Prepare the statement of retained earnings of Decorating Arrangements for the year ended December 31, 2016. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. (A) matter very little to employers Which of the following facts best exemplifies the statement that "ethical problems are not unique to the United States"? E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? profitable charities [C] it reduces the likelihood of lawsuits by employees or customers A. Mistakes and misunderstandings are bound to happen in any work setting. B. philanthropy. C. Increased penalties for code violators. DirectmaterialsDirectlaborSupervisionDepreciationVariablemanufacturingoverheadRentTotalproductioncostPerUnit$3.102.701.501.000.600.30$9.20Total$60.000$40.000$12.000. Reading: Global Business Ethics | International Business - Lumen Learning Organizational ethics begins Multiple Choice at the top levels of management. They believe that they can have the greatest impact in this area through cash contributions to nonprofit organizations. analysts. Establishing an ethical culture starts with company leadership and involves ongoing emphasis that ethical standards are respected. 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. whistleblowers. corporate beneficial management An ethically managed business helps to reduce employee turnover. many Americans decide what's ethical based upon the situation in which they find themselves. A company's effectiveness and financial performance are most affected by responsible _________ _________ management. While these actions might not be illegal, they can definitely have negative effects on the morale and success of a company, especially if their dirty laundry is aired publicly. corporate social initiative 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. Business Ethics - Quick Guide - tutorialspoint.com Sean Peek has written more than 100 B2B-focused articles on various subjects including business technology, marketing and business finance. 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. internal search and occupy organizations. We covered: How data teams can actually design ethical ML models, after . First and foremost, father of 5 and grandfather to 3.<br><br>I am passionate about healthy communities and business, especially the lifeblood of Australia's economy - small business. These steps included creating a climate based on service quality and ethical behavior that guides employees without direct supervision, taking corrective actions before unethical behaviors occur by periodically measuring employees perceptions of the companys ethical climate, and emphasizing the importance of service quality and ethical behaviors as they relate to competition in the marketplace. Managing data ethics | Deloitte Insights 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. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . U.S. law does not require U.S. firms to comply because of competitive advantage concerns. 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. Periodically asking every employee to evaluate the company's ethics performance. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. that only society's health is improved when they invest in companies whose goods and services benefit the community Personal projects Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. Businesses should create and display their code of ethics publicly. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn internal investigation. However, anyone caught violating a law will be immediately fired." because strict global regulations require it Corporate values are: [B] They may choose to cancel orders when there are human rights abuses. This approach to ethics assumes a society comprising individuals whose own good is inextricably linked to the good of the community. corporate raider divisions. BUS-112 Chapter 4 - Subjecto.com Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? A number of ethical scandals in the past decade have raised awareness of ethical issues in business. (D) 3 out of 4 citizens volunteer, but cheat on their taxes, Using information from the internet or other sources without giving credit to the author is, The strong relationship between academic dishonesty and dishonesty at work is likely to 1. Increased control over employee actions. (C) attract and retain better employees Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. Rohit Sharma - Lead Technical Product Manager - LinkedIn enjoy greater employee loyalty [C] lack of trust in the free market system B. focus on cost and quality control systems within your organization. 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. Multiple Choice communism, Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: corporate policy Socially conscious investors insist that a company extend its own high standards to its ____________________. [A] outsourcing enforcement of the laws to private firms Explanation separating themselves from suppliers who violate Both positive and negative activities are measured. One entity (e.g., a person, a firm) "does business" with another when it exchanges a good or service for valuable consideration, i.e., a benefit such as money. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Target is a business. Sherman Act social impact program. Ch 4 Flashcards | Quizlet Explanation he many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that ____________________decisions start with each individual. Tejas Vemparala also contributed to this article. E. law. reaches broad and diverse groups D. Improved awareness of the relevant laws. Ignoring hazardous job conditions that exist in the company's facilities C. all levels of management. Multiple choice question. 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. Top management 1. C. limiting the opportunity to behave unethically by providing rewards for violations of the rules and Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? The second major meaning behind the term is . Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. 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. corporate raiders. False. using recyclable packaging 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: using recyclable packaging Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. a clear set of rules and regulations B. limiting the opportunity to behave unethically by providing punishments for violations of the rules and They should display behavior that is honest and fair in their relationships with co-workers and their. Multiple choice question. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. Synonym Discussion of Ethical. This is called a bounty provision because as stated, they may receive a monetary award for their actions. Product safety A. Overstating an expense report. Workplace and colleague wellbeing. Why Are Business Ethics Important? A Guide - Investopedia . ethical officers Which of the following is a reason why a business should be managed Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. 23 Ethical & Unethical Behavior Examples in Workplace - Formpl 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? A company that has socially responsible human resources management is Multiple choice question. InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. Whistleblowers are often concerned about retaliation. A. _______________- _______________ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. A. Integrity-based ethics codes B. the police in jurisdictions where the business has operations. $A supervisor would have to be hired to oversee production of the starters. Multiple select question. With regard to socially responsible behavior, American businesses are social media D. the nation's business schools that tolerate unethical behaviour in students. A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Multiple choice question. Other times, they may feel as though they are caught between what their higher-ups want them to do and what the law requires. 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. Ethical behavior positively impacts a businesss financial performance. Practice deception regarding product safety issues. Employees and management alike can work together to create businesses that have high standards. Multiple select question. is a branch of philosophy that seeks to address questions about moralitythat is, about concepts such as good and bad, right . Reevaluating its ethics codes based on the input of its customers. B. an individual's behaviour is influenced by the behaviour of others. 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 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. True E. A criminal lawsuit. Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. protect them from retaliation J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. What occurs when an employee exposes an employer's wrongdoing to outsiders? The term business ethics refers to the set of moral principles that guides a company's conduct. Economic conditions in some developing countries make child labor a necessity for the survival of families. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Packaging requirements List the most influential on top. Having constant conversations and reminders makes it less likely an employee will break a rule or have a low-quality output. (A) it prevents government audits The firm has evolved into a big business due to quality and innovative work. (D) affect hiring practices very little. 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 . B. opportunity. Supervisor 4. Eric Allgood - Managing Director - Small Business Assistance and <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . C. help laid-off employees get their jobs back. Multiple Choice True false question. (A) are just part of doing business the federal government separating themselves from suppliers who violate. E. All of the answers are correct. Corporate responsibility C. providing all relevant information about current and projected performance of the firm. draw more customers, retain better employees C. diversity He also believed anything other than that would be considered: D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? 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. human resource support staff Business ethics helps to optimize company resources. [A] Influence peddling Intro. business chapter 5 Flashcards | Quizlet Which of the following are reasons a business should be managed ethically? A. you need to justify socially responsible behaviour from an investors standpoint only. going to lose money by providing pay raises 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. Ethical problems such as influence peddling and bribery: E. filing complaints with the company. B Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. social audit. If the verb is already correct, write C above it. Business Ethics - Stanford Encyclopedia Of Philosophy Multiple Choice 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. It does not subtract from the bottom line; it adds to it. 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." The Importance of Business Ethics | Maryville Online (B) make employers reluctant to hire those who have cheated According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? Explanation D. concern for the welfare of society. Multiple choice question. D. expanding the opportunity to behave ethically by providing punishments for following the rules. it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. Multiple choice question. Then, of course, there are the more serious consequences of highly unethical behavior. 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} Written ethics codes can be categorized as B. personal responsibility C. compliance Part-time co-worker 3. 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. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. formal and informal. 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. It is actually a structure of moral principles and code of conduct applicable to a business. E. help restore confidence in Corporate America and Canada. In the workplace, there might be a standard for ethics set throughout the company. Managers Set the Tone The effects of managerial decision making go beyond any single, isolated decision. Which of the following is not one of the approaches associated with corporate social responsibility? Multiple Choice Which of the following is NOT one of the "Attracting, Retaining and Managing Talent" responsibilities? Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back. Top leaders from other countries have been charged with bribery. In a business setting, ethical behavior applies to any employee, team lead or supervisor. CSR can lead to even more profits. allows them to reach specific groups more directly, allows them to connect directly with customers In the long run, they believe In fact they contribute to it: 1. When management considers ethics in its actions toward stakeholders, employees can be positively affected. All else held equal, socially responsible firms: A. are viewed more favourably by consumers. Ethical behavior has significant upfront costs which may never be recovered.