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Q:
How can integrity and financial success be related? Use the Home Grown Farm as an example to strengthen the argument.
Q:
What are some important social responsibilities of small businesses?
Q:
Describe the five fundamental principles that an ethics policy should address.
Q:
Explain how integrity applies to various stakeholder groups, including owners, customers, employees, the community and the government.
Q:
Using examples discussed in the book, discuss how sustainability has resulted in different goals for small businesses.
Q:
Discuss the relationship between profits and social responsibility in the small firm.
Q:
Describe PRO factors and how these factors relate to customers.
Q:
List the six-step decision making process in order and comment on each of the steps in resolving ethical issues.
Q:
Official standards of employee behavior formulated by a business owner
Q:
A profitable company that responds to customers needs while showing reasonable concern for the environment
Q:
Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights
Q:
The effort to protect and preserve the environment
Q:
Individuals or groups who either can affect or are affected by the performance of the company
Q:
A general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances
Q:
The belief that the ethical standards of ones own country can be applied universally
Q:
Beliefs that provide a foundation for ethical behavior in a firm
Q:
A companys ethical obligations to the community
Q:
The belief that ethical standards are subject to local interpretation
Q:
Sales people are often asked to walk a fine line between _________ and ____________.
a. code of ethics
b. environmentalism
c. ethical imperialism
d. ethical relativism
e. integrity
f. intellectual property
g. social responsibilities
h. skimming
i. stakeholders
j. sustainable small business
k. underlying values
Q:
Franco treats his customers with respect. He is always truthful, even if it means losing a sale. He uses high quality materials and careful craftsmanship. If he cant meet a customers deadline, he says so. His customers appreciate his integrity, which has helped to build ________ between them and Franco.
Q:
Tyrone gives 1% of the profits of his company to local organizations like the Little League and the Boys and Girls Club. In this way, Tyrone is fulfilling his _________ ______________.
Q:
The Rotary Club International calls on its members, when making a business decision, to ask themselves the following questions:
Q:
Among the many __________ of any small business are owners, employees, and customers.
Q:
Companies that use renewable resources, reduce emissions of harmful chemicals into the environment, and help other firms reduce their waste have taken advantage of ______ _____________.
Q:
Owners, customers, and employees are considered to be the _________ ____________ of a business.
Q:
Malcolm is careful to share with his employees information about customer orders, financial performance, and quality concerns. Malcolm is exercising _________ __________.
Q:
The triple bottom line sought by the social entrepreneur includes three outcomes of interest: people, profits, and ___________.
Q:
When her employees review a situation, they sometimes ask themselves, What would Marcella do in this situation? They know her __________ ____________ have helped to build the business on a foundation of integrity and serve as a guide for their own decisions.
Q:
Successful entrepreneur Karl Eller noted the crucial role of ________ to achievement in business.
Q:
Sometimes Vincent doesnt have enough cash on hand to send in the monthly taxes withheld from his employees paychecks. This could be the result of a single-minded focus on production or because of a casual ____________ ___________.
Q:
Entrepreneurs should think carefully about their community commitments because charitable acts may be a _________ to the organization.
Q:
Small businesses are learning that sustainable business practices can hold down _________, attract _________, and generate value for ___________.
Q:
As her business grew, Gretchen could not spend as much time individually with her employees. She wanted to make sure her values and beliefs permeated the entire organization so she prepared a ____ __ ______ for distribution to all her employees so everyone could follow the same guiding principles.
Q:
William wants everyone to think his business is growing faster than it actually is so he built an impressive website with an exaggerated company history. His efforts to mislead are known as ____________ ______.
Q:
Carlos understands that cultures develop different standards and practices that govern how business is conducted. He is careful to observe local customs when he interacts with foreign companies. Carlos is practicing ___________ _____________.
Q:
Suppliers, creditors, and the community are examples of ______________ of a business.
Q:
Millicent, founder of a small company that markets baked goods made from organic ingredients, emphasis honesty in all transactions. In this respect, Millicent acts with ____________.
Q:
Richard believes the United States is the greatest nation on earth and that all other countries should subscribe to our system of democracy and human rights. Therefore, he expects his overseas sales reps to follow American business practices. This is an example of _________ _____________.
Q:
Ralph has vending machines on his business property for the convenience of his employees. He reports on his income tax form only half the cash collected by these machines. The rest is hidden Ralphs personal account. This practice is an example of ___________.
Q:
Entrepreneurs would do well to remember that customers who have questions about the ________ ____________ (products, representatives, or the organization) are less likely to make purchases.
Q:
PQR Company promotes its practice of using only recycled and recyclable materials in its products. In the customer waiting area, recycle bins are available for plastic, glass, and aluminum drink containers. PQR is riding the wave of _____________, a concern for the protection of nature.
Q:
Milton Friedman believed the only ________ ____________ of a business is to make a profit while operating within the rules of the game.
Q:
Rhoda, the bookkeeper for a small company, has been diverting company funds into her personal bank account. Rhoda is engaging in ____________.
Q:
Waverly Corporation ensures the temperature of water released back into the river is the same temperature as water drawn from the river for its production needs. It does the same for its exhausted air. Its products are made with a minimal environmental impact and it has won many awards in its industry. Waverly Corporation is an example of a __________ ______ ________.
Q:
The purpose of the ___________ _________ _________ is to promote ethical conduct on the part of all businesses in a region.
Q:
Refusing to pay a bribe even though it is a common practice in the country one is doing business in is an example of:
a. cultural relativism
b. social entrepreneurship
c. integrity
d. sustainability
Enter the appropriate word(s) to complete the statement.
Q:
Giving the impression a business is something it is not
a. is ingenious and resourceful. b. is illegal.
c. is acceptable so long as no one is hurt by the transactions. d. is a way to manipulate customers.
Q:
When Evelyn hired a new sales manager, she issued a press release emphasizing the new hires education and industry experience because:
a. she wanted to introduce the sales manager to the community. b. this was her first new hire and she wanted everyone to know her business was expanding.
c. She had stolen the sales manager from a competitor and wanted to gloat publicly. d. she wanted to bolster the sales managers credibility.
Q:
Abner sometimes shorts the customer when weighing out bulk merchandise, believing the practice leads to higher profits so it is acceptable. We could infer that
a. Abner lacks integrity. b. Abner is not an entrepreneur.
c. Abner cheats on his taxes. d. Abner is skimming.
Q:
Many types of socially responsible actions can be consistent with a firms long-term profit resulting in some degree of _____ being earned by such behavior.
a. money
b. respect
c. goodwill
d. management expertise
Q:
Because a firm has considerable discretion in reporting performance results, financial reports can sometimes be _____ without technically being illegal.
a. inaccurate
b. misleading
c. unreliable
d. bellicose
Q:
An effective way for an entrepreneur to establish legitimacy is:
a. to hire experienced employees from competitors. b. to insist on professional behavior from all customer-contact employees.
c. to communicate the companys mission clearly and frequently. d. to out-perform the competition by underbidding and over-promising.
Q:
Members of a community will react _____ to a business they trust.
a. negatively
b. positively
c. indifferently
d. indecisively
Q:
Ethical issues
a. seldom involve legal issues.
b. are questions of right and wrong.
c. are always clearly defined.
d. often resolve themselves.
Q:
Karl Eller reports in his book, Integrity Is All Youve Got, which of the following characterizes entrepreneurial businesses with integrity?
a. The entrepreneur with integrity gives the company a competitive edge.
b. The management of these companies understand the bottom line so that is still their singular focus.
c. For the most part, founders with integrity are stressed to balance growing the business and following their principles.
d. A solid financial performance needs to be achieved so that customers will know about the companys integrity.
Q:
A person understating income or claiming personal expenses as business expenses is guilty of _____.
a. bait and switch
b. skimming
c. scaling
d. relativism
Q:
The price of integrity is high, but the potential payoff is incalculable because it is impossible to compute
a. the price of a clear conscience.
b. the cost of environmental destruction.
c. the value of ethical imperialism.
d. the profit margin on good deeds.
Q:
Annabelle often shops for clothing and household goods online while at work. Which of the following best describes this situation?
a. Abusive behavior b. Lying to employees
c. Improper use of company resources d. Inappropriate Internet use at work
Q:
An ethical business not only treats customers and employees honestly, but also acts as a good citizen in the community. These broader obligations of citizenship are called
a. community commitment.
b. philanthropy.
c. environmentalism.
d. social responsibilities.
Q:
PRO factors include
a. products, resources, and outputs. b. products, representatives, and organizations
c. people, resources, and outputs. d. performance, relationships, and options.
Q:
In order to make an ethical decision, the key to problem definition is to
a. go with the obvious solution.
b. look at the surface of the problem.
c. find the most cost effective solution.
d. identify the root of the problem.
Q:
The saying When in Rome, do as the Romans do reflects a philosophy of _____.
a. ethical insensitivity
b. ethical elitism
c. ethical imperialism
d. ethical relativism
Q:
A firms employees would be considered __________________ in the business.
a. investors b. stakeholders
c. customers d. stockholders
Q:
Perhaps the greatest benefit of integrity in business is the _____ it generates.
a. trust
b. profit
c. reputation
d. sales
Q:
Of all the possible stakeholders, the three primary ones are
a. the government, the community, and the customers. b. the customers, the employees, and the owners.
c. the creditors, the investors, and the employees. d. the suppliers, the customers, and society at large.
Q:
The application of U.S. standards to ethical issues that are clouded by cultural differences abroad is sometimes categorized as _____.
a. overly idealistic.
b. ethical imperialism.
c. USA arrogance.
d. situation ethics.
Q:
Entrepreneurs often come up short on their tax commitments because of a single-minded focus on their product or service and/or _____.
a. casual accounting systems
b. low-cost accounting software
c. incompetent in-house accountant
d. cash-basis accounting systems
Q:
U.S. Government assistance is available to lead the entrepreneur in compliance with environmental law through the
a. Small Business Administration.
b. Department of Energy.
c. Department of Commerce.
d. Interior Department.
Q:
An example of an employee acting unethically towards his or her employer is:
a. Taking a vacation
b. Taking unjustified sick leave
c. Working overtime
d. Taking a 15 minute break
Q:
Providing inaccurate or misleading financial information to stakeholders can:
a. damage critical relationships. b. reduce profits.
c. increase profits. d. enhance critical relationships.
Q:
When evaluating alternatives, the entrepreneur will select one that is truthful, beneficial to all parties, fair, and
a. exploitable. b. publishable
c. profitable d. repeatable.
Q:
In drawing up a code of ethics, a small business owner should adopt a code
a. provided by the Ethics Resource Center of Washington, D.C.
b. that outlines ethical principles and gives examples.
c. that outlines ethical principles but avoids examples.
d. suggested by the Better Business Bureau.
Q:
Naked Sports Gears dedication to its customers, employees, and the environment is an example of:
a. a sustainable small business. b. ethical relativism.
c. social entrepreneurship. d. ethical imperialism.
Q:
The purpose of the Better Business Bureau is:
a. to provide an outlet for customer complaints about a business. b. to promote ethical conduct on the part of all businesses in a region.
c. to report relevant information to law enforcement agencies. d. to impose penalties on companies that engage in unethical business practices.
Q:
After issues related to customers and competitors, the second most common category of ethical issues that challenge small businesses is concerned with
a. the treatment of employees.
b. international relations.
c. public relations.
d. harmful production processes.
Q:
When a company delivers an excellent product with excellent service, ______________ are likely to follow.
a. profits and a good reputation b. customer satisfaction and profits
c. healthy sales and profits d. customer satisfaction and healthy sales
Q:
An eBay retailer selling counterfeit Gucci and Louis Vuitton handbags is in violation of laws related to
a. Internet fraud.
b. intellectual property.
c. bait-and-switch marketing.
d. ethical imperialism.
Q:
The owner of LMN Company has been asked to sponsor a Little League team by donating money to buy team shirts. In return, the team will print the company name on the shirts. To which stakeholder group does this team belong?
a. Owners b. Customers
c. Employees d. Community
Q:
An example of an industry especially vulnerable to efforts to protect the environment is the _____ industry.
a. glass manufacturing
b. military construction
c. restaurants
d. asbestos removal
Q:
A code of ethics becomes increasingly appropriate and necessary as a small business
a. expands its credit sales and acquires more customers who buy on credit.
b. begins to market products in other countries.
c. grows larger, with a consequent lessening of the owner's personal influence.
d. increases borrowing to the extent that one-third of its assets are financed by borrowing.