Tag: concept of social responsibility

Questions Related to concept of social responsibility

The idea of business ethics caught the attention of academics, media and business firms by the end 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. First World War

  2. Second World War

  3. Cold war

  4. None of the above

Show answer
Correct Option: C
Explanation:

The notion of ethics in business can be traced back to the earliest forms of bartering, based on the principle of equal exchange. Countless philosophers and economists have examined the topic, from Aristotle and his concept of justice to Karl Marx's attack on capitalism. But the modern concept of business ethics dates back to the rise of anti-big business protest groups in the United States in the $1970s$. The subject gradually became an academic field in its own right, with both philosophical and empirical branches. Eventually, ethics have been incorporated into businesses, reflected today in corporate social responsibility strategies and codes of conduct. Business ethics is now not only a firmly established academic field, it is something companies realize they need to manage and internalize.

Providing information to law enforcement or regulatory agencies about illegal or improper activities of business or by its employees is known as _______.

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. ethical wrong

  2. whistle blowing

  3. ethical dilemma

  4. ethical wonder

Show answer
Correct Option: B
Explanation:
A whistle-blower is a person who publicly complains about concealed misconduct on the part of an organization or a body of people, usually from within that same organisation. This misconduct may be classified in many ways, for example, a violation of a law, rule, regulation and/or a direct threat to the public interest, such as fraud, health/safety violations, and corruption.

Whistle-blowers frequently the face retaliation - sometimes from the organisation or the group which they have accused of, unless a system is in place that would ensure confidentiality. In addition, people are more likely to take action with respect to unacceptable behavior within an organization, if there are complaint systems that ensure confidentiality and indemnity. 

Which one of the following is not the primary element of a strong organizational compliance program?

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. A written code of conduct

  2. An ethics officer

  3. Significant financial expenditures

  4. A formal ethics training program

Show answer
Correct Option: C
Explanation:

Elements of business ethics 
1. The first element is a strong code of ethics.
2. The second key element to a solid ethics foundation is ethics training.
3. The third key element to a strong ethics foundations is an "ethics coach".


Thus significant financial expenditure is not the key element of business ethics.

__________ also serves to inform employees of the vision that the company's executives have for the company's image and goals.

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. Customer feedback

  2. Code of ethics

  3. Ethics coach

  4. Mission

Show answer
Correct Option: B
Explanation:
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 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. 
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.

Business must first be responsible to __________.

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. customers

  3. owners

  4. bankers

Show answer
Correct Option: B
Explanation:

Customer satisfaction is a vital factor in successful business strategy. An organization with a strong ethical environment places its customer's interest as foremost. As customers are the backbone of any enterprises therefore business must be responsible to its customer.

Spending money on restoring the environment, affected out of products of inherently dangerous nature is considered as part 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. business ethics

  2. corporate philanthropy

  3. whistle blowing

  4. corporate leadership.

Show answer
Correct Option: A

"Adhering to rules and authority" comes under which