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Terms in this set (70)Which of the following is a resource made available to employees, in addition to salary? amenities It is important for executives to interact with outside-environment stakeholders such as media and government. True Summarize the ethical debate of whether corporations owe a duty to society or only to their owners. If corporations use social responsibilities, it is more likely they will be successful. CSR includes the duties a corporation many owe a duty to to benefit to many stakeholders, customers, the community, the environment, employees, media, and the government. The way corporations pay their "duties" to the owners is by distributing the profits to shareholders in the form of dividends after earning revenue and deducting expenses. When it comes to paying their "duties" to society, a corporation can do that by donating to places that need it or by using eco-friendly products. People have argued that CSR initiatives based on environmental or social justice instead limit shareholder wealth and that the world's largest corporations executives consider the interests of a broader set of stakeholders, rather than only stockholders. Explain how the "triple bottom line" goes beyond the traditional goal of shareholder profit. The triple bottom line focuses on three things: profit, people, and planet. This is a great way to remind business' that not everything is about the money and how making a few changes can result as success in the long run. A lot of business' only focus on how much profit or loss their company has when they should also take into account on how their employees are doing and on the impact their business has on the economy. Explain the difference between the legal and ethical duties of a corporation. Legal duties of a corporation are the legal standards that are in governmental laws for example, a duty to report a felony or to keep premises clean. As for ethical duties, they are standards based on human principles of right from wrong. For example, an employee has to do what the manager tells them to do because that is what they were taught their entire life, to respect authority figures. Also, the manager of a company's ethical duty is to hire people that seems best for the job and not based on the color of their skin. Which legislation was passed in 2002 that mandates reporting transparency by businesses in areas ranging from finance to accounting to supply chain activities? Sarbanes-Oxley Act Identify and describe two challenges an employer may face in providing reasonable accommodations under the ADA for employees. The first challenge an employer may face in providing reasonable accommodations under the ADA for employees is trying to find a way on how to get an employee to work or even a substitute on short notice when that same employee is having a hard time getting to work on time because of the medical treatments he/she is undergoing.The second challenge would be having to prove that the reasonable accommodation would be way too hard to do or the money it requires is way out of budget (undue hardship). Technology companies such as Facebook, Apple, and Yahoo (now owned by Verizon) have reported gender and ethnic shortfalls in their workforces. True Which of the following are factors included when applying a legal definition of diversity? (Select all that apply.) religious beliefs Which is the primary law prohibiting religious discrimination in the private sector workplace? Title VII
Identify and describe two benefits of employee diversity in the workplace. Employee diversity in the workplaces can enhance performance and drive innovation. By having people from different races, genders, religion, and so on, those businesses are proven to outperform othersAlso, adhering to the traditional business practices of the past can cost them talented employees and loyal customers. Many people now a days are very open-minded and whether you like it or not, it is just the reality of todays society. Explain an employee's common law duty of loyalty to their employer. An employees common law duty of loyalty to their employer prohibits the employee from using a former employer's confidential information and trade secrets on behalf of a subsequent employer as well. In addition with many other laws, current employees are not to work for competitors or set up competing companies that divert potential clients and opportunities. The two complaints most frequently filed with the Equal Employment Opportunity Commission, which strives to eliminate racial, gender, and religious discrimination in the workplace, are sexual harassment and racial harassment True Which concept holds that workers should be paid on the basis of the value of their job to the organization? comparable worth Labor union membership remains much higher in Europe and other Group of Seven countries than in the United States, in part because some of those countries allow managers to be members of the union. True Provide at least two examples of how employees' expectations of work have changed in modern business. ... Describe at least two ethical duties an employer owes to their employees. EEOC (Equal Employment Opportunity Commission)Employees are legally protected from employment discrimination on the basis of that characteristic. Protected classes are created by both federal and state law. This includes race, color, religion, national origin or
