D072 FUNDAMENTALS FOR SUCCESS IN BUSINESS STUDY QUESTIONS WITH ANSWER ALL 100 % CORRECT 20, Exams of Business Ethics

Download D072 FUNDAMENTALS FOR SUCCESS IN BUSINESS STUDY QUESTIONS WITH ANSWER ALL 100 % CORRECT 20 and more Exams Business Ethics in PDF only on Docsity! D072 FUNDAMENTALS FOR SUCCESS IN BUSINESS STUDY QUESTIONS WITH ANSWER ALL 100 % CORRECT 2024-2025 LATEST UPDATED GRADED A+. Distinguish between personal and organizational ethics - AnswPersonal ethics refers to the ethics a person identifies with, which guides how they interact with others daily. Organizational ethics focuses on rules, principles and standards in respect to the business' activities Identify how ethics impact outcomes in organizations - Answ· Organizations tainted by questionable ethics suffer by a decline in their consumer base, increase employee turnover, and mistrust from their investor's. · Setting an unrealistic goal can lead to the compromise of ethics and standards. (These tend to happen when the desire for profit outweighs ethical decision-making.) · Organizations who practices good ethical behavior are more likely to flourish and are trusted by their stakeholders. Example of personal ethics - AnswSpeaking the truth, respecting elders, and never purposely hurt others Example of professional ethics - AnswBeing punctual, refraining from gossip, and having good time management Provide an example of when personal and professional ethics may conflict - AnswUnder the 'Code of Conduct,' police officers are obligated to enforce and uphold the law even if they don't agree with it. Police may believe smoking marijuana is ethically wrong, but by law, smoking marijuana is legal. Where does an organization's ethics tend to start? - AnswOrganization's ethics tend to start (or fail) from the top (management) then trickle down. What are the 4 main ethical issues and their roles within organizations? - Answ1. Societal Issues- Relates to society and getting involve in societal issues out of care and concern. 2. Stakeholder Issues- Anyone affected by the company's actions (consumers, employees, suppliers, and people within the community). 3. Internal issues- Relates to relationship between organization and its employees (fairness in management, pay, and employee participation). 4. Personal Issues- Deals with how employees treat each other (gossiping, taking credit for someone else's work). Example of a high/low level of organizational ethic - AnswGood: Sharing credit with co-workers and treating subordinates with respect demonstrates high level of organizational ethics. Bad: Treating others unfairly, showing preferences within the workplace is a low level of organizational ethics. What are some benefits to an organization that practices high ethics? - AnswOrganizations with high ethics benefit from the trust of their stakeholders and has a competitive advantage in the marketplace. Define Corporate Social Responsibility (CSR) - AnswCSR is when an organization voluntarily engages in issues that are affecting the environment, community or society at large What is the importance of CSR in the organization and in the community? - AnswCSR is important in the organization because · It's beneficial to both the organization and its stakeholders. It creates long- term profits and shareholder's trust for the organization. · Attract consumers who share the same values. · Increases organization's brand image (awareness) /creates a better image · Creates an advantage over competitors. CSR is important in the community because · Organization is gives back to the community (food bank/ school supplies giveaways, charities/donations, scholarships). · Ability to influence organization's economic practices. Compare corporate ethical commitments with reality of how the commitments are acted out in accordance with commitments, or in discord What are the 3 major skills managers should have to manage effectively and accomplish goals? - Answ1. Technical skills- understanding everyday challenges, proposing solutions, representing the team, redesigning procedures, having a firm grasp of the tools and procedures, and techniques imperative to the department. 2. Communication skills- able to listen and understand employee's issues, motivational factors, and their team's group dynamics, and establishing cordial working relationship with people. 3. Analysis skills- able to understand, visualize, and analyze abstract knowledge and concepts; change direction; and improve organizational performance. Explain the Competing Values Framework (CVF) - Answthe framework use for evaluating the effectiveness of the culture and dynamics of an organization. CVF identifies the underlying dimensions of an organization, which is whether an organization's culture is externally /internally focused, and if it functions better as a stable, controlled environment or in a flexible, changing environment What are the four main quadrants of the CVF? - AnswClan- It tends to be more family oriented and flexible, and less structured, and has a more extensive hierarchy (e.g., small start-up business). Hierarchy- It tends to be internally focused on internal processes and procedures and less flexible (e.g., government agencies). Market- It tends to be externally focused on competition and profits and less flexible (e.g., security companies). Adhocracy- 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). Explain cultural diversity and how it impacts organizations - AnswCultural diversity is the variety of different ethnic groups within a workplace. This is important in organizations because it comes with benefits such as, cost advantages, improved resource acquisition, greater market ability, system flexibility, enhanced innovations and creativity, better problem solving and makes businesses more competitive and profitable. Cultural diversity also comes