Tag: concept of social responsibility

Questions Related to concept of social responsibility

Top managers demonstrate commitment to ethical business practices with ________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. the adoption of written codes of ethics

  2. employee empowerment

  3. decentralized decision making practices

  4. collusion with other companies

Show answer
Correct Option: A
Explanation:
  • Managers at all levels and in all functional areas face ethical issues. In fact, there is seldom a decision wherein an ethical dimension is not involved. Matters of right and wrong, just and unjust, and fair and unfair arise frequently. In order to deal with these issues, managers need some guidelines.
  • Organisations, formulate both business and non-business guidelines in the form of a code of conduct or code of ethics. The need for a corporate code of conduct has increased due to frequent corporate scandals, inside trading and misuse of funds. With globalization of business, more and more companies are developing a code of ethics to be observed. Moreover, every profession has a code of conduct for its members.
  • A code of ethics should reflect top management's desire for compliance with the values, rules, and policies that support an ethical climate. The development of a code of ethics should involve the President, Board of Directors, and Chief Executive Officers who should be implementing the code.
  • Legal staff should also ensure that the code has assessed key areas of risk correctly, and that it provides buffers for potential legal problems. 

An experiment about negotiations conducted with graduate business students revealed that they would _________________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. misrepresent the truth to gain advantage

  2. not lie even if it meant losing advantage

  3. curse and intimidate the opponents to win

  4. curse and intimidate the arbitrator to win

Show answer
Correct Option: A
Explanation:

An experiment about negotiations conducted with graduate business students revealed that they would misrepresent the truth to gain an advantage.

misrepresenting any truth and misinforming is unethical and should be avoided.

What are the corporate codes of ethics?

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. Are always externally audited

  2. Create guidelines for employees to work

  3. Are always compliance based

  4. Are always integrity based.

Show answer
Correct Option: B
Explanation:
A code of ethics is a guide of principles designed to help professionals to conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values and the standards to which the professional is held. A code of ethics, also referred to as an "ethical code", may encompass areas such as business ethics, a code of professional practice and an employee code of conduct.

Government gives awards for ethics shown by business people. The name of the award is ______________________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. Indira Gandhi Paryavaran Puraskar

  2. Indira Gandhi Literacy Puraskar

  3. Rajeev Gandhi Paryavaran Puraskar

  4. Mahatma Gandhi Paryavaran Puraskar

Show answer
Correct Option: A

Which statement is false?

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. Fewer and fewer companies are adopting codes of ethics.

  2. More and more companies are adopting codes of ethics.

  3. Some ethical responses can be learned through experience.

  4. Social responsibility involves providing quality products and pricing products fairly.

Show answer
Correct Option: A
Explanation:

Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. The field of ethics, along with aesthetics, concern matters of value, and thus comprise the branch of philosophy so in today's dynamic environment every small medium or large companies are adopting codes of ethics.

Invariably businesses have unethical practice because of ___________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. the stringent and rigid government policies

  2. fear of taxation

  3. greed

  4. none of the above

Show answer
Correct Option: A

The issue of fraudulent asset valuation is included in _________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. ethics in compliance

  2. ethics in finance

  3. ethics in marketing

  4. ethics in production

Show answer
Correct Option: B
Explanation:
“Ethics in Finance” will address the professional intersection where financial theory meets practice and where the concept of ethical behavior crosses from the abstract to the concrete. 
Issue of fraudulent asset valuation is an example of unethical practice in finance. This is the most common ethical issue which companies and individual face in the field of finance.

The primary responsibility of a business is towards ________.

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. employees

  2. owner

  3. banker

  4. employer

Show answer
Correct Option: A
Explanation:

Primary responsibility of business is towards their employee as they are the most important asset (Human resource) who invest their efforts in favor of the company to better its position. Without employees company cant run.

Which one of the following is a measure to improve ethical behavior of business at societal level?

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. Indira Gandhi Paryavarari Puraskar

  2. Mumbai Grahak Panchayat

  3. Ethical Committee comprising BOD

  4. All of the above

Show answer
Correct Option: B
Explanation:

Mumbai Grahak Panchayat $(MGP)$ is perhaps the largest voluntary consumer organisation in India with a membership of 24,500 families. It has been engaged in activities of consumer protection and education for the last 33 years. Its unique collective group buying system provides a best practice model for sustainable consumption.

Which of the following Acts made code of ethics mandatory for companies listed on the stock exchange?

concept of social responsibility organization of commerce and management industrial pollution and degradation of environment environmental values and ethics industrial pollution accelerated with the start of industrial revolution social responsibility towards the environment

  1. Companies Act, $2006$

  2. Sarbanes- Oxley Act, $2002$

  3. Limited Liability Partnership Act, '$2008$

  4. None of the above

Show answer
Correct Option: B
Explanation:
Section 302 of Sarbanes Oxley Act of 2002, an Act enacted by U.S. congress to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes contains following provisions for whistle-blowers:
• Make it illegal to “discharge, demote, suspend, threaten, harass or in any manner discriminate against” whistle-blowers.
• Establish criminal penalties of up to 10 years for executives who retaliate against whistle-blowers.
• Require board audit committees to establish procedures for hearing whistle-blower complaints.
• Allow the secretary of labor to order a company to rehire a terminated employee with no court hearing.
• Give a whistle-blower the right to a jury trial, bypassing months or years of administrative hearings.