Social Responsibility of Business and Business Ethics Test

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Social Responsibility of Business and Business Ethics Test - 9

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Weekly Quiz Competition

Question 1
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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 gives protection to customers and other social group related to a firm.

C
Business ethics provide the legal, social, moral, economical and cultural limits within which business has to be conducted.

D
All of the above
Solution
1. Code of conduct : Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of the society. All businessmen must follow this code of conduct.
2. Based on moral and social values : Business ethics is based on moral and social values. It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection and welfare, service to society, fair treatment to social groups, not to exploit others, etc.
3. Gives protection to social groups : Business ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc.
4. Provides basic framework : Business ethics provide a basic framework for doing business. It gives the social cultural, economic, legal and other limits of business. Business must be conducted within these limits.
5. Voluntary : Business ethics must be voluntary. The businessmen must accept business ethics on their own. Business ethics must be like self-discipline. It must not be enforced by law.
6. Requires education and guidance : Businessmen must be given proper education and guidance before introducing business ethics. The businessmen must be motivated to use business ethics. They must be informed about the advantages of using business ethics. Trade Associations and Chambers of Commerce must also play an active role in this matter.
7. Relative Term : Business ethics is a relative term. That is, it changes from one business to another. It also changes from one country to another. What is considered as good in one country may be taboo in another country.
8. New concept : Business ethics is a newer concept. It is strictly followed only in developed countries. It is not followed properly in poor and developing countries.
Question 2
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Business ethics is a code of conduct which businessmen should follow while conducting their _______.

A
business operations

B
discipline

C
laws

D
all of above

Solution

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 3
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Statement X :
In some situations a company action can be legal, yet still unethical.
Statement Y :
Ethics is the study of moral obligation, or separating right from wrong.

A
Statement $$X$$ is correct but Statement $$Y$$ is false.

B
Both Statement $$X$$ and $$Y$$ are false.

C
Statement $$Y$$ is correct but Statement $$X$$ is false.

D
Both Statement $$X$$ and $$Y$$ are true .

Solution

Ethics and legality of action do not necessarily coincide. What a society interprets as ethical or unethical ends up expressed in laws. The legality of actions and decisions does not necessarily make them ethical.
Ethics relates to the standards of conduct and moral judgements that differentiate right from wrong. Ethics is not a natural science but a creation of the human mind.
Therefore both the statement are true.
Question 4
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State as to why a 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

There is a kind of social contract between the 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 which is not detrimental to its well being and interests. Technological advancements have to be made but their impact on the environment and mankind has he kept in mind.
Question 5
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A set of principles and expectations that are considered binding on any person who is member of a particular group known as ________.

A
code of ethics

B
values

C
duty

D
none of the above

Solution

The code of ethics outlines a set of fundamental principles which could be used as the basis for operational requirements (things one must do), operational prohibitions (things one must not do). It is based on a set of core principles and values and is by no means designed for convenience. The employees subjected to the code are required to understand, internalize, and apply it to situations which the code does not specifically address. Organizations expect that the principles, once communicated and illustrated, will be applied in every case, and that failure to do so may lead to disciplinary action.
Question 6
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Which of the following is known as statements of vale and principles that define the purpose of the organization ?

A
Code of Ethics

B
Code of Practices

C
Code of Behaviour

D
Code of Management

Solution

The code of ethics outlines a set of fundamental principles which could be used as the basis for operational requirements (things one must do), operational prohibitions (things one must not do). It is based on a set of core principles and values and is by no means designed for convenience. The employees subjected to the code are required to understand, internalize, and apply it to situations which the code does not specifically address. Organizations expect that the principles, once communicated and illustrated, will be applied in every case, and that failure to do so may lead to disciplinary action.
Question 7
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Social Responsibility is __________________________________.

A
Wider than legal responsibility

B
Same as legal responsibility

C
Narrower than legal responsibility

D
None of these

Solution

The concept of social responsibility states that the corporation does not only have economic and legal obligations but also certain responsibilities towards the society that extend beyond these obligations.
Question 8
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Carbon monoxide emitted by automobiles directly contributes to _____________.

A
Air pollution

B
Noise pollution

C
Land pollution

D
Water pollution

Solution

Air pollution refers to the injection of harmful substances into the atmosphere which results in depletion in the quality of air that we breathe. Carbon monoxide emitted by automobiles directly contributes to air pollution. Air pollution is a serious problem for the whole planet.
Question 9
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Which of the following can explain the need for pollution control?

A
Reduction of health hazards

B
Cost savings

C
Reduce the risk of liability

D
All of these
Solution
Pollution is a serious problem. It is spoiling the quality of the environment. Air pollution is creating breathing problems, water is becoming unfit to use, and land is losing its fertility. The main reasons to control the pollution are as follows:
1. To ensure safety
2. Cost savings
3. To maintain the natural beauty
4. Reduction of health hazards
5. To lead a comfortable life
Question 10
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Which of the following is not usually the objective of a code of ethics?

A
To create an ethical workplace

B
To evaluate the ethical components of the proposed actions of the employees

C
To improve the public image of the company

D
To enhance the profits of the business continuously
Solution
There are many reasons why a business should behave ethically. Some of them are;
- to create ethical workplace
- to evaluate the ethical components of the proposed actions of employees
- to improve public image and reputation of the business.

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Re-Attempt Weekly Quiz Competition

Social Responsibility of Business and Business Ethics Test - 9

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Social Responsibility of Business and Business Ethics Test - 9

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SHARING IS CARING

Question 1

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

Practice of business ethics gives protection to customers and other social group related to a firm.

Business ethics provide the legal, social, moral, economical and cultural limits within which business has to be conducted.

All of the above

Solution

Question 2

business operations

discipline

laws

all of above

Solution

Question 3

Statement $$X$$ is correct but Statement $$Y$$ is false.

Both Statement $$X$$ and $$Y$$ are false.

Statement $$Y$$ is correct but Statement $$X$$ is false.

Both Statement $$X$$ and $$Y$$ are true .

Solution

Question 4

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 5

code of ethics

values

duty

none of the above

Solution

Question 6

Code of Ethics

Code of Practices

Code of Behaviour

Code of Management

Solution

Question 7

Wider than legal responsibility

Same as legal responsibility

Narrower than legal responsibility

None of these

Solution

Question 8

Air pollution

Noise pollution

Land pollution

Water pollution

Solution

Question 9

Reduction of health hazards

Cost savings

Reduce the risk of liability

All of these

Solution

Question 10

To create an ethical workplace

To evaluate the ethical components of the proposed actions of the employees

To improve the public image of the company

To enhance the profits of the business continuously

Solution

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