Periodically asking every employee to evaluate the company's ethics performance. America's CEOs Seek a New Purpose for the Corporation building parks Multiple choice question. The side effects are so great that the society urges that the business should always be ethically and socially responsible. 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. 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. corporate social initiative D. structure and strategy. True This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. Business Should Always Be Ethically and Socially Responsible A business should be managed ethically because, businesses with good reputations attract customers. additional taxes . demanding that international suppliers adhere to higher, more costly standards than their American counterparts. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? This is especially so when the market is very competitive, because then the customers have a lot of options and could switch to another product or service provider.. B. disgruntled workers manipulating budgets and expenses. unethical When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. D. employee retaliation by doing the minimum needed to get by. It does not subtract from the bottom line; it adds to it. Emphasizes strong penalties for wrongdoers C. An ethics office must be set up. Multiple select question. Positive Effects of . Integrity-driven ethics codes Which of the following describes charitable donations by corporations to nonprofit organizations? corporate inclusion policy D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? An important reason for a company to maintain its ethical reputation is The mortgage bankers and real estate companies who helped create the financial crisis of 2008 were driven by, Financial and political leaders can restore trust in the free market system by: What are the causes of pay discrimination in the labor market? The last recession changed the way many companies offer support to people and communities in need. Reading: Global Business Ethics | International Business - Lumen Learning B. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. B. C. Education and training C. Investor relations C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. C. teamwork eliminates a need for personal ethics. Ethics in the Workplace: Examples & Tips | PayScale Which of the following are reasons a business should be managed ethically? Prepare computations showing how much profits will increase or decrease as a result of making the starters. social impact program. Rank the following jobs according to their importance in influencing the implementation of ethical standards. called stakeholder interest In the long run, CSR enhances profits. If an underlined word is already in the correct possessive form, write a C on the line. insider trading. In the long run, they believe In a business setting, ethical behavior applies to any employee, team lead or supervisor. [B] share all information with managers when requested Multiple Choice Italian Stallion stockholders got a very fair deal for the stock they owned in the company. Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. Explanation Thinking Ethically - Markkula Center for Applied Ethics 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Research has shown that companies engaged in corporate social responsibility (CSR): B. Chapter 4 - Homework ( Introduction To Business) - Quizlet A. Overstating an expense report. Which of the following is NOT a part of an integrity-based ethics code? Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics that only society's health is improved when they invest in companies whose goods and services benefit the community allows them to reach specific groups more directly. The moral and ethical standards by which leaders are judged are far stricter than in the past. can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . only with their responsibility to their shareholders Business Ethics - Stanford Encyclopedia Of Philosophy 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." pro-current procurement. Explanation She has asked you to give her information about what determines the level of various interest rates. higher ethical standards than in the past. This indicates that: A. dancing around issues should be part of a firm's code of ethics. Ethical Behavior Is Essential to Business - Business News Daily School McMaster University; Course Title COMMERCE 1E03; Type. 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. Then, of course, there are the more serious consequences of highly unethical behavior. reducing regulations about labeling Multiple select question. Multiple select question. D. varies from industry to industry. 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. A business's responsibilities to its owners and investors include A Understanding that individual moral standards, the influence of managers and coworkers, and The authors start from the assumption that most people wish to behave ethically. This will ensure that you have trustworthy employees working for you. E. all of the answers are correct. B. varies even among those who are interested in corporate responsibility. Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. [D] requiring all bankers to sign ethical codes. HR professionals sometimes face ethical or moral dilemmas. penalizing wrong-doers. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. Discrimination and Harassment. Written ethics codes can be categorized as CSR can lead to even more profits. The employment of ethical business practices can enhance overall corporate health in three important areas. Executives at Enron and Tyco were found guilty ____________ of behavior that damaged their companies' reputations, The emergence of the green movement has affected businesses by. Determining what is involved for a firm to be socially responsible: A. is easy. standards. Who sets the standards of right and wrong as defined by ethics? E. filing complaints with the company. HR Ethical Dilemmas - SHRM The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. <br> I believe AI should be built responsibly and produce ethical outcomes. social audit. It does not subtract from the bottom line; it adds to it. Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? (A) businesses who are socially responsible will earn more government-supported direct mail campaigns [A] it reduces employee turnover \text{ } & \text{Per Unit} & \text{Total}\\ A well-implemented ethics program can also reduce losses. ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance 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? B. personal responsibility C. compliance A. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ [B] it increases the likelihood of government intervention Motivation. Whistleblowers are insiders who report illegal or unethical behavior. Ethical behavior has significant upfront costs which may never be recovered. ___________ _____________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. stockholders Business ethics benefits the bottom line. \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. Multiple select question. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. (C) attract and retain better employees 8 Current Ethical Issues in Business (and How to Manage Them) Explanation Multiple select question. 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. separating themselves from suppliers who violate 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. Multiple Choice This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. whistleblowers Multiple choice question. 23 Ethical & Unethical Behavior Examples in Workplace - Formpl Other countries also follow capitalist principles. [D] favor management in their investigations, A communication tool many companies use to inform diverse groups of their social responsibility efforts at little cost is. Trust and cooperation between workers and managers must be based on which of the following? Decorating Arrangements has just completed operations for the year ended December 31, 2016. Codes of ethics foster ethical behavior by ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. With regard to socially responsible behavior, American businesses are China is a communist country. Startup Costs: How Much Cash Will You Need? B. (A) are just part of doing business C. help laid-off employees get their jobs back. If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. Economics - Wikipedia Article. 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? not concerned with the ethical or socially responsible behavior of their international suppliers. 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. Full-time co-workers 3. True Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. 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. Defines an organization's guiding principles. A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. decreased financial donations and eliminated support in almost every way. Dont make ethics an afterthought in your company culture. 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. This will ensure the stability of all structural parts, help to form a sense of belonging to one community with the same goals and aspirations. Strategic partnering Ethical behavior does not matter to investors. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. Multiple choice question. 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. draw more customers, retain better employees Which of the following were not identified as being fundamental to the CSR definition? [D] allows them to connect directly with customers. Multiple select question. socialism \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ C. Increased penalties for code violators. E. A criminal lawsuit. (D) businesses cannot succeed in societies that fail. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. Employees want to work for companies that treat everyone and their clients fairly and have good and ethical business practices. increased financial donations to local areas but pulled away from national and global contributions.