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capitalism How Managers Can Encourage Ethical Behavior | Principles of Management As a philosophy, ethics are the principles that guide a person's behaviour. She has asked you to give her information about what determines the level of various interest rates. Ethical Behavior Is Essential to Business - Business News Daily True \end{matrix} Top leaders from other countries have been charged with bribery. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. A. you need to justify socially responsible behaviour from an investors standpoint only. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. Which of the following are true regarding ethical behavior? Another reason why business ethics is important is that it can improve profitability. separating themselves from suppliers who violate. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. (B) it attracts and retains customers American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Personal projects E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. (C) make students who know how to plagiarize well acceptable to employers Strategic partnering 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. Multiple Choice Resource procurement and consumption practices 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. D. management is insensitive to ethical issues. Multiple Choice The You Design, We Build Company makes custom furniture of all kinds. An important factor in enforcing ethics codes is selecting a(n) ________ ________. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. A business's responsibilities to its owners and investors include When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. And could be pivotal for career growth. With respect to business ethics, it can be said that "it takes two to tango." How to Get a Bank Loan for Your Small Business, How to Conduct a Market Analysis for Your Business, Guide to Developing a Training Program for New Employees. Top management 1. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? Top management must adopt and support a corporate code of conduct. Everyone with whom the business has dealings. If an underlined word is already in the correct possessive form, write a C on the line. 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. Example 1. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Explanation [A] is costly, but worthwhile in reaching specific customers When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Sherman Act In the workplace, there might be a standard for ethics set throughout the company. Business Ethics - A Successful way of conducting business Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; Multiple Choice When Paulsen describes Storm, he also gives clues about his own personality. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. Multiple choice question. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. reaches broad and diverse groups 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. B. Horn blower TV ads Should an instance occur, the result could be devastating to your company's finances and reputation. using recyclable packaging How Does 401(k) Matching Work for Employers? The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. What does the research into business ethics say? 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. acquisition stalking. whistleblowers. C. moral philosophy. Paying employees on specified pay dates most of the time. B. opportunity. An important reason for a company to maintain its ethical reputation is A number of ethical scandals in the past decade have raised awareness of ethical issues in business. D. fail to earn sufficient profits for their owners. This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. based on a commitment to integrity and respect B. enjoy significantly higher profits. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Multiple select question. government-supported direct mail campaigns __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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. C. structure and strategy. social policy Businesses should be managed ethically because it is the right thing to do, it is legal and keeps the government from writing new laws, it is good for employee turnover, maintains a good reputation, keeps customers and attracts new ones, pleases employees and society Compliance based ethics code These examples of ethical behaviors ensures maximum productivity output at work. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. 1. Explanation ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. It seeks to promote honesty, fairness, and responsibility in all advertising. the collection of laws to protect society from fraud, theft, and violence. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. It is essentially a moral compass. opportunity influence ethical behavior B. expressing dissatisfaction by protesting. Thinking Ethically - Markkula Center for Applied Ethics Decorating Arrangements has just completed operations for the year ended December 31, 2016. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that 23 Ethical & Unethical Behavior Examples in Workplace - Formpl In the long run, CSR enhances profits. A. Supervisor Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Chapter 18 APUSH The Victorian Era 1880-1917. Why Should Businesses Act Ethically? - Business Ethics and Corporate school districts C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics (D) going to lose money by providing pay raises, A business should be managed ethically because Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. social order ethics Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is corporate social initiative Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. Explanation Ethical behavior positively impacts a businesss financial performance. ___________ __________ ______________is a business's concern for the welfare of society. (D) businesses cannot succeed in societies that fail. Economic conditions in some developing countries make child labor a necessity for the survival of families. Integrity-based ethics codes Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Codes of ethics foster ethical behavior by 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. 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. Companies that participate in CSR typically have more loyal employees and customers. 