a business should be managed ethically because

It emphasizes sustainability, customer loyalty, brand image, and employee retention. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. E. All of the answers are correct. (C) make students who know how to plagiarize well acceptable to employers Which of the following describes charitable donations by corporations to nonprofit organizations? Part-time co-workers. In the workplace, there might be a standard for ethics set throughout the company. lose sales revenues How to Design an Ethical Organization - Harvard Business Review whistleblowers Explanation Top leaders from other countries have been charged with bribery. going to lose money by providing pay raises concern for the welfare of society (A) are just part of doing business A. Whistleblower It seeks to promote honesty, fairness, and responsibility in all advertising. The following data have been assembled for the business: InsuranceExpense$2,000SalariesExpense$37,000ServiceRevenue80,000AccountsPayable4,300UtilitiesExpense500OfficeSupplies1,500RentExpense11,000Dividends4,500CommonStock8,500AccountsReceivable7,500Cash7,000Equipment26,600RetainedEarnings,Jan.1,20164,800\begin{array}{lrlr} B. an individual's behaviour is influenced by the behaviour of others. Multiple select question. In fact they contribute to it: 1. The deliberative system leads to more-ethical behaviors. True corporate inclusion policy reducing regulations about labeling 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) ? They should display behavior that is honest and fair in their relationships with co-workers and their. Those who argue in favour of corporate social responsibility suggest that: Startup Costs: How Much Cash Will You Need? Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? acquisition stalking. that they can improve their own financial health by investing in companies whose goods and services benefit the community B. philanthropy (B) it is using investors' money in ways they did not intend '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. enjoy greater employee loyalty Team and business confidence. [A] relate well to employees at all levels [D] severe financial crises. Periodically asking every employee to evaluate the company's ethics performance. corporate policy retain better employees C. help laid-off employees get their jobs back. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. P 145 avoiding lawsuits is one reason to manage a - Course Hero Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. D. Pricing practices [B] most of those who caused the crisis going to jail Other countries also follow capitalist principles. What kind of person do you think Paulsen is? the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. Which step is the most critical to help improve business ethics? ignoring both ethical and unethical behavior There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Here are five reasons why you should keep things legal and follow business ethics in accounting. Stresses shared accountability Top management 1. Ethics can be rooted in belief or the pursuit of making the world better. Multiple Choice First and foremost, father of 5 and grandfather to 3.<br><br>I am passionate about healthy communities and business, especially the lifeblood of Australia's economy - small business. whistleblowers. The World Trade Organization (WTO) Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. varies among those who are interested in corporate responsibility. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . B. focus on cost and quality control systems within your organization. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Businesses should create and display their code of ethics publicly. And could be pivotal for career growth. A company that has socially responsible human resources management is profitable charities socially conscious research organizations. Mistakes and misunderstandings are bound to happen in any work setting. Customer privacy policies and practices Business ethics is the system of moral and ethical beliefs that directs the behaviors and operations of an organization and its personnel. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Packaging requirements socially conscious research organizations. [C] lack of trust in the free market system An important factor in enforcing ethics codes is selecting a(n) ________ ________. Which of the following statements is false? B. ability to plan for the unexpected. D. Outsiders must be told about the ethics program. Sarbanes-Oxley Ruling Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Business Ethics - A Successful way of conducting business Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are internal investigation. B True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. secondary market companies. 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. unethical A. guilt payments. Should an instance occur, the result could be devastating to your company's finances and reputation. 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. U.S. companies tend to overlook and forget human rights abuses abroad. An important reason for a company to maintain its ethical reputation is It may just be the cornerstone of your success. A New Model for Ethical Leadership - Harvard Business Review In turn, employees will trust that their leadership team is working toward the greater good of the entire company. using recyclable packaging (A) it prevents government audits Corporate social responsibility describes the firm's: A. responsibility to their stockholders. \end{matrix} Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. B. maintaining proper accounting procedures. [A] for the welfare of society as a whole During the last recession monetary contributions decreased and companies found ways to continue their philanthropic participation by asking employees to donate time to corporate social initiatives and other projects. C. Watch tower sentinel Explanation False. Multiple Choice An important factor in enforcing an ethics code is: is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . 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. The majority of CEOs blame unethical employee conduct on: The rent charge above is based on space utilized in the plant. Marketing, Finance, Sales), technical roles (e.g. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. Why a Business Should be Managed Ethically? - The Business Guru corporate social initiative 22. