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Social Responsibility of Business and Business Ethics Test - 16

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Social Responsibility of Business and Business Ethics Test - 16
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Weekly Quiz Competition
  • Question 1
    1 / -0
    'Compliance' refers to obeying and adhering to _________.
    Solution
    In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.

  • Question 2
    1 / -0
    Which one of the following is not an unethical business practice?
    Solution

  • Question 3
    1 / -0
    The rules or principles that define right or wrong conduct are known as _______.
    Solution
    The term “ethics” is derived from the Greek word “ethos” which refers to character, guiding beliefs, standards and ideals that pervade a group, a community or people.
    Ethics refers to well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.
    Thus, ethics relates to the standards of conduct and moral judgments that differentiate right from wrong. Ethics is not a natural science but a creation of the human mind. For this reason, it is not absolute and is open to the influence of time, place and situation.
  • Question 4
    1 / -0
    Which one of the following is a measure to improve ethical behavior of business at societal level?
    Solution
    Mumbai Grahak Panchayat $$(MGP)$$ is perhaps the largest voluntary consumer organisation in India with a membership of 24,500 families. It has been engaged in activities of consumer protection and education for the last 33 years. Its unique collective group buying system provides a best practice model for sustainable consumption.
  • Question 5
    1 / -0
    Anti-competitive practices include _________.
    Solution
    Section 3(4) (a) of the Competition Act defines "tie in arrangement" as an agreement including any agreement requiring a purchaser of goods, as a condition of such purchase, to purchase some other goods.

    A tie-in arrangement becomes illegal if it has an appreciable adverse effect on the competition. Tie-in arrangements have both good and bad effects on the competition. On one hand tie-in arrangements may result in price discrimination, barriers to new entry in the market, monopolization of the tied and tying products. On the other hand tie-in arrangement may benefit the consumers by providing them with goods or services in a bundle which are required and at lower price. But tie-in arrangements are more likely to adversely affect the economy than being beneficial to the economy.
  • Question 6
    1 / -0
    Business ethics is a __________ norm.
    Solution
    Ethical or cultural relativism is a philosophical theory about the nature of morality. Fundamentally, relativists argue that no universal moral rules exist, and that all morality needs to be understood from the perspective of what the culture considers acceptable. They also suggest that every culture's moral system is equally valid because there is no universal standard about what is good or bad.
  • Question 7
    1 / -0
    Codes of conduct and codes of ethics ___________.
    Solution
    A corporate code of conduct may be defined as a document containing the core values and moral principles which all those working in the company are expected to follow in the course of their duties as well as in their daily activities. It reflects commitment of the company to ensure ethical behavior on the part, of its members. It also indicates how an employee should act in general or in specific situations. A code of conduct lays down 'do’s' and `don'ts'. It describes socially acceptable and responsible behavior. Hence, a code of ethics is a tangible guide to ethically desirable behavior.
    The Code of conduct or what is popularly known as the Code of Business Conduct contains standards of business conduct that must guide actions of the Board of Directors and senior management of the company. 
  • Question 8
    1 / -0
    An activity is probably ethical if __________.
    Solution

  • Question 9
    1 / -0
    A situation requiring a choice between equally undesirable alternatives; any difficult or perplexing situation or problem is known as _______.
    Solution
    Dilemma is a situation that requires a choice between options that are or seem equally unfavorable or mutually exclusive. By definition, an ethical dilemma involves the need to choose from among two or more morally acceptable courses of action, when one choice prevents selecting the other; or, the need to choose between equally unacceptable alternatives.
    A dilemma could be a right vs. wrong situation in which the right would be more difficult to pursue and wrong would be more convenient. A right versus wrong dilemma is not so easy to resolve. It often involves an apparent conflict between moral imperatives, in which to obey one would result in transgressing the other. This is also called an ethical paradox. 
  • Question 10
    1 / -0
    Sarbanes Oxley Act of $$2002$$ is named after which of the following experts?
    Solution
    The Sarbanes-Oxley Act, officially named the Public Company Accounting Reform and Investor Protection Act of $$2002$$, became law on $$July\ 30, 2002$$. The law was informally named after its sponsors, Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH).
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