BUSINESS STUDY QUESTIONS WITH 100% CORRECT ANSWERS 2024 LATEST UPDATED GRADED A+., Exams of Business Ethics

Download BUSINESS STUDY QUESTIONS WITH 100% CORRECT ANSWERS 2024 LATEST UPDATED GRADED A+. and more Exams Business Ethics in PDF only on Docsity! BUSINESS STUDY QUESTIONS WITH 100% CORRECT ANSWERS 2024 LATEST UPDATED GRADED A+. Define ethics. - SolutionPrinciples that serve as a compass about how to behave Provide an example for each of the following: legal-ethical legal-unethical illegal-ethical conflicts - Solutionlegal-ethical: by law in most states it is illegal to take part in recreational marijuana use; and a judge that is trying a case about marijuana possession agrees with the law and does not think its okay to consume marijuana for recreational use. legal-unethical: cheating on your boyfriend/girlfriend is legal but most people find it unethical. illegal-ethical: speeding is illegal but in some cases of an emergency some people might find it ethical. Define legal. - SolutionAn act that is allowed or is in conformity with the law of the land Define values. - SolutionStable life goals that people have that reflect what is most important to them Define morals. - SolutionRules people develop as a result of cultural norms and values and are, traditionally passed down through generations and characterize a cultural group Define organizational ethics. - SolutionRules, principles, and standards for deciding what is morally right or wrong when doing business List the four main levels of ethical issues and provide an example of each. - SolutionSocietal Issues: an organization holds a fundraiser to help feed the homeless. Stakeholder Issues: A company insists on treating suppliers with respect and refuses to push them to the lowest pricing possible. Internal Policy Issues: Fairness in management, pay, and employee participation. Personal Policy Issues: Gossiping at work or taking credit for another's work. How does a company's ethical behavior impact organizational outcomes? - SolutionTrustworthy companies are better at attracting and keeping customers, keeping talented employees, and capitol. How does a company's unethical behavior impact organizational outcomes? - SolutionThey suffer from dwindling customer bases, employee turnover, and investor mistrust. Define corporate social responsibility (CSR). - SolutionPhilosophy in which a company voluntarily engages in actions that benefit society, be it economically, socially, politically, or environmentally How is a company's CSR approach shaped? - SolutionBy seeing that their community is lacking something that they can provide, earning more profit and reputation Who is considered a company stakeholder? - SolutionUnions employees consumer investors suppliers local and national governments communities. What is the aim of CSR? - SolutionTo increase profits and trust in the long-term while promoting positive community relations What is the purpose of the World Trade Organization (WTO)? - Solutionimprove the stability and predictability of global trade. What is a code of ethics? - SolutionGuide that publicly sets out an organization's key values and ethical obligations and analyze abstract knowledge and concepts; change direction; and improve organizational functions. Technical: ability to understand daily problems, provide solutions, and understand the skills required for their department to operate Communication: navigate conflict as it arises and understand the motivation factors that the employees express Which level of management needs the most conceptual skills? - SolutionExecutive Managers Which level of management needs the most human skills? - SolutionFrontline Managers Define the term organizational culture. - SolutionThe shared values, beliefs, and norms of an organization that affect the strategies and operating procedures of the business What is the purpose of the CVF model? - Solutionmeasuring an organization's cultural effectiveness. What is cultural diversity? - SolutionThe existence of a variety of cultural or ethnic groups within a workplace What are the 4 concepts that comprise the CVF model? - SolutionClan, Hierarchy, Market, Adhocracy What is cultural diversity? - SolutionThe existence of a variety of cultural or ethnic groups within a workplace What are the 4 concepts that comprise the CVF model? - SolutionClan Hierarchy Market Adhocracy What are the two axes of the CVF model? - SolutionOne axis indicates whether the organization's culture is externally or internally focused. The other axis indicates whether a culture functions better in a stable, controlled environment or in a flexible, changing environment. Describe a clan culture. - SolutionIt tends to be more family oriented and flexible and less structured and has a more extensive hierarchy (e.g., small start-up business). Describe a hierarchy culture. - SolutionIt tends to be internally focused on internal processes and procedures and less flexible (e.g., government agencies). Describe a market culture. - SolutionIt tends to be externally focused on competition and profits and less flexible (e.g., security companies). Describe an adhocracy culture. - SolutionIt tends to be more flexible and responsive to external forces and is characterized as a dynamic, entrepreneurial, and creative workplace (e.g., technology businesses). What are the two types of organizational structures? - SolutionMechanistic and Organic What is the McKinsey 7s Model? - Solutionorganizations are a combination of strategy, structure, systems, skills, staff, and style, which all revolve around—and are interconnected with—the shared values (or culture) in that organization. What are three interrelated dynamic processes that cause employees to join and leave organizations? - Solutionattraction, selection, and attrition What attracts an employee to join an organization? - Solutionfor it to be like themselves in terms of personality and values. What causes an employer to select a candidate? - Solutionpossess skills and values similar to the ones their existing members possess. According to the book, what is one of the most important causes of attrition? - SolutionOver time, those who do not fit in well are more likely to leave. Research indicates that person-organization misfit is one of the important reasons for employee turnover. Describe the difference between person-organization fit and person-job