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. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? 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. (A) 3 out of 4 citizens do not give any time to the communities in which they live Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Its easier for a business to retain employees when they work for a company that they believe in. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. using recyclable packaging Then, of course, there are the more serious consequences of highly unethical behavior. Multiple Choice 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. C. It is the law in the U.S. D. Employees. We covered: How data teams can actually design ethical ML models, after . B. a failure of leadership to establish ethical standards. In a business setting, ethical behavior applies to any employee, team lead or supervisor. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. [A] it reduces employee turnover socially conscious research organizations. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Positive Effects of . Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. about being fair and honest with their stakeholders Trust and cooperation between workers and managers must be based on which of the following? corporate inclusion policy She was even _____ after her solo than before. Maria Juarez is a professional tennis player, and your firm manages her money. A. Multiple choice question. An ethically managed business helps to reduce employee turnover. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Multiple select question. B. corporate social initiative 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. Startup Costs: How Much Cash Will You Need? demanding that international suppliers adhere to higher, more costly standards than their American counterparts. [C] making businesspeople more accountable for their actions How Does 401(k) Matching Work for Employers? standards. (C) to increase employee turnover compliance-based The deliberative system leads to more-ethical behaviors. To allow whistleblowers to come forward with information organizations should (D) occur in only a few countries. (A) it prevents government audits punishing unethical behavior and rewarding ethical behavior privately corporate policy B. because strict global regulations require it. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Depreciation is due to obsolescence rather then wear and tear. A business should be managed ethically because Multiple select question. Organizational ethics begins Multiple Choice at the top levels of management. [B] most of those who caused the crisis going to jail Which step is the most critical to help improve business ethics? 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 . [D] severe financial crises. opportunity influence ethical behavior acquisition stalking. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. going to save money by not hiring those who are disabled U.S. law does not require U.S. firms to comply because of competitive advantage concerns. socialism 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 side effects are so great that the society urges that the business should always be ethically and socially responsible. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . tax officials. 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. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. This is called a bounty provision because as stated, they may receive a monetary award for their actions. It does not subtract from the bottom line; it adds to it. Which of the following represent examples of how corporations set positive standards of ethical behavior? commitment to maximizing shareholder profits in all decisions, Insiders, such as employees, who report concerns about a company's accounting or auditing practices are called: (D) make more money for investors in the short run. 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. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. 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. I'm a Product Manager with experience working cross-functionally with business roles (e.g. 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. A. it attracts and retains customers A. protecting the owners' rights and investments. Should an instance occur, the result could be devastating to your company's finances and reputation. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: integrity-based Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. [D] To avoid lawsuits, Effective ethics officers: 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. 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. B. the police in jurisdictions where the business has operations. Ethics can be rooted in belief or the pursuit of making the world better. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. With respect to business ethics, it can be said that "it takes two to tango." social order ethics C. all levels of management. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. (A) have fewer loyal customers but attract more of them To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. And could be pivotal for career growth. A. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . It may just be the cornerstone of your success. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. capitalism separating themselves from suppliers who violate B. philanthropy 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. Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? \text{Direct labor} & \text{2.70}\\ Product safety True [C] can be trusted to maintain confidentiality Multinational corporations are committed to operating within the legal limits of U.S. law. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. Packaging requirements True false question. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. B. being socially responsible is all about being ethical. Compliance-driven ethics standards D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. ethical officers <br> I believe AI should be built responsibly and produce ethical outcomes. Deceptive advertising of medicines and toys This sort of behavior is not limited to the workplace; it can be present in every facet of life. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. 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. ", Corporate social responsibility is when businesses are concerned Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Research into ethics and business performance has shown the two are linked in some important ways. firms should take added caution not to support government programs that protect the environment. 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 corporate raiders. Top management is essentially conducting a(n) Multiple choice question. Multiple Choice a written code of ethics Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Multiple choice question. Multiple Choice In the long run, CSR enhances profits. [B] They may choose to cancel orders when there are human rights abuses. 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. reducing most costs B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Socially conscious investors insist that a company extend its own high standards to its ____________________. Compliance-based ethics codes focus on: 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. 'Business' can mean an activity of exchange. increasing the diversity of their workforce [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Ethics are the standards of right and wrong set for us by society, whereas legality refers to. C. Research practices decreased financial donations and eliminated support in almost every way. internal search and occupy organizations. [B] Bribery There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. B. ability to plan for the unexpected. Financial transparency The findings reveal that quality service and an ethical business plan are essential to long-term business success. Multiple Choice Integrity-based ethics codes enjoy greater employee loyalty Multiple select question. U.S. companies tend to overlook and forget human rights abuses abroad. When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: 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: Attracting and retaining better employees is an example of a corporate social responsibility: Unethical behavior in business, especially in the real estate and banking industries, has resulted in But when they do, employees need to take accountability for their actions. Business ethics isnt always exalted in every workplace, but its critically important when it comes to providing customers with quality service, adhering to regulatory compliance standards, and avoiding steep fines and lawsuits. called stakeholder interest False. (D) businesses cannot succeed in societies that fail. C. An ethics office must be set up. Trustworthiness. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. A. B. profitable charities Strategic partnering insider trading. additional taxes D. the nation's business schools that tolerate unethical behaviour in students. providing safety equipment and training for their workers, increasing the diversity of their workforce If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Multiple Choice Explanation Vanessa recognizes this as a(n) ________-based code of ethics. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Ethical issues are limited to for-profit organizations. 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. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. \end{matrix} setting a good example. The majority of CEOs blame unethical employee conduct on: not concerned with the ethical or socially responsible behavior of their international suppliers. An organization's managers instill corporate values and _____________ in employees by the examples they set. The employees of a corporation are stakeholders who are affected by management practices. [B] it increases the likelihood of government intervention [D] requiring all bankers to sign ethical codes. [C] only to compete and make a profit likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." Which of the following would be a unique focus of an integrity-based ethics code? An important factor in enforcing ethics codes is selecting a(n) ________ ________. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. social media. They should display behavior that is honest and fair in their relationships with co-workers and their. Which of the following statements is false? Putting Ethical Design into Practice. An organization's managers instill corporate values and _____________________ in employees by the examples they set. to increase employee turnover You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. building parks All successful businesses communicate effectively. 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. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. the collection of laws to protect society from fraud, theft, and violence. C. business exists only to make money for shareholders. [B] reaches broad and diverse groups Multiple choice question. Top management lose sales revenues Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Businesses can show their CSR in many ways. analysts. As a philosophy, ethics are the principles that guide a person's behaviour. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. reaches broad and diverse groups E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. 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 . [A] outsourcing enforcement of the laws to private firms Supervisor 2. Even small companies participate in _______ through donations and volunteer support of local causes and national charities, such as the Red Cross and the United Way. whistleblowers. This will ensure that you have trustworthy employees working for you. Top management 1. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Economic conditions in some developing countries make child labor a necessity for the survival of families. 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. Multiple select question. (nervous). Explanation [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. Unfair competitive practices in the computer industry B. Part-time co-workers. cultural and accountable The concern businesses have for the welfare of society, not just for their owners is: B. varies even among those who are interested in corporate responsibility. Morality codes Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is A. Diversity and discrimination B. Which of the following would least likely involve ethical concerns? A. Companies that participate in CSR typically have more loyal employees and customers. Therefore, it is the most significant resource to run or upgrade any business. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ social media Chapter 4. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. C. help laid-off employees get their jobs back. compliance-based ethics investors. Companies What Does Ethical Decision Making Mean? A business should be managed ethically for many. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? ethical standards that are often unreasonable and cannot be met by most leaders. D. maximizing their investment in the firm. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. 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. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. 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. C. diversity In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Often, business ethics involve a system of practices and procedures that help build trust with the. Multiple select question. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. Unethical businesses also lose favor with consumers. However, anyone caught violating a law will be immediately fired." This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. (A) are just part of doing business using recyclable packaging Explanation When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: If an underlined word is already in the correct possessive form, write a C on the line. C. the increase in lawsuits used to avoid personal responsibility. Global Business Ethics. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility (A) matter very little to employers Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. Ethical management generates trust, and trust increases productivity. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. Which of the following is NOT a part of an integrity-based ethics code? Explanation Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. clarifying what green means B. helping others socially conscious research organizations. When Paulsen describes Storm, he also gives clues about his own personality. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Paying employees on specified pay dates most of the time. C. commitment to a management training program. Explanation statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility Which of the following is the BEST reason for a business to be managed ethically? A. Multiple choice question. _____________________ _____________________ _____________________is a business's concern for the welfare of society. C. Education and training A. Business ethics benefits the bottom line. B. corporate social initiative D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? 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. Safe working conditions 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. Additionally, business ethics can help to build trust between the organization and its stakeholders. vigilantes. Multiple select question. [C] conducting objective investigations Who sets the standards of right and wrong as defined by ethics? retain better employees (C) gains for investors in 2008 and 2009 Which of the following is a reason why a business should be managed ethically? 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. 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? List the most influential on top. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. 1. Ethical problems such as influence peddling and bribery: B A high ethical standard extends to customers as well. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Multiple select question. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. Other countries also follow capitalist principles. 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 . It is a set of guidelines for dealing with various procedures ethically. In "Two Kinds," how does the narrator feel after the talent show? That person called five of his relatives and several friends. going to lose money by providing pay raises penalizing wrong-doers. A. expanding the opportunity to behave ethically by providing rewards for following the rules. 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. draw more customers, Many investors believe (D) affect hiring practices very little. D. Outsiders must be told about the ethics program. (D) going to lose money by providing pay raises, A business should be managed ethically because C. to attract new customers and retain existing customers. How are these two rates measured? E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? 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 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.