with challenges including effectively managing employees with different attitudes, beliefs and values. Cultural diversity helps organizations run best when aligned with specific business strategy. What is the Hofstede Model? - AnswHofstede Model of national culture outlines different cultural dimensions of organizational culture. The dimensions include whether an organization's culture is individualism versus collectivism, power distance, avoidance of uncertainty, masculinity, long-term orientation, and indulgence v restraint. This is critical because managers need to have a basic understanding of international cultures as they can have a direct impact in organizational culture and business relationships. What is Organizational Culture and why does it matter? - AnswOrganizational culture is a system of shared assumptions, values, and beliefs of how employees behave within the organizations. (formal/casual attire, how to address management, company values) Organizational culture matters because it can be the company's strongest asset or biggest liability. This goes back to how ethics impact organization. What is Organizational Structure? - AnswOrganizational structure is the framework of the implemented culture where the culture dictates how the company should be structured. Organizational structures and systems are traditionally classified as either mechanistic or organic. define the difference between mechanistic and organic organizational structure - AnswMechanistic organizational structures utilize traditional top- down hierarchy and rigid departmentalization and are best suited to stable environments that contain low uncertainty, such as government agencies. Organic organizational structures are characterized by fluidity and a wider span of control. They work best in unstable, complex, changing environments such as high-tech industries. What is McKinsey 7-S Model? - AnswA model that analyzes the seven key internal aspects of an organization that need to be aligned if it is to achieve its objectives and improve performance. Seven key internal aspects include, strategy, structure, systems, skills, staff, and style, which all revolve around -and are interconnected with the organizational culture (shared values). What is the Attraction-Selection-Attrition Model (A-S-A)? - AnswThe A-S-A is a theory that outlines how employees join and leave organizations, based on three interrelated dynamic processes: · Attraction- Individuals are attracted to an organization which are like themselves in terms of personality and values. · Selection- Organizations are more likely to select those who possess the skills and values like the ones their existing members possess. · Attrition- Those who do not fit into an organization are more likely to leave. Explain how personal values fit within various types of organizations - AnswPersonal values fit is assessing whether an organization suits a person who shares the same values and beliefs or not. For example, a person may want to join a company that encourages women empowerment because that is what he/she also values. Another example, a person may join a company that is fast-paced, competitive because it matches with their personality What are the five personality traits? - Answ1. Openness- Inventive/curious vs. consistent/cautious. 2. Conscientiousness- Efficient/organized vs. easy-going/careless 3. Extraversion- Outgoing/energetic vs. solitary/reserved 4. Agreeableness- Friendly/compassionate vs. cold/unkind 5. Neuroticism- Sensitive/nervous vs. secure/confident Explain the differences among various means of communication - AnswThere are 3 various means of communication: 1. Oral Communication- The process of sharing information through spoken words. 2. Written Communication- The process of sharing information in written form. 3. Non-verbal Communication- Transmitting information without the use of spoken or written words. What is effective communication and why is it important to an organization? - AnswEffective communication is when a message is shared and interpreted accurately by the recipient. This type of communication is essential to an organization because it helps employees collaborate, establish common goals, strengthen relationships and achieve consensus. List the main functions of communication within an organization - AnswThe 3 main functions of communication are Coordination, Transmission of information, Sharing of emotions and feelings. All these functions are vital 5. Be specific, not global. 6. Communicate in conjunctive style. 7. Take responsibility for your words. 8. Listen actively What are the four areas of Emotional Intelligence? - AnswSelf awareness, self management, social awareness, relationship management What are the five principles of Emotional Intelligence? - AnswSelf- Awareness: This involves being attuned to your inner preferences, values, beliefs, and resources. It means being authentic about your emotional state and guiding vision. Self-Regulation: This involves being able to manage your internal state. This includes demonstrating self-control, transparency, and adaptability. Motivation: This involves the ability to understand the emotional tendencies that impact your capacity to reach personal goals. Empathy: This involves being attuned to the emotional signals of others and being able to relate and respond appropriately. Social Skills: This involves a broad range of behaviors related to managing relationships and responding to the emotions of others. What are some traits associated with people with High EI? - AnswAssertive, ambitious, driving, strong-willed, decisive, warm, entertaining, persuasive, patient, stable, predictable, good listeners, consistent How can EI be beneficial in the workplace and your personal life? - AnswEI can help you deal effectively with difficult people and situations. If you