BUS 101 - Ch. 4, 5, & 6 with correct answers 100%

BUS 101 - Ch. 4, 5, & 6 with correct answers 100% how is legality different from ethics? - Correct Answer ethics goes beyond obeying laws to include abiding by the moral standards accepted by society. ethics reflects peoples proper relationships with one another. legality is more limiting; it refers only to laws written to protect people from fraud, theft, and violence. how can we tell if our business decisions are ethical? - Correct Answer 3 questions is it legal? is it balanced? how will it make me feel? what is management's role in setting ethical standards? - Correct Answer managers often set formal ethical standards, but more important are the messages they send through their actions. management's tolerance or intolerance of ethical misconduct influences employees more than any written ethics codes. what is compliance based ethic code? - Correct Answer concerned with avoiding legal punishment what is integrity based ethics? - Correct Answer define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees what is corporate social responsibility? - Correct Answer CSR is the concern businesses have for society how do businesses demonstrate corporate responsibility towards stakeholders? - Correct Answer 1. satisfying customers with goods and services of real value 2. make money for investors 3. create jobs for employees, maintain job security, and see that hard work and talent are rewarded 4. create new wealth for society, promote social justice, and contribute to making the businesses' own environment a better place how are a company's social responsibility efforts measured? - Correct Answer a corporate social audit measures an organizations progress toward social responsibility. some people believe the audit should add together the organizations positive actions then subtract the negative effects to get a net social benefit how can US companies influence ethical behavior and social responsibility in global markets? - Correct Answer many US businesses are demanding socially responsible behavior from their international suppliers by making sure their suppliers do not violate US human rights and environmental standards. companies such as sears, pvh, and dow chemical will not import products from companies that do not meet their ethical and social responsibility standards advantages of sole proprietorships - Correct Answer ease of starting and ending be your own boss pride of ownership retention of profit no special taxes disadvantages of sole proprietorships - Correct Answer unlimited liability limited financial resources difficulty in management overwhelming time commitment limited life span three key elements of a general partnership - Correct Answer common ownership shared profits and losses right to participate in managing the operations of the business what are the main differences between general and limited partners? - Correct Answer general partners are owners who have unlimited liability and are active in managing the company