a business should be managed ethically because

Hence, a business should have a trustworthy source of finance and maintain healthy relations with financial sources like Banks, Financial Institutions, Stakeholders, etc. Top management is essentially conducting a(n) An ethical business will get your employees to respect your company . Resource procurement and consumption practices E. A criminal lawsuit. Scandals. Serves as full-time, tenure tracked Business Instructor for the college's Bachelor of Applied Science in Organizational Management (BAS-OM) program, teaching classroom, hybrid, and online courses. Top management 1. (C) occur in many countries secondary market companies. A. Multiple select question. It seeks to promote honesty, fairness, and responsibility in all advertising. E. All of the answers are correct. Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. Unethical behavior by financial and real estate businesses has led to On the line provided after the sentence, write the possessive form of the underlined words. C. teamwork eliminates a need for personal ethics. 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. (A) it prevents government audits integrity-based ethics Multiple select question. The authors start from the assumption that most people wish to behave ethically. When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. Decorating Arrangements has just completed operations for the year ended December 31, 2016. Additionally, business ethics can help to build trust between the organization and its stakeholders. [C] lack of trust in the free market system penalizing wrong-doers, increasing control help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? Multiple choice question. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. These actions are D. Mayhem What occurs when an employee exposes an employer's wrongdoing to outsiders? All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Multiple choice question. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Think about a business that hires only family or one that gives inappropriate incentives, for example. [A] making the charges public before the investigation Typically, it is the kind of information where parties in the know can benefit. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. A. protecting the owners' rights and investments. likely to perform better financially DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Is it acceptable if everyone else is doing it? Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. corporate raiders. Mistakes and misunderstandings are bound to happen in any work setting. Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. B. the police in jurisdictions where the business has operations. These define the company's guiding values, and most often it involves shared accountability. An organization's managers instill corporate values and _____________________ in employees by the examples they set. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . 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. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. B. expressing dissatisfaction by protesting. Fraud Which of the following is not one of the approaches associated with corporate social responsibility? Multiple choice question. [B] about being fair and honest with their stakeholders 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. Multiple Choice 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. Many companies B. an individual's behavior is influenced by the behavior of others. (C) to increase employee turnover an individual's ethics is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Reevaluating its ethics codes based on the input of its customers. This includes managers and subordinates, peers and clients. reaches broad and diverse groups 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. Supervisor technical policy The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. Multiple choice question. 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. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. 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." American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. C. all levels of management. Although this can be a lot of work, it can also positively impact the bottom line, protect a companys brand and result in higher customer satisfaction. A. The most basic question in an ethics-based management system is. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. (D) 3 out of 4 citizens volunteer, but cheat on their taxes, Using information from the internet or other sources without giving credit to the author is, The strong relationship between academic dishonesty and dishonesty at work is likely to Its premise is based on integrity, fairness, and respect for others. Chapter 4. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ D. Outsourcing practices Which of the following statements reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by U.S. firms? Multiple choice question. It is a set of guidelines for dealing with various procedures ethically. Explanation Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. ___________ __________ ______________is a business's concern for the welfare of society. In one such study, led by Kaifeng Jiang, a professor at the Ohio State University Fisher College of Business, researchers examined the intersection between the quality of service a business offers and its adherence to ethical mores by looking into conditions at nearly 200 movie theaters. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. Research into ethics and business performance has shown the two are linked in some important ways. hiring only women and minorities B. Whistleblowing C. Plagiarism D. Integrity watchdog. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. lower ethical standards than in the past. Companies that participate in CSR typically have more loyal employees and customers. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Safe working conditions 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. \text{Total production cost} & \text{\$ 9.20}\\ All else held equal, socially responsible firms: A. are viewed more favourably by consumers. capitalism [B] passing laws to make accounting records more transparent Multiple choice question. Which of the following are reasons a business should be managed ethically? Morality codes D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. shareholders Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Which of the following would be a unique focus of an integrity-based ethics code? B. D. maximizing their investment in the firm. "It's an ongoing phenomenon that must be better understood and managed and . global policy Whistleblowers are insiders who report illegal or unethical behavior. (D) it reduces laws and regulations, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: Multiple Choice D. guideline. Target is a business. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. B. personal responsibility C. compliance 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 . \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Which of the following is a reason why a business should be managed ethically? Multiple select question. A business should be managed ethically because Multiple select question. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. higher ethical standards than in the past. Multiple Choice He also believed anything other than that would be considered: 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) ? Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. C. energy consumption Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Compliance-based ethics codes focus on: Ethics may seem like an intangible, but there is a clear connection to overall performance. Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? Corporate social responsibility is based on a \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Community members are bound by the pursuit of common values and goals. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: ethical officers [A] for the welfare of society as a whole Emphasizes strong penalties for wrongdoers allows them to reach specific groups more directly. 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. In fact they contribute to it: 1. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. (A) are just part of doing business only with their responsibility to their shareholders C. Increased penalties for code violators. False. 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: (D) long jail terms for those who acted unethically. E. Employee benefit programs. Explanation 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. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. An important factor in enforcing ethics codes is selecting a(n) ________ ________. A. profits. Stresses shared accountability [A] few losses to investors Multiple choice question. is costly, but worthwhile in reaching specific customers In fact, data collected by Ethisphere, an organization that tracks the ethical conduct of the worlds largest companies, found that the businesses listed on its 2022 list of most ethical companies outperformed an index of similar large cap companies by 24.6 percent overall. \text{Direct materials} & \text{\$ 3.10}\\ Supervisor 2. Motivation. the collection of laws to protect society from fraud, theft, and violence. _____________________ _____________________ _____________________is a business's concern for the welfare of society. Which of the following represent examples of how corporations set positive standards of ethical behavior? Here are five reasons why you should keep things legal and follow business ethics in accounting. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." Dont make ethics an afterthought in your company culture. 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. A Understanding that individual moral standards, the influence of managers and coworkers, and From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. corporate social initiative C. providing all relevant information about current and projected performance of the firm. Both positive and negative activities are measured. This is called a bounty provision because as stated, they may receive a monetary award for their actions. How Does 401(k) Matching Work for Employers? Shared accountability among employees. [D] favor management in their investigations, A communication tool many companies use to inform diverse groups of their social responsibility efforts at little cost is. Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. D. buying the company's products. What kind of person do you think Paulsen is? Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. only to compete and make a profit Sarbanes-Oxley Ruling Strategic partnering Society Which of the following statements is false? government-supported direct mail campaigns Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. The term business ethics refers to the set of moral principles that guides a company's conduct. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but B. D. management is insensitive to ethical issues. Personal projects whistleblowers. However, it was disclosed that somehow a member of Paulie's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. Resource procurement and consumption practices B. This is an example of corporate: Due to a reduction in output, the company has idle capacity that could be used to produce the starters. Which of the following is the BEST reason for a business to be managed ethically? formal and informal. B. B. varies even among those who are interested in corporate responsibility. corporate social initiative 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 . allows them to reach specific groups more directly, allows them to connect directly with customers TRUE There are many reasons why a business should be managed ethically : ( 1 ) to maintain a good reputation , ( 2 ) to keep existing customers , ( 3 ) to attract new customers , ( 4 ) to avoid lawsuits , ( 5 ) to reduce turnover , ( 6 ) to avoid government intervention , ( 7 ) to please customers , employees , and society , and ( 8 ) because it is the right thing to do . Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. When management considers ethics in its actions toward stakeholders, employees can be positively affected. D. expanding the opportunity to behave ethically by providing punishments for following the rules. opportunity influence ethical behavior With respect to business ethics, it can be said that "it takes two to tango." because strict global regulations require it Corporate values are: The second major meaning behind the term is . Ethical problems such as influence peddling and bribery: Multiple select question. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. pro-current procurement. lose sales revenues A. guilt payments. C. Operational initiatives It is an act that is against the law and against Securities and Exchange Commission policy. Ethical management generates trust, and trust increases productivity. (B) it is using investors' money in ways they did not intend D. the nation's business schools that tolerate unethical behaviour in students. A. you need to justify socially responsible behaviour from an investors standpoint only. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Packaging requirements 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. Dodd-Frank Wall Street Reform and Consumer Protection Act A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. It emphasizes sustainability, customer loyalty, brand image, and employee retention. Executives at Enron and Tyco were found guilty ____________ of behavior that damaged their companies' reputations, The emergence of the green movement has affected businesses by. 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. B. philanthropy. D. stockholders. Codes of ethics foster ethical behavior by 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. B. True 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? These examples of ethical behaviors ensures maximum productivity output at work. A business should be managed ethically because, businesses with good reputations attract customers. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. True school districts additional taxes The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. D. structure and strategy. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. The side effects are so great that the society urges that the business should always be ethically and socially responsible. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. [C] can be trusted to maintain confidentiality It is essentially a moral compass. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . The findings reveal that quality service and an ethical business plan are essential to long-term business success. social initiatives Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. social audit. protect them from retaliation Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. [A] outsourcing enforcement of the laws to private firms plan to maximize profits for shareholders to spend in communities A social audit is a systematic evaluation of a company's progress toward becoming a socially responsive organization. tax officials. Source interviews were conducted for a previous version of this article. 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? corporate policy C. teamwork eliminates a need for personal ethics. This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. Increased control over employee actions. How are these two rates measured? 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.. A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million.

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