D072 FUNDAMENTALS FOR SUCCESS IN BUSINESS STUDY QUESTIONS WITH 100% CORRECT ANSWERS 2024 L, Exams of Business Ethics

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D072 FUNDAMENTALS FOR SUCCESS IN

BUSINESS STUDY QUESTIONS WITH 100%

CORRECT ANSWERS 2024 LATEST UPDATED

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Define ethics. - Solution Principles that serve as a compass about how to behave Provide an example for each of the following: legal-ethical legal-unethical illegal-ethical conflicts - Solution legal-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. - Solution An act that is allowed or is in conformity with the law of the land Define values. - Solution Stable life goals that people have that reflect what is most important to them Define morals. - Solution Rules 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. - Solution Rules, 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. - Solution Societal 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? - Solution Trustworthy companies are better at attracting and keeping customers, keeping talented employees, and capitol. How does a company's unethical behavior impact organizational outcomes? - Solution They suffer from dwindling customer bases, employee turnover, and investor mistrust. Define corporate social responsibility (CSR). - Solution Philosophy 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? - Solution By seeing that their community is lacking something that they can provide, earning more profit and reputation Who is considered a company stakeholder? - Solution Unions employees consumer investors suppliers local and national governments communities. What is the aim of CSR? - Solution To increase profits and trust in the long-term while promoting positive community relations What is the purpose of the World Trade Organization (WTO)? - Solution improve the stability and predictability of global trade. What is a code of ethics? - Solution Guide that publicly sets out an organization's key values and ethical obligations

What is included in a company's code of ethics? - Solution details of how the company plans to implement its values and vision, as well as guidance for the staff on ethical standards and ways to achieve them. Having such a policy hopefully leads to greater ethical awareness, consistency in application, and avoidance of ethical disasters. Define the term greenwashing. - Solution When organizations carry about CSR missions in an inauthentic way, using them to increase publicity rather than to spur real change Define the term internal transparency - Solution Degree to which an organization operates with openness, communication, and accountability What steps can organizations take to encourage transparent practices? - Solution operating in such a way that it is easy for others to see the actions are performed. Why was Sarbanes-Oxley Act (SOX) passed? - Solution in response to several highly publicized corporate fraud cases Who is considered a whistleblower? - Solution those who tell the public or the authorities about alleged misconduct in a government department, private company, or organization. What is the role of the marketing department? What functions does the marketing department provide? - Solution promotes your business and drives sales of its products or services. It provides the necessary research to identify your target customers and other audiences. What is the role of the human resources (HR) department? What functions does the HR department provide? - Solution handle employee relations and training. is responsible for recruiting, screening, interviewing and placing workers. What functions does the research and development department provide? - Solution plays an integral role in the life cycle of a product. What are the duties of the accounting and finance department? - Solution handles accounts payable, accounts receivable, and payroll.

handles profit and loss statements, budget reports, and reports to investor and other stakeholders. What is the role of the Information technology (IT) department? What functions does the IT department provide? - Solution oversees the installation and maintenance of computer network systems within a company. Its primary function is to ensure that the network runs smoothly Define process management. - Solution The management initiative to design work processes so that they align with the organization's strategic goals Define relationship management. - Solution involves strategies that govern how an organization maintains relationships with an audience. Why is understanding the difference between process and relationship management important? - Solution Understanding the differences between process and relationship management are key in evaluating operative departmental functions as well as the people involved. What job titles are typically held by employees in a top management role? - Solution President CEO Executive Vice President What job titles are typically held by employees in a middle management role? - Solution Plant Manager Division Managers Department Manager What does an individual contributor use to contribute to a team? - Solution their personal skills What is a manager responsible for? - Solution responsible for a group of people, department, or specific tasks in a company What are the three categories of skills a manager must possess? Provide examples. - Solution Analysis: involve the ability to comprehend, visualize,

