a business should be managed ethically because

___________ __________ ______________is a business's concern for the welfare of society. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ a written code of ethics The main principles of business ethics are based in academia and on academic writings on proper business operations. A. The employees of a corporation are stakeholders who are affected by management practices. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. increased their financial donations because they understood how badly society needed a helping hand. C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and B. government-supported direct mail campaigns the federal government Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. 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. 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. Multiple select question. A business should be managed ethically for many reasons to maintain a good. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Product safety Economic conditions in some developing countries make child labor a necessity for the survival of families. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Those who argue in favour of corporate social responsibility suggest that: actual ethics. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. Paying employees on specified pay dates most of the time. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. A. C. Investor relations secondary market companies. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? (D) affect hiring practices very little. benevolence can lead to a vote of no confidence by company stakeholders. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Which of the following describes charitable donations by corporations to nonprofit organizations? decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. It is an act that is against the law and against Securities and Exchange Commission policy. providing safety equipment and training for their workers, 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: standards. 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. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are Article. [A] for the welfare of society as a whole China is a communist country. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Mistakes and misunderstandings are bound to happen in any work setting. D. concern for the welfare of society. Top management 4. To allow whistleblowers to come forward with information organizations should [D] allows them to connect directly with customers. C. business exists only to make money for shareholders. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? create an open-door policy, protect them from retaliation 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 ethics code must be enforced. A number of ethical scandals in the past decade have raised awareness of ethical issues in business. information technology When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. How are these two rates measured? A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. 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. Top management 1. Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. corporate raider divisions. E. law. This is called a bounty provision because as stated, they may receive a monetary award for their actions. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. Multiple Choice that they can improve their own financial health by investing in companies whose goods and services benefit the community True false question. The first area is productivity. 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. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. 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. Global Business Ethics. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. A. Overstating an expense report. Resource procurement and consumption practices B. reducing regulations about labeling pro-current procurement. False, Whistleblowers can be helped by protecting them from: Multiple select question. <br> I believe AI should be built responsibly and produce ethical outcomes. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? separating themselves from suppliers who violate This sort of behavior is not limited to the workplace; it can be present in every facet of life. Supports ethically sound behavior [C] The U.S. government will use military force to enforce labor laws.. Trustworthiness. D. integrity. (B) going to save money by not hiring those who are disabled technical policy Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. A. delight them with a quality product at a fair price. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. Multiple choice question. What are the causes of pay discrimination in the labor market? True The total rent on the plant is$80.000 per period. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: [D] businesses with good reputations attract customers. opportunity influence ethical behavior C. the increase in lawsuits used to avoid personal responsibility. reaches broad and diverse groups Example 1. Explanation 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." [B] most of those who caused the crisis going to jail general guiding values 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. (C) attract and retain better employees 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. Even small companies participate in _______ through donations and volunteer support of local causes and national charities, such as the Red Cross and the United Way. C. Research practices corporate social initiative using recyclable packaging A. 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. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Customers [A] few losses to investors By being ethical, leaders can foster an environment that rewards and encourages good attitudes. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Multiple choice question. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. Therefore, it is the most significant resource to run or upgrade any business. Which of the following statements about business ethics is false? providing safety equipment and training for their workers, increasing the diversity of their workforce B. an individual's behaviour is influenced by the behaviour of others. Codes of ethics foster ethical behavior by Which of the following is the BEST reason for a business to be managed ethically? Displaying good ethical behavior can boost company morale and client relations. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. ignoring both ethical and unethical behavior When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. allow for complete anonymity ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. (C) make students who know how to plagiarize well acceptable to employers global policy Multiple choice question. Ethical issues are limited to for-profit organizations. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Dont make ethics an afterthought in your company culture. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. many Americans decide what's ethical based upon the situation in which they find themselves. Personal projects Multiple choice question. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ (C) to increase employee turnover A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Sherman Act Multiple choice question. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. The majority of CEOs blame unethical employee conduct on: In the long run, CSR enhances profits. called stakeholder interest compliance-based [C] lack of trust in the free market system [D] To avoid lawsuits, Effective ethics officers: allows them to reach specific groups more directly. customers 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. Chapter 4. "It's an ongoing phenomenon that must be better understood and managed and . <br> I . [A] outsourcing enforcement of the laws to private firms building parks because strict global regulations require it, learned by observing the actions of others in the organization. stockholders TV ads 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: The most basic question in an ethics-based management system is. Top leaders from other countries have been charged with bribery. not concerned with the ethical or socially responsible behavior of their international suppliers. concern for the welfare of society demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Team and business confidence. A. B. Horn blower Research has shown that companies engaged in corporate social responsibility (CSR): 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: Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. School McMaster University; Course Title COMMERCE 1E03; Type. reducing most costs 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 . In the long run, they believe 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 . [C] making businesspeople more accountable for their actions Increased control over employee actions. [B] Bribery Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. 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. D. fail to earn sufficient profits for their owners. CSR can lead to even more profits. 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. Suppliers Government and business leaders are being held to With respect to business ethics, it can be said that "it takes two to tango." plan to maximize profits for shareholders to spend in communities A. you need to justify socially responsible behaviour from an investors standpoint only. Multiple choice question. Multiple select question. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. hiring only women and minorities D. structure and strategy. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. It's the age-old reality: "Out-of-sight, out-of-mind." This, then, creates greater stability within the company.. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". '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.

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