ancestry, sex and so on. In 1968, Securities and Exchange Commission v. Texas Gulf Sulphur Co. implicated the employees of a Texas mining company and was the first famous case example of ________. insider trading
Which of the following is especially important for developing and maintaining employee loyalty to the brand? empowerment An employee who works in the graphic design department of a large advertising agency most likely cannot moonlight after business hours for a friend's ________. web design business Identify and describe two factors that determine the ethics of "gift-giving" as opposed to bribery. The main difference between a bribe and a gift is intent. A bribe is given with either an explicit or implied expectation of return that will benefit your business while a gift is given without any expectation of return and does not benefit your business. Also, a bribery is very unethical and can look bad for the business. Do companies have the responsibility to market their products with integrity? What is the responsibility of the producer and the consumer? Of course companies have the responsibility to market their products with integrity because without them, the business would be no where. Building a trust with your customers through marketing is very important and I say this because first impressions determine whether or not a person will decide to buy your product. Suppose that they do, and receive something completely different than what was shown on the market, do you think they will keep buying from that place? No.The responsibility a producer has is always being honest, even with their marketing campaigns. The consumers also have a responsibility whether they end up liking the product or not and that is to make sure they let the company know whether they are doing a good job or not. In several sentences, describe one ethical draw-back of job-sharing. companies that intentionally keep hours at less than 29 to avoid more costly regulations like the ACA How do children view advertising? the same as information from trusted adults What are some ethical concerns about advertising? (Select all that apply.) people do not need some of the promoted products or services. How can entrepreneurs best ensure their customer-service vision is passed on to employees? Provide training to all employees. Consumer responsibility is diminished if advertising is directed toward children. True What is the ethical issue behind issuing disaster insurance? What constitutes a reasonable profit may be unfair. Which of the following does an entrepreneur typically need to be willing to do to start a business? Select a product or service that will be sustainable. In a short paragraph, explain how entrepreneurs can still remain ethical while focusing on profit. In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. Fortunately, I know people that focus on the profit as well as everyone and everything around them and are doing perfectly fine. Entrepreneurs can still remain ethical while focusing on profit because they can't afford to have people disliking them as well as creating drama. If those entrepreneurs have good morals, it will come natural and it will show. Caring about employees as well as how their customers is doing will always be worth it in the long run Organizational responsibility statements are usually straightforward: They say comply with the applicable ________. local, state, national, and international laws and regulations Which commercial transaction in the New World exemplifies the complexity that results when different cultures, experiences, and ethical codes come into contact? the "purchase" of Manhattan It is in a business's best interest to promote human flourishing within the organization by providing ________. Select the best answer. comprehensive training In Richard DeGeorge's humanities model, business ethics would prepare students to do certain specific things. False Business ethics exists on which of the following three levels? Select the best answer. individual, organizational, and societal In several sentences, describe one ethical issue related to the "access economy".
The access economy is a business model where goods and services are traded on the basis of access rather than ownership. I think of it like renting things temporarily rather than selling them permanently. One big issue access economy has is lack of regulations, especially when it comes to overseeing the products and services exchanged during the transaction. Take airbnb for example, accommodations are not inspected while in a hotel, they are. Athenian philosophical theories of ethics are no longer applicable in contemporary times False Which of the following describe original position? (Select all that apply.) how to distribute resources fairly and evenly Rawls's theory of justice views individuals as human resources, with their natural state as needing governance, and subjects them to a social contract of subjugation. False Most business organizations hold three different kinds of beliefs about themselves. Which of the following is not a belief that businesses hold? the belief that business is not culturally neutral Culture and ethics cannot be separated, because ethical norms have been established over time by, and make sense to, people who share the same background, language, and customs. True Why do businesses care about ethics? To uphold honorable standards of behavior An ethical financial advisor must ________. be truthful about all fees Consumer feedback on social media sites does not affect a company's prospects or status as ethical. False Which