work with people who you do not like, you can use EI to learn to get along with them. If you can identify your emotions, you can learn to control them. EI enables people to build relationships, relate to others in social situations, lead, negotiate conflict, and work as part of a team. It also allows people to recognize and understand their emotions and their reactions to others' emotions. Leaders and professionals who can demonstrate higher EQ are more likely to be successful in the workplace in the areas of diversity and inclusion, employee engagement, and emerging technology. What is the difference between EI and IQ? - AnswEI is the ability to recognize, understand and manage our own emotions. Recognize, understand and influence the emotions of others. IQ is a number indicating a person's relative level of intelligence: it is the mental age (as shown by intelligence tests) How can having high EI affect making ethical decisions? - AnswOne aspect of emotional intelligence is moral identity, which has to do with the extent to which people want to see themselves as ethical, caring people. People with a strong moral identity are more considerate of others and are also significantly more considerate if they are also good at regulating their emotions Jaden spends 15 - 20 minutes each night writing down his thoughts on self- improvement, and how and why he acts a certain way. What technique for improving EI is this? (meditation, journaling, feedback) - AnswJournaling As part of their employee training, Lisa and Jerome are role playing in some challenging EI situations. Their trainer/coach will provide feedback on what went well and where improvements are needed. What EQ assessment tool is this? (behavioral event interviews, simulation feedback surveys) - Answsimulation feedback Figuring out when to talk and when to listen requires social skills. Active listening should be outwardly focused, with an ____________ listening-to- speaking ratio - Answ80/20 You witness an incident where you see someone display a low EI behavior. Later that day, you visit the person to transparently discuss it. This demonstrates what strategy for developing EI? (Incident debrief, Introduce coaching prorams, Use emotional labels and language when speaking) - Answincident debrief A manager is meeting with an employee to provide coworkers' feedback on the employee's interpersonal skills. During the meeting, the manager and employee discuss a plan to improve the employee's EI in the workplace. Which method is the manager using to share EI? (Incident debrief, Introduce coaching prorams, Use emotional labels and language when speaking) - Answproviding coaching programs ____________ inspire primarily through intrinsic processes such as internal inspiration, while ______________ motivate primarily through external rewards and punishments. (Leaders, managers; Managers, leaders) - Answleaders, managers What are six qualities that a leader may possess? - AnswIntegrity, intelligence, extraversion, consientious, open to experience, self-esteem Lady Gaga is a famous singer and song writer who is respected by her peers in the industry. Lady Gaga has what type of power? (Legitimate, reward, coercive, referent) - Answreferent The supervisor who provides employees comp time when they meet an objective she sets for a project is exhibiting what type of power? (Expert, reward, coercive, legitimate) - Answreward What are the six steps in design thinking? - Answ1. Empathize—Research your users' needs 2. Define - State your users' needs and problems 3. Ideate - Challenge assumptions and create ideas 4. Prototype - Start to create solutions 5. Test - Try out your solutions 6. Implement - Introduce your idea to markets Jamie's manager routinely asks her team for their input in business decisions. Her manager also motivates her team with positive feedback and training, sets clear goals, sets high standards, and very much appreciates the team's work. In fact her manager encourages her team to look for ways to challenge themselves and perform at their highest potential. What type of leadership does this exemplify? (Autocratic, participative, transformational, laissez-faire) - Answtransformational Linda recognizes that her subordinate, Kate, is very knowledgeable about using spreadsheets. Linda empowers Kate to create and manage all the company's accounting and financial documents based on this. What type of transformational leadership tool is being demonstrated? (Idealized influence, Inspirational motivation, Intellectual stimulation, Individualized consideration) - Answintellectual stimulation To be most effective and successful, a leader must be able to adapt his or her style and approach to diverse circumstances. This includes balancing organization towards its vision statement. What is this employee's management role in the organization? Top Mentor Middle Front line - AnswFront line A person that is high in sociability and friendliness is required for a sales job. Which component of personality should be high in the ideal candidate? Openness Neuroticism Extraversion Conscientiousness - AnswExtraversion Which organizational culture is best suited for an individual who is high in conscientiousness? Clan Market Hierarchy Adhocracy - AnswHierarchy Which individual characteristic should a company search for in new hires in order to avoid an additional screening process to prevent potential person- culture mismatch? High GPA Well accomplished Recommended by current employees Widely connected to the community - AnswRecommended by current employees Which force is defined as the natural proficiency at doing something and complements emotional intelligence in helping individuals collaborate effectively in the workplace? Skill Ability Knowledge Personality - AnswAbility A leader with high emotional intelligence is looking to capitalize