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Laws and regulations that guide behavior in the world of business

HRM 522 Week 5 Midterm Exam Part 1 Question 1 Principles are Answer laws and regulations that guide behavior in the world of business. mores, values, and customs that guide behavior in general. specific and pervasive boundaries for behavior that are universal and absolute. the obligations businesses assume to maximize their positive impact and minimize their negative impact on stakeholders. the mores, values, and customs that parents teach their children. Question 2 Ethics is a part of decision making Answer at all levels of work and management. primarily at the upper management levels of an organization. mostly for policy makers. that is less important than other decision making processes. only at that lower levels of organizational management Question 3 Which of the following is not something a firm might do to encourage organizational ethics and compliance? Answer Employee ethics training Hiring a compliance officer Ignoring potential ethical issues Writing a code of ethics Conducting an ethics and compliance audit Question 4 During the 1990s the institutionalization of business ethics was largely driven by which piece of legislation? Answer Sarbanes-Oxley Act Federal Sentencing Guidelines for Organizations Dodd-Frank Wall Street Reform and Consumer Protection Act Foreign Corrupt Practices Act Global Sullivan Principles Question 5 Having acceptable personal ethics is probably not going to be sufficient to handle complex business ethical issues when an individual has Answer family concerns. an unethical boss. limited business experience. financial training. a marketing background Question 6 Which of the following is generally not considered a business ethics issue? Answer Harassment Accounting fraud Employee theft Misuse of organizational resources Corporate hierarchy Question 7 Social responsibility is Answer an organization’s obligation to maximize its positive effects and minimize its negative effects on stakeholders. principles and standards that guide behavior in the world of business. a business’s responsibility not to pollute the environment. a business’s responsibility to manufacture products that function properly. charitable contributions made by a business to enhance its image Question 8 Investors are concerned about business ethics because they know that misconduct can Answer foster stability. improve employee commitment. improve customer loyalty. lower stock value and prices. complicate business financial reporting Question 9 Which of the following industries tends to generate a high level of trust from consumers and stakeholders? Answer Insurance Technology Banks Mortgage lenders Financial services Question 10 Stakeholders’ power over businesses stems from their Answer ability to withdraw or withhold resources. ability to generate profits. media impact. political influence. stock ownership Question 11 Why do critics argue that high compensation for boards of directors is a bad thing? Answer It is too expensive for the organization. It could cause conflicts of interest between the directors and the organization. It is not fair to poorly compensated employees. High pay will render the board less complacent. Board of director compensation is not a major issue Question 12 Which of the following is not a method typically employed by firms when researching relevant stakeholder groups? Answer Surveys Focus groups Internet searches Press reviews Guessing Question 13 The degree to which a firm understands and addresses stakeholder demands can be referred to as Answer a stakeholder orientation. a shareholder orientation. the stakeholder interaction model. d. a two-way street. e. a continuum. Question 14 One policy to address the issue of executive pay was implemented by J.P. Morgan, it stated that ________. Answer there should be no limit on what top executives can earn. managers should earn no more than twenty times the pay of other employees. top managers should make the same amount as other employees. employees can determine how much managers make. the government should determine the worth of each manager’s service Question 15 Public health and safety and support of local organizations are issues most relevant to which stakeholder group? Answer Investors Community Suppliers Customers Employees Question 16 The originator of the idea of the invisible hand, which is a fundamental concept in free market capitalism, was Answer Adam Smith. Theodore Levitt. Norman Bowie. Herman Miller Milton Friedman Question 17 ________ is defined as any purposeful communication that deceives, manipulates, or conceals facts in order to create a false impression. Answer Stealing Lying Fraud Misappropriation Accounting fraud Question 18 Among retail stores, ________ is a larger problem than customer shoplifting. Answer poor stock performance weak leadership internal employee theft misuse of merchandise employee dissatisfaction Question 19 ________ are used to obtain or retain business and are not generally considered illegal in the U.S. Answer Facilitation payments Bribes Gifts Coercive techniques Threats Question 20 What type of fraudulent activity could involve a consumer staging an accident to seek damages? Answer Whacking Duplicity Guile Defamation Collusion Question 21 Abusive or intimidating behavior is the most common ethical problem for employees. Which of the following is not related to this concept? Answer Physical threats False accusations Being annoying Profanity Performance probation Question 22 Which of the following is not a consequence of ethical misconduct? Answer Decreased reputation Shaken customer loyalty Reduced investor confidence Increased sales Legal actions by wronged parties Question 23 Optimization is defined as Answer the quality of being just, equitable, and impartial. a trade-off between equity and efficiency. an interchange of giving and receiving in social relationships. how wealth or income is distributed between employees within a company. a lack of integrity, incomplete disclosure, and an unwillingness to tell the truth Question 24 Which of the following is not a side-effect of being the victim of workplace bullying? Answer Increased productivity Sleep disturbance Depression Increased sick days Stomach problems Question 25 Concerns involving copyright infringement on books, movies and music, and other illegally produced goods relate to which type of ethical issue? Answer Conflict of interest Honesty Communications Discrimination Intellectual property rights