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Social Responsibility of Business and Business Ethics Test - 18

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Social Responsibility of Business and Business Ethics Test - 18
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  • Question 1
    1 / -0
    Which of the following is not related to ethics in marketing?
    Solution
    Ethics in marketing deals with the principles, values . As marketing is the backbone of the business marketing individual should be well trained in respect of ethics. Therefore price fixing, price discrimination, price skimming are related to ethics in marketing but over billing of expenses are not a part of ethics in marketing 
  • Question 2
    1 / -0
    Which among the following is the vital factor in successful business strategy?
    Solution
    Organizations around the globe develop strategic plans. They carefully create a vision of their future and the strategies needed to get their critical factors that will ensure your strategic plans are successfully implemented:-
    1.Engagement
    2.Communication
    3. Innovation 
    4. Project management 
    5.Culture 
    Therefore, Customer satisfaction is a vital factor in a successful business strategy.
    Hence, option (C) is the correct answer.
  • Question 3
    1 / -0
    A/An ____________ is a moral situation in which a choice has to be made between two equally undesirable alternatives.
    Solution
    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 the 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.
    An ethical dilemma involves a situation that makes a person question what is the 'right' or 'wrong' thing to do. 
    They make individuals think about their obligations, duties, or responsibilities. These dilemmas can be highly complex and difficult to resolve. Easier dilemmas involve a 'right' versus 'wrong' answer.
    whereas, complex ethical dilemmas involve a decision between a right and another right choice. However, any dilemma needs to be resolved. 
    Hence, option (D) is the correct answer.
  • Question 4
    1 / -0
    Which of the following can be related as the benefits of behaving ethically by the businesses?
    Solution
    Today, in the contemporary business environment there are numerous changes hand competitors.
    Each company meets numerous obstacles if their business plan is not based on business ethics.
    Business ethics relates to an individual’s or a work group’s decisions that society evaluates as right or wrong.
    The importance of business ethics in the first place is the fact that customers and consumers consciously and subconsciously perceive businesses as ethical.
    This fact is more than enough for companies to start with ethical business. Hence long term sustainability can be related as the benefits of behaving ethically by the business.
  • Question 5
    1 / -0
    Activity to improve ethical behavior by enacting various legislation is not taken at _________.
    Solution
    The major problem for implementing effective Codes of Ethics remains that no law or Code will be of much value if individual civil servants lack the technical competence to recognize an ethics problem for what it is, or if they do not know what standards their organization expects of them, or (worst of all), if they consider it to be not in their interests, personally or professionally, to take a stand for integrity and against corruption.

    Measures taken to improve ethical behavior at Government Level are

    -companies to follow various legislation such as the Minimum Wages Act, Essential Commodities Act etc,
    - framing laws and strict penalties if laws do not adhere.
    - The government should announce the certain reward for individuals who practice ethical behavior like Indira Gandhi Paryavaran Puraskar
    -Using mass media to educate people.
  • Question 6
    1 / -0
    __________ is doing the right thing even if nobody is watching.
    Solution

  • Question 7
    1 / -0
    The element which serves to provide employees with a means for reporting observed misconduct or violations without fear of reprisal is known as ___________.
    Solution
    Confidential reporting systems gather data from individuals about their mistakes made in the workplace or safety concerns that they feel unable to report through normal channels. A confidential incident reporting system is a mechanism that allows problems in safety-critical fields such as aviation and medicine to be reported in confidence. This allows events to be reported which otherwise might not be reported through fear of blame or reprisals against the reporter.
    Hence, option (D) is the correct answer.

  • Question 8
    1 / -0
    Which of the following can be related as the benefits of behaving ethically by the business?
    Solution
    Ethical conduct is in the long-term interests of businessmen. A business enterprise that is honest and fair to its customers, employees, and other stakeholders earns their trust and goodwill.
    It ultimately results in customer satisfaction, healthy competition, industrial growth, and high earnings.
    Businesses must balance their desire to maximize profits against the requirements of stakeholders.
    Maintaining this balance often requires trade-offs. To address this unique aspect of business, rules are articulated to guide it to earn profits without harming individuals or society as a whole.
    While referring to the business activity profile, Mahatma Gandhi once mentioned that all business entrepreneurs should ask themselves the question of whether the activities they are contemplating would be of some use to the common man. This statement emphasizes the importance of nobility of business purpose.
    Hence, option (D) is the correct answer.
  • Question 9
    1 / -0
    Which ethical principle in business advocates equal treatment of all irrespective of caste, creed, gender or any other differences'?
    Solution
    Ethical executives and fair and just in all dealings; they do not exercise power arbitrarily, nor take undue advantage of another’s mistakes or difficulties.
    Persons who follow fair practices manifest a commitment to justice, equal treatment of individuals, tolerance for and acceptance of diversity. They are open-minded, are willing to admit they are wrong and where appropriate, change their positions and beliefs. Thus justice and fairness are ethical principles in business advocates equal treatment of all irrespective of caste, creed, gender or any other differences.
  • Question 10
    1 / -0
    The records and operation of the organisations have to be made more transparent. The shareholders, employees and creditors of the firm should be aware of each and every financial decision taken by the firm. This statement can be attributed to which type of measure to improve ethical behaviour of business?
    Solution
    Five steps to improve ethical performance
    1. Develop a code, and make ethical performance a strategic priority.
    2. Set the tone from the top.
    3. Engage, communicate and train your staff. 
    4. Provide support routes for staff. 
    5. Measure effectiveness of your ethics programme
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