9.Since all ethical standards are universally accepted, they do not depend on the culture inwhich a business operates.True False Show 10. Employees spending their working hours on social networking or shopping sites is notconsidered as an area of misconduct observed in the workplace. Get answer to your question and much more 11. Like sexual harassment, workplace bullying creates a hostile environment, but unlikesexual harassment, workplace bullying has little legal recourse at this time. Get answer to your question and much more 12. Conflicts of interest are payments, gifts, or special favors intended to influence theoutcome of a decision. Get answer to your question and much more 13. Fairness and honesty are at the heart of business ethics and relate to the general valuesof decision makers.True False 14. Ethical decisions in an organization are influenced by three key factors. Get answer to your question and much more 15. Without a code of ethics or formal policy on ethics, employees are likely to base theirdecisions on how their peers and superiors behave. Get answer to your question and much more 16. Professional codes of ethics are formalized rules and standards that describe what thecompany expects of its employees. Get answer to your question and much more 17. Establishing and enforcing ethical standards and policies within business can help reduceunethical behavior by prescribing which activities are acceptable and which are not andby removing the opportunity to act unethically.True False 18. There are three dimensions of social responsibility: economic, legal, and ethical. Get answer to your question and much more 19. Voluntary responsibilities are optional activities that promote human welfare or goodwill. Get answer to your question and much more Source: M Business 5thedition2 Notes This preview shows page 16 - 18 out of 24 pages. Principles and standards that determine acceptable conduct in business-The acceptability of behavior in business is determined by costumers, competitors, governement regulators, interest groups, and the public, as well as each individuals personal and moral principles and values-Social responsibility•A business’s obligation to maximize its posative impact and minimize its negative impact on society-Many people use the terms social responsibility and ethics interchangeabley, they do not mean the same thing!-Business ethics relates to an INDIVIDUALS or a work groups decisions that society evaluates as right or wrong-Whereas social responsibility is a broader concept that concerns the impact of the entire business’s activities on society-From an ethical perspective we may be concerned about a health care organization overcharging the governement for Medicare servicesBut-From a social responsibility perspective, we might be concerned about the impact that is overcharging will have on the ability of the health care system to provide adequate services for all citizens-Business law refers to the laws and regulations that govern the conduct of business-Many problems can be avoided if owners, managersm and employees know more about business law-Business ethics go beyond what has been outlawed by legisltion- it builds trust and validates and promotes confidence in business relationshipsEthical Issues in Business-Ethical Issue: Corporate Social Responsibility and the Role of Individual Values 17:09•An identifiable problem situation, or opportunity that requires a person to choose from amoung several actions that may be evaluated as right or wrong, ethical or unethical-Such a choice involves weighing monetary profit against what a person considers appropriate conduct-Look at a situation from a costumers or competitors viewpoint-Ethics is also related to the culture in which a business operates-Experience the culture in which a business operates is critical to understanding what is ethical or unethical-Abusive or intimidating behavior•Most common•Concept can mean anything from physical threats, false accusations, being annoying, profanity, insults, yelling, harshness, ignoring someone, unreasonableness-Conflict of Interest•Exisits when a person must choose between whether to advance his or her own person interests or those of others•If a person makes a decision that gives them more power instead of helping the company•BribeoPayments, gifts, or special favors intended to influence the outcome of a decision• Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 24 pages? Upload your study docs or become a Course Hero member to access this document Who determines what the ethical standards are for a business?The acceptability of behavior in business is determined by not only the organization but also stakeholders such as customers, competitors, government regulators, interest groups, and the public as well as each individual's personal principles and values.
What are the standards of business ethics?Business ethics is an evolving topic. Generally, there are about 12 ethical principles: honesty, fairness, leadership, integrity, compassion, respect, responsibility, loyalty, law-abiding, transparency, and environmental concerns.
What is the conduct of business?Lesson Summary. A code of business conduct is the set of rules that details an organization's values, ethics, and beliefs alongside the rules that govern legal compliance. It also represents the principles and ethical standards that an entity upholds.
Do all businesses approach ethics the same way?A company's business ethics should be codified in policies that cover a wide range of practices and pitfalls regarding corporate governance, insider trading, bribery, discrimination, social responsibility, and fiduciary responsibilities. But business ethics are not universally the same.
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Is the principles and standards that determine acceptable conduct in business organisation?
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