Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. information technology Economist Milton Friedman believed that a business's only social responsibility was to make ________________for its owners and that anything else was socialism. (C) attract and retain better employees Multiple select question. Ethical behavior has significant upfront costs which may never be recovered. Discrimination and Harassment. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. corporate policy an individual's ethics C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. 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. Research has shown that companies engaged in corporate social responsibility (CSR): B. being socially responsible is all about being ethical. The dimension of social responsibility known as _______________ responsibility includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment. Multiple select question. Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. C. It is the law in the U.S. D. Employees. investors. The majority of CEOs blame unethical employee conduct on: Paying employees on specified pay dates most of the time. 1. 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. In other situations, traditions and customs make gifts and other bribery-type activities the long-standing practice in some nations. Business should be managed ethically because Businesses with good reputations attract customers It reduces employee turnover It reduces the likelihood of lawsuits by employees or customers True or false: individuals have social responsibilities regarding their ethical behavior in the business world. This is an example of corporate: 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. For example, a code of ethics at a doctors office might include putting the patient first and remaining understanding in tough situations. E. Consumer safety information, Which of the following is NOT one of the "Business System Design and Development" responsibilities? standards. 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: U.S. companies tend to overlook and forget human rights abuses abroad. In a business setting, ethical behavior applies to any employee, team lead or supervisor. whistleblowers 1 Mini-Case Study, (Learning Curve 11 a) Body Development; Cogni, (LearningCurve 11b) Becoming Your Own Person-, chapter 3 psy 200 (LearningCurve 3b) Survivin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. True false question. stockholders Which of the following are reasons a business should be managed ethically? [C] lack of trust in the free market system socialism They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. The employees of a corporation are stakeholders who are affected by management practices. \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Community members are bound by the pursuit of common values and goals. E. All of the answers are correct. likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. 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. [C] can be trusted to maintain confidentiality Supervisor 4. TV ads She was even _____ after her solo than before. reaches broad and diverse groups You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. social media. C. diversity The first area is productivity. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. Which of the following is the BEST reason for a business to be managed ethically? 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. Startup Costs: How Much Cash Will You Need? Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. create an open-door policy, protect them from retaliation True Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Multiple select question. lower ethical standards than in the past. Its premise is based on integrity, fairness, and respect for others. shareholders Explanation A number of ethical scandals in the past decade have raised awareness of ethical issues in business. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as Positive Effects of . How Does 401(k) Matching Work for Employers? school districts Notes. Although definitions and means of measuring a carbon footprint aren't yet clear, many companies try to become more __________________by claiming to reduce it. Example 1. A Understanding that individual moral standards, the influence of managers and coworkers, and asking suppliers to lower their standards to be in compliance with When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. 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. Top leaders from other countries have been charged with bribery, The emergence of the green movement has affected businesses by draw more customers, Many investors believe D. Pricing practices allow for complete anonymity It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ (B) lack of trust in the free market system lose sales revenues Top management must adopt and support a corporate code of conduct. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. On the line provided after the sentence, write the possessive form of the underlined words. With respect to business ethics, it can be said that "it takes two to tango." Workplace and colleague wellbeing. internal investigation. An important factor in enforcing an ethics code is: government-supported direct mail campaigns B. Explanation A set of formalized rules and standards that describe what a company expects of its employees is called a(n) My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. Heres How to Fix It, 10 Common Leadership Mistakes Youre Probably Making, Creating a Diversity and Inclusion Training Program, How to Be an Ethical Leader: 10 Tips for Success, Disrespectful Employees? Explanation 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 Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility A. (B) make employers reluctant to hire those who have cheated Which of the following is not one of the approaches associated with corporate social responsibility? Sarbanes-Oxley Ruling \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ fascism 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. When it comes to ethics, _________________________sets the standards for moral behavior, that is behavior defined as right or wrong. What are the causes of pay discrimination in the labor market? True Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. about being fair and honest with their stakeholders higher ethical standards than in the past. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. penalizing wrong-doers, increasing control 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. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: Customers 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. Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is B. Explanation Employees and management alike can work together to create businesses that have high standards. Are Workplace Politics Destroying Your Business? B. disgruntled workers manipulating budgets and expenses. 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. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of _______________ and not only of their owners. 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. How does the action I am proposing to take make me feel about myself? B. varies even among those who are interested in corporate responsibility. Corporate social responsibility describes the firm's: A. responsibility to their stockholders. A. 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? 2. protect them from retaliation Multiple choice question. Practice deception regarding product safety issues. (D) make more money for investors in the short run. Synonym Discussion of Ethical. reaches broad and diverse groups HR professionals sometimes face ethical or moral dilemmas. How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. 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: Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. D. fail to earn sufficient profits for their owners. (B) have higher turnover A. Internet [B] share all information with managers when requested (A) businesses who are socially responsible will earn more Multiple choice question. likely to perform better financially Other countries also follow capitalist principles. retaliation E. filing complaints with the company. Multiple choice question. [B] allowing management to decide the outcomes of investigations Compliance-driven ethics standards Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility Demanding developing countries to adhere to U.S. law on human rights and the environment is not clear-cut. Businesses must abide by some basic principles. customers There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. A. Diversity and discrimination B. C. Operational initiatives [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. Though there are many ethical opinions that most people share, ethics will differ from person to person. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? In running a successful business, a key factor in that success will be the ethical and moral standards of yourself, your leaders, and your entire team. The second major meaning behind the term is . socially conscious research organizations. 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. D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. . A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. (C) gains for investors in 2008 and 2009 Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. 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. Ethical management generates trust, and trust increases productivity. C. An ethics office must be set up. Multiple Choice Compliance-based ethics codes, In order to have trust and cooperation between workers and managers there needs to be vigilantes. Ethics may seem like an intangible, but there is a clear connection to overall performance. (D) long jail terms for those who acted unethically.
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