following is not one of the approaches associated with corporate social responsibility? C. commitment to a management training program. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Multiple choice question. (B) are limited to the United States whistleblowers 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. D. shift the production of goods to foreign facilities and layoff Canadian workers. Suppliers You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Multiple select question. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Explanation The amount of pollutants a firm unleashes into the environment would serve as an example of a negative activity that would be included in the social audit measurements. higher ethical standards than in the past. Top management 1. Multinational corporations are committed to operating within the legal limits of U.S. law. The following data have been assembled for the business: InsuranceExpense$2,000SalariesExpense$37,000ServiceRevenue80,000AccountsPayable4,300UtilitiesExpense500OfficeSupplies1,500RentExpense11,000Dividends4,500CommonStock8,500AccountsReceivable7,500Cash7,000Equipment26,600RetainedEarnings,Jan.1,20164,800\begin{array}{lrlr} Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? Which of the following are examples of outside stakeholders that must be told about a company's ethics program? That person called five of his relatives and several friends. Paying employees on specified pay dates most of the time. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Multiple Choice The second major meaning behind the term is . [D] To avoid lawsuits, Effective ethics officers: Multiple choice question. Ethics can be rooted in belief or the pursuit of making the world better. B. opportunity. Customer privacy policies and practices increased their financial donations because they understood how badly society needed a helping hand. B. a failure of leadership to establish ethical standards. D. employee retaliation by doing the minimum needed to get by. [C] making businesspeople more accountable for their actions D. structure and strategy. Top management 4. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Vanessa recognizes this as a(n) ________-based code of ethics. Community members are bound by the pursuit of common values and goals. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? They should display behavior that is honest and fair in their relationships with co-workers and their clients. 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. 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. (B) it attracts and retains customers 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. 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. 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? [B] it increases the likelihood of government intervention 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. draw more customers, retain better employees profitable charities corporate beneficial management (B) lack of trust in the free market system _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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) ? 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 Practice deception regarding product safety issues. allows them to reach specific groups more directly, allows them to connect directly with customers . Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. draw more customers, Many investors believe Startup Costs: How Much Cash Will You Need? (A) it prevents government audits A. reduced employee turnover. CSR can lead to even more profits. Target is a business. because strict global regulations require it, learned by observing the actions of others in the organization. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. An appearance of conflict exists when a reasonable person looking at the situation from outside (and without personal knowledge of anyone involved) will conclude from the circumstances that the employee's ability to perform his or her duties may be compromised by personal interest. _____________________ _____________________ _____________________is a business's concern for the welfare of society. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Trustworthiness. about being fair and honest with their stakeholders Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Multiple choice question. A Understanding that individual moral standards, the influence of managers and coworkers, and Emphasizes strong penalties for wrongdoers social initiatives allow for complete anonymity 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. (B) make employers reluctant to hire those who have cheated On the flip side, a leader who personifies ethical behavior will be fair in all situations. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. corporate raiders. compliance police. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Sarbanes-Oxley Ruling [A] To attract customers 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? a clear set of rules and regulations Ethical behavior does not matter to investors. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. . \text{Direct materials} & \text{\$ 3.10}\\ Multiple choice question. setting a good example. In the following sentence, circle the subject of the underlined verb. 1. However, it was disclosed that somehow a member of Paulie's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. 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. human resource support staff Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society.
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