on this trait while working with social media. How would the leader do so? Use social media as a tool to connect multiple stakeholders Use forms of social media with which the leader is most comfortable Use social media as the preferred tool for generating new customers Use social media as the preferred method for communicating with employees - AnswUse social media as a tool to connect multiple stakeholders A supervisor conducts a 90-day evaluation with a new employee. It is recommended that the new employee take more initiative to complete tasks and to persevere, even on the most challenging days. Which technique is the new employee being encouraged to display? Empathy Motivation Self-regulation Self-awareness - AnswMotivation An individual understands a project's goal, selects a group of employees who can work on the task, and encourages the team to begin work towards the desired result. The individual has the knowledge and personality to get the work accomplished successfully.Which behavior does this individual exemplify? Control Managing Leadership Counseling - AnswLeadership A manger was promoted to a new position the previous year but had never been fully accepted by the staff in the department. Over time, the manager made decisions that gained the respect of the employees and was finally accepted as the leader of the department. Which type of power did this manager gain after a period of time in this department? Referent Legitimate Reward Coercive - AnswReferent An employee who has worked at the company for 15 years was recently appointed as chief executive officer (CEO).Which type of power has the employee gained? Expert Reward Referent Legitimate - AnswLegitimate What is a positive outcome of employees working under a manager with a participative leadership style? High extrinsic rewards Clear role expectations High levels of motivation Specific directions from a manager - AnswHigh levels of motivation - Answ individualism - Answthe degree to which a society focuses on the relationship of the individual to the group collectivism - Answthe degree to which a society focuses on the relationship of the group as a whole high individualism (low collectivism) - Answindividuals are valued for their achievements and are rewarded and recognized for such achievements low individualism (high collectivism) - Answpeople are seen as being apart of a wider group, known as the in-group. the in-group includes family, team or social class, and how the individuals relate to such wider groups is seen as important to their success. in other words, people's success is gauged by how others in their groups view and support them uncertainty avoidance - Answthe degree to which people in a society are comfortable with risk, uncertainty, and unpredictable solutions. people in high _____ societies tend to want to avoid uncertainty and unpredictability, so work environments in such countries try to provide stability and certainty through clear rules and instructions. societies with low _______ are comfortable with risk, change and unpredictability, in these societies, risky and ambiguous situations are less likely to upset people. masculinity - Answthe degree to which a society emphasizes traditional masculine qualities such as advancement and earnings. in high _______ d) Enhanced accounting accuracy - Answb) Increased chances of employment A supervisor asks an employee to stay late to complete a personal task for the supervisor. When asked if the employee is willing to stay, the employee says, "I will do whatever you tell me to do," even though the employee is uncomfortable with the request. Which communication style is the employee displaying? a) Passive b) Passive-aggressive c) Aggressive d) Assertive - Answa) passive Which aspect of effective oral communication is important to remember? a) Choosing the most effective medium to communicate the message b) Managing the time lapse involved with the receiver's interpretation and response c) Removing the focus on the non-verbal dimension of communication d) Paying particular attention to body language and gestures - Answd) paying particular attention to body language and gestures Which channel of communication is classified as being lean? a) Face-to-face meetings b) Online meetings c) Emails d) Video conferences - Answc) emails In a departmental meeting, a manager tends to be hyper-critical of the input from one individual. Which barrier to communication is being demonstrated by this manager? a) Selective perception b) Filtering c) Semantics d) Information overload - Answa) selective perception What is a barrier to effective communication? a) Topic b) Consent c) Credibility d) Time - Answc) credibility Employee A is talking to Employee B. When asked about a supervisor's adult child who has just joined the organization, Employee A states, "The apple doesn't fall far from the tree." Employee B indicates that they do not understand this comment. Which communication barrier is present? a) Denotation-correction b) Credibility c) Selective perception d) Information overload - Answa) denotation-correction In an effort to develop the emotional intelligence of senior managers within their company, human resources is providing training to help the managers correctly understand a situation and respond with the appropriate emotions. Which element of emotional intelligence is the focus of this training? a) Social awareness b) Relationship management c) Self-awareness d) Self-management - Answc) self-awareness In an effort to develop the emotional intelligence of sales staff within a company, human resources is providing training to help the sales staff better understand and focus on the needs and feelings of others. Which element of emotional intelligence is the focus of this training? a) Social awareness b) Self-awareness c) Relationship management