that they can improve their own financial health by investing in companies whose goods and services benefit the community varies among those who are interested in corporate responsibility. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Explanation Corporate philanthropy Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? A. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Business ethics concerns ethical dilemmas or controversial issues faced by a company. There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Which of the following were not identified as being fundamental to the CSR definition? B. personal responsibility C. compliance B. philanthropy. fascism Full-time co-workers 3. Research has shown that companies engaged in corporate social responsibility (CSR): Part-time co-workers. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that Product safety 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. To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. (A) it prevents government audits 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. These examples of ethical behaviors ensures maximum productivity output at work. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Marketing, Finance, Sales), technical roles (e.g. [D] They may choose to cancel orders when there are environmental abuses. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Are Workplace Politics Destroying Your Business? Multiple choice question. 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. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. True or false: Individuals have social responsibilities regarding their ethical behavior in the business world. requiring suppliers to be evaluated monthly concerning Team and business confidence. Multiple choice question. Businesses should create and display their code of ethics publicly. Synonym Discussion of Ethical. retain better employees Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. [A] for the welfare of society as a whole Corporate social responsibility is based on a Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Ethics may seem like an intangible, but there is a clear connection to overall performance. A. asking suppliers to lower their standards to be in compliance with A. Companies What kind of person do you think Paulsen is? Business Ethics refers to carrying business as per self-acknowledged moral standards. A well-implemented ethics program can also reduce losses. When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: 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: Attracting and retaining better employees is an example of a corporate social responsibility: Unethical behavior in business, especially in the real estate and banking industries, has resulted in customers Supports ethically sound behavior 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. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. Unethical behavior has consequences for future business, including heavy fines, expensive lawsuits and reputational damage. Trustworthiness. [A] Influence peddling Ethical issues are limited to for-profit organizations. A. The majority of CEOs blame unethical employee conduct on: Packaging requirements The rent charge above is based on space utilized in the plant. 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. (A) businesses who are socially responsible will earn more Suppliers This is the third year of operations for the company. C. energy consumption According to recent U.S. Census Bureau research volunteerism is at an all-time high, but B. improve corporate profits. How does the action I am proposing to take make me feel about myself? setting a good example. Which of the following are true regarding ethical behavior? Multiple choice question. This is an example of corporate: The term business ethics refers to the set of moral principles that guides a company's conduct. reducing most costs internal search and occupy organizations. Due to the fact that it is not yet public, those who act upon the information have an unfair advantage and stand to gain financially. Increased control over employee actions. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: allows them to reach specific groups more directly. Determining what is involved for a firm to be socially responsible: A. is easy. That person called five of his relatives and several friends. A. delight them with a quality product at a fair price. Emphasizes strong penalties for wrongdoers Many companies The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. (A) matter very little to employers decreased financial donations and eliminated support in almost every way. cultural and accountable A business should be managed ethically because, businesses with good reputations attract customers. They should display behavior that is honest and fair in their relationships with co-workers and their. These steps included creating a climate based on service quality and ethical behavior that guides employees without direct supervision, taking corrective actions before unethical behaviors occur by periodically measuring employees perceptions of the companys ethical climate, and emphasizing the importance of service quality and ethical behaviors as they relate to competition in the marketplace. Demanding Ethical and Socially Res, Intro-Into-Business: Ch. E. All of the answers are correct. D. Pricing practices 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. insider trading. Employees and management alike can work together to create businesses that have high standards. B. Whistleblowing C. Plagiarism Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. 8 Mini-Case Study, Intro-Into-Business: Ch. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. A. Overstating an expense report. 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 . Which of the following represent examples of how corporations set positive standards of ethical behavior? employees and internal public relations Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". 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. (D) going to lose money by providing pay raises, A business should be managed ethically because Which of the following is a reason why a business should be managed ethically? 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. (B) lack of trust in the free market system Target is a business. 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. C. Investor relations The main principles of business ethics are based in academia and on academic writings on proper business operations. Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. [C] lack of trust in the free market system Though there are many ethical opinions that most people share, ethics will differ from person to person. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. 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. Explanation TV ads An important reason for a company to maintain its ethical reputation is Mistakes and misunderstandings are bound to happen in any work setting. [A] it reduces employee turnover 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. Religious institutions, Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. higher ethical standards than in the past. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. D. structure and strategy. only with their responsibility to their shareholders _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Safe working conditions The employees of a corporation are stakeholders who are affected by management practices. (C) attract and retain better employees Studies have found a _____ correlation between academic dishonesty and dishonesty at work. social audit. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: If an underlined word is already in the correct possessive form, write a C on the line. Notes. B Resource procurement and consumption practices Whistleblowers are often concerned about retaliation. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Compliance-based ethics codes focus on: This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. E. A criminal lawsuit. 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. These principles govern every aspect of the company's operations, including its interaction with the government and other businesses, its treatment of its employees and its relationship with its customers. Businesses can show their CSR in many ways. concern for the welfare of society [A] relate well to employees at all levels Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. Which of the following would be a unique focus of an integrity-based ethics code? False. D. concern for the welfare of society. (D) occur in only a few countries. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ whistleblowers. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ In the workplace, there might be a standard for ethics set throughout the company. 'Business' can mean an activity of exchange. This will ensure that you have trustworthy employees working for you. It's the age-old reality: "Out-of-sight, out-of-mind." Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. Global Business Ethics. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. . And could be pivotal for career growth. True false question. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. 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. Multiple select questions. Explanation Chapter 4. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. A business should be managed ethically for many. ", Corporate social responsibility is when businesses are concerned socially conscious research organizations. D. help investors recoup their losses. based on a commitment to integrity and respect Discrimination and Harassment. Multiple choice question. ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. Internal auditors D. Ethical financial reporting practices, Resource procurement and consumption practices, 39. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? 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. Reevaluating its ethics codes based on the input of its customers. Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; [D] allows them to connect directly with customers. (C) 4 out 5 citizens volunteer an hour each week [C] conducting objective investigations Deceptive advertising of medicines and toys likely to perform better financially integrity-based A Understanding that individual moral standards, the influence of managers and coworkers, and D. Improved awareness of the relevant laws. corporate raider divisions. commitment to maximizing shareholder profits in all decisions, Insiders, such as employees, who report concerns about a company's accounting or auditing practices are called: China is a communist country. tax officials. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. 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. Multiple select question. \text{Direct labor} & \text{2.70}\\ Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . As a philosophy, ethics are the principles that guide a person's behaviour. 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. Positive Effects of . HR professionals sometimes face ethical or moral dilemmas. It may just be the cornerstone of your success. Compliance-based ethics codes 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Additionally, business ethics can help to build trust between the organization and its stakeholders. [C] it reduces the likelihood of lawsuits by employees or customers D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. whistleblowers 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. When management considers ethics in its actions toward stakeholders, employees can be positively affected. The chief engineer has recommended against this move, however, pointing out that the cost to produce the starters would be greater than the current 8.40perunitpurchaseprice:8.40 per unit purchase price:8.40perunitpurchaseprice: PerUnitTotalDirectmaterials$3.10Directlabor2.70Supervision1.50$60.000Depreciation1.00$40.000Variablemanufacturingoverhead0.60Rent0.30$12.000Totalproductioncost$9.20\begin{matrix}
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