FREE CSR Ethical Business Practices Questions and Answers
Business ethics is a dynamic philosophy of ________ economic adjustment whose field is widening day by day.
Explanation:
Business ethics is a dynamic philosophy that is constantly evolving and adapting to changes in society. It takes into consideration the social, political, historical, and traditional factors that shape the business environment. As society progresses and becomes more aware of ethical issues, the field of business ethics widens to encompass a broader range of considerations. Therefore, the correct answer is "Socio" as it reflects the social aspect of business ethics and its expansion over time.
The argument for CSR involves:
Explanation:
The argument for CSR involves recognizing the moral obligations of businesses, balancing power with responsibility, and voluntary actions to prevent government regulations. This means that businesses should acknowledge their ethical duties, ensure that they are accountable for their actions, and take voluntary initiatives to address social and environmental concerns. By doing so, they can avoid the need for government intervention and regulations.
Who are organizational stakeholders?
Explanation:
Organizational stakeholders refer to individuals or groups who have an interest in or are affected by the activities and outcomes of an organization. This includes employees, who contribute to the functioning and success of the organization; government, which regulates and influences the organization's operations; and customers, who are directly impacted by the organization's products or services. Therefore, all of the options mentioned - employees, government, and customers - are considered organizational stakeholders.
Which of the following would most effectively act as the primary objective of a business organization?
Explanation:
The primary objective of a business organization is to make a profit. While it is important for a business to communicate with shareholders and mediate between the organization and the environment, these objectives are secondary to the main goal of generating profit. Profitability is crucial for the sustainability and growth of a business, as it allows for reinvestment, expansion, and meeting the needs of shareholders and stakeholders. Therefore, making a profit is the most effective primary objective for a business organization.
A ____________ sets out the purpose and general direction for the organization?
Explanation:
A mission statement is a concise statement that outlines the purpose and direction of an organization. It communicates the organization's goals and objectives, as well as its core values and principles. It helps guide decision-making and provides a framework for strategic planning and resource allocation. A mission statement is essential for clarifying the organization's identity and ensuring that all stakeholders are aligned with its overall vision and objectives.
Which is the element of social responsibility?
Explanation:
Social responsibility is a concept that encompasses various aspects. It is a universal concept, meaning that it applies across different societies and cultures. It also involves the supremacy of public interest, which means that businesses should prioritize the well-being of the general public over their own interests. Additionally, social responsibility is closely related to business organizations, as they have a responsibility to operate ethically and contribute positively to society. Therefore, all of the given options - universal concept, supremacy of public interest, and relation to business organization - are elements of social responsibility.
The use of business resources to help solve social problems and achieve social goals is known as _________.
Explanation:
Corporate Social Responsibility (CSR) refers to the practice of businesses operating in a socially responsible manner by considering the impact of their activities on society and the environment. This includes initiatives such as promoting ethical labor practices, reducing environmental impact, supporting community development projects, and contributing to social welfare.
Which one of the following is not the principle of business ethics?
Explanation:
The principle of dissatisfaction is not a principle of business ethics because it does not align with the commonly accepted principles that guide ethical behavior in business. The other three principles listed - universality, humanity, and autonomy - are recognized as important principles in business ethics. The principle of universality emphasizes the need for ethical principles to be applicable to all individuals and situations. The principle of humanity emphasizes treating others with respect, dignity, and fairness. The principle of autonomy emphasizes the importance of individuals having the freedom to make their own decisions. On the other hand, the principle of dissatisfaction does not fit within the framework of commonly accepted business ethics principles.
What is the purpose of a balanced scorecard?
Explanation:
The purpose of a balanced scorecard is to combine a range of qualitative and quantitative indicators of performance. This means that it aims to provide a comprehensive view of a company's performance by considering both financial and non-financial factors. By incorporating various measures such as customer satisfaction, employee engagement, and operational efficiency, the balanced scorecard enables a more holistic assessment of an organization's success. This approach allows businesses to have a more balanced and well-rounded understanding of their performance, helping them make informed decisions and drive continuous improvement.
Which of the following does the term Corporate Social Responsibility relate to?
Explanation:
The term Corporate Social Responsibility relates to all of the options mentioned: environmental practice, ethical conduct, human rights, and employee relations. Corporate Social Responsibility refers to a company's commitment to operating in an ethical and sustainable manner, taking into consideration its impact on the environment, society, and its employees. It involves practices that promote environmental sustainability, adherence to ethical standards, and the protection of human rights and fair treatment of employees.
Which of the following is the element of business ethics?
Explanation:
The correct answer is "All of the above" because business ethics encompasses multiple aspects. It is a discipline that involves the study and application of ethical principles in business practices. It is also considered an art and science as it requires creativity and systematic thinking to make ethical decisions. Additionally, having good intentions is a fundamental element of business ethics as it involves conducting business in a morally upright and responsible manner. Therefore, all the options provided are valid elements of business ethics.