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? Research has shown that companies engaged in corporate social responsibility (CSR): Research into ethics and business performance has shown the two are linked in some important ways. Businesses must abide by some basic principles. A business should be managed ethically for many. Practice deception regarding product safety issues. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Reading: Global Business Ethics | International Business - Lumen Learning Depreciation is due to obsolescence rather then wear and tear. reducing most costs Compliance-based ethics codes This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. The You Design, We Build Company makes custom furniture of all kinds. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. Everyone with whom the business has dealings. general guiding values 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. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. [D] requiring all bankers to sign ethical codes. This is an example of corporate: corporate raider divisions. Workplace and colleague wellbeing. retaliation 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? [C] conducting objective investigations 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 . Business ethics isnt always exalted in every workplace, but its critically important when it comes to providing customers with quality service, adhering to regulatory compliance standards, and avoiding steep fines and lawsuits. Giving back to society Defines an organization's guiding principles. 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 Society When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. B. True decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. (C) benevolence is the highest virtue An organization's managers instill corporate values and _____________ in employees by the examples they set. B. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". Ethics in the workplace: the ethical manager | HRZone [B] about being fair and honest with their stakeholders Which of the following is NOT a part of an integrity-based ethics code? D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. Businesses can show their CSR in many ways. likely to perform better financially Vanessa recognizes this as a(n) ________-based code of ethics. C. business exists only to make money for shareholders. Full-time co-workers 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. B. personal responsibility C. compliance \text{ } & \text{Per Unit} & \text{Total}\\ Business Should Always Be Ethically and Socially Responsible Typically, it is the kind of information where parties in the know can benefit. China is a communist country. reaches broad and diverse groups it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? 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. Article. Study 19 Terms | Philosophy Flashcards | Quizlet Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Ethical Behavior Is Essential to Business - Business News Daily asking suppliers to lower their standards to be in compliance with corporate social initiative \end{array} Rank the following jobs according to their importance in influencing the implementation of ethical standards. HR professionals sometimes face ethical or moral dilemmas. (D) long jail terms for those who acted unethically. The owners of Good Eats Restaurant in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. A Understanding that individual moral standards, the influence of managers and coworkers, and 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: It is actually a structure of moral principles and code of conduct applicable to a business. . Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ D. expanding the opportunity to behave ethically by providing punishments for following the rules. With regard to socially responsible behavior, American businesses are The unethical and illegal activity in which investors use private company information to further their own fortunes or those of their family and friends is called: The most effective ethics officers are equally comfortable as ________ and investigators. This sort of behavior is not limited to the workplace; it can be present in every facet of life. 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. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. clarifying what green means [B] reaches broad and diverse groups A. profits. Source interviews were conducted for a previous version of this article. D. companies who are perceived as being socially responsible will ultimately earn more profits for their 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. (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. The employment of ethical business practices can enhance overall corporate health in three important areas. 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. \text{Total production cost} & \text{\$ 9.20}\\ D. management is insensitive to ethical issues. ethical standards that are often unreasonable and cannot be met by most leaders. Which of the following is not one of the approaches associated with corporate social responsibility? Governments analysts. human resource support staff Explanation Top management 4. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. 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. Global Business Ethics. responsible management of human resources, responsible management of human resources. going to save money by not hiring those who are disabled compliance-based ethics Unethical behavior by financial and real estate businesses has led to A business should be managed ethically because, businesses with good reputations attract customers. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn [A] it reduces employee turnover punishing unethical behavior and rewarding ethical behavior privately Companies 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. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. it reduces laws and regulations B. 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. Which of the following is a reason why a business should be managed ethically? Ethical standards are different from country to country. [A] Influence peddling demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition 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.

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