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. Article. that they can improve their own financial health by investing in companies whose goods and services benefit the community A Understanding that individual moral standards, the influence of managers and coworkers, and Supervisor 2. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. Often, business ethics involve a system of practices and procedures that help build trust with the. [D] allows them to connect directly with customers. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. [B] share all information with managers when requested (C) likely to perform worse financially Ch 4 Flashcards | Quizlet (D) long jail terms for those who acted unethically. D. companies who are perceived as being socially responsible will ultimately earn more profits for their Business principle (3) Flashcards | Quizlet separating themselves from suppliers who violate False, Whistleblowers can be helped by protecting them from: 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 . D. Outsourcing practices To manage these risks and the ethical obligations they imply, CDOs should work on developing institutional practices for continual learning and interaction with external experts. [B] passing laws to make accounting records more transparent B. disgruntled workers manipulating budgets and expenses. secondary market companies. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. 'Business' can mean an activity of exchange. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. 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. Multiple choice question. To allow whistleblowers to come forward with information organizations should We covered: How data teams can actually design ethical ML models, after . A company that has socially responsible human resources management is managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: The chief engineer has recommended against this move, however, pointing out that the cost to produce the starters would be greater than the current 8.40perunitpurchaseprice:8.40 per unit purchase price:8.40perunitpurchaseprice: PerUnitTotalDirectmaterials$3.10Directlabor2.70Supervision1.50$60.000Depreciation1.00$40.000Variablemanufacturingoverhead0.60Rent0.30$12.000Totalproductioncost$9.20\begin{matrix} True This is the third year of operations for the company. 8 Current Ethical Issues in Business (and How to Manage Them) formal and informal. Whistleblowers are insiders who report illegal or unethical behavior. On the line provided after the sentence, write the possessive form of the underlined words. corporate inclusion policy benevolence can lead to a vote of no confidence by company stakeholders. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." Why Business Should Be Managed Ethically - Liveboardroom.info social audit. B. maintaining proper accounting procedures. Displaying good ethical behavior can boost company morale and client relations. 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 Ethical behavior includes honesty, fairness, integrity and understanding. D. to please customers, employees, and society. Motivation. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. compliance police. Which of the following is a reason why a business should be managed All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Trustworthiness. 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: Strict global regulations require it. Internal Audit Company Protection Act This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. What Are Business Ethics and Why Are They Important? What Does Ethical Decision Making Mean? "It's an ongoing phenomenon that must be better understood and managed and . A company's effectiveness and financial performance are most affected by responsible _________ _________ management. leaving unethical behavior unpunished Typically, it is the kind of information where parties in the know can benefit. Today, as many Americans (64%) say that a company's "primary purpose" should include "making the world better" as say it should include "making money for shareholders." What kind of person do you think Paulsen is? \text{Total production cost} & \text{\$ 9.20}\\ Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? asking suppliers to lower their standards to be in compliance with Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. lose sales revenues 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. B. the police in jurisdictions where the business has operations. Ethical Definition & Meaning - Merriam-Webster lower ethical standards than in the past. [A] few losses to investors Chapter 4 - Homework ( Introduction To Business) - Quizlet Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. Business Ethics: Definition, Principles, Why They're Important It does not subtract from the bottom line; it adds to it. A. That person called five of his relatives and several friends. B. being socially responsible is all about being ethical. 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. Explanation What occurs when an employee exposes an employer's wrongdoing to outsiders? U.S. law does not require U.S. firms to comply because of competitive advantage concerns. Which of the following represent examples of how corporations set positive standards of ethical behavior? (nervous). All else held equal, socially responsible firms: A. are viewed more favourably by consumers. [D] severe financial crises. This indicates that: A. dancing around issues should be part of a firm's code of ethics. When management considers ethics in its actions toward stakeholders, employees can be positively affected. firms should take added caution not to support government programs that protect the environment. Governments Team and business confidence. [B] it increases the likelihood of government intervention Explanation B. (A) likely to perform better financially ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Business Ethics refers to carrying business as per self-acknowledged moral standards. Global Business Ethics. (B) lack of trust in the free market system Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. Multiple choice question. Which of the following statements about business ethics is false? going to save money by not hiring those who are disabled an individuals behavior is influenced by the behavior of others. 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. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Product safety analysts. Integrity-driven ethics codes corporate policy When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover.

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