a business should be managed ethically because

What occurs when an employee exposes an employer's wrongdoing to outsiders? Explanation C. all levels of management. D. companies who are perceived as being socially responsible will ultimately earn more profits for their Top management Multiple select question. But when they do, employees need to take accountability for their actions. 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. Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Corporate policy refers to the position a firm takes on ______________ and __________________ issues. B. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? In turn, employees will trust that their leadership team is working toward the greater good of the entire company. _____________________ _____________________ _____________________is a business's concern for the welfare of society. benevolence can lead to a vote of no confidence by company stakeholders. Explanation D. maximizing their investment in the firm. Emphasizes strong penalties for wrongdoers TV ads [D] To avoid lawsuits, Effective ethics officers: Economic conditions in some developing countries make child labor a necessity for the survival of families. D. Outsourcing practices Morality codes G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Which of the following represent examples of how corporations set positive standards of ethical behavior? Implementing ethical standards within an organization starts with: An employee who reported her boss to the SEC for insider trading would be considered a(n) _____________ protected by law. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Resource procurement and consumption practices A. Whistleblower firms should take added caution not to support government programs that protect the environment. Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away! As a product manager I have to wear different hats every day and I excel at . 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. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. retaliation decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. the federal government A business should be managed ethically for many. However, anyone caught violating a law will be immediately fired." Here are other common examples of ethical behavior: No matter the relationship between two people and what they agree or disagree upon, people within an organization should always respect each other. is costly, but worthwhile in reaching specific customers True false question. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. B. For example, international bank HSBC was subject to a decade-long enforcement action costing it $1.92 billion after the federal government determined the institution violated money-laundering laws and sanctions rules. Are Workplace Politics Destroying Your Business? Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Which of the following would be a unique focus of an integrity-based ethics code? Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. internal search and occupy organizations. We covered: How data teams can actually design ethical ML models, after . Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. general guiding values B. focus on cost and quality control systems within your organization. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. False, Whistleblowers can be helped by protecting them from: List the most influential on top. (A) likely to perform better financially \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Displaying good ethical behavior can boost company morale and client relations. When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Customers The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. A business starts with the correct usage and allocation of finances and cost management. Ethical management generates trust, and trust increases productivity. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. (D) affect hiring practices very little. Compliance-driven ethics standards D. buying the company's products. This includes managers and subordinates, peers and clients. profitable charities Multiple choice question. [A] relate well to employees at all levels (C) 4 out 5 citizens volunteer an hour each week Internal auditors it attracts and retains customers providing safety equipment and training for their workers, increasing the diversity of their workforce 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. providing all relevant information about current and projected performance of the firm. Government and business leaders are being held to punishing unethical behavior and rewarding ethical behavior privately Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. actual ethics. I . Explanation B. helping others Business ethics helps to optimize company resources. social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? The findings reveal that quality service and an ethical business plan are essential to long-term business success. (B) it is using investors' money in ways they did not intend The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. concern for the welfare of society corporate raiders. ethical standards that are often unreasonable and cannot be met by most leaders. Its easier for a business to retain employees when they work for a company that they believe in. [C] can be trusted to maintain confidentiality Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. A. Ignoring hazardous job conditions that exist in the company's facilities These define the company's guiding values, and most often it involves shared accountability. social impact program. It does not subtract from the bottom line; it adds to it. An important reason for a company to maintain its ethical reputation is Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is [D] allows them to connect directly with customers. Rank the following jobs according to their importance in influencing the implementation of ethical standards. Which of the following is a reason why a business should be managed ethically? B. pro-current procurement. 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? Multiple choice question. draw more customers, Many investors believe [B] reaches broad and diverse groups Multiple choice question. A. This, then, creates greater stability within the company.. corporate social responsibility, Corporate social responsibility is when businesses are concerned asking suppliers to lower their standards to be in compliance with Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Compliance-based ethics codes 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. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. compliance police. '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. Which of the following is not one of the approaches associated with corporate social responsibility? Top management must adopt and support a corporate code of conduct. Socially conscious investors insist that a company extend its own high standards to its ____________________. 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: Depreciation is due to obsolescence rather then wear and tear. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. \text{ } & \text{Per Unit} & \text{Total}\\ Suppliers Complete each sentence with the comparative or superlative form of the modifier in parentheses. about being fair and honest with their stakeholders [B] about being fair and honest with their stakeholders Your boss has prepared some questions for you to consider. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; A. expanding the opportunity to behave ethically by providing rewards for following the rules. Which of the following are true regarding ethical behavior? An organization's managers instill corporate values and _____________________ in employees by the examples they set. C. business exists only to make money for shareholders. Fraud B. personal responsibility C. compliance Decorating Arrangements has just completed operations for the year ended December 31, 2016. whistleblowers [C] it reduces the likelihood of lawsuits by employees or customers The moral and ethical standards by which leaders are judged are far stricter than in the past. A well-implemented ethics program can also reduce losses. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023. The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Who sets the standards of right and wrong as defined by ethics? separating themselves from suppliers who violate. Multinational corporations are committed to operating within the legal limits of U.S. law. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. These actions are The term business ethics refers to the set of moral principles that guides a company's conduct. It is an act that is against the law and against Securities and Exchange Commission policy. retain better employees Strict global regulations require it. Multiple Choice C. Increased penalties for code violators. Periodically asking every employee to evaluate the company's ethics performance. It is essentially a moral compass. penalizing wrong-doers. It is the right thing to do. because strict global regulations require it, learned by observing the actions of others in the organization. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ 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. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: Companies that participate in CSR typically have more loyal employees and customers. enjoy greater employee loyalty Safe working conditions Prepare computations showing how much profits will increase or decrease as a result of making the starters. (C) gains for investors in 2008 and 2009 Management ethics can factor into issues including coworker interactions, conflicts of interest, customer safety, honest advertising, customer information security and the responsible use of corporate resources. I believe AI should be built responsibly and produce ethical outcomes. [B] most of those who caused the crisis going to jail Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. stockholders Unethical businesses also lose favor with consumers. A. Stresses shared accountability The authors start from the assumption that most people wish to behave ethically. How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. Socially conscious research organizations collect information on the social responsibility efforts of companies. 1. Whistleblowers are often concerned about retaliation. Mistakes and misunderstandings are bound to happen in any work setting. lower ethical standards than in the past. capitalism B. an individual's behaviour is influenced by the behaviour of others. Supervisor 4. D. concern for the welfare of society. integrity-based ethics Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. Trust and cooperation between workers and managers must be based on which of the following? Everyone with whom the business has dealings. Multiple select question. integrity-based Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. B. improve corporate profits. secondary market companies. ", Corporate social responsibility is when businesses are concerned Multiple choice question. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. social audit. Team and business confidence. Research into ethics and business performance has shown the two are linked in some important ways. unethical Then, of course, there are the more serious consequences of highly unethical behavior. I'm a Product Manager with experience working cross-functionally with business roles (e.g.