Social Responsibility of Business and Business Ethics Test

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Social Responsibility of Business and Business Ethics Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

______ made it important for businesses to have an ethics code, something in writing about what one ought to do, and what to strive for.

A
The Ethics & Code Conduct Act, $$2000$$

B
The Sarbanes-Ethics of Code Conduct Act, $$2001$$

C
The Sarbanes-Oxley Act, $$2002$$

D
None of above

Solution

In the United States of America, Section $$406$$ of the Sarbanes Oxley Act, $$2002$$ requires public companies to disclose whether they have codes of ethics, and also to disclose any waivers of those codes for certain members of senior management. Section $$406$$(a) of the Regulation requires companies to disclose:
— whether they have a written code of ethics that applies to their principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions;
— any waivers of the code of ethics for these individuals; and
— any changes to the code of ethics.
If companies do not have a code of ethics, they must explain why they have not adopted one. A company may file its codes as an exhibit in the annual report, post the codes on the company's website, or agree to provide a copy of the codes upon request and without charge.
Question 2
1 / -0

______ is a set of principles and expectations that are considered binding on any person who is member of a particular group.

A
Code of Conduct.

B
Code of Ethics.

C
Code of Practice

D
Any 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 3
1 / -0

The Principles of business ethics developed by well known authorities like ____________________.

A
W.Wilson , Haimann, Heckert, Greenwood, Koontz etc.

B
Stoner, Freeman, Gilbert, Weihrich, etc.

C
Herzberg, McGregor, Wilder Penfield, Chester Bernard etc.

D
Cantt, J. S. Mill, Herbert Spencer, Plato, Thomas Garret, Woodrad, Wilson etc.

Solution

The Principles of Business Ethics examines the ethical principle and moral problems that arise in the business environment. It was developed by the well known authorities like Cannt, J.S. Mill, Herbert Spencer, Plato, Thomas Garret, Woodrad, Wilson etc.
Thus, the correct answer is D.
Question 4
1 / -0

Ethical executives abide by ________ relating to their business activities.

A
Laws

B
Rules

C
Laws, rules and regulations

D
None of the above

Solution

Ethical executives have the responsibility to act as ethical role models. Moreover, they are responsible to create an environment that prizes the principled reasoning and ethical decision making. Furthermore, ethical executives must obey, abide by Laws, rules and regulations relating to their business activities.
Thus, the correct answer is C.
Question 5
1 / -0

According to whom, business ethics refers to right or wrong behaviour in business decisions ?

A
S. J. Mill

B
Cantt

C
Woodrad

D
Rogene

Solution

According to Rogene. A. Buchholz , Business ethics refers to right or wrong behaviour in business decisions.
Business Ethics or Ethical standards are the principles, practices and philosophies that guide the business people in the day today business decisions. It relates to the behaviour of a businessman in a business situation. They are concerned primarily with the impacts of decisions of the society within and outside the business organizations or other groups who keep interest in the business activities .
Question 6
1 / -0

The Sarbanes-Oxley Act of $$2002$$ made it important for businesses to have an _______________.

A
Ethics code

B
Code of conduct

C
Code of practice

D
Business ethics

Solution

In the United States of America, Section $$406$$ of the Sarbanes Oxley Act, $$2002$$ requires public companies to disclose whether they have codes of ethics, and also to disclose any waivers of those codes for certain members of senior management. Section $$406(a)$$ of the Regulation requires companies to disclose:
— whether they have a written code of ethics that applies to their principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions;
— any waivers of the code of ethics for these individuals; and
— any changes to the code of ethics.
If companies do not have a code of ethics, they must explain why they have not adopted one. A company may file its codes as an exhibit in the annual report, post the codes on the company's website, or agree to provide a copy of the codes upon request and without charge.
Question 7
1 / -0

Business ethics has a ______ application.

A
Natural

B
Practical

C
Universal

D
Artificial

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 endeavour.
Question 8
1 / -0

Which of the following is a 'business practice' towards Government ?

A
Ensure safety of their money and timely payment of interest

B
Rules and regulations regarding taxes, duties, restrictive and monopolistic trade practices should be adhered to

C
Unscrupulous tactics and methods should be avoided while handling them.

D
None of the above

Solution

Every business is required to perform some practices towards government like filing of taxes. It includes rules and regulations regarding taxes, duties, restrictive and monopolistic trade practices. Business needs to do all these activities to survive in the market for longer period of time.
Question 9
1 / -0

According to W.Wilson______________________.

A
Business should help others only in that condition when other deserves to help.

B
Anything that is being done or to be done should be brought to the notice of everyone.

C
Business should be conducted on the basis of universal value.

D
One should make proper judgement before doing anything so that there is fair view taken and others do not suffer from any loss or risk of evil by conduct of business.
Question 10
1 / -0

Ethics is a set of ____ of human conduct that govern the behaviour of individuals or organizations.

A
Principles

B
Standards

C
Principles or standards

D
None of the above
Solution
Ethics is concerned with what is good for individuals and society and is also described as moral philosophy.
The term is derived from the Greek word ethos which can mean custom, habit, character or disposition.
Ethics covers the following dilemmas:
how to live a good life
our rights and responsibilities
the language of right and wrong
moral decisions - what is good and bad?

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Re-Attempt Weekly Quiz Competition

Social Responsibility of Business and Business Ethics Test - 7

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Social Responsibility of Business and Business Ethics Test - 7

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SHARING IS CARING

Question 1

The Ethics & Code Conduct Act, $$2000$$

The Sarbanes-Ethics of Code Conduct Act, $$2001$$

The Sarbanes-Oxley Act, $$2002$$

None of above

Solution

Question 2

Code of Conduct.

Code of Ethics.

Code of Practice

Any of the above.

Solution

Question 3

W.Wilson , Haimann, Heckert, Greenwood, Koontz etc.

Stoner, Freeman, Gilbert, Weihrich, etc.

Herzberg, McGregor, Wilder Penfield, Chester Bernard etc.

Cantt, J. S. Mill, Herbert Spencer, Plato, Thomas Garret, Woodrad, Wilson etc.

Solution

Question 4

Laws

Rules

Laws, rules and regulations

None of the above

Solution

Question 5

S. J. Mill

Cantt

Woodrad

Rogene

Solution

Question 6

Ethics code

Code of conduct

Code of practice

Business ethics

Solution

Question 7

Natural

Practical

Universal

Artificial

Solution

Question 8

Ensure safety of their money and timely payment of interest

Rules and regulations regarding taxes, duties, restrictive and monopolistic trade practices should be adhered to

Unscrupulous tactics and methods should be avoided while handling them.

None of the above

Solution

Question 9

Business should help others only in that condition when other deserves to help.

Anything that is being done or to be done should be brought to the notice of everyone.

Business should be conducted on the basis of universal value.

One should make proper judgement before doing anything so that there is fair view taken and others do not suffer from any loss or risk of evil by conduct of business.

Question 10

Principles

Standards

Principles or standards

None of the above

Solution

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