Social Responsibility of Business and Business Ethics Test

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Social Responsibility of Business and Business Ethics Test - 21

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Weekly Quiz Competition

Question 1
1 / -0

Which functional area in business ethics is about obeying and adhering to rules and authority?

A
Ethics is compliance

B
Ethics in finance

C
Ethics in production

D
None 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.
Question 2
1 / -0

Business ethics cannot be enforced by __________.

A
governance

B
business

C
law

D
none of the above

Solution

Governance cannot enforce business ethics upon any firm or enterprise.
Question 3
1 / -0

Social responsibility of a business refers to its ________ obligation.

A
Action values of our society

B
Action values for business

C
Action values for individual

D
All of the above

Solution

There is a kind of social contract between society and business by which the society expects the business to work in its interest. Society creates and accepts business enterprises, hence it expects them to work in a manner that is not detrimental to their well-being and interests. Technological advancements have to be made but their impact on the environment and mankind has he kept in mind.
Hence, option (A) is the correct answer.
Question 4
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The idea of social responsibility is ____________.

A
Maximize owner worth

B
Maximize profits of business

C
Concern about effects on public

D
All of the above

Solution

Social responsibility in business or corporate social responsibility $$(CSR)$$ pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.
Hence, option (C) is the correct answer.
Question 5
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Business ethics is based on well accepted __________.

A
moral and social values

B
social values only

C
moral values only

D
none of the above

Solution

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 maximise profits against the needs of stakeholders. The significant issues in business ethics include ethical management of enterprise in relation to its stakeholders in particular and natural environment in general.
Question 6
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Business ethics has a __________ application.

A
universal

B
natural

C
practical

D
none of 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.
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 7
1 / -0

Business ethics deals primarily with _____________.

A
social responsibility

B
the pricing of products and services

C
moral obligation

D
being unfair to the competition

Solution

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 maximise profits against the needs of stakeholders.
Question 8
1 / -0

Ethics are moral principles and values which ____________.

A
guide a firm's behaviour

B
govern the actions of an individual

C
provide employees with rules on how to behave

D
are legally enforceable

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.
Question 9
1 / -0

Measures to improve ethical behavior of business are framed at which level _________.

A
Institutional level

B
Government level

C
Social level

D
All of the above
Question 10
1 / -0

Under social responsibility business enterprise should serve ___________.

A
Customer

B
Community

C
Owner

D
All of the above

Solution

Ethics is the discipline that deals with moral duties and obligations. Social responsibility implies corporate enterprises should follow business ethics and work not only to maximize their profits or shareholders' value but also to promote the interests of other stakeholders and the society as a whole.
Social responsibility of business implies the obligations of the management of a business enterprise to protect the interests of society.
Customer, community, the owner are part of society.
Hence, option (D) is the correct answer.

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Re-Attempt Weekly Quiz Competition

Social Responsibility of Business and Business Ethics Test - 21

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Social Responsibility of Business and Business Ethics Test - 21

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SHARING IS CARING

Question 1

Ethics is compliance

Ethics in finance

Ethics in production

None of the above

Solution

Question 2

governance

business

law

none of the above

Solution

Question 3

Action values of our society

Action values for business

Action values for individual

All of the above

Solution

Question 4

Maximize owner worth

Maximize profits of business

Concern about effects on public

All of the above

Solution

Question 5

moral and social values

social values only

moral values only

none of the above

Solution

Question 6

universal

natural

practical

none of the above

Solution

Question 7

social responsibility

the pricing of products and services

moral obligation

being unfair to the competition

Solution

Question 8

guide a firm's behaviour

govern the actions of an individual

provide employees with rules on how to behave

are legally enforceable

Solution

Question 9

Institutional level

Government level

Social level

All of the above

Question 10

Customer

Community

Owner

All of the above

Solution

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