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. many Americans decide what's ethical based upon the situation in which they find themselves. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. B It is a set of guidelines for dealing with various procedures ethically. Paying employees on specified pay dates most of the time. plan to maximize profits for shareholders to spend in communities separating themselves from suppliers who violate. An important factor in enforcing ethics codes is selecting a(n) ________ ________. 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. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? Depreciation is due to obsolescence rather then wear and tear. C. diversity _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. higher ethical standards than in the past. With respect to business ethics, it can be said that "it takes two to tango." B. enjoy significantly higher profits. C. Operational initiatives Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. [D] allows them to connect directly with customers. On the flip side, a leader who personifies ethical behavior will be fair in all situations. The side effects are so great that the society urges that the business should always be ethically and socially responsible. that they can improve their own financial health by investing in companies whose goods and services benefit the community Responsible business behavior depends on the responsible behavior of each ______ in the business world. C. a loss of employee commitment and trust in the company and its management. B. a failure of leadership to establish ethical standards. 'Business' can mean an activity of exchange. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Morality codes Your boss has prepared some questions for you to consider. In "Two Kinds," how does the narrator feel after the talent show? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. allow for complete anonymity Multiple select question. hiring only women and minorities 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. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. additional taxes Which of the following represent examples of how corporations set positive standards of ethical behavior? (A) 3 out of 4 citizens do not give any time to the communities in which they live 22. [C] Paying U.S. minimum wage social justice. Which step is the most critical to help improve business ethics? A. Overstating an expense report. C. Corporate strategy 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. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. 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. A. reduced employee turnover. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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. asking suppliers to lower their standards to be in compliance with [C] conducting objective investigations Top management 1. What does the research into business ethics say? managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. 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. Maximizing ethical conflict in work groups whistleblowers. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. 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. 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. Businesses should create and display their code of ethics publicly. How are these two rates measured? She has asked you to give her information about what determines the level of various interest rates. With regard to socially responsible behavior, American businesses are According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? B. focus on cost and quality control systems within your organization. Discrimination and Harassment. C. teamwork eliminates a need for personal ethics. Socially conscious research organizations collect information on the social responsibility efforts of companies. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Explanation To allow whistleblowers to come forward with information organizations should D. the nation's business schools that tolerate unethical behaviour in students. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. Which of the following are true regarding ethical behavior? of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition going to save money by not hiring those who are disabled Is it acceptable if everyone else is doing it? Corporate philanthropy A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. C. Increased penalties for code violators. 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. A. Diversity and discrimination B. [B] Bribery It is an act that is against the law and against Securities and Exchange Commission policy. A business should be managed ethically because, businesses with good reputations attract customers. The firm has evolved into a big business due to quality and innovative work. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics stockholders A. you need to justify socially responsible behaviour from an investors standpoint only. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Tejas Vemparala also contributed to this article. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. Businesses must abide by some basic principles. TV ads [C] making businesspeople more accountable for their actions Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". If the verb is already correct, write C above it. Dodd-Frank Wall Street Reform and Consumer Protection Act. Think about a business that hires only family or one that gives inappropriate incentives, for example. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. leaving unethical behavior unpunished corporate social initiative social audit. An organization's managers instill corporate values and _____________ in employees by the examples they set. D. guideline. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. (B) it is using investors' money in ways they did not intend \text{Direct materials} & \text{\$ 3.10}\\ 2. Multiple Choice 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. B. ability to plan for the unexpected. increased their financial donations because they understood how badly society needed a helping hand. [A] relate well to employees at all levels I'm a Product Manager with experience working cross-functionally with business roles (e.g. The field of ethics is a branch of philosophy that seeks virtue and morality, addressing questions about "right" and "wrong" behavior for people in a variety of settings; the standards of behavior that tell how human beings ought to act. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. B. Corporate responsibility Multiple choice question. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? 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. E. all of the answers are correct. 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. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Are Workplace Politics Destroying Your Business? These steps included creating a climate based on service quality and ethical behavior that guides employees without direct supervision, taking corrective actions before unethical behaviors occur by periodically measuring employees perceptions of the companys ethical climate, and emphasizing the importance of service quality and ethical behaviors as they relate to competition in the marketplace. Multinational corporations are committed to operating within the legal limits of U.S. law. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: The rent charge above is based on space utilized in the plant. analysts. Part-time co-workers. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; 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 . This is called a bounty provision because as stated, they may receive a monetary award for their actions. The term business ethics refers to the set of moral principles that guides a company's conduct. [A] it reduces employee turnover Emphasizes strong penalties for wrongdoers Ethical problems such as influence peddling and bribery: B. being socially responsible is all about being ethical. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? 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. 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) ? based on a commitment to integrity and respect allows them to connect directly with customers enjoy greater employee loyalty C. all levels of management. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . secondary market companies. B. [B] allowing management to decide the outcomes of investigations (D) businesses cannot succeed in societies that fail. [A] To attract customers demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. D. buying the company's products. It does not subtract from the bottom line; it adds to it. C. business exists only to make money for shareholders. Multiple select question. social media. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. Integrity-based ethics codes B. Example 1. (A) are just part of doing business It seeks to promote honesty, fairness, and responsibility in all advertising. school districts Government and business leaders are being held to Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. the federal government A. (C) to increase employee turnover Multiple select question. Ignoring hazardous job conditions that exist in the company's facilities As a philosophy, ethics are the principles that guide a person's behaviour. Here are five reasons why you should keep things legal and follow business ethics in accounting. [C] The U.S. government will use military force to enforce labor laws.. Increased control over employee actions. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Explanation 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. <br> I . Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. C. practice deception regarding product safety issues. Therefore, it is the most significant resource to run or upgrade any business. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Ethical behavior does not matter to investors. This, then, creates greater stability within the company.. Full-time co-workers 3. D. help investors recoup their losses. punishing unethical behavior and rewarding ethical behavior privately ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is What is ethical is determined by the public, government regulators, interest groups, competitors and each individuals personal moral values, Studying business ethics will not necessarily, Inform you concerning the impact of the work group on ethical decisions. lose sales revenues There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. benevolence can lead to a vote of no confidence by company stakeholders. 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. What are the causes of pay discrimination in the labor market?