a business should be managed ethically because a business should be managed ethically because

Packaging requirements Business ethics benefits the bottom line. lower ethical standards than in the past. Defines an organization's guiding principles. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. Research into ethics and business performance has shown the two are linked in some important ways. Multiple choice question. Who sets the standards of right and wrong as defined by ethics? Compliance-based ethics codes focus on: Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. to increase employee turnover Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by BUS-112 Chapter 4 - Subjecto.com Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. 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 Multiple Choice Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Morality codes Multiple choice question. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. B. being socially responsible is all about being ethical. Multiple Choice An ethically managed business helps to reduce employee turnover. [C] can be trusted to maintain confidentiality What kind of person do you think Paulsen is? However, anyone caught violating a law will be immediately fired." standards. Often, business ethics involve a system of practices and procedures that help build trust with the. 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. Putting Ethical Design into Practice. Typically, it is the kind of information where parties in the know can benefit. Explanation [B] Bribery B. an individual's behavior is influenced by the behavior of others. Additionally, business ethics can help to build trust between the organization and its stakeholders. 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. that they can improve their own financial health by investing in companies whose goods and services benefit the community allows them to connect directly with customers Explanation (B) make employers reluctant to hire those who have cheated Ethics may seem like an intangible, but there is a clear connection to overall performance. Dodd-Frank Wall Street Reform and Consumer Protection Act (C) 4 out 5 citizens volunteer an hour each week Which of the following are reasons a business should be managed retaliation that only society's health is improved when they invest in companies whose goods and services benefit the community standards. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. Prepare computations showing how much profits will increase or decrease as a result of making the starters. Discrimination and Harassment. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? Multiple choice question. A. Overstating an expense report. [A] making the charges public before the investigation G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Source interviews were conducted for a previous version of this article. B. varies even among those who are interested in corporate responsibility. Corporate social responsibility is based on a Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. socialism B. C. energy consumption ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ School McMaster University; Course Title COMMERCE 1E03; Type. Which of the following would be a unique focus of an integrity-based ethics code? U.S. law does not require U.S. firms to comply because of competitive advantage concerns. A. guilt payments. Example 1. only to compete and make a profit How are these two rates measured? lose sales revenues E. Employee benefit programs. B. Whistleblowing C. Plagiarism D. to please customers, employees, and society. To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Resource procurement and consumption practices B. Multiple choice question. D. Outsourcing practices An organization's managers instill corporate values and _____________ in employees by the examples they set. B. Horn blower Personal projects Economics - Wikipedia \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ [C] Paying U.S. minimum wage additional taxes C. business exists only to make money for shareholders. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. 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. [B] allowing management to decide the outcomes of investigations It is actually a structure of moral principles and code of conduct applicable to a business. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Why Are Business Ethics Important? A Guide - Investopedia The majority of CEOs blame unethical employee conduct on: Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. Reevaluating its ethics codes based on the input of its customers. Multiple choice question. An important factor in enforcing an ethics code is: What Are Business Ethics and Why Are They Important? Which of the following statements is false? 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. internal search and occupy organizations. These actions are Multiple choice question. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Explanation [A] Influence peddling It may just be the cornerstone of your success. A well-implemented ethics program can also reduce losses. Paying employees on specified pay dates most of the time. On the flip side, a leader who personifies ethical behavior will be fair in all situations. 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. school districts higher ethical standards than in the past. moral impropriety. Which of the following statements about business ethics is false? B. expressing dissatisfaction by protesting. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. A. commitment to maximizing shareholder profits in all decisions, Insiders, such as employees, who report concerns about a company's accounting or auditing practices are called: can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Businesses must abide by some basic principles. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. called stakeholder interest Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. Depreciation is due to obsolescence rather then wear and tear. an individual's ethics But when they do, employees need to take accountability for their actions. Safe working conditions True false question. corporate inclusion policy Compliance-based ethics codes Workplace and colleague wellbeing. [B] about being fair and honest with their stakeholders setting a good example. In "Two Kinds," how does the narrator feel after the talent show? 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. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ 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. internal investigation. Think about a business that hires only family or one that gives inappropriate incentives, for example. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. Companies that participate in CSR typically have more loyal employees and customers. integrity-based ethics Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Multiple choice question. A. the breakdown of traditional religious institutions. D. buying the company's products. enjoy greater employee loyalty '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. 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. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. clarifying what green means 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. Multiple select question. Socially conscious investors insist that a company extend its own high standards to its ____________________. 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. an individuals behavior is influenced by the behavior of others. She has asked you to give her information about what determines the level of various interest rates. It is an act that is against the law and against Securities and Exchange Commission policy. Ethical behavior means your team operates according to fair and transparent standards, not just complying with legal rules or regulatory requirements, but going above and beyond to ensure decisions are applied through an ethical lens. If an underlined word is already in the correct possessive form, write a C on the line. (A) likely to perform better financially D. Integrity watchdog. (B) it is using investors' money in ways they did not intend increasing the diversity of their workforce ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. . Fraud Ethical behavior can have negative consequences to the bottom line in the long run. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. D. maximizing their investment in the firm. True offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? Ethical standards are different from country to country. Suppliers Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. C. teamwork eliminates a need for personal ethics. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Studies have shown that what most influences a company's effectiveness and financial performance is: responsible management of human resources, Which of the following behaviors are illegal in the United States, but potentially put our companies at a disadvantage in overseas markets? government-supported direct mail campaigns 2. Ethics in Management | Encyclopedia.com Unethical behavior by financial and real estate businesses has led to Top management C. Increased penalties for code violators. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. The second major meaning behind the term is . 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. A business starts with the correct usage and allocation of finances and cost management. Multiple choice question. It does not subtract from the bottom line; it adds to it. (D) businesses cannot succeed in societies that fail. This, then, creates greater stability within the company.. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Organizational ethics begins Multiple Choice at the top levels of management. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ (C) likely to perform worse financially Which step is the most critical to help improve business ethics? responsible management of human resources, responsible management of human resources. A. Diversity and discrimination B. Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Ethical behavior has significant upfront costs which may never be recovered. It is a set of guidelines for dealing with various procedures ethically. How to Design an Ethical Organization - Harvard Business Review If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: What motivated the unethical behavior of real estate agents, lenders, and borrowers that led to the financial crisis of 2008? employees and internal public relations For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. C. An ethics office must be set up. How can. varies among those who are interested in corporate responsibility. 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. \text{Direct materials} & \text{\$ 3.10}\\ acquisition stalking. 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. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. 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: 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. This is especially so when the market is very competitive, because then the customers have a lot of options and could switch to another product or service provider.. C. Education and training Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. building parks (D) occur in only a few countries. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. A business's responsibilities to its owners and investors include The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. \text{Variable manufacturing overhead} & \text{0.60}\\ Why Is Ethical Decision Making Important? - Lisa Jeffs Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? Multiple select question. The unethical and illegal activity in which investors use private company information to further their own fortunes or those of their family and friends is called: The most effective ethics officers are equally comfortable as ________ and investigators.