Which of the following statements is false? Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. 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. firms should take added caution not to support government programs that protect the environment. (C) gains for investors in 2008 and 2009 Shared accountability among employees. E. Employee benefit programs. An important reason for a company to maintain its ethical reputation is It is an act that is against the law and against Securities and Exchange Commission policy. C. energy consumption A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. internal search and occupy organizations. We covered: How data teams can actually design ethical ML models, after . If an ethical tone is set at the top and followed by management, everyone who works there will hold themselves and each other to those standards. standards. Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. allows them to connect directly with customers Multiple choice question. Product safety 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. 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? 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. These actions are Ignoring hazardous job conditions that exist in the company's facilities Companies that participate in CSR typically have more loyal employees and customers. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? separating themselves from suppliers who violate <br> I . help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? CSR can lead to even more profits. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . Businesses should create and display their code of ethics publicly. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. C. Operational initiatives Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Team and business confidence. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: Typically, it is the kind of information where parties in the know can benefit. B. 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. Periodically asking every employee to evaluate the company's ethics performance. (B) lack of trust in the free market system It emphasizes sustainability, customer loyalty, brand image, and employee retention. Practice deception regarding product safety issues. False. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Part-time co-workers. social media In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . C. writing their representatives in Congress. Which of the following describes charitable donations by corporations to nonprofit organizations? Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. With regard to socially responsible behavior, American businesses are This includes managers and subordinates, peers and clients. D. buying the company's products. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. B. _____________________ _____________________ _____________________is a business's concern for the welfare of society. Multiple choice question. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. Other countries also follow capitalist principles. This, then, creates greater stability within the company.. technical policy 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 Defines an organization's guiding principles. The term business ethics refers to the set of moral principles that guides a company's conduct. 360-review. Personal projects Ethics can be rooted in belief or the pursuit of making the world better. Multiple choice question. When management considers ethics in its actions toward stakeholders, employees can be positively affected. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. 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. Employees and management alike can work together to create businesses that have high standards. Rank the following jobs according to their importance in influencing the implementation of ethical standards. [C] The U.S. government will use military force to enforce labor laws.. 1. The last recession changed the way many companies offer support to people and communities in need. social audit. A well-implemented ethics program can also reduce losses. B. enjoy significantly higher profits. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. Global Business Ethics. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. These examples of ethical behaviors ensures maximum productivity output at work. Research into ethics and business performance has shown the two are linked in some important ways. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ C. An ethics office must be set up. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. analysts. Motivation. False. Ethical problems such as influence peddling and bribery: Explanation True false question. An organization's managers instill corporate values and _____________________ in employees by the examples they set. C. to attract new customers and retain existing customers. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility By being ethical, leaders can foster an environment that rewards and encourages good attitudes. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. 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. Is it acceptable if everyone else is doing it? Decorating Arrangements has just completed operations for the year ended December 31, 2016. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. \text{Variable manufacturing overhead} & \text{0.60}\\ Government and business leaders are being held to The first area is productivity. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. insider trading. a written code of ethics Ethical behavior does not matter to investors. [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. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. In fact they contribute to it: 1. A. Diversity and discrimination B. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. The firm has evolved into a big business due to quality and innovative work. C. moral philosophy. An ethical business will get your employees to respect your company . Business Ethics refers to carrying business as per self-acknowledged moral standards. a clear set of rules and regulations _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. A business should be managed ethically for many reasons to maintain a good. socially conscious research organizations. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are ethical standards that are often unreasonable and cannot be met by most leaders. increasing control Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". C. the increase in lawsuits used to avoid personal responsibility. If an underlined word is already in the correct possessive form, write a C on the line. With respect to business ethics, it can be said that "it takes two to tango." free from the concern of The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? Who sets the standards of right and wrong as defined by ethics? True Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Ethical standards are different from country to country. Compliance-based ethics codes B. a failure of leadership to establish ethical standards. responsible management of human resources, responsible management of human resources. for the welfare of society as a whole, about being fair and honest with their stakeholders C. helps government officials develop appropriate legislation. 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} A. shareholders D. help investors recoup their losses. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. A. B. helping others On the flip side, a leader who personifies ethical behavior will be fair in all situations. Multiple select question. C. Corporate strategy E. help restore confidence in Corporate America and Canada. What occurs when an employee exposes an employer's wrongdoing to outsiders? Discrimination and Harassment. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Business ethics benefits the bottom line. B. Multiple choice question. This is called a bounty provision because as stated, they may receive a monetary award for their actions. E. all of the answers are correct. Full-time co-workers Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. The ethics code must be enforced. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. ethical officers Marketing, Finance, Sales), technical roles (e.g. [A] Influence peddling B. maintaining proper accounting procedures. This is due to the fact that our ethics are shaped by our moral code. Sherman Act Multiple choice question. [A] relate well to employees at all levels A high ethical standard extends to customers as well. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is C. Accounting fraud Economic conditions in some developing countries make child labor a necessity for the survival of families. Explanation only with their responsibility to their shareholders The most basic question in an ethics-based management system is. [A] making the charges public before the investigation False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: requiring suppliers to be evaluated monthly concerning D. concern for the welfare of society. providing safety equipment and training for their workers, increasing the diversity of their workforce Chapter 4. Multiple Choice A. (B) have higher turnover Businesses can show their CSR in many ways. (nervous). 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. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ D. stockholders. Multiple choice question. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Responsible business behavior depends on the responsible behavior of each ______ in the business world. [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. 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. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. increased financial donations to local areas but pulled away from national and global contributions. A. reduced employee turnover. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Which of the following is not one of the approaches associated with corporate social responsibility? [B] about being fair and honest with their stakeholders whistleblowers reducing most costs Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. B. Corporate social responsibility is based on a Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. Supervisor 4. concern for the welfare of society actual ethics. Multiple Choice A. responsibility It is essentially a moral compass. Which of the following represent examples of how corporations set positive standards of ethical behavior? 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. Top officials in countries like Japan, South Korea, and China have faced legal charges of influence peddling and __________ charges, which serve as examples of the unethical behavior that U.S. companies face in overseas markets. corporate policy According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? When there is a base level of respect established, people take criticism less personally, are able to communicate more openly, and can see and value the other persons perspective. Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away!<br><br>As a product manager I have to wear different hats every day and I excel at . Explanation Unethical businesses also lose favor with consumers. 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. Studies have shown that what most influences a company's effectiveness and financial performance is: responsible management of human resources, Which of the following behaviors are illegal in the United States, but potentially put our companies at a disadvantage in overseas markets? The authors start from the assumption that most people wish to behave ethically. social justice. B. philanthropy. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. global policy Compliance-based ethics codes focus on: How can. She was even _____ after her solo than before. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. A. social impact program. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. [C] To increase employee turnover Corporate social responsibility describes the firm's: A. responsibility to their stockholders. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. (C) make students who know how to plagiarize well acceptable to employers Studies have found a _____ correlation between academic dishonesty and dishonesty at work. Both positive and negative activities are measured. D. guideline. 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. Top management 4. (D) long jail terms for those who acted unethically. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. True false question. Explanation [C] it reduces the likelihood of lawsuits by employees or customers because strict global regulations require it, learned by observing the actions of others in the organization. lower ethical standards than in the past. corporate beneficial management 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? D. Integrity watchdog. [B] most of those who caused the crisis going to jail Which of the following would least likely involve ethical concerns? D. varies from industry to industry. An organization's managers instill corporate values and _____________ in employees by the examples they set. 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. What kind of person do you think Paulsen is? 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. This is the third year of operations for the company. In a business setting, ethical behavior applies to any employee, team lead or supervisor. It could also mention specific protocol within the business. 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. B. personal responsibility C. compliance Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. This is an example of corporate: higher ethical standards than in the past. 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} Example 1. Dodd-Frank Wall Street Reform and Consumer Protection Act 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. social order ethics C. Research practices And could be pivotal for career growth. Whistleblowers are often concerned about retaliation. 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. Then, of course, there are the more serious consequences of highly unethical behavior. 22. Which of the following is a reason why a business should be managed ethically? (C) to increase employee turnover Determining what is involved for a firm to be socially responsible: A. is easy. Businesses must abide by some basic principles. B 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.
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