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It emphasizes sustainability, customer loyalty, brand image, and employee retention. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. based on a commitment to integrity and respect decreased financial donations and eliminated support in almost every way. B. philanthropy. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . corporate policy An ethically managed business helps to reduce employee turnover. D. management is insensitive to ethical issues. ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. C. to attract new customers and retain existing customers. 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. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? If the verb is already correct, write C above it. Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. C. Research practices D. fail to earn sufficient profits for their owners. The main principles of business ethics are based in academia and on academic writings on proper business operations. But when they do, employees need to take accountability for their actions. An important reason for a company to maintain its ethical reputation is Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. Strict global regulations require it. The majority of CEOs blame unethical employee conduct on: \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ Ignoring hazardous job conditions that exist in the company's facilities In the long run, CSR enhances profits. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? building parks Many organizations create a code of ethics, which might include generic guidelines for ethical behavior about doing the right thing or remaining fair. moral impropriety. The side effects are so great that the society urges that the business should always be ethically and socially responsible. 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. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. It is actually a structure of moral principles and code of conduct applicable to a business. Everyone with whom the business has dealings. American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Multiple Choice Global Business Ethics. (D) affect hiring practices very little. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. '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. (C) to increase employee turnover government-supported direct mail campaigns Source interviews were conducted for a previous version of this article. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. 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. Though there are many ethical opinions that most people share, ethics will differ from person to person. Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? (A) businesses who are socially responsible will earn more Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics Top officials in countries like Japan, South Korea, and China have faced legal charges of influence peddling and __________ charges, which serve as examples of the unethical behavior that U.S. companies face in overseas markets. Often, business ethics involve a system of practices and procedures that help build trust with the. Periodically asking every employee to evaluate the company's ethics performance. E. A criminal lawsuit. enjoy greater employee loyalty D. Outsourcing practices D. companies who are perceived as being socially responsible will ultimately earn more profits for their (A) 3 out of 4 citizens do not give any time to the communities in which they live False, Whistleblowers can be helped by protecting them from: B. the police in jurisdictions where the business has operations. D. employee retaliation by doing the minimum needed to get by. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. (A) are just part of doing business It is essentially a moral compass. Startup Costs: How Much Cash Will You Need? Customers 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. ethical officers Ethical behavior positively impacts a businesss financial performance. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Multiple select question. technical policy (B) lack of trust in the free market system 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. Ethical behavior includes honesty, fairness, integrity and understanding. Top management 4. D. guideline. opportunity influence ethical behavior Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are free from the concern of Fraud Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. This will ensure that you have trustworthy employees working for you. Multiple Choice As a philosophy, ethics are the principles that guide a person's behaviour. whistleblowers. 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. [B] passing laws to make accounting records more transparent . Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. It does not subtract from the bottom line; it adds to it. Multiple select question. Example 1. Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. A. Internet If an ethical tone is set at the top and followed by management, everyone who works there will hold themselves and each other to those standards. Paying employees on specified pay dates most of the time. Multiple choice question. (A) have fewer loyal customers but attract more of them When Paulsen describes Storm, he also gives clues about his own personality. protect them from retaliation C. all levels of management. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? an individuals behavior is influenced by the behavior of others. Multiple choice question. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. social justice. 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. One entity (e.g., a person, a firm) "does business" with another when it exchanges a good or service for valuable consideration, i.e., a benefit such as money. [A] it reduces employee turnover Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. 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 Explanation Resource procurement and consumption practices B. Scandals. [C] can be trusted to maintain confidentiality (C) make students who know how to plagiarize well acceptable to employers To allow whistleblowers to come forward with information organizations should How Does 401(k) Matching Work for Employers? The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. 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. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. Reevaluating its ethics codes based on the input of its customers. 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. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: Many businesses believe that they should have an influential and important role in: Societies set the standards for moral behavior, known as, About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through __________ work. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. \text{Direct labor} & \text{2.70}\\ What occurs when an employee exposes an employer's wrongdoing to outsiders? Integrity-based ethics codes reducing most costs hiring only women and minorities Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. using recyclable packaging Explanation additional taxes 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. In "Two Kinds," how does the narrator feel after the talent show? Multiple select question. C. often experience customer loyalty problems. 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. B. E. All of the answers are correct. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Top management at Lancer Distributing is convinced that they have a social responsibility to their community. [C] lack of trust in the free market system [C] only to compete and make a profit A number of ethical scandals in the past decade have raised awareness of ethical issues in business. corporate social initiative 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 it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? A. Whistleblower 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. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. \end{array} What are the causes of pay discrimination in the labor market? benevolence can lead to a vote of no confidence by company stakeholders. social media integrity-based Multiple Choice using recyclable packaging \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Corporate policy refers to the position a firm takes on ______________ and __________________ issues. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability.