Social Responsibility of Business and Business Ethics Test

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Social Responsibility of Business and Business Ethics Test - 20

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Question 1
1 / -0

The term "ethics" is derived from the Greek word _______.

A
ethos

B
ethocis

C
ethioys

D
ethis

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. The Oxford Dictionary states ethics as “the moral principle that governs a person’s behavior or how an activity is conducted”.
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 judgement 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 2
1 / -0

The term 'business ethics' came into common use in year _____.

A
1950

B
1960

C
1970

D
1980

Solution

The notion of ethics in business can be traced back to the earliest forms of bartering, based on the principle of equal exchange. Countless philosophers and economists have examined the topic, from Aristotle and his concept of justice to Karl Marx's attack on capitalism. But the modern concept of business ethics dates back to the rise of anti-big business protest groups in the United States in the $$1970s$$. The subject gradually became an academic field in its own right, with both philosophical and empirical branches. Then, thanks to government legislation, ethics have been incorporated into businesses, reflected today in corporate social responsibility strategies and codes of conduct. Business ethics is now not only a firmly established academic field, it is something companies realize they need to manage and internalize.
Question 3
1 / -0

Business Ethics is a code of conduct which businessmen should follow while conducting their _________.

A
normal activites

B
special activities

C
specific activities

D
none of the above

Solution

Business ethics refers to a ‘code of conduct’ which businessmen are expected to follow while dealing with others. ‘Code of conduct’ is a set of principles and expectations that are considered binding on any person who is member of a particular group. The alternative names for code of conduct are ‘code of ethics’ and ‘code of practice’.
Business ethics comprises of the principles and standards that guide behaviour in the conduct of business. Businesses must balance their desire to maximize profits against the needs of the stakeholders. Maintaining this balance often requires tradeoffs. To address these unique aspects of businesses, articulated as well as implicit rules are developed to guide the businesses to earn profits without harming individuals or society as a whole.
Question 4
1 / -0

Which of the following is a feature of business ethics?
(1) Business ethics has a universal application.
(2) It is a relative norm. It differs from business to business
(3) Business ethics is based on well accepted moral and social values.
Select the correct answer from the options given below-

A
(1)

B
(2)

C
(3)

D
All the above

Solution

Ethical principles are universal in nature. They prescribe obligations and virtues for everybody in a society. They are important not only in business and politics but in every human endeavor.
There exist no sharp boundaries between ethical and non-ethical. Therefore, people often face ethical dilemmas wherein a clear cut choice becomes very difficult.
Ethics relates to the formalized principles derived from social values. It deals with the moral choices that we make in the course of performing our duties with regard to the other members of society. Hence, it is relevant in the context of a society only.
Question 5
1 / -0

State as to why business should behave ethically?

A
To unprotect its own interest and of the business community as a whole

B
To keep its commitment to society to act ethically

C
To not meet stakeholder expectations

D
To build distrust with key stakeholder groups

Solution

An organization has to be ethical in its behavior because it has to exist in the competitive world. We can find a number of reasons for being ethical in behavior, a few of them are cited below: Most people want to be ethical in their business dealings. Values give management credibility with its employees. Only perceived moral righteousness and social concern bring employee respect. Values help better decision-making.
Hence, option (B) is the correct answer.
Question 6
1 / -0

Reason(s) why business should act ethically include(s) ____________.

A
To keep its commitment to society to act ethically

B
To meet stakeholder expectations

C
To protect their employees and their reputation

D
All of the above

Solution

Customer satisfaction is a vital factor of a successful business strategy. Repeated purchases/orders and an enduring relationship with mutual respect are essential for the success of the company. The name of a company should evoke trust and respect among customers for enduring success.

This is achieved by a company only when it adopts ethical practices. When a company with a belief in high ethical values is perceived as such, the crisis or mishaps along the way is tolerated by the customers as minor aberrations.

