a business should be managed ethically because

A. you need to justify socially responsible behaviour from an investors standpoint only. punishing unethical behavior and rewarding ethical behavior privately actual ethics. Multiple Choice Italian Stallion stockholders got a very fair deal for the stock they owned in the company. If an ethical tone is set at the top and followed by management, everyone who works there will hold themselves and each other to those standards. False. On the flip side, a leader who personifies ethical behavior will be fair in all situations. 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. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. B. being socially responsible is all about being ethical. After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. If an underlined word is already in the correct possessive form, write a C on the line. Governments (C) gains for investors in 2008 and 2009 She has asked you to give her information about what determines the level of various interest rates. Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? B. varies even among those who are interested in corporate responsibility. capitalism 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. social audit. 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. Business ethics helps to optimize company resources. False. In turn, employees will trust that their leadership team is working toward the greater good of the entire company. This includes managers and subordinates, peers and clients. C. teamwork eliminates a need for personal ethics. draw more customers, retain better employees How can. Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. 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: 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. True Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Everyone with whom the business has dealings. This sort of behavior is not limited to the workplace; it can be present in every facet of life. Morality codes Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. Customer privacy policies and practices Multiple select question. "It's an ongoing phenomenon that must be better understood and managed and . The moral and ethical standards by which leaders are judged are far stricter than in the past. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. 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. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: School McMaster University; Course Title COMMERCE 1E03; Type. hiring only women and minorities Explanation Which of the following were not identified as being fundamental to the CSR definition? Many companies Emphasizes strong penalties for wrongdoers [B] Bribery Dont make ethics an afterthought in your company culture. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. 2. Should an instance occur, the result could be devastating to your company's finances and reputation. Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. technical policy D. varies from industry to industry. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Both positive and negative activities are measured. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. (B) have higher turnover 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. C. often experience customer loyalty problems. Its premise is based on integrity, fairness, and respect for others. \end{array} Suppliers In a business setting, ethical behavior applies to any employee, team lead or supervisor. benevolence can lead to a vote of no confidence by company stakeholders. B. enjoy significantly higher profits. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ B. philanthropy. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and Practice deception regarding product safety issues. As a philosophy, ethics are the principles that guide a person's behaviour. corporate policy Multiple choice question. False, Whistleblowers can be helped by protecting them from: When management considers ethics in its actions toward stakeholders, employees can be positively affected. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as 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. 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. reaches broad and diverse groups Those who have others interests in mind when they make decisions are displaying ethical behavior. 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. The ethics code must be enforced. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. 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. Integrity-based ethics codes . 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. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. True false question. D. integrity. D. structure and strategy. allows them to reach specific groups more directly, allows them to connect directly with customers 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. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. 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. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. CSR can lead to even more profits. The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. for the welfare of society as a whole, about being fair and honest with their stakeholders (C) occur in many countries 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. Multiple select question. going to save money by not hiring those who are disabled C. An ethics office must be set up. In the workplace, there might be a standard for ethics set throughout the company. Ethical behavior includes honesty, fairness, integrity and understanding. Safe working conditions Trust and cooperation between workers and managers must be based on which of the following? Integrity-driven ethics codes Trustworthiness. Companies A. C. Operational initiatives Studies have found a _____ correlation between academic dishonesty and dishonesty at work. [B] They may choose to cancel orders when there are human rights abuses. B. expressing dissatisfaction by protesting. D. expanding the opportunity to behave ethically by providing punishments for following the rules. In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . [C] conducting objective investigations ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. A. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. B. philanthropy 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. only with their responsibility to their shareholders Part-time co-workers. [C] Paying U.S. minimum wage It may just be the cornerstone of your success. B. helping others Businesses can show their CSR in many ways. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Motivation. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Explanation Sherman Act the collection of laws to protect society from fraud, theft, and violence. increasing the diversity of their workforce penalizing wrong-doers. A. protecting the owners' rights and investments. firms should take added caution not to support government programs that protect the environment. It does not subtract from the bottom line; it adds to it. To allow whistleblowers to come forward with information organizations should Whistleblowers are insiders who report illegal or unethical behavior. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Decorating Arrangements has just completed operations for the year ended December 31, 2016. 8 Mini-Case Study, Intro-Into-Business: Ch. We covered: How data teams can actually design ethical ML models, after . Explanation Explanation Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Ethics may seem like an intangible, but there is a clear connection to overall performance. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? A company's effectiveness and financial performance are most affected by responsible _________ _________ management. increased financial donations to local areas but pulled away from national and global contributions. Is it acceptable if everyone else is doing it? ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Workplace and colleague wellbeing. 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. Explanation social justice. unethical This is called a bounty provision because as stated, they may receive a monetary award for their actions. [D] businesses with good reputations attract customers. B. ability to plan for the unexpected. These define the company's guiding values, and most often it involves shared accountability. Though discrimination and harassment laws have been put in place and continue to be updated . There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. only to compete and make a profit Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Written ethics codes can be categorized as 'Business' can mean an activity of exchange. With regard to socially responsible behavior, American businesses are Deceptive advertising of medicines and toys In the long run, CSR enhances profits. clarifying what green means (B) it attracts and retains customers True false question. A. expanding the opportunity to behave ethically by providing rewards for following the rules. (A) businesses who are socially responsible will earn more Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Compliance-based ethics codes 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: When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? It emphasizes sustainability, customer loyalty, brand image, and employee retention. A failure of leadership to establish ethical standards, Which of the following terms describes someone who reports illegal or unethical behaviour? Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. D. companies who are perceived as being socially responsible will ultimately earn more profits for their When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. These actions are corporate inclusion policy B Putting Ethical Design into Practice. compliance-based Though there are many ethical opinions that most people share, ethics will differ from person to person. Article. (A) 3 out of 4 citizens do not give any time to the communities in which they live [B] about being fair and honest with their stakeholders A Understanding that individual moral standards, the influence of managers and coworkers, and \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ (C) attract and retain better employees profitable charities Responsible business behavior depends on the responsible behavior of each ______ in the business world. Multiple choice question. Businesses should create and display their code of ethics publicly. Determining what is involved for a firm to be socially responsible: A. is easy. 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 This is an example of corporate: The authors start from the assumption that most people wish to behave ethically. D. Improved awareness of the relevant laws. 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.. Multiple choice question. A. Overstating an expense report. setting a good example. D. shift the production of goods to foreign facilities and layoff Canadian workers. Multiple select question. Ethical standards are different from country to country. varies among those who are interested in corporate responsibility. True or false: Many investors believe that by choosing to put their money into companies whose goods and services benefit society, they can improve society's financial health as well as their own. It's the age-old reality: "Out-of-sight, out-of-mind." C. writing their representatives in Congress. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. Dodd-Frank Wall Street Reform and Consumer Protection Act. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; enjoy greater employee loyalty This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. B. 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. [A] They will bribe local officials to change their policies. [D] allows them to connect directly with customers. An important factor in enforcing an ethics code is: formal and informal. \text{Total production cost} & \text{\$ 9.20}\\ An important factor in enforcing ethics codes is selecting a(n) ________ ________. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. C. Education and training C. structure and strategy. [A] Influence peddling (D) make more money for investors in the short run. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. Explanation Multiple Choice The firm has evolved into a big business due to quality and innovative work. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. [D] having an ethics officer who is fair, A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is. False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Government and business leaders are being held to 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. likely to perform better financially A business should be managed ethically because Multiple select question. B. because strict global regulations require it. Prepare computations showing how much profits will increase or decrease as a result of making the starters.

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