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? - Solution Executive Managers Which level of management needs the most human skills? - Solution Frontline Managers Define the term organizational culture. - Solution The 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? - Solution measuring an organization's cultural effectiveness. What is cultural diversity? - Solution The existence of a variety of cultural or ethnic groups within a workplace What are the 4 concepts that comprise the CVF model? - Solution Clan, Hierarchy, Market, Adhocracy What is cultural diversity? - Solution The existence of a variety of cultural or ethnic groups within a workplace What are the 4 concepts that comprise the CVF model? - Solution Clan Hierarchy Market Adhocracy What are the two axes of the CVF model? - Solution One 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. - Solution It 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. - Solution It tends to be internally focused on internal processes and procedures and less flexible (e.g., government agencies). Describe a market culture. - Solution It tends to be externally focused on competition and profits and less flexible (e.g., security companies). Describe an adhocracy culture. - Solution It 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? - Solution Mechanistic and Organic What is the McKinsey 7s Model? - Solution organizations 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? - Solution attraction, selection, and attrition What attracts an employee to join an organization? - Solution for it to be like themselves in terms of personality and values. What causes an employer to select a candidate? - Solution possess 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? - Solution Over 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?

• Solution Person-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. - Solution encompasses the feelings, thoughts, and behavioral patterns of a person. What are the big 5 personality traits (OCEAN)? - Solution Openness Conscientiousness Extraversion Agreeableness Neuroticism What are the key characteristics of openness? - Solution curious, original, creative, and open to new ideas. Which of the 4 CVF aligns with openness? - Solution Adhocracy What are the key characteristics of conscientiousness? - Solution organized, punctual, and dependable. Which of the 4 CVF aligns with conscientiousness? - Solution Hierarchy What are the key characteristics of extraversion? - Solution This refers to people who are outgoing, talkative, and sociable. Which of the 4 CVF aligns with extraversion? - Solution Market What are the key characteristics of agreeableness? - Solution tolerant, sensitive, trusting, and kind. Which of the 4 CVF aligns with agreeableness? - Solution Clan culture What are the key characteristics of neuroticism? - Solution anxious, irritable, and moody. Define the term cultural alignment. - Solution determined by the level in which the individual's personal traits align with the organizational culture. Define the term communication. - Solution Sharing understanding and meaning via oral, nonverbal, and written forms

Describe a organic organizational structure? - Solution characterized by fluidity and a wider span of control. They work best in unstable, complex, changing environments such as high-tech industries. What is required for effective communication? - Solution the message transmitted is interpreted by the receiver in the way it was intended by the sender. What are the benefits of good communication skills? - Solution help you understand others. What are the two parts of oral communication? - Solution combination of words and nonverbal communication What are the two parts of written communication? - Solution Verbal and non-verbal dimensions. The words are the verbal dimension, how you portray/display them is the non-verbal dimension-email/document/font. What is the role of nonverbal communication? - Solution Convey additional conscious or unconscious messages that help enhance communication. What is a communication channel? - Solution Means of passing information from sender to recipient, such as via face-to-face meeting or telephone call Which form of communication is considered the richest? - Solution Face-to- face meeting What factors should be considered when selecting a communication channel? - Solution The degree of formality. What is the main difference between personal and professional communication? - Solution Professional communication is more clear and concise than personal communication. Define the term communication style. - Solution Dominant way in which an individual interacts and exchanges information with others

What are the four types of communication styles? - Solution passive, aggressive, assertive, and passive-aggressive. Describe a passive communicator from a nonverbal perspective. - Solution they tend to be overly soft or shy and often look away. Describe an aggressive communicator from a nonverbal perspective. - Solution these individuals have a relaxed posture and smooth and relaxed movements. What is the difference between aggressive and assertive communication styles? - Solution aggressive communicators tend to be dismissive and suggests to others that their feelings do not matter while assertive communicators are direct but not insulting or offensive to others. What is the difference between passive-aggressive and passive communication styles? - Solution passive communicators tend to be hesitant to speak about their thoughts, beliefs, and opinions—even when they feel they are being wronged while passive-aggressive communicators tend to be passive but later aggressive by perhaps making negative or underhanded comments. What role do personal beliefs play in a person's communication style? - Solution shape the way in which individuals interpret messages and events. This in turn influences their behavior and communication style What is active listening? - Solution as giving full attention to what other people are saying, taking time to understand the points being made, asking questions as needed, and not interrupting at inappropriate times. What are the five rules for active listening? - Solution 1. Listen for message content.

2. Listen for feelings.
3. Respond to feelings.
4. Note all cues.
5. Paraphrase and restate. What is the purpose of supportive communication? - Solution seeks to preserve a positive relationship between both communicators while still addressing the problem at hand

Define emotional intelligence (EI). - Solution The 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? - Solution Self-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? - Solution Self- 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? - Solution by their behavior, how they react to their emotions in stressful situations. testing. What is the difference between EI and IQ? - Solution IQ 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? - Solution build 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? - Solution likely 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? - Solution demonstrate 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? - Solution have high emotional intelligence, as well as moral strength, grit, and courage to successfully and ethically lead organizations. What is moral identity? - Solution has to do with the extent to which people want to see themselves as ethical, caring people. Describe a mechanistic organizational structure? - Solution utilize 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? - Solution the 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? - Solution closely 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" - Solution utilizing 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. - Solution Self- 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 - Solution Meditation and Mindfulness, Self-Reflection; journaling, Feedback; behavioral event interviews, simulation feedback, surveys How is meditation different than mindfulness? - Solution Meditation: 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? - Solution Self 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. - Solution Behavioral 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. - Solution a 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. - Solution introducing 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

You can support others in their EI evolution by helping them develop what two competencies? - Solution Personal competencies relate to self- awareness, self-regulation, and motivation. Social competencies relate to developing empathy and social skills. Define leadership. - Solution an influence relationship between two or more people who depend on each other to attain certain mutual goals in a group situation. usually involves establishing and sharing a clear vision that others will follow and providing others with tools to realize that vision. How do leaders gain power? - Solution power is given to them by their followers due to their perceived knowledge, personality, and attractiveness, as well as the working relationship that has developed between the leaders and their followers. Define manager. - Solution an individual who is in a position of power and oversees a group of people or tasks. Managers are usually appointed to their role and focus on planning, organize, directing. How do managers gain power? - Solution appointed to their position of power. How can individuals exhibit leadership? - Solution by influencing, inspiring, mentoring, and motivating others Define locus of control. - Solution the extent to which individuals believe circumstances and responses are within their control. Define internal locus of control. - Solution People who believe they control their life Define external locus of control. - Solution people who attribute their success or failure to outside influences (such as luck, timing, or other people) What are the 7 core traits of successful leaders according to Edwin Lockert? - Solution drive motivation integrity

self-confidence cognitive ability business charisma Other than the 7 core traits of successful leaders according to Edwin Lockert, What traits of successful leaders have other studies shown? - Solution extraversion conscientiousness openness high self-esteem Identify two types of leader behaviors. - Solution Consideration refers to the relationship behaviors of a leader such as communication and respect. Initiating refers to the task-related behaviors of a leader such as planning, problem-solving, and scheduling. Define job-centered behaviors and provide an example. - Solution behaviors refer to supervisory functions such as planning, scheduling, coordinating work activities, and providing resources. Define employee-member centered behaviors and provide an example. - Solution focused on supporting employees; an example of this would be helping an employee who's struggling at work What are the five leadership styles identified in the Blake Mouton Leadership Grid? - Solution Accommodating Status Quo Sound Indifferent Controlling According to Blake & Mouton, what determines which leadership style a manager should use? - Solution organizational focus and level of concern for people versus the concern for production What does a status quo management style indicate according to the Blake & Mouton leadership grid? - Solution balance and compromise of concern for production and people. support team action , being involved within the company, and exploring alternative views.

What does an indifferent management style indicate according to Blake & Mouton's leadership grid? - Solution evade 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? - Solution direct 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? - Solution yield 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? - Solution Contribute and commit. supports team activity and invites involvement and commitment towards their team. Why is integrity an important quality for leaders? - Solution provide 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. - Solution the ability to influence the behavior of others to get what you want. Define influence tactics. - Solution the way individuals attempt to influence one another in organizations. Define rational persuasion. - Solution the 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. - Solution result 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? - Solution Legitimate, Reward, Expert, Informational, Coercive, and Referent powers. Where does legitimate power come from? - Solution one's organizational role or position , given by election, appointment, or hiring. What is reward power? - Solution the ability gained by an exchange for job performance. (employee takes action; employer gives positive) Provide an example of coercive power. - Solution Someone being fired from a job after not showing up for work. How is reward power different than coercive power? - Solution Reward 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. - Solution based 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? - Solution Information 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. - Solution Empathize: 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? - Solution Laissez-Faire aligns more closely to the design thinking model.

Define the term leadership style. - Solution a manner or approach of providing direction, implementing plans, and motivating people. What does a leader with a people-oriented style focus on? - Solution concerned with workplace relationships. The leader emphasizes interpersonal relations and employee cooperation. What does a leader with a task-oriented style focus on? - Solution on the technical or task aspects of the job. Describe the term autocratic style of leadership. - Solution keeps close control over subordinates and does not seek much input from others When is an autocratic style of leadership effective? - Solution effective for quick decision-making Describe the term participative or democratic style of leadership. - Solution seeks input from subordinates What does a participative leader value? - Solution individual interests and perspectives while also contributing to team cohesion. Describe the term laissez-faire style of leadership. - Solution A largely "hands-off" leadership style that provides considerable freedom to subordinates How are polices and methods created under a laissez-faire style of leadership? - Solution manager 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? - Solution derived 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? - Solution the 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

motivation for the follower. Without this, the follower will not want to do what the leader desires. What is transformational leadership committed to changing? - Solution the desires of the follower so they match the desires of the leader. If the leader can transform followers' wants so they share the leader's vision and desires, they will have a greater source of motivation to pursue that vision and goal. What are the 4 tools transformational leadership can use? - Solution Idealized influence, Inspirational motivation Intellectual stimulation Individualized consideration Define idealized influence. - Solution A leader models behaviors and attitudes that subordinates choose to emulate Define inspirational motivation. - Solution A leader inspires a passionate vision among subordinates or the organization itself Define intellectual stimulation. - Solution A leader recognizes the intellect of subordinates and empowers them to contribute toward the success or vision of the organization. Define individualized consideration. - Solution A leader takes the time to learn about the talents of each individual and puts them to good use Define the term situational leadership. - Solution To be most effective and successful, a leader must be able to adapt their style and approach to diverse circumstances. Describe a selling leadership style. - Solution Leaders are still the decision- makers, but they communicate and work to persuade employees rather than simply direct them. Describe a telling leadership style. - Solution This is a directive and authoritative approach. The leader makes decisions and tells employees what to do.

Describe a delegating leadership style. - Solution The leader assigns decision-making responsibility to team members but oversees their work. Describe a participating leadership style. - Solution Leaders work with team members to make decisions together. They support and encourage them and are more participatory. Which situational leadership style should be used when followers have low competence and low commitment? - Solution Telling Which situational leadership style should be used when followers have low competence and high commitment? - Solution Selling Which situational leadership style should be used when followers have high competence but low commitment and confidence? - Solution Participating Which situational leadership style should be used when followers have high competence and high commitment and confidence? - Solution Delegation Under situational leadership, what determines which style should be used?

• Solution Maturity level or level of preparedness What determines the appropriate leadership style a manager should use? - Solution you must change your styles based on the situation and the individual involved. In what situations does autocratic leadership work best? - Solution Employees have high role ambiguity. Employees have low abilities. Employees have low intrinsic motivation. There is little time for group decision making. In what situations does participative leadership work best? - Solution Employees have high abilities. Employees have high intrinsic motivation. The decision is relevant to employees. The decisions impact a large number of people. In what situations does laissez-faire leadership work best? - Solution Employees have high abilities. This is found In creative fields where the team values its freedom. Employees have high achievement motivation.