Business Essentials Final Exam With Verified Updated Answers.

Explain business ethics - Answer Business ethics are rules that guide the behavior of a business and its employees. The generally based on moral princes and are beneficial for long-term profitability and success. How do companies benefit by enforcing their own code of ethics? - Answer Businesses that regulate themselves are able to operate more freely with happier employees and reduced risk of fraud. Give reasons why ethical behavior is good for business. ( Be Specific) - Answer If a business violates government regulations, the owner can be fined or go to jail. Unethical business practices can result in bad word of mouth and result in lost sales. Mistreating employees leads to a high turnover rate. This increases the cost of hiring and training new employees. How do most business police themselves? - Answer By distributing a code of ethnics and enforcing them. The Ethical Decision-Making Process are to... - Answer Identify the ethical dilemma. Discover alternative actions. Decide who might be affected. List the probable effects of the alternatives. Select the best alternative. Why does it pay to treat customers ethically? - Answer The amount you make in profits from one unhappy customer can translate into a lot more lost because of missed repeat business. What are some important ethical questions to ask? - Answer Is it against the law?