social justice. Sherman Act D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. [D] To avoid lawsuits, Effective ethics officers: Article. B. focus on cost and quality control systems within your organization. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. To allow whistleblowers to come forward with information organizations should To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. C. helps government officials develop appropriate legislation. ethical officers Multiple select question. Which of the following statements is false? retain better employees about being fair and honest with their stakeholders social audit. stockholders compliance police. Notes. Vanessa recognizes this as a(n) ________-based code of ethics. A. Internet With respect to business ethics, it can be said that "it takes two to tango." This indicates that: A. dancing around issues should be part of a firm's code of ethics. Another reason why business ethics is important is that it can improve profitability. It seeks to promote honesty, fairness, and responsibility in all advertising. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Ethical behavior does not matter to investors. C. Accounting fraud ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ fascism Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Startup Costs: How Much Cash Will You Need? Integrity-driven ethics codes True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. A. profits. human resource support staff a written code of ethics C. business exists only to make money for shareholders. 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. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. general guiding values [B] it increases the likelihood of government intervention Paying employees on specified pay dates most of the time. [C] Paying U.S. minimum wage Additionally, business ethics can help to build trust between the organization and its stakeholders. reducing most costs Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? B. varies even among those who are interested in corporate responsibility. 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. (nervous). These actions are My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. \text{Direct labor} & \text{2.70}\\ How to Design an Ethical Organization - Harvard Business Review Its premise is based on integrity, fairness, and respect for others. Multiple Choice Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? Maria Juarez is a professional tennis player, and your firm manages her money. Explanation The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. China is a communist country. C. Research practices TV ads Supports ethically sound behavior Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Customers 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) ? The employees of a corporation are stakeholders who are affected by management practices. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. E. All of the answers are correct. Multiple Choice Ethical Marketing - Marketing Schools 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. Businesses must abide by some basic principles. 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. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. [D] Political risk taking. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Here are five reasons why you should keep things legal and follow business ethics in accounting. How Managers Can Encourage Ethical Behavior | Principles of Management Which of the following are reasons a business should be managed ethically? A. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ 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? A New Model for Ethical Leadership - Harvard Business Review 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. 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. that only society's health is improved when they invest in companies whose goods and services benefit the community Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by U.S. law does not require U.S. firms to comply because of competitive advantage concerns. plan to maximize profits for shareholders to spend in communities B. helping others False, Whistleblowers can be helped by protecting them from: A. responsibility 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. In this episode of Experiencing Data, Chenda and I explore her actual methods to designing ethical AI solutions as well as how she works with UX and product teams on ML solutions. Explanation Resource procurement and consumption practices B. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Deceptive advertising of medicines and toys \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ increased financial donations to local areas but pulled away from national and global contributions. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. C. to attract new customers and retain existing customers. [A] To attract customers [D] They may choose to cancel orders when there are environmental abuses. How are these two rates measured? Which of the following is NOT a part of an integrity-based ethics code? the federal government The You Design, We Build Company makes custom furniture of all kinds. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. Explanation Responsible business behavior depends on the responsible behavior of each ______ in the business world. Displaying good ethical behavior can boost company morale and client relations. Those who have others interests in mind when they make decisions are displaying ethical behavior. True 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? Many companies reaches broad and diverse groups A. Overstating an expense report. unethical Then, of course, there are the more serious consequences of highly unethical behavior. B. ability to plan for the unexpected. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. 23 Ethical & Unethical Behavior Examples in Workplace - Formpl (C) attract and retain better employees C. all levels of management. allows them to reach specific groups more directly, allows them to connect directly with customers The second major meaning behind the term is . D. companies who are perceived as being socially responsible will ultimately earn more profits for their Source interviews were conducted for a previous version of this article. What Are Business Ethics and Why Are They Important? Target is a business. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Explanation (A) 3 out of 4 citizens do not give any time to the communities in which they live using recyclable packaging With over 20 years of consulting experience across various industries throughout Australia and abroad, I am known for my ability to develop and turn creative strategies into efficient execution and excellent . customers Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. The findings reveal that quality service and an ethical business plan are essential to long-term business success. Top leaders from other countries have been charged with bribery. With regard to socially responsible behavior, American businesses are When management considers ethics in its actions toward stakeholders, employees can be positively affected. 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. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." reaches broad and diverse groups B. improve corporate profits. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. 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. Economics - Wikipedia Explanation This sort of behavior is not limited to the workplace; it can be present in every facet of life. Unfair competitive practices in the computer industry Ethical behavior can have negative consequences to the bottom line in the long run. A business should be managed ethically because Multiple select question. not concerned with the ethical or socially responsible behavior of their international suppliers. