U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. 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. concern for the welfare of society Which of the following is a reason why a business should be managed Business Ethics - Quick Guide - tutorialspoint.com [C] allows them to reach specific groups more directly Which of the following should help reduce the incidence of unethical behavior in an organization? The total rent on the plant is$80.000 per period. <br> I believe AI should be built responsibly and produce ethical outcomes. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. integrity-based ethics Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Part-time co-worker 3. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. C. providing all relevant information about current and projected performance of the firm. An important reason for a company to maintain its ethical reputation is Multiple choice question. 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. D. fail to earn sufficient profits for their owners. 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. Companies D. Improved awareness of the relevant laws. Multiple Choice Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? investors. When there is a standard of accountability at an organization, its people hold themselves and their peers to a standard of responsibility. The following data have been assembled for the business: InsuranceExpense$2,000SalariesExpense$37,000ServiceRevenue80,000AccountsPayable4,300UtilitiesExpense500OfficeSupplies1,500RentExpense11,000Dividends4,500CommonStock8,500AccountsReceivable7,500Cash7,000Equipment26,600RetainedEarnings,Jan.1,20164,800\begin{array}{lrlr} \end{matrix} Global Business Ethics. Consumers vote against firms they view as socially irresponsible by not A. boycotting the company's products. B. Whistleblowing C. Plagiarism Certain studies have revealed some of the reasons why the companies on Ethispheres ethics index may have outperformed other less-ethically-focused businesses. Full-time co-workers 3. [D] Political risk taking. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. Ch 4 Flashcards | Quizlet Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks Which of the following are examples of outside stakeholders that must be told about a company's ethics program? Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. allows them to connect directly with customers School McMaster University; Course Title COMMERCE 1E03; Type. The researchers also determined that businesses could take certain steps to rectify ethical lapses that impacted performance. Governments Less than 202020 percent of the eligible voters has\underline{\text{has}}has an opinion about that subject. Which of the following are reasons a business should be managed ethically? D. Pricing practices A. responsibility enjoy greater employee loyalty vigilantes. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ Which of the following is NOT a part of an integrity-based ethics code? Business Ethics refers to carrying business as per self-acknowledged moral standards. Which of the following describes charitable donations by corporations to nonprofit organizations? Multiple Choice The main principles of business ethics are based in academia and on academic writings on proper business operations. 8 Current Ethical Issues in Business (and How to Manage Them) statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility D. maximizing their investment in the firm. Determining what is involved for a firm to be socially responsible: A. is easy. Chapter 4 - Homework ( Introduction To Business) - Quizlet When Paulsen describes Storm, he also gives clues about his own personality. Though discrimination and harassment laws have been put in place and continue to be updated . 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." social audit. Is it acceptable if everyone else is doing it? A business should be managed ethically for many reasons to maintain a good. 3 Reasons Why Business Ethics Is Important - Redlands The findings reveal that quality service and an ethical business plan are essential to long-term business success. C. Operational initiatives Many companies believe they have a role in promoting ____________ ______________ , so they donate to local food banks, promote literacy, and provide computer lessons for inner city children. D. help investors recoup their losses. Rohit Sharma - Lead Technical Product Manager - LinkedIn Which of the following is the BEST reason for a business to be managed ethically? Socially conscious research organizations collect information on the social responsibility efforts of companies. (D) businesses cannot succeed in societies that fail. 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. Ethics in Management | Encyclopedia.com Ethical Definition & Meaning - Merriam-Webster B. (C) likely to perform worse financially penalizing wrong-doers, increasing control Chapter 4 - Business Flashcards | Quizlet It is a set of guidelines for dealing with various procedures ethically. Business Should Always Be Ethically and Socially Responsible In the long run, CSR enhances profits. C. structure and strategy. If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n), According to the text, ethical behavior begins with. Ethics are the standards of right and wrong set for us by society, whereas legality refers to. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. How does the action I am proposing to take make me feel about myself? D. integrity. (B) have higher turnover 'Business' can mean an activity of exchange. social media. A systematic evaluation of a company's progress toward implementing socially responsible programs is known as a(n)___________________ __________________ . Multiple choice question. Compliance-driven ethics standards A. D. companies who are perceived as being socially responsible will ultimately earn more profits for their Which of the following are reasons a business should be managed Who sets the standards of right and wrong as defined by ethics? Integrity-based ethics codes C. help laid-off employees get their jobs back. C. moral philosophy. To allow whistleblowers to come forward with information organizations should Conversely, when unethical behavior was commonplace, the quality of service had a much-diminished impact on the success of business operations. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." increased financial donations to local areas but pulled away from national and global contributions. Multiple choice question. 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 It emphasizes sustainability, customer loyalty, brand image, and employee retention. Explanation (A) investors putting more money into both markets Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. The most basic question in an ethics-based management system is. Motivation. Multiple Choice \text{Direct labor} & \text{2.70}\\ Synonym Discussion of Ethical. It is actually a structure of moral principles and code of conduct applicable to a business. 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} . In fact they contribute to it: 1. All successful businesses communicate effectively. Ethical Marketing - Marketing Schools Corporate policy refers to the position a firm takes on ______________ and __________________ issues. of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Multiple choice question. It is an act that is against the law and against Securities and Exchange Commission policy. C. teamwork eliminates a need for personal ethics. In a business setting, ethical behavior applies to any employee, team lead or supervisor. P 145 avoiding lawsuits is one reason to manage a - Course Hero allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: Explanation Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. cultural and accountable This is due to the fact that our ethics are shaped by our moral code. Decorating Arrangements has just completed operations for the year ended December 31, 2016. 43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase. 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? A business should be managed ethically for many. The majority of CEOs blame unethical employee conduct on: because strict global regulations require it, learned by observing the actions of others in the organization. an individual's ethics [B] share all information with managers when requested moral impropriety. A high ethical standard extends to customers as well. Top management 1. 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. Explanation 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. not concerned with the ethical or socially responsible behavior of their international suppliers. leaving unethical behavior unpunished customers about being fair and honest with their stakeholders Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. ", Corporate social responsibility is when businesses are concerned 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. Performance-Based Pay Wont Motivate Employees as 10 Development Goals for Better Leadership. 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. Chapter 4. secondary market companies. B. Horn blower A. expanding the opportunity to behave ethically by providing rewards for following the rules. called stakeholder interest 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. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities?

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