(C) benevolence is the highest virtue In the study, researchers determined that a higher quality of service positively impacted business operations when ethical adherence was also high. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. Other countries also follow capitalist principles. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Typically, it is the kind of information where parties in the know can benefit. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? technical policy B. personal responsibility C. compliance decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. tax officials. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." Employees and management alike can work together to create businesses that have high standards. allow for complete anonymity ", Corporate social responsibility is when businesses are concerned is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. an individuals behavior is influenced by the behavior of others. Practice deception regarding product safety issues. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. Safe working conditions Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. D. stockholders. They need to take responsibility for what happened and be proactive in fixing it. A high ethical standard extends to customers as well. Business ethics helps to optimize company resources. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Should an instance occur, the result could be devastating to your company's finances and reputation. (B) 3 out of 4 citizens think they should be paid for their volunteer work [A] They will bribe local officials to change their policies. This, then, creates greater stability within the company.. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics B. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. (C) make students who know how to plagiarize well acceptable to employers draw more customers, retain better employees asking suppliers to lower their standards to be in compliance with about being fair and honest with their stakeholders List the most influential on top. Multiple select question. 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. 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. Business ethics benefits the bottom line. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? socialism C. the increase in lawsuits used to avoid personal responsibility. 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. a written code of ethics What are the causes of pay discrimination in the labor market? Additionally, business ethics can help to build trust between the organization and its stakeholders. whistleblowers. If an underlined word is already in the correct possessive form, write a C on the line. Top management is essentially conducting a(n) In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. D. Integrity watchdog. 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. Which of the following represent examples of how corporations set positive standards of ethical behavior? Companies that participate in CSR typically have more loyal employees and customers. reaches broad and diverse groups B. being socially responsible is all about being ethical. 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. And could be pivotal for career growth. \text{Insurance Expense} & \$ 2,000 & \text{Salaries Expense} & \$ 37,000 \\ Both positive and negative activities are measured. Multiple choice question. . A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . C. An ethics office must be set up. Trustworthiness. Managing Business Ethics takes the view that ethical and unethical conduct are primarily the product of how systems align within an organization to promote certain kinds of behavior. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Synonym Discussion of Ethical. Source interviews were conducted for a previous version of this article. [B] Bribery decreased financial donations and eliminated support in almost every way. C. all levels of management. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. Who sets the standards of right and wrong as defined by ethics? There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. Are Workplace Politics Destroying Your Business? businesses with good reputations attract customers it reduces the likelihood of lawsuits by employees or customers it reduces employee turnover it increases the likelihood of government intervention businesses with good reputations attract customers information technology B. maintaining proper accounting procedures. Multiple Choice enjoy greater employee loyalty D. management is insensitive to ethical issues. 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. [C] only to compete and make a profit Prepare computations showing how much profits will increase or decrease as a result of making the starters. (D) affect hiring practices very little. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility E. help restore confidence in Corporate America and Canada. corporate social initiative [C] Paying U.S. minimum wage [D] severe financial crises. C. Investor relations 1. D. buying the company's products. The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. A. Overstating an expense report. Packaging requirements [D] businesses with good reputations attract customers. (A) it prevents government audits 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? The employees of a corporation are stakeholders who are affected by management practices. analysts. Society secondary market companies. Multiple choice question. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. B. ability to plan for the unexpected. (C) attract and retain better employees 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. B. philanthropy [A] Influence peddling D. Outsourcing practices 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. lower ethical standards than in the past. investors. opportunity influence ethical behavior D. the nation's business schools that tolerate unethical behaviour in students. A. 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 . Multiple choice question. school districts To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. An important factor in enforcing ethics codes is selecting a(n) ________ ________. 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(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Responsible business behavior depends on the responsible behavior of each ______ in the business world. lose sales revenues Businesses can show their CSR in many ways. 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) ? Ethics are the standards of right and wrong set for us by society, whereas legality refers to. D. short run profit maximization. Multiple choice question. corporate beneficial management A. Suppliers Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. moral impropriety. social audit. Its premise is based on integrity, fairness, and respect for others. What is ethical is determined by the public, government regulators, interest groups, competitors and each individuals personal moral values, Studying business ethics will not necessarily, Inform you concerning the impact of the work group on ethical decisions. B. Whistleblowing C. Plagiarism additional taxes A number of ethical scandals in the past decade have raised awareness of ethical issues in business. Community members are bound by the pursuit of common values and goals. going to save money by not hiring those who are disabled Business ethics concerns ethical dilemmas or controversial issues faced by a company. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. 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? only to compete and make a profit Notes. Top management 4. Shared accountability among employees. increasing the diversity of their workforce government-supported direct mail campaigns Multiple choice question. internal investigation. How are these two rates measured? D. companies who are perceived as being socially responsible will ultimately earn more profits for their A business should be managed ethically for many reasons to maintain a good. 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.