fit? - SolutionPerson-organization fit refers to the degree to which a person's values, personality, goals, and other characteristics match those of the organization. Person-job fit is the degree to which a person's skill, knowledge, abilities, and other characteristics match the job demands. Define the term personality. - Solutionencompasses the feelings, thoughts, and behavioral patterns of a person. What are the big 5 personality traits (OCEAN)? - SolutionOpenness Conscientiousness Extraversion Agreeableness Neuroticism What are the key characteristics of openness? - Solutioncurious, original, creative, and open to new ideas. Which of the 4 CVF aligns with openness? - SolutionAdhocracy What are the key characteristics of conscientiousness? - Solutionorganized, punctual, and dependable. Which of the 4 CVF aligns with conscientiousness? - SolutionHierarchy What are the key characteristics of extraversion? - SolutionThis refers to people who are outgoing, talkative, and sociable. Which of the 4 CVF aligns with extraversion? - SolutionMarket What are the key characteristics of agreeableness? - Solutiontolerant, sensitive, trusting, and kind. Which of the 4 CVF aligns with agreeableness? - SolutionClan culture What are the key characteristics of neuroticism? - Solutionanxious, irritable, and moody. Define the term cultural alignment. - Solutiondetermined by the level in which the individual's personal traits align with the organizational culture. Define the term communication. - SolutionSharing understanding and meaning via oral, nonverbal, and written forms Define emotional intelligence (EI). - SolutionThe capacity to be aware of, control, and express one's emotions and handle interpersonal relationships judiciously and empathetically What are the building blocks that make up EI? - SolutionSelf-awareness is the ability to accurately perceive, assess, and exhibit appropriate emotions. Self-management enables you to channel your emotions in a positive way when needed. Social awareness refers to the ability to empathize and understand how others feel. Relationship management is the ability to assist others in managing their own emotions and establish supportive relationships with others. How is self-awareness different than self-management? - SolutionSelf- awareness is the ability to accurately perceive, assess, and exhibit appropriate emotions. Self-management enables you to channel your emotions in a positive way when needed. How is a person's EI measured? - Solutionby their behavior, how they react to their emotions in stressful situations. testing. What is the difference between EI and IQ? - SolutionIQ is a measure of your ability to learn or your general mental ability. EI is involving how people handle their emotions. What can EI enable people to do? - Solutionbuild relationships, relate to others in social situations, lead, negotiate conflict, and work as part of a team. What are the benefits of leaders having a high EI? - Solutionlikely to be successful in the workplace in the areas of diversity and inclusion, employee engagement, and emerging technology. How does high EI help global leaders? - Solutiondemonstrate self- awareness by understanding how their own values and cultural norms compare to those of other countries. What four things does an ethical leader need? - Solutionhave high emotional intelligence, as well as moral strength, grit, and courage to successfully and ethically lead organizations. What is moral identity? - Solutionhas to do with the extent to which people want to see themselves as ethical, caring people. Describe a mechanistic organizational structure? - Solutionutilize traditional top-down hierarchy and rigid departmentalization and are best suited to stable environments that contain low uncertainty, such as government agencies. What role does courage play in being an ethical leader? - Solutionthe willingness to face agony, pain, intimidation, or uncertainty, even when you are reluctant or fearful. need to be able to take risks and do the right thing, even when they are afraid and regardless of the potential consequences. What role does grit play in being an ethical leader? - Solutionclosely correlates with emotional intelligence and has the ability to manage emotions. foster organizational growth that aligns with their personal passion and vision Define the term "Machiavellianism" - Solutionutilizing emotional detachment to control their impulses; exhibiting careful, patient opportunist behaviors; and using subtle tactics such as charm, friendliness, and guilt to hide their true intentions. Cunning, scheming, and unscrupulous Describe the five principles outlined by Sellie-Dosunmu. - SolutionSelf- awareness is the ability to be attuned to your inner preferences, values, beliefs, and resources. Self-regulation is the ability to demonstrate self-control by managing your internal state. Motivation is the ability to understand the emotional tendencies that impact your capacity to reach personal goals. Empathy is the ability to be attuned to the emotional signals of others and relate and respond appropriately. Social skills encompass a broad range of behaviors related to managing relationships and responding to the emotions of others. Define the techniques for improving EI - SolutionMeditation and Mindfulness, Self-Reflection; journaling, Feedback; behavioral event interviews, simulation feedback, surveys How is meditation different than mindfulness? - SolutionMeditation: the skill of focusing 100 percent of your energy and attention on one specific area, helps calm the body and the mind and trains your brain to be aware of the emotional, physical, and mental processes controlling you.. Mindfulness: a state of consciousness in which you are aware of the present moment. How is self-reflection different than mindfulness? - SolutionSelf Reflection: Thinking about how and why you act certain ways. Mindfulness: a state of consciousness in which you are aware of the present moment. Describe the three tools outlined by Sellie-Dosunmu to guide feedback. - SolutionBehavioral Event Interviews: These are guided interview questions where individuals use their own words to describe their thoughts and feelings during a specific situation. The coach then uses individual responses to measure specific behaviors and competencies and establish a development plan. Simulation Feedback: In this type of feedback, individuals