concept means that the owners (shareholders) of corporations, as well as directors and managers, are protected by laws stating that their losses in case of business failure cannot exceed the amount they paid for their shares of ownership? limited liability In the Supreme Court ruling Citizens United v. Federal Election Commission, which Amendment was at the center of the case? First Amendment A common law or principle stating that officers, directors, and managers of a corporation are not liable for losses incurred when the evidence demonstrates that decisions were reasonable and made in good faith is known as ________. business judgment rule Which of the following statements does not depict deontology? Deontology is often regarded as a "here and now" philosophy. All stakeholders must be treated the same. False Which of the following is considered the most important internal stakeholder of a corporation? board of directors Which of the following describes the efficacy of legislation like the California Transparency in Supply Chains Act? It is ineffective because it only requires disclosure of information about suppliers' working conditions and does not govern those suppliers According to Donaldson and Preston, what are the three theoretical approaches to considering stakeholder claims? normative, descriptive, and instrumental approaches What is a measure that accounts for an organization's results in terms of its effects on profits, planet, and people? triple bottom line If you feel harassed, prejudiced against, or disadvantaged in your workplace, you may file a complaint with the ________. Equal Employment Opportunity Commission What is the federal minimum hourly wage? $7.25 Which of the following laws ensures that employers provide a workplace environment free of risk to employees' safety and health? OSHA Which of the following best describes information that has economic value because it is not generally known to the public and is kept secret by reasonable means? trade secrets Millennials are ten times more likely than older generations to change jobs, and 90 percent will change jobs within the first year. False U.S. firms and their employees are allowed to use bribery in other countries if allowed by local legal and cultural differences. False A diverse workforce yields many positive outcomes for a company. Which of the following are well-documented outcomes? (Select all that apply.) positive customer experiences To achieve a greater degree of diversity in the workplace, managers' goals should encompass which of the following? inclusion Enacted in 1966, which of the following laws is the most important U.S. law forbidding cruelty to animals in laboratory settings? Animal Welfare Act Which group is most ill prepared to exercise good judgment in the face of subliminal advertising? the very young What research did the BBC Earth Lab cite to prove or disprove that subliminal advertising is real? backmasking messages Which is the best example of a novelty craze? pet rocks How does consumer thought affect purchasing? via the notion of what constitutes necessity as opposed to luxury Which of the following entrepreneurs is known for having an easygoing personality? Kerrie Laird Which of the following sources of ethical guidance for businesses includes criminal penalties? federal law Which of the following definitions best describes mercantilism? the theory that prosperity depends on extracting wealth or accumulating it from others Unless key leaders have a vision for the organization and themselves, and a path to achieving it, there can be no balance of beliefs about profitability and responsibility, or integration of business with culture. True Sets with similar termsSmall Business Management Final50 terms juliawholey EOC Part I50 terms Manasa_Konduru Management 101- test 146 terms biancaaltman_ Bus 100 Chapter 1,2,4,5 quizzes67 terms melissa_reese6 Sets found in the same folderChapter 711 terms bm779q Ch 10: Changing Work Environments12 terms bm779q Operations Management 303 ch 225 terms jideolowu BUS 380 Operations Management Ch 259 terms shoupre Other sets by this creatorEpic Bridges Exam Notes177 terms Hannah_Gordon20 Business Ethics Final review53 terms Hannah_Gordon20 BUS 148: Final Part 118 terms Hannah_Gordon20 BUS 148 final flashcards - MASTER SET163 terms Hannah_Gordon20 Other Quizlet setsOT 423- Final exam review45 terms taylormcillwain Civics Chapter 516 terms Hbbsisthebestdogevr Classification of Business/Business Location10 terms JamesHisTEACHER What do entrepreneurs need the most to start a business?Having a strong plan and vision for the business. Having sufficient capital and cash flow. Finding great employees. Firing bad employees quickly in a way that doesn't result in legal liability.
How does an entrepreneur get started?As mentioned above, entrepreneurs typically grow their startups by bootstrapping (securing funding on their own), through small business loans, or by securing funding from investors.
What does an entrepreneur do?An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
What is the first step in becoming an entrepreneur quizlet?Step 1:Deciding to become an entrepreneur. Step 2:Developing successful business ideas. Step 3: Moving from an idea to an entrepreneurial firm. Step 4: Managing and growing the entrepreneurial firm.
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Which of the following does an entrepreneur typically need to be willing to do to start a business?
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