a business should be managed ethically because

social media It does not subtract from the bottom line; it adds to it. How to Manage a Business Effectively (7 Key Elements) whistleblowers providing safety equipment and training for their workers, increasing the diversity of their workforce What does the research into business ethics say? [C] To increase employee turnover statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility Why Is Ethical Decision Making Important? - Lisa Jeffs C. writing their representatives in Congress. 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. Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? B. improve corporate profits. going to lose money by providing pay raises [C] it reduces the likelihood of lawsuits by employees or customers [B] They may choose to cancel orders when there are human rights abuses. (D) affect hiring practices very little. about being fair and honest with their stakeholders 23 Ethical & Unethical Behavior Examples in Workplace - Formpl [C] making businesspeople more accountable for their actions Economic conditions in some developing countries make child labor a necessity for the survival of families. The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Who sets the standards of right and wrong as defined by ethics? 8 Current Ethical Issues in Business (and How to Manage Them) A high ethical standard extends to customers as well. "It's an ongoing phenomenon that must be better understood and managed and . 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. Explanation C. commitment to a management training program. Practice deception regarding product safety issues. Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. A business should be managed ethically for many reasons to maintain a good. According to recent U.S. Census Bureau research volunteerism is at an all-time high, but Business ethics benefits the bottom line. Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? He also believed anything other than that would be considered: ethical officers The last recession changed the way many companies offer support to people and communities in need. 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. [B] most of those who caused the crisis going to jail Top leaders from other countries have been charged with bribery. (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: 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. <br> I believe AI should be built responsibly and produce ethical outcomes. They should display behavior that is honest and fair in their relationships with co-workers and their. shareholders Though there are many ethical opinions that most people share, ethics will differ from person to person. What kind of person do you think Paulsen is? Chapter 4. [A] They will bribe local officials to change their policies. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Here are five reasons why you should keep things legal and follow business ethics in accounting. 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. draw more customers, Many investors believe How to Design an Ethical Organization - Harvard Business Review Multiple select question. Marilena Crsteanu - International Customer Experience Advisor In the long run, they believe A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. Sherman Act Periodically asking every employee to evaluate the company's ethics performance. 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: standards. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: Typically, it is the kind of information where parties in the know can benefit. punishing unethical behavior and rewarding ethical behavior privately 360-review. The majority of CEOs blame unethical employee conduct on: A. protect them from retaliation Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Intro. business chapter 5 Flashcards | Quizlet D. Outsourcing practices Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. unethical based on a commitment to integrity and respect Multiple choice question. The field of ethics is a branch of philosophy that seeks virtue and morality, addressing questions about "right" and "wrong" behavior for people in a variety of settings; the standards of behavior that tell how human beings ought to act. Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. Companies that participate in CSR typically have more loyal employees and customers. Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. The You Design, We Build Company makes custom furniture of all kinds. To allow whistleblowers to come forward with information organizations should D. Outsourcing practices concern for the welfare of society Is it acceptable if everyone else is doing it? Multiple choice question. Explanation Giving back to society A well-implemented ethics program can also reduce losses. whistleblowers setting a good example. C. Operational initiatives Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? With over 20 years of consulting experience across various industries throughout Australia and abroad, I am known for my ability to develop and turn creative strategies into efficient execution and excellent . global policy After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. [A] making the charges public before the investigation A process-oriented approach toward data ethics is well suited for data enthusiasts with limited resources in the fast-changing world of new technologies. increasing control School McMaster University; Course Title COMMERCE 1E03; Type. Positive Effects of . Unethical behavior by financial and real estate businesses has led to (C) attract and retain better employees And could be pivotal for career growth. U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. Ethical behavior positively impacts a businesss financial performance. C. to attract new customers and retain existing customers. 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. Which of the following are reasons a business should be managed ethically? [C] can be trusted to maintain confidentiality increased their financial donations because they understood how badly society needed a helping hand. U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. The deliberative system leads to more-ethical behaviors. 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. social justice. What are the causes of pay discrimination in the labor market? Explanation With respect to business ethics, it can be said that "it takes two to tango." This indicates that: A. dancing around issues should be part of a firm's code of ethics. Integrity-based ethics codes A. Whistleblower This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. B. focus on cost and quality control systems within your organization. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn Resource procurement and consumption practices B. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Stresses shared accountability Explanation The first area is productivity. These examples of ethical behaviors ensures maximum productivity output at work. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . The World Trade Organization (WTO) Another reason why business ethics is important is that it can improve profitability. [C] The U.S. government will use military force to enforce labor laws.. Sarbanes-Oxley Ruling A business should be managed ethically for many [A] few losses to investors C. An ethics office must be set up. Today, as many Americans (64%) say that a company's "primary purpose" should include "making the world better" as say it should include "making money for shareholders." The firm has evolved into a big business due to quality and innovative work. A Understanding that individual moral standards, the influence of managers and coworkers, and A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . A. delight them with a quality product at a fair price. Top management a written code of ethics Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility The most basic question in an ethics-based management system is. 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. Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Becoming an environmentally friendly business | Business Queensland A reputation for positive ethical behavior entices more potential clients, customers and partners to work with you. Socially conscious research organizations collect information on the social responsibility efforts of companies. B. because strict global regulations require it. corporate policy social audit. Multinational corporations are committed to operating within the legal limits of U.S. law. Top management is essentially conducting a(n) lose sales revenues This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. D. management is insensitive to ethical issues. social media. 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. Business Ethics - Overview, Examples, Components of Business Ethics Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Scandals. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. HR professionals sometimes face ethical or moral dilemmas. Marketing, Finance, Sales), technical roles (e.g. What occurs when an employee exposes an employer's wrongdoing to outsiders? (B) going to save money by not hiring those who are disabled Integrity-based ethics codes All else held equal, socially responsible firms: A. are viewed more favourably by consumers. But when they do, employees need to take accountability for their actions. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." ethical standards that are often unreasonable and cannot be met by most leaders. [B] about being fair and honest with their stakeholders Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. C. Increased penalties for code violators. Answer (1 of 4): When you manage a business ethically it attracts the right people that can suit your company culture and proficiently fit with your business. Often, business ethics involve a system of practices and procedures that help build trust with the. Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are Top management at Lancer Distributing is convinced that they have a social responsibility to their community. analysts. D. concern for the welfare of society. Paying employees on specified pay dates most of the time. Synonym Discussion of Ethical. C. It is the law in the U.S. D. Employees. corporate inclusion policy ______________ ____________ is the dimension of social responsibility that refers to a position a firm takes or statement it makes on social and political issues. A. corporate social initiative benevolence can lead to a vote of no confidence by company stakeholders. Business ethics concerns ethical dilemmas or controversial issues faced by a company. compliance police. (C) to increase employee turnover List the most influential on top. [C] Paying U.S. minimum wage C. the increase in lawsuits used to avoid personal responsibility. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. (B) it attracts and retains customers Ethical Definition & Meaning - Merriam-Webster Then, of course, there are the more serious consequences of highly unethical behavior. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Business Should Always Be Ethically and Socially Responsible (D) occur in only a few countries. responsible management of human resources, responsible management of human resources. investors. An important factor in enforcing an ethics code is: Multiple choice question. B. maintaining proper accounting procedures. 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. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. Dont make ethics an afterthought in your company culture. C. a loss of employee commitment and trust in the company and its management. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. A. reduced employee turnover. opportunity influence ethical behavior The second major meaning behind the term is . Packaging requirements 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. reducing regulations about labeling The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. [D] To avoid lawsuits, Effective ethics officers: America's CEOs Seek a New Purpose for the Corporation Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Chapter 18 APUSH The Victorian Era 1880-1917. \text{Direct labor} & \text{2.70}\\ Written ethics codes can be categorized as 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: actual ethics. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. An important reason for a company to maintain its ethical reputation is Multiple Choice B. The best way to instill a culture of ethics among your employees is to lead by example and maintain a clear zero-tolerance policy on specific unethical behaviors, such as lying, cheating, stealing and fraud. help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? plan to maximize profits for shareholders to spend in communities Companies [C] lack of trust in the free market system BUS-112 Chapter 4 - Subjecto.com Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. A. Internal auditors Integrity-driven ethics codes insider trading. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Corporate social responsibility (CSR) is the concern businesses have for the welfare and betterment of society. Multiple Choice True Both positive and negative activities are measured. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. B. opportunity. Management ethics can factor into issues including coworker interactions, conflicts of interest, customer safety, honest advertising, customer information security and the responsible use of corporate resources. Which of the following describes charitable donations by corporations to nonprofit organizations? Thinking Ethically - Markkula Center for Applied Ethics C. all levels of management. \end{array} Customers 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. E. help restore confidence in Corporate America and Canada. Explanation Multiple choice question. 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? There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. How to Fix a Toxic Workplace, The Best Employee Monitoring Software for 2023. Multiple choice question. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. insider trading. lower ethical standards than in the past. Whistleblowers are often concerned about retaliation. D. Mayhem Ethical behavior includes honesty, fairness, integrity and understanding. It does not subtract from the bottom line; it adds to it. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. It seeks to promote honesty, fairness, and responsibility in all advertising. tax officials. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . Think about a business that hires only family or one that gives inappropriate incentives, for example. customers A company's effectiveness and financial performance are most affected by responsible _________ _________ management. [B] allowing management to decide the outcomes of investigations D. stockholders. Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. (B) are limited to the United States of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Businesses must abide by some basic principles. $A supervisor would have to be hired to oversee production of the starters. An important reason for a company to maintain its ethical reputation is D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. whistleblowers. In a business setting, ethical behavior applies to any employee, team lead or supervisor. In the following sentence, circle the subject of the underlined verb. (C) benevolence is the highest virtue [D] severe financial crises. Those who argue in favour of corporate social responsibility suggest that: because strict global regulations require it Corporate values are: A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. What Are Business Ethics? Definition, Types and Examples general guiding values The employees of a corporation are stakeholders who are affected by management practices. Chapter 4 - Homework ( Introduction To Business) - Quizlet 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 Reevaluating its ethics codes based on the input of its customers. 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. 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. Global Business Ethics. whistleblowers. vigilantes. 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.