Investors are concerned about the ethics, social responsibility, and reputation of the company in which they invest. Investors are becoming more and more aware that an ethical climate provides a foundation for efficiency, productivity, and profits. Relationship with any stakeholder, including investors, based on
dependability, trust, and commitment result in sustained loyalty.

People aspire to join organizations that have high ethical values. Such companies are able to attract the best talent. The ethical climate matters a lot to the employees. Ethical organizations create an environment that is trustworthy, making employees willing to rely on the company’s policies, ability to make decisions and act on those decisions.

In such a work environment, employees can expect to be treated with respect and will have consideration for their colleagues and superiors as well. Thus, the company's policies cultivate teamwork, promote productivity, and support employee growth.
Hence, option (D) is the correct answer.
Question 7
1 / -0

Corporate entities are legally considered as persons in __________.

A
USA

B
Japan

C
China

D
None of the above

Solution

A legal person is any human or non-human entity, in other words, any human being, firm, or government agency that is recognized as having privileges and obligations, such as having the ability to enter into contracts, to sue, and to be sued.
Therefore, corporate entities are legally considered as person in usa.
Question 8
1 / -0

Measures to improve ethical behaviour of business are framed at which level ____________.

A
institutional level

B
government level

C
societal level

D
all of the above

Solution

Measures to improve ethical behavior of business are framed at three level-
1. societal level
2. government level
3. institutional level
Question 9
1 / -0

Scope of ethics in business is in which area(s)?

A
Compliance

B
Finance and HR

C
Marketing and Production

D
All of the above

Solution

Compliance is about obeying and adhering to rules and authority. The motivation for being compliant could be to do the right thing out of the fear of being caught rather than a desire to abide by the law. An ethical climate in an organisation ensures that compliance with law is fueled by a desire to abide by the laws. Organisations that value high ethical values comply with the laws not only in letter but go beyond what is stipulated or expected of them.
Human resource management $$(HRM)$$ plays a decisive role in introducing and implementing ethical practices in an organisation. Ethics should be a pivotal issue for $$HR$$ specialists. The ethics of human resource management $$(HRM$$) covers those ethical issues that arise around the employer-employee relationship, such as the rights and duties issues between the employer and employee.
The ethical issues in finance that companies and employees are confronted with include:
— In accounting – window dressing, misleading financial analysis.
Question 10
1 / -0

Which of the following is a feature of business ethics?

A
Business ethics is based on well accepted moral and social values

B
Practice of business ethics give protection to corporate and not to consumers

C
Business ethics provide road map to earn more profit in today's competitive world

D
All the above

Solution

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.
Business ethics is one of the important branches of applied ethics. Business ethics is the application of general ethical ideas to business. Business ethics refers to the moral principles and standards and a code of conduct that businessmen are expected to follow while dealing with others. Business essentially is a means of society to use scarce resources to produce in an efficient manner those goods and services which society wants and is willing to pay for. Businesses must balance their desire to maximize profits against the needs of stakeholders.

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Social Responsibility of Business and Business Ethics Test - 20

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Social Responsibility of Business and Business Ethics Test - 20

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SHARING IS CARING

Question 1

ethos

ethocis

ethioys

ethis

Solution

Question 2

1950

1960

1970

1980

Solution

Question 3

normal activites

special activities

specific activities

none of the above

Solution

Question 4

(1)

(2)

(3)

All the above

Solution

Question 5

To unprotect its own interest and of the business community as a whole

To keep its commitment to society to act ethically

To not meet stakeholder expectations

To build distrust with key stakeholder groups

Solution

Question 6

To keep its commitment to society to act ethically

To meet stakeholder expectations

To protect their employees and their reputation

All of the above

Solution

Question 7

USA

Japan

China

None of the above

Solution

Question 8

institutional level

government level

societal level

all of the above

Solution

Question 9

Compliance

Finance and HR

Marketing and Production

All of the above

Solution

Question 10

Business ethics is based on well accepted moral and social values

Practice of business ethics give protection to corporate and not to consumers

Business ethics provide road map to earn more profit in today's competitive world

All the above

Solution

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