A high ethical standard extends to customers as well. This is an example of corporate: 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. Multiple Choice False. 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] is costly, but worthwhile in reaching specific customers 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. Here are five reasons why you should keep things legal and follow business ethics in accounting. Trust and cooperation between workers and managers must be based on which of the following? Trustworthiness. draw more customers, Many investors believe Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. [C] Paying U.S. minimum wage B. expressing dissatisfaction by protesting. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. A. responsibility E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? [C] only to compete and make a profit 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. Multiple choice question. [A] few losses to investors A. Economics (/ k n m k s, i k -/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. Synonym Discussion of Ethical. B. focus on cost and quality control systems within your organization. It does not subtract from the bottom line; it adds to it. Strategic partnering B. the police in jurisdictions where the business has operations. 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? socialism Economic conditions in some developing countries make child labor a necessity for the survival of families. Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. lower ethical standards than in the past. Multiple Choice Marketing, Finance, Sales), technical roles (e.g. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. increasing the diversity of their workforce social impact program. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? formal and informal. For many years Futura Company has purchased the standard that it installs in its standard line of farm tractors. [B] allowing management to decide the outcomes of investigations that they can improve their own financial health by investing in companies whose goods and services benefit the community That person called five of his relatives and several friends. Multiple Choice ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. compliance police. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Employees and management alike can work together to create businesses that have high standards. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. D. guideline. A. the breakdown of traditional religious institutions. Businesses should create and display their code of ethics publicly. socially conscious research organizations. \text{Total production cost} & \text{\$ 9.20}\\ D. buying the company's products. 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. B. Whistleblowing C. Plagiarism At a college, a code of ethics could include being honest and unbiased when grading and being a catalyst for diverse perspectives in the classroom. Compliance-driven ethics standards It does not subtract from the bottom line; it adds to it. 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. (B) going to save money by not hiring those who are disabled 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. corporate social initiative Business ethics concerns ethical dilemmas or controversial issues faced by a company. [A] making the charges public before the investigation Top management The deliberative system leads to more-ethical behaviors. reaches broad and diverse groups (B) it attracts and retains customers 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. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. [B] Bribery D. fail to earn sufficient profits for their owners. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ [C] allows them to reach specific groups more directly fascism An important reason for a company to maintain its ethical reputation is based on a commitment to integrity and respect The second major meaning behind the term is . 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. \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ Supports ethically sound behavior D. Outsourcing practices To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. What Does Ethical Decision Making Mean? B. improve corporate profits. Ethical standards are different from country to country. reducing most costs for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. B. an individual's behavior is influenced by the behavior of others. Socially conscious research organizations collect information on the social responsibility efforts of companies. insider trading. List the most influential on top. Scandals. Personal projects Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that 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? Multiple select question. [C] lack of trust in the free market system Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. Emphasizes strong penalties for wrongdoers going to lose money by providing pay raises This sort of behavior is not limited to the workplace; it can be present in every facet of life. 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. Multiple Choice Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Multiple select question. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . 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. Morality codes They should display behavior that is honest and fair in their relationships with co-workers and their. B. helping others E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? 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. providing safety equipment and training for their workers, 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: B. philanthropy Ethical behavior positively impacts a businesss financial performance. 'Business' can mean an activity of exchange. Then, if the verb does not agree in number with its subject, write the correct form of the verb above the incorrect form. It is a set of guidelines for dealing with various procedures ethically. An important factor in enforcing ethics codes is selecting a(n) ________ ________. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: 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. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Financial transparency The employees of a corporation are stakeholders who are affected by management practices. vigilantes. In the following sentence, circle the subject of the underlined verb. (B) are limited to the United States In the long run, they believe Maria Juarez is a professional tennis player, and your firm manages her money. B. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. '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. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. An ethical business will get your employees to respect your company . Compliance-based ethics codes focus on: A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Explanation A Understanding that individual moral standards, the influence of managers and coworkers, and C. often experience customer loyalty problems. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Which of the following should help reduce the incidence of unethical behavior in an organization? Corporate responsibility C. structure and strategy. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. List the most influential on top. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. C. teamwork eliminates a need for personal ethics. When management considers ethics in its actions toward stakeholders, employees can be positively affected. (B) lack of trust in the free market system compliance-based ethics Corporate social responsibility describes the firm's: A. responsibility to their stockholders. B. personal responsibility C. compliance Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. B. Multiple choice question. compliance-based E. filing complaints with the company. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Are Workplace Politics Destroying Your Business? going to save money by not hiring those who are disabled E. A criminal lawsuit. Distributors. Your boss has prepared some questions for you to consider. B. ability to plan for the unexpected. whistleblowers separating themselves from suppliers who violate Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. Increased control over employee actions. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Explanation Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. A. delight them with a quality product at a fair price. B. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. On the line provided after the sentence, write the possessive form of the underlined words. C. Increased penalties for code violators. government-supported direct mail campaigns (D) going to lose money by providing pay raises, A business should be managed ethically because \end{matrix} (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: It emphasizes sustainability, customer loyalty, brand image, and employee retention. Safe working conditions [A] They will bribe local officials to change their policies. A. Whistleblower Packaging requirements Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. 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. customers A. Internet When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. 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. internal search and occupy organizations. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. True false question. Top management 1. The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. Ethical behavior can have negative consequences to the bottom line in the long run. actual ethics. corporate beneficial management 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. A. Diversity and discrimination B. In this episode of Experiencing Data, Chenda and I explore her actual methods to designing ethical AI solutions as well as how she works with UX and product teams on ML solutions. Customers ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. Top management is essentially conducting a(n) A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Explanation C. teamwork eliminates a need for personal ethics. [B] passing laws to make accounting records more transparent [B] They may choose to cancel orders when there are human rights abuses. Ethical issues are limited to for-profit organizations. 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