GFOB Ch. 4 Ethics – Flashcards
Unlock all answers in this set
Unlock answersquestion
How to restore trust in free market system
answer
punish those who broke the law
question
new laws to correct behavior may cause people to think that any behavior within the law is acceptable
answer
...
question
ethics
answer
-standards of moral behavior or behavior that is accepted by society as right vs wrong -reflect people's proper relationships with one another
question
legality
answer
laws we have written to protect ourselves from fraud, theft, and violence
question
3/4 of citizens do not give any time to community
answer
...
question
plagiarism is most common form of cheating amongst college students
answer
...
question
strong relationship between academic dishonesty among graduate students and dishonesty at work
answer
...
question
Questions to ask when facing an ethical dilemma
answer
1.) is my proposed action legal? 2.) Is it balanced? 3.) How will it make me feel about myself
question
Ethics is caught more than it is taught
answer
people learn their standards and values from observing what others do -trust and cooperation must be based on fairness, honesty, openess, and moral integrity
question
A business should be managed ethically to
answer
-maintain a good reputation -keep existing customers and attract new ones -to avoid lawsuits -to reduce employee turnover -to avoid government intervention - please customers, employees, and society -do the right thing
question
two categories of ethic codes
answer
-compliance-based ethics codes -integrity-based ethics codes
question
compliance-based ethics codes
answer
ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrong doers
question
integrity-based ethics codes
answer
ethical standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees
question
six steps to improve US business ethics
answer
1.) Top management must adopt and support an explicit corporate code of conduct 2.) Employees must understand the expectations for ethical behavior begin at the top 3.) managers must be trained to consider the ethical implications of all business decisions 4.) ethics office must be set up with which employees can communicate anonymously 5.)Outsiders must be told about the ethics program 6.) Ethics code must be enforced with timely action if any rules are broken -important factor of enforcing an ethics code is selecting an ethics officer
question
whistleblowers
answer
insiders who report illegal or unethical behavior
question
corporate social responsibility
answer
a business' concern for the welfare of society -commitment to integrity, fairness, and respect -viewed as bad because money is invested into making more money and not to go to society -good because it shows that companies owe it to society -draws more customers, attracts and retains better employees, and employee loyalty
question
dimensions of the social performance of a company
answer
corporate philanthropy corporate social initiatives corporate responsibility corporate policy
question
corporate philanthropy
answer
dimension of social responsibility that includes charitable donations
question
corporate social initiatives
answer
enhanced forms of corporate philanthropy directly related to the company's competencies
question
corporate responsibility
answer
dimension of social responsibility that includes everything from hiring minority workers to make safe products
question
corporate policy
answer
dimension that refers to the position a firm takes on social and political issues
question
recession has changed philanthropy and companies were encouraging workers to volunteer more
answer
...
question
4 basic rights of consumers
answer
1.) Right to safety 2.) Right to be informed 3.) Right to choose 4.) Right to be heard
question
Companies use social media to communicate their CSR efforts -companies earn customers' trust by demonstrating credibility over time
answer
...
question
insider trading
answer
an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends
question
regulation fair disclosure
answer
requires companies that release any information to share it with evcerybody
question
human resource management influences company's effectiveness the most
answer
...
question
environmental quality is a public good
answer
...
question
social audit
answer
systematic evaluation of an organization's progress towards implementing socially responsible and responsive programs -problems in establishing procedures for measuring a firm's activities and their effects on society
question
5 types of groups who monitor how well companies ethical and social responsibilities are
answer
1.) socially conscious investors 2.) socially conscious search organizations 3.) environmentalists 4.) union officials 5.) customers
