profitable charities Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be Government and business leaders are being held to Ethical behavior does not matter to investors. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. 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. 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. Explanation [B] most of those who caused the crisis going to jail An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. D. stockholders. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. 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. social policy Example 1. Unethical businesses also lose favor with consumers. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Then, of course, there are the more serious consequences of highly unethical behavior. 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. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Multiple select question. A. What occurs when an employee exposes an employer's wrongdoing to outsiders? (B) 3 out of 4 citizens think they should be paid for their volunteer work An appearance of conflict exists when a reasonable person looking at the situation from outside (and without personal knowledge of anyone involved) will conclude from the circumstances that the employee's ability to perform his or her duties may be compromised by personal interest. [A] for the welfare of society as a whole C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and Source interviews were conducted for a previous version of this article. corporate social responsibility, Corporate social responsibility is when businesses are concerned 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. An environmentally friendly business: operates in a sustainable manner, causing minimal damage to the environment and using renewable resources where possible considers where its supplies come from and how they are madeit will work with environmentally responsible suppliers and source materials locally to reduce its carbon footprint Another reason why business ethics is important is that it can improve profitability. increased their financial donations because they understood how badly society needed a helping hand. B. Complete each sentence with the comparative or superlative form of the modifier in parentheses. 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. Top management is essentially conducting a(n) hiring only women and minorities C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics 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. (B) make employers reluctant to hire those who have cheated D. Improved awareness of the relevant laws. [C] Paying U.S. minimum wage \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ She was even _____ after her solo than before. When Paulsen describes Storm, he also gives clues about his own personality. (A) it prevents government audits opportunity influence ethical behavior That person called five of his relatives and several friends. Positive Effects of . Multiple Choice Corporate policy refers to the position a firm takes on ______________ and __________________ issues. C. teamwork eliminates a need for personal ethics. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. (A) businesses who are socially responsible will earn more 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 . separating themselves from suppliers who violate. [A] To attract customers The firm has evolved into a big business due to quality and innovative work. How are these two rates measured? Part-time co-workers. [A] few losses to investors benevolence can lead to a vote of no confidence by company stakeholders. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Businesses can show their CSR in many ways. [D] requiring all bankers to sign ethical codes. D. buying the company's products. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Shared accountability among employees. social media decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Multiple choice question. plan to maximize profits for shareholders to spend in communities 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. [D] They may choose to cancel orders when there are environmental abuses. (D) make more money for investors in the short run. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Business Ethics refers to carrying business as per self-acknowledged moral standards. higher ethical standards than in the past. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Multiple choice question. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. 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 . It is essentially a moral compass. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. This is due to the fact that our ethics are shaped by our moral code. 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 . The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Research has shown that companies engaged in corporate social responsibility (CSR): going to lose money by providing pay raises A. guilt payments. Therefore, it is the most significant resource to run or upgrade any business. In a business setting, ethical behavior applies to any employee, team lead or supervisor. aggregate independent appraisal. [C] only to compete and make a profit Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. 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: ethical officers Business ethics concerns ethical dilemmas or controversial issues faced by a company. In a business setting, ethical behavior applies to any employee, team lead or supervisor. (C) gains for investors in 2008 and 2009 A. 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. The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Multiple select question. How does the action I am proposing to take make me feel about myself? offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. 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. stockholders Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Multiple Choice The majority of CEOs blame unethical employee conduct on: $A supervisor would have to be hired to oversee production of the starters. Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. Many companies When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. whistleblowers. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility She has asked you to give her information about what determines the level of various interest rates. 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. Managing Business Ethics takes the view that ethical and unethical conduct are primarily the product of how systems align within an organization to promote certain kinds of behavior. D. guideline. B. Its easier for a business to retain employees when they work for a company that they believe in. These examples of ethical behaviors ensures maximum productivity output at work. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. [B] it increases the likelihood of government intervention C. diversity Explanation human resource support staff cultural and accountable Multiple choice question. 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 Trustworthiness. ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. C. Education and training They need to take responsibility for what happened and be proactive in fixing it. A. (D) long jail terms for those who acted unethically. insider trading. As a philosophy, ethics are the principles that guide a person's behaviour. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . A. Internet The primary value of using social media to communicate CSR efforts is that it allows companies to reach broad and diverse groups, allows them to connect directly with customers in a low-cost, efficient way, and enables them to interact with specific groups more easily than through more traditional efforts. This will ensure that you have trustworthy employees working for you. Compliance-based ethics codes enjoy greater employee loyalty demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Product safety 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. 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. These actions are Should an instance occur, the result could be devastating to your company's finances and reputation. B. 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? social media. An important factor in enforcing an ethics code is: The amount of pollutants a firm unleashes into the environment would serve as an example of a negative activity that would be included in the social audit measurements. B. disgruntled workers manipulating budgets and expenses. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? 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. D. short run profit maximization. '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. an individuals behavior is influenced by the behavior of others. 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. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: separating themselves from suppliers who violate A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . 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. It could also mention specific protocol within the business. C. An ethics office must be set up. lose sales revenues Integrity-based ethics codes Deceptive advertising of medicines and toys shareholders integrity-based ethics Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Sarbanes-Oxley Ruling higher ethical standards than in the past. ignoring both ethical and unethical behavior A company that has socially responsible human resources management is Multiple choice question. The term business ethics refers to the set of moral principles that guides a company's conduct. 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. Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. C. teamwork eliminates a need for personal ethics. True false question. Dodd-Frank Wall Street Reform and Consumer Protection Act. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Emphasizes strong penalties for wrongdoers internal search and occupy organizations. compliance-based ethics 2. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ (D) businesses cannot succeed in societies that fail. [B] share all information with managers when requested statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility 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. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. Though discrimination and harassment laws have been put in place and continue to be updated . A. _____________________ _____________________ _____________________is a business's concern for the welfare of society. What kind of person do you think Paulsen is? \text{Total production cost} & \text{\$ 9.20}\\ E. help restore confidence in Corporate America and Canada. 1. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Which of the following is the BEST reason for a business to be managed ethically? Corporate social responsibility describes the firm's: A. responsibility to their stockholders.
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