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. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. With respect to business ethics, it can be said that "it takes two to tango." Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. The second major meaning behind the term is . Safe working conditions A. Multiple choice question. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and 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? B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and ethical officers it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? [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. Multiple select question. Explanation For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Product safety Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Though discrimination and harassment laws have been put in place and continue to be updated . acquisition stalking. Everyone with whom the business has dealings. Paying employees on specified pay dates most of the time. A. 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 . Positive Effects of . C. Accounting fraud Compliance-based ethics codes Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. Explanation In turn, employees will trust that their leadership team is working toward the greater good of the entire company. Multiple Choice social order ethics Maximizing ethical conflict in work groups Tejas Vemparala also contributed to this article. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? D. structure and strategy. The first area is productivity. C. a loss of employee commitment and trust in the company and its management. Explanation Its premise is based on integrity, fairness, and respect for others. These define the company's guiding values, and most often it involves shared accountability. Which of the following describes charitable donations by corporations to nonprofit organizations? B. the police in jurisdictions where the business has operations. information technology D. Outsourcing practices A set of formalized rules and standards that describe what a company expects of its employees is called a(n) lose sales revenues social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Multiple Choice What kind of person do you think Paulsen is? increasing control 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. Which of the following is the BEST reason for a business to be managed ethically? These actions are higher ethical standards than in the past. Explanation [B] To maintain a good reputation 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. A. Unethical behavior by financial and real estate businesses has led to Which of the following are reasons a business should be managed ethically? 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. 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. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. True false question. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . 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: The last recession changed the way many companies offer support to people and communities in need. 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. Businesses can show their CSR in many ways. building parks can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Think about a business that hires only family or one that gives inappropriate incentives, for example. It is essentially a moral compass. 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. Displaying good ethical behavior can boost company morale and client relations. B. 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 question. A well-implemented ethics program can also reduce losses. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Financial transparency moral impropriety. A. 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} They should display behavior that is honest and fair in their relationships with co-workers and their clients. We covered: How data teams can actually design ethical ML models, after . True false question. Increased control over employee actions. Supervisor 4. (B) have higher turnover Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are (C) attract and retain better employees [A] outsourcing enforcement of the laws to private firms At a college, a code of ethics could include being honest and unbiased when grading and being a catalyst for diverse perspectives in the classroom. This is due to the fact that our ethics are shaped by our moral code. going to save money by not hiring those who are disabled "It's an ongoing phenomenon that must be better understood and managed and . Ethics are the standards of right and wrong set for us by society, whereas legality refers to. C. helps government officials develop appropriate legislation. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: holding international suppliers to different standards than American companies must adhere to in the United States. True called stakeholder interest A business should be managed ethically because, businesses with good reputations attract customers. general guiding values social initiatives Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Which of the following is not one of the approaches associated with corporate social responsibility? Multiple Choice Top leaders from other countries have been charged with bribery. Integrity-based ethics codes Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. free from the concern of Chapter 4. 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. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. 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 select question. Periodically asking every employee to evaluate the company's ethics performance. 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. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? [D] severe financial crises. Sarbanes-Oxley Ruling ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that A company that has socially responsible human resources management is Article. Explanation The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. 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? 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: 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." 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. HR professionals sometimes face ethical or moral dilemmas. C. Education and training \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ whistleblowers. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. 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) ? Multiple Choice (C) gains for investors in 2008 and 2009 socially conscious research organizations. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. I'm a Product Manager with experience working cross-functionally with business roles (e.g. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Ethical behavior positively impacts a businesss financial performance. E. All of the answers are correct. D. integrity. It's the age-old reality: "Out-of-sight, out-of-mind." 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.
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