role-play in challenging EI simulations and are provided feedback based on their behavioral choices. Coaches then discuss what went well and what could be done differently based on EQ competencies. Surveys: These are paper or online questionnaires that ask learners to describe their preferred actions in specific situations. More sophisticated surveys require trainers or coaches to be accredited. Define supportive communication. - Solutiona strategy that seeks to preserve a positive relationship between communicators while still addressing the problem at hand. List the techniques you can use to support other people's EI growth. - Solutionintroducing training and education programs, a myriad of books, articles, videos, and other resources that you can use to increase EI awareness. You may also wish to suggest coaching programs to help others receive feedback and implement an EI development plan. Another strategy is to practice incident debriefs What does an indifferent management style indicate according to Blake & Mouton's leadership grid? - Solutionevade and elude. this person avoids active responsibility and avoids getting entangled in others' problems. What does a controlling management style indicate according to Blake & Mouton's leadership grid? - Solutiondirect and dominate. expects quick results and to sustain high results within their team. (highly concerned with productivity) What does an accommodating management style indicate according to Blake & Mouton's leadership grid? - Solutionyield and comply. reinforces and establishes harmony. (highly concerned about people; results may suffer) What does a sound management style indicate according to Blake & Mouton's leadership grid? - SolutionContribute and commit. supports team activity and invites involvement and commitment towards their team. Why is integrity an important quality for leaders? - Solutionprovide their organizations with stability, safety, and guidance. Employees with a leader who is honest enjoy a sense of stability in their work environment. Benefits of leadership integrity include a stronger organizational reputation, higher employee satisfaction, higher-quality product or service, and a clearer focus. Other benefits include better long-term outlook, better company culture, and stronger sales Define power. - Solutionthe ability to influence the behavior of others to get what you want. Define influence tactics. - Solutionthe way individuals attempt to influence one another in organizations. Define rational persuasion. - Solutionthe most frequently used influence tactic. using facts, data, and rational arguments to persuade others that one point of view is the best alternative. Define inspirational appeals. - Solutionresult is often commitment from followers. engage values, emotions, and beliefs to gain support for courses of action. What are the six sources of power used by leaders? - SolutionLegitimate, Reward, Expert, Informational, Coercive, and Referent powers. Where does legitimate power come from? - Solutionone's organizational role or position , given by election, appointment, or hiring. What is reward power? - Solutionthe ability gained by an exchange for job performance. (employee takes action; employer gives positive) Provide an example of coercive power. - SolutionSomeone being fired from a job after not showing up for work. How is reward power different than coercive power? - SolutionReward power is gained by positive job performance within the company , while Coercive power is gained by negative actions from leader when employee does something negative, or does not complete an action expected by the leader. (coerce = using force or threats) Define expert power. - Solutionbased on knowledge and special skill or experience, such as lawyers or doctors who are formally recognized for their expertise. How is information power different than expert power? - SolutionInformation power differs from expert power , because information power deals with power gained when a leader possesses a small amount of knowledge that others want; Expert power depends on a person's expertise, experience and great knowledge in a certain field. List and define the six-stages of design thinking. - SolutionEmpathize: gather data by asking for input from others Define: state the problem one is trying to solve Ideate: brainstorm, create options, challenge assumptions Prototype: create example of sample Test: Try out your example or sample (pilot) Implement: roll out the product, service or process What leadership style aligns closely to the design thinking model? - SolutionLaissez-Faire aligns more closely to the design thinking model. Define the term leadership style. - Solutiona manner or approach of providing direction, implementing plans, and motivating people. What does a leader with a people-oriented style focus on? - Solutionconcerned with workplace relationships. The leader emphasizes interpersonal relations and employee cooperation. What does a leader with a task-oriented style focus on? - Solutionon the technical or task aspects of the job. Describe the term autocratic style of leadership. - Solutionkeeps close control over subordinates and does not seek much input from others When is an autocratic style of leadership effective? - Solutioneffective for quick decision-making Describe the term participative or democratic style of leadership. - Solutionseeks input from subordinates What does a participative leader value? - Solutionindividual interests and perspectives while also contributing to team cohesion. Describe the term laissez-faire style of leadership. - SolutionA largely "hands-off" leadership style that provides considerable freedom to subordinates How are polices and methods created under a laissez-faire style of leadership? - Solutionmanager delegates the tasks to the followers while providing little or no direction. Under this type of management, subordinates are given a free hand in deciding their own policies and methods. What tools do transactional leaders use to motivate employees? - Solutionderived from an arrangement whereby employees are rewarded for accomplishing goals set for them or tasks assigned to them. What is the major assumption under transactional leadership theory? - Solutionthe desires of the leader and the desires of the follower are not the same. Because of this, the leader must provide some form of extrinsic