Here are five reasons why you should keep things legal and follow business ethics in accounting. enjoy greater employee loyalty only to compete and make a profit 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. C. Research practices The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. capitalism There is significant pressure on U.S. companies to separate themselves from suppliers who violate human rights and environmentally progressive guidelines. D. concern for the welfare of society. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. By being ethical, leaders can foster an environment that rewards and encourages good attitudes. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. compliance police. Multiple choice question. Ethical issues are limited to for-profit organizations. 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. social media. corporate policy likely to perform better financially How can. Multiple Choice An ethically managed business helps to reduce employee turnover. social impact program. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. With regard to socially responsible behavior, American businesses are 1. (B) make employers reluctant to hire those who have cheated Here are two examples of strategies for engaging it: First, make more of your decisions by comparing options rather than assessing each. It's the age-old reality: "Out-of-sight, out-of-mind." Ethical behavior has significant upfront costs which may never be recovered. [C] it reduces the likelihood of lawsuits by employees or customers Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. 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. D. Integrity watchdog. ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. It is essentially a moral compass. True \text{Rent} & \text{0.30} & \text{\$ 12.000}\\ Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Multiple choice question. Morality codes C. Research practices Ethical Dilemmas: How Scandals Damage Companies (C) attract and retain better employees Multiple choice question. 22. Multiple choice question. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. offering consumers more product choices, True or false: Bribery is a business practice unanimously held as an ethical violation across the globe. How to Design an Ethical Organization - Harvard Business Review asking suppliers to lower their standards to be in compliance with How Managers Can Encourage Ethical Behavior | Principles of Management Demanding Ethical and Socially Res, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Natuurwetenschappen eerste jaar examen trimes. Why a Business Should be Managed Ethically? - The Business Guru Multiple choice question. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. 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. Explanation requiring suppliers to be evaluated monthly concerning statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility \text{Utilities Expense} & 500 & \text{Office Supplies} & 1,500 \\ Multiple Choice 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 . Organizational ethics begins Multiple Choice at the top levels of management. We covered: How data teams can actually design ethical ML models, after . Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; 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. Ethics may seem like an intangible, but there is a clear connection to overall performance. U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. Positive Effects of . can encourage employees to deceive customers, Following an ethics-based approach to decision making will normally lead to higher ________. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. <br> I . [D] severe financial crises. higher ethical standards than in the past. Multiple Choice A. you need to justify socially responsible behaviour from an investors standpoint only. A New Model for Ethical Leadership - Harvard Business Review it makes financial as well as moral sense to invest in companies that plan to create a better environment, that they can improve their own financial health by investing in companies whose goods and services benefit the community 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. A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is ____________________ __________________. B. personal responsibility C. compliance I'm a Product Manager with experience working cross-functionally with business roles (e.g. 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. penalizing wrong-doers, increasing control This is called a bounty provision because as stated, they may receive a monetary award for their actions. setting a good example. school districts Packaging requirements Business principle (3) Flashcards | Quizlet (D) occur in only a few countries. __________ ___________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. 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. Multiple choice question. Chenda Bunkasem is head of machine learning at Undock, where she is focusing on using quantitative methods to influence ethical design. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. (B) are limited to the United States When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. 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) businesses cannot succeed in societies that fail. 8 Mini-Case Study, Intro-Into-Business: Ch. Multiple Choice Running a business in an ethical manner from the top down establishes stronger bonds between individuals on the management team. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. The employees of a corporation are stakeholders who are affected by management practices. Studies have found a strong correlation between academic dishonesty and dishonesty at, Studies show that companies with reputations for good corporate social responsibility Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. 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: E. all of the answers are correct. Responsible business behavior depends on the responsible behavior of each ______ in the business world. Multiple choice question. How Does 401(k) Matching Work for Employers? The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. 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. [C] allows them to reach specific groups more directly Codes of ethics foster ethical behavior by C. Watch tower sentinel False, If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: An important factor in enforcing ethics codes is selecting a(n) ________ ________. C. to attract new customers and retain existing customers. The discipline comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. Multiple choice question. On the line provided after the sentence, write the possessive form of the underlined words. She was even _____ after her solo than before. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. [D] having an ethics officer who is fair, A low cost, efficient way for companies to connect with specific groups and inform them of corporate social responsibility efforts is. B. improve corporate profits. A business should be managed ethically because Multiple select question. C. Accounting fraud How to Manage a Business Effectively (7 Key Elements) Ethical behavior does not matter to investors. increased financial donations to local areas but pulled away from national and global contributions. B C. structure and strategy. When implementing an ethics code, it is important to share it with all ___________________________because pressure to act unethically often comes from the outside. Value (ethics and social sciences) - Wikipedia An organization's managers instill corporate values and _____________ in employees by the examples they set. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. [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. It also helps to ensure that employees are treated fairly and that the company is acting in a responsible manner. The companys vision, values and mission should be clearly stated and visible to both employees and clients so that the company can be held to those standards. social audit. B. philanthropy. A. expanding the opportunity to behave ethically by providing rewards for following the rules. This, then, creates greater stability within the company.. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. employees and internal public relations \end{array} the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. \text{Rent Expense} & 11,000 & \text{Dividends} & 4,500 \\ When the lines of communication are open and employees are willing to have conversations with one another, misunderstandings can be avoided. Explanation 1. [A] it reduces employee turnover An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. E. all of the answers are correct. (A) businesses who are socially responsible will earn more BUS-112 Chapter 4 - Subjecto.com Therefore, it is the most significant resource to run or upgrade any business. managerial policy, Studies have shown that what most influences a company's effectiveness and financial performance is: A business's responsibilities to its owners and investors include 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. A. Internet [A] is costly, but worthwhile in reaching specific customers They should display behavior that is honest and fair in their relationships with co-workers and their clients. All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. [D] only with their responsibility to their shareholders, A company that has socially responsible human resources management is Your boss has prepared some questions for you to consider. free from the concern of Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. The findings reveal that quality service and an ethical business plan are essential to long-term business success. Stresses shared accountability 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. Both positive and negative activities are measured. A. E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? E. filing complaints with the company. Which of the following is a reason why a business should be managed ethically? social policy Everyone with whom the business has dealings. P 145 avoiding lawsuits is one reason to manage a - Course Hero 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. B. expressing dissatisfaction by protesting. Target is a business. C. An ethics office must be set up. Increasing public concern for the environment created by the ________________ movement has more businesses looking for environmentally friendly ways to do business. About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through _________________work. Internal auditors Example 1. D. the nation's business schools that tolerate unethical behaviour in students. Ch 4 Flashcards | Quizlet The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Compliance-driven ethics standards Source interviews were conducted for a previous version of this article. compliance-based The amount of pollutants a firm unleashes into the environment would serve as an example of a negative activity that would be included in the social audit measurements. Trust and cooperation between workers and managers must be based on which of the following? 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." Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. Multiple Choice \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. whistleblowers. Corporate social responsibility is based on a reducing most costs allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: The first area is productivity. True Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. In one such study, led by Kaifeng Jiang, a professor at the Ohio State University Fisher College of Business, researchers examined the intersection between the quality of service a business offers and its adherence to ethical mores by looking into conditions at nearly 200 movie theaters. When managers appear to disregard ethical concerns, the likely results would include: A. reduced employee turnover. Customer privacy policies and practices Socially conscious investors insist that a company extend its own high standards to its ____________________. plan to maximize profits for shareholders to spend in communities A. It emphasizes sustainability, customer loyalty, brand image, and employee retention. based on a commitment to integrity and respect Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks What Does Ethical Decision Making Mean? 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 [B] passing laws to make accounting records more transparent Those who have others interests in mind when they make decisions are displaying ethical behavior. 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: With respect to business ethics, it can be said that "it takes two to tango." Maria Juarez is a professional tennis player, and your firm manages her money. to increase employee turnover Then, of course, there are the more serious consequences of highly unethical behavior. separating themselves from suppliers who violate Read 'Storm' by Gary Paulsen, that you can find on the internet and answer the following question. Multiple choice question. (B) it is using investors' money in ways they did not intend U.S. law does not require U.S. firms to comply because of competitive advantage concerns. Prepare computations showing how much profits will increase or decrease as a result of making the starters. A. delight them with a quality product at a fair price. They need to take responsibility for what happened and be proactive in fixing it. Part-time co-workers. social justice. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ 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. (B) going to save money by not hiring those who are disabled Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? When Paulsen describes Storm, he also gives clues about his own personality. Ethics can be rooted in belief or the pursuit of making the world better. 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. To allow whistleblowers to come forward with information organizations should draw more customers, retain better employees All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. acquisition stalking. This will ensure that you have trustworthy employees working for you. 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.