The ethical lapses of global companies, such as Enron, Arthur Andersen, and WorldCom, over the span of a few years caused much devastation. about being fair and honest with their stakeholders (C) attract and retain better employees CSR can lead to even more profits. That person called five of his relatives and several friends. A. 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. (A) investors putting more money into both markets A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. opportunity influence ethical behavior When there is a base level of respect established, people take criticism less personally, are able to communicate more openly, and can see and value the other persons perspective. Packaging requirements After developing a code of ethics, it should be communicated to: A. everyone with whom the business has dealings. 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. Supervisor 2. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? corporate social initiative 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. All successful businesses communicate effectively. A. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: B. internal search and occupy organizations. 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. True [B] Bribery Product safety Harassment and discrimination are arguably the most prominent contemporary ethical issues in business today. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. The You Design, We Build Company makes custom furniture of all kinds. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. only to compete and make a profit \text{Depreciation} & \text{1.00} & \text{\$ 40.000}\\ 3 Reasons Why Business Ethics Is Important - Redlands going to save money by not hiring those who are disabled Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . The World Trade Organization (WTO) 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. Fraud Explanation Supervisor An environmentally friendly business: operates in a sustainable manner, causing minimal damage to the environment and using renewable resources where possible considers where its supplies come from and how they are madeit will work with environmentally responsible suppliers and source materials locally to reduce its carbon footprint C. Corporate strategy Responsible business behavior depends on the responsible behavior of each ______ in the business world. These actions are Which of the following represent examples of how corporations set positive standards of ethical behavior? And could be pivotal for career growth. 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. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. 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. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? An important factor in enforcing an ethics code is: Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. asking suppliers to lower their standards to be in compliance with What does the research into business ethics say? 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 . ERIC - EJ817941 - Using Ethics Vignettes in Introductory Finance In the following sentence, circle the subject of the underlined verb. In "Two Kinds," how does the narrator feel after the talent show? False. plan to maximize profits for shareholders to spend in communities However, anyone caught violating a law will be immediately fired." Its easier for a business to retain employees when they work for a company that they believe in. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Multiple Choice managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: ___________ __________ ______________is a business's concern for the welfare of society. 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. A. responsibility corporate raiders. An organization's managers instill corporate values and _____________ in employees by the examples they set. If an underlined word is already in the correct possessive form, write a C on the line. Customer privacy policies and practices It is an act that is against the law and against Securities and Exchange Commission policy. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. (C) likely to perform worse financially (D) long jail terms for those who acted unethically. Corporate responsibility 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 requiring suppliers to be evaluated monthly concerning 1. Multiple choice question. The first area is productivity. Periodically asking every employee to evaluate the company's ethics performance. What is the best reason for a business to be managed ethically? Ethical managers encourage autonomy, involvement, opportunity and responsibility - and these factors contribute to: Creativity. D. integrity. Study 19 Terms | Philosophy Flashcards | Quizlet G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . 1. B increased their financial donations because they understood how badly society needed a helping hand. In fact they contribute to it: 1. Reading: Global Business Ethics | International Business - Lumen Learning Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. separating themselves from suppliers who violate Global Business Ethics. an individual's ethics Workplace and colleague wellbeing. False. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. Which of the following is a reason why a business should be managed Chapter 4. [D] severe financial crises. Both high-quality service and low unethical behaviors are important to predicting business unit performance, said Jiang. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. enjoy greater employee loyalty corporate responsibility Multiple choice question. Due to a reduction in output, the company has idle capacity that could be used to produce the starters. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and . (B) are limited to the United States B. B. philanthropy Explanation Unfair competitive practices in the computer industry Multiple choice question. According to recent U.S. Census Bureau research volunteerism is at an all time high, but, 3 out of 4 citizens do not give any time to the communities in which they live. \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ going to lose money by providing pay raises \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ Multiple choice question. Businesses should create and display their code of ethics publicly. A. reduced employee turnover. Which of the following are reasons a business should be managed ethically? List the most influential on top. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. Top management clarifying what green means free from the concern of They should display behavior that is honest and fair in their relationships with co-workers and their clients. Chapter 4 - Business Flashcards | Quizlet Chapter 4 LearnSmart Quiz Flashcards | Quizlet InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. The ethics code must be enforced. higher ethical standards than in the past. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? 5 Reasons Why Ethics Is Important in Accounting for Business B. Horn blower All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. standards. Multiple choice question. 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: whistleblowers. reducing regulations about labeling Therefore, it is the most significant resource to run or upgrade any business. C. It is the law in the U.S. D. Employees. allows them to reach specific groups more directly, allows them to connect directly with customers (C) 4 out 5 citizens volunteer an hour each week Unethical behavior by financial and real estate businesses has led to Ethical behavior can have negative consequences to the bottom line in the long run. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Customers help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently? 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} To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. Business Ethics refers to carrying business as per self-acknowledged moral standards. (C) benevolence is the highest virtue A. Internet A. Whistleblower U.S. law does not require U.S. firms to comply because of competitive advantage concerns. [A] relate well to employees at all levels Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Part-time co-worker 3. Depreciation is due to obsolescence rather then wear and tear. Who sets the standards of right and wrong as defined by ethics? is costly, but worthwhile in reaching specific customers A set of formalized rules and standards that describe what a company expects of its employees is called a(n) CSR can lead to even more profits. Should an instance occur, the result could be devastating to your company's finances and reputation. Whistleblowers are insiders who report illegal or unethical behavior. A. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. A. the breakdown of traditional religious institutions. U.S. companies tend to overlook and forget human rights abuses abroad. Integrity-driven ethics codes Ethical behavior has significant upfront costs which may never be recovered. Ch 4 Flashcards | Quizlet D. expanding the opportunity to behave ethically by providing punishments for following the rules. Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. Multiple select question. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. School McMaster University; Course Title COMMERCE 1E03; Type. 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. This is called a bounty provision because as stated, they may receive a monetary award for their actions. Which of the following is a reason why a business should be managed ethically? If the verb is already correct, write C above it. Its premise is based on integrity, fairness, and respect for others. Why Should Businesses Act Ethically? - Business Ethics and Corporate Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. Ignoring hazardous job conditions that exist in the company's facilities draw more customers, retain better employees leaving unethical behavior unpunished (A) matter very little to employers HR Ethical Dilemmas - SHRM secondary market companies. [C] can be trusted to maintain confidentiality social justice.