Social Responsibility of Business and Business Ethics Test - 28

Land pollution is caused by dumping of toxic wastages on land. It changes the physical, chemical and biological characteristics of land and deteriorates the quality of land make it unfit for cultivation.

Responsibilities of a business towards the shareholders include:

• To ensure the safety of the investment.
• To ensure fair and regular return on investment.
• To give complete information regarding the financial position of the business.
• To ensure appreciation of investment by proper utilization of resources.
• To give them opportunities to participate in decision making.

Responsibility towards community:

• They should behave as a good citizen and should act according to the well-accepted values of the society.
• Not to create pollution
• To respect the laws of the country
• To contribute to the raising of the standard of living 

The terms (A) Ethical, (B) Economical, and (D) Discretionary are all related to principles, considerations, or actions within specific domains:

• Ethical relates to moral principles and conduct.
• Economical relates to financial matters or the management of resources.
• Discretionary relates to actions or decisions left to one's discretion or judgment.

However, (C) Political refers to matters concerning governance, policies, and power relations, which are distinct from ethical, economical, and discretionary considerations.

Responsibilities of business towards employees include:

• Providing fair compensation and benefits,
• Providing good and safe working conditions,
• Providing opportunities for personal growth and development, etc.

Social responsibility encompasses a broader range of obligations and considerations beyond what is legally required. While legal responsibility refers to compliance with laws and regulations, social responsibility includes ethical, moral, and philanthropic responsibilities that businesses voluntarily undertake to contribute to society and address social and environmental issues. Therefore, social responsibility extends beyond legal requirements.

The correct answer is a company donating a portion of its profits to build schools in underprivileged areas. This case exemplifies social responsibility as the company is voluntarily contributing to the welfare of society by investing in education.

Businesses fulfill their responsibility towards employees by providing a safe and healthy work environment, fair wages, and addressing employee concerns and grievances.

Every business has a legal responsibility to operate within the laws of the land. This means complying with all applicable laws, regulations, and legal requirements governing business activities, such as labor laws, environmental regulations, tax laws, consumer protection laws, and corporate governance standards. 

Balancing economic goals with social and environmental concerns, describes the concept of social responsibility

The concept of social responsibility involves businesses balancing their economic objectives with their responsibilities towards society and the environment.