d) Self-management - Answa) social awareness A new technology company wants to identify a factor that will enhance the ability of their employees to be happier and more productive. Specifically, they want their employees to build relationships and relate well to other people in a way that will help lead to greater overall well-being and a more balanced life. Which factor is being identified? a) Expert power b) Organizational ethics c) Emotional intelligence d) Autocratic leadership - Answc) emotional intelligence As part of a company's corporate goals to improve the communities in which they work, it hopes to connect to its employees' desire to see themselves as ethical, caring people. Which aspect of emotional intelligence does this highlight? a) Social awareness b) Relationship management c) Self-awareness d) Moral identity - Answd) moral identity A company wants to ensure they have ethical leaders who are willing to take risks to do the right thing, even when it is not convenient. They are hoping these leaders will be able to face challenges within the firm and in the marketplace, even if there is reason to be reluctant to face them. Which leadership quality is the company seeking? a) Loyal b) Social awareness c) Courage d) Relationship management - Answc) courage Which practice should be used to improve emotional intelligence and increase effectiveness in the workplace? a) Seeking to work individually as often as possible b) Promoting one's preferred communication medium c) Respecting others' boundaries d) Hiring others similar to oneself - Answc) respecting others' boundaries Which quality must leaders possess to lead organizations in an ethical and emotionally intelligent manner? a) Organizational seniority b) Moral strength c) Relationship management skills d) Strong technical experience - Answb) Moral strength Which component of emotional intelligence deals with the ability to empathize and understand how others feel? a) Self-awareness b) Social awareness c) Self-management d) Relationship management - Answb) social awareness b) Integrity c) Consideration d) Initiation - Answc) Consideration The COO seeks to identify an employee who represents the Vietnamese culture to create influence in that community for Sure Start. Which base of power is Sure Start trying to identify? a) Expert b) Referent c) Legitimate d) Coercive - Answb) Referent The CFO asks employees to prioritize their goals for budgeting and is working with the accounting and finance managers to implement this. What base of power is he looking for when working with these managers? a) Expert b) Legitimate c) Coercive d) Referent - Answb) Legitimate The CMO is engaging stakeholders in the corporate branding so that it works across multiple continents, cultures, and languages. The group is generating ideas for the branding. Which step of the design thinking process has Sure Start started? a) Define b) Test c) Implement d) Ideate - Answd) Ideate A major corporation's new office in South America follows a leadership style in which decision-making is almost entirely delegated to others with little direction from senior management. Which leadership style is management using in this location? a) Participative b) Autocratic c) Laissez-faire d) Task-oriented - Answc) Laissez-faire A major corporation's office in Asia follows a leadership style in which the senior managers share the decision-making with the leadership team. Which leadership style is being used in this location? a) Laissez-faire b) Task-oriented c) Participative d) Autocratic - Answc) Participative An executive is concerned that the current leadership style in their international offices inhibits creativity. Which leadership style is of concern? a) Laissez-faire b) Participative c) Autocratic d) Democratic - Answc) Autocratic A manager presents facts and data to encourage the staff to make an exceptionally difficult change to company procedures. The staff reluctantly agrees to the change based on the provided information. Which influence tactic was used by this manager? a) Rational persuasion b) Manipulation strategies c) Inspirational appeals d) Coercion tactics - Answa) Rational persuasion Which step of the design thinking process introduces the product or idea to the market? a) Test b) Ideate c) Implement d) Prototype - Answc) Implement What is the correct order of the six stages of the design thinking process? a) Define, empathize, ideate, prototype, test, implement b) Empathize, define, ideate, prototype, test, implement c) Empathize, define, ideate, test, prototype, implement d) Ideate, empathize, define, prototype, test, implement - Answb) Empathize, define, ideate, prototype, test, implement Prior to bringing a product to market, a project manager uses production controls to ensure the system can make the item to the expected specifications. Which stage in the design thinking process is being used during this task? a) Implement b) Test c) Ideate d) Prototype - Answb) test Which tool of transformational leadership does a leader use to recognize the cognitive abilities of subordinates and empower them towards a positive organizational contribution? a) Idealized influence b) Inspirational motivation c) Individualized consideration d) Intellectual stimulation - Answd) intellectual stimulation Which level of follower maturity is being depicted by employees when the leader can trust the employees to make decisions independently and carry out organizational plans? a) Low competence and high commitment b) High competence and low commitment c) Low competence and low commitment d) High competence and high commitment - Answd) High competence and high commitment Which leadership style only works in circumstances where employees are independent and highly skilled? a) Laissez-faire b) Participative c) Autocratic d) Task-oriented - Answa) laissez-faire