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. Businesses should create and display their code of ethics publicly. The Importance of Business Ethics | Maryville Online Multiple choice question. Compliance-based ethics codes focus on: A business should be managed ethically for many. Thinking Ethically - Markkula Center for Applied Ethics This includes managers and subordinates, peers and clients. because strict global regulations require it Corporate values are: corporate raiders. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? It is the right thing to do. Other countries also follow capitalist principles. firms should take added caution not to support government programs that protect the environment. social media Multiple Choice All successful businesses communicate effectively. (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: Business principle (3) Flashcards | Quizlet Religious institutions, Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? Strategic partnering socially conscious research organizations. clarifying what green means 8 Mini-Case Study, Intro-Into-Business: Ch. C. An ethics office must be set up. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. They need to take responsibility for what happened and be proactive in fixing it. It's the age-old reality: "Out-of-sight, out-of-mind." Which of the following were not identified as being fundamental to the CSR definition? statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. B. In a business setting, ethical behavior applies to any employee, team lead or supervisor. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: [C] can be trusted to maintain confidentiality Mistakes and misunderstandings are bound to happen in any work setting. The 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. \end{array} As a philosophy, ethics are the principles that guide a person's behaviour. Socially conscious investors insist that a company extend its own high standards to its ____________________. Why Should Businesses Act Ethically? - Business Ethics and Corporate higher ethical standards than in the past. [A] few losses to investors \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . C. often experience customer loyalty problems. increasing the diversity of their workforce 1. [B] reaches broad and diverse groups While these actions might not be illegal, they can definitely have negative effects on the morale and success of a company, especially if their dirty laundry is aired publicly. B. A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. Rank the following jobs according to their importance in influencing the implementation of ethical standards. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. D. expanding the opportunity to behave ethically by providing punishments for following the rules. In a business setting, ethical behavior applies to any employee, team lead or supervisor. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Multiple Choice 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. [B] share all information with managers when requested Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. [B] about being fair and honest with their stakeholders The ethics code must be enforced. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? corporate social responsibility, Corporate social responsibility is when businesses are concerned C. practice deception regarding product safety issues. "It's an ongoing phenomenon that must be better understood and managed and . Business Ethics refers to carrying business as per self-acknowledged moral standards. Synonym Discussion of Ethical. Increased control over employee actions. D. Integrity watchdog. D. Improved awareness of the relevant laws. 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. C. Corporate strategy requiring suppliers to be evaluated monthly concerning Multiple choice question. Who sets the standards of right and wrong as defined by ethics? [A] is costly, but worthwhile in reaching specific customers A. (B) 3 out of 4 citizens think they should be paid for their volunteer work \text{Direct materials} & \text{\$ 3.10}\\ 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 (B) make employers reluctant to hire those who have cheated (A) businesses who are socially responsible will earn more C. diversity Maximizing ethical conflict in work groups Therefore, it is the most significant resource to run or upgrade any business. Integrity-based ethics codes 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. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. A. Diversity and discrimination B. (B) have higher turnover Part-time co-worker 3. In the following sentence, circle the subject of the underlined verb. 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. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. 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? An organization's managers instill corporate values and _____________________ in employees by the examples they set. 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. separating themselves from suppliers who violate corporate beneficial management [B] allowing management to decide the outcomes of investigations <br> I believe AI should be built responsibly and produce ethical outcomes. C. Education and training (A) investors putting more money into both markets A business starts with the correct usage and allocation of finances and cost management. Are Workplace Politics Destroying Your Business? However, anyone caught violating a law will be immediately fired." Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; 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. going to lose money by providing pay raises B. disgruntled workers manipulating budgets and expenses. P 145 avoiding lawsuits is one reason to manage a - Course Hero Which of the following are examples of outside stakeholders that must be told about a company's ethics program? B. an individual's behavior is influenced by the behavior of others. \text{ } & \text{Per Unit} & \text{Total}\\ A well-implemented ethics program can also reduce losses. <br> I . C. commitment to a management training program. Supervisor 2. What is the best reason for a business to be managed ethically? False. Explanation ignoring both ethical and unethical behavior Ethical issues are limited to for-profit organizations. B. being socially responsible is all about being ethical. 5 Reasons Why Ethics Is Important in Accounting for Business Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be cultural and accountable \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Written ethics codes can be categorized as 051-Methods for Designing Ethical, Human-Centered AI with Undock Head Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. Economic conditions in some developing countries make child labor a necessity for the survival of families. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. draw more customers, Many investors believe After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. Explanation Team and business confidence. Multiple select question. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Which of the following are reasons a business should be managed ethically? 1. D. varies from industry to industry. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Companies that participate in CSR typically have more loyal employees and customers. Multiple choice question. Eric Allgood - Managing Director - Small Business Assistance and Multiple choice question. D. management is insensitive to ethical issues. Depreciation is due to obsolescence rather then wear and tear. C. Watch tower sentinel Which of the following is a reason why a business should be managed ethically? social policy A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. List the most influential on top. [A] for the welfare of society as a whole Discrimination and Harassment. If an underlined word is already in the correct possessive form, write a C on the line. Ethics in the Workplace: Examples & Tips | PayScale