based on a commitment to integrity and respect Workplace and colleague wellbeing. Top management is essentially conducting a(n) Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. create an open-door policy, protect them from retaliation (A) are just part of doing business When management considers ethics in its actions toward stakeholders, employees can be positively affected. Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. government-supported direct mail campaigns C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and Organizational ethics begins Multiple Choice at the top levels of management. (D) businesses cannot succeed in societies that fail. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as C. An ethics office must be set up. Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? B. lose sales revenues offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. B. helping others As a philosophy, ethics are the principles that guide a person's behaviour. A. Internet using recyclable packaging An important reason for a company to maintain its ethical reputation is retain better employees Top management at Lancer Distributing is convinced that they have a social responsibility to their community. [B] about being fair and honest with their stakeholders 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 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. Full-time co-workers 3. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ Stresses shared accountability Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Top management must adopt and support a corporate code of conduct. B. ability to plan for the unexpected. (C) likely to perform worse financially Resource procurement and consumption practices Target is a business. [A] To attract customers The second major meaning behind the term is . These actions are separating themselves from suppliers who violate C. diversity fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. A business should be managed ethically for many reasons to maintain a good. A business should be managed ethically for many. D. employee retaliation by doing the minimum needed to get by. Corporate responsibility A business's responsibilities to its owners and investors include ", Corporate social responsibility is when businesses are concerned 'Business' can mean an activity of exchange. Internal Audit Company Protection Act The moral and ethical standards by which leaders are judged are far stricter than in the past. 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 . Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Multiple choice question. for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. B. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ Research into ethics and business performance has shown the two are linked in some important ways. whistleblowers. It could also mention specific protocol within the business. A. Overstating an expense report. True Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? (B) it is using investors' money in ways they did not intend social order ethics He also believed anything other than that would be considered: Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. ethical officers The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. Explanation <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . It seeks to promote honesty, fairness, and responsibility in all advertising. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. 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. Diversity and discrimination B. Ethical behavior positively impacts a businesss financial performance. Explanation 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? (nervous). increasing control Multiple choice question. that they can improve their own financial health by investing in companies whose goods and services benefit the community 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Which of the following statements is false? Which of the following is a reason why 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. Shared accountability among employees. It does not subtract from the bottom line; it adds to it. Sarbanes-Oxley Ruling Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. True false question. Team and business confidence. C. teamwork eliminates a need for personal ethics. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ [A] it reduces employee turnover D. fail to earn sufficient profits for their owners. (D) it reduces laws and regulations, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: Is it acceptable if everyone else is doing it? Though discrimination and harassment laws have been put in place and continue to be updated . integrity-based ethics shareholders Multiple Choice 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. clarifying what green means A. profits. A business should be managed ethically because, businesses with good reputations attract customers. [C] making businesspeople more accountable for their actions \text{ } & \text{Per Unit} & \text{Total}\\ building parks (D) long jail terms for those who acted unethically. HR professionals sometimes face ethical or moral dilemmas. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Integrity-driven ethics codes Multiple choice question. A. expanding the opportunity to behave ethically by providing rewards for following the rules. These define the company's guiding values, and most often it involves shared accountability. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. [D] Political risk taking. Which of the following describes charitable donations by corporations to nonprofit organizations? not concerned with the ethical or socially responsible behavior of their international suppliers. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. tax officials. Giving back to society Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. 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.. Practice deception regarding product safety issues. These examples of ethical behaviors ensures maximum productivity output at work. C. the increase in lawsuits used to avoid personal responsibility. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ It is the right thing to do. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Customer privacy policies and practices Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. (A) have fewer loyal customers but attract more of them The employees of a corporation are stakeholders who are affected by management practices. Compliance-based ethics codes Integrity-based ethics codes \text{Direct labor} & \text{2.70}\\ Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. B. focus on cost and quality control systems within your organization. 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. 1. Multiple select question. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. C. help laid-off employees get their jobs back. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? The rent charge above is based on space utilized in the plant. What are the causes of pay discrimination in the labor market? cultural and accountable True Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Unethical behavior by financial and real estate businesses has led to A company's effectiveness and financial performance are most affected by responsible _________ _________ management. D. companies who are perceived as being socially responsible will ultimately earn more profits for their An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. [A] Influence peddling reaches broad and diverse groups D. maximizing their investment in the firm. U.S. law does not require U.S. firms to comply because of competitive advantage concerns. Multiple select question. (B) are limited to the United States C. practice deception regarding product safety issues. Discrimination and Harassment. many Americans decide what's ethical based upon the situation in which they find themselves. In the long run, they believe Multiple choice question. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? (B) lack of trust in the free market system social impact program. Multinational corporations are committed to operating within the legal limits of U.S. law. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. (D) make more money for investors in the short run. It is actually a structure of moral principles and code of conduct applicable to a business. A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. internal search and occupy organizations. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Multiple select question. C. Investor relations Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. aggregate independent appraisal. ___________ __________ ______________is a business's concern for the welfare of society. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. B. opportunity. he many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that ____________________decisions start with each individual. If the verb is already correct, write C above it. B. improve corporate profits. opportunity influence ethical behavior Motivation. B. Displaying good ethical behavior can boost company morale and client relations. D. Mayhem for the welfare of society as a whole, about being fair and honest with their stakeholders 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. Which of the following are reasons a business should be managed ethically? It emphasizes sustainability, customer loyalty, brand image, and employee retention. In fact, data collected by Ethisphere, an organization that tracks the ethical conduct of the worlds largest companies, found that the businesses listed on its 2022 list of most ethical companies outperformed an index of similar large cap companies by 24.6 percent overall. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is C. moral philosophy. technical policy pro-current procurement. A. guilt payments. A company that has socially responsible human resources management is C. Research practices Reevaluating its ethics codes based on the input of its customers. Here are five reasons why you should keep things legal and follow business ethics in accounting. On the flip side, a leader who personifies ethical behavior will be fair in all situations. An organization's managers instill corporate values and _____________ in employees by the examples they set. Written ethics codes can be categorized as 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. Multiple Choice A. The deliberative system leads to more-ethical behaviors. Supports ethically sound behavior 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 E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? E. all of the answers are correct. moral impropriety. [D] allows them to connect directly with customers. A. code of ethics. True C. business exists only to make money for shareholders. Multiple choice question. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: likely to perform better financially Those who argue in favour of corporate social responsibility suggest that: [B] share all information with managers when requested C. teamwork eliminates a need for personal ethics. This is the third year of operations for the company. Which of the following represent examples of how corporations set positive standards of ethical behavior? [C] only to compete and make a profit Explanation A. 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. 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: An ethically managed business helps to reduce employee turnover. The mortgage bankers and real estate companies who helped create the financial crisis of 2008 were driven by, Financial and political leaders can restore trust in the free market system by: [D] severe financial crises. A. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . A business starts with the correct usage and allocation of finances and cost management. 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. whistleblowers \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. D. buying the company's products. How can. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? 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 about being fair and honest with their stakeholders My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. School McMaster University; Course Title COMMERCE 1E03; Type. Multiple choice question. Multiple Choice Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. D. Outsourcing practices Full-time co-workers D. varies from industry to industry. A business should be managed ethically because Multiple select question. profitable charities Who sets the standards of right and wrong as defined by ethics? A. Whistleblower 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. reducing regulations about labeling stockholders Explanation [B] it increases the likelihood of government intervention D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. A. reduced employee turnover. B. enjoy greater employee loyalty 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. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition separating themselves from suppliers who violate. Source interviews were conducted for a previous version of this article. B. an individual's behaviour is influenced by the behaviour of others. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is C. It is the law in the U.S. D. Employees. One strategy guaranteed to displease your customers is to: Which of the following would least likely involve ethical concerns? Unfair competitive practices in the computer industry holding international suppliers to different standards than American companies must adhere to in the United States. C. Operational initiatives Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by 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. Supervisor 4. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that Ethical behavior includes honesty, fairness, integrity and understanding. Multiple select question. C. Education and training C. all levels of management. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. leaving unethical behavior unpunished A. corporate beneficial management Supervisor 2. whistleblowers. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. compliance police. To allow whistleblowers to come forward with information organizations should In fact they contribute to it: 1. [A] few losses to investors Honorees on this year's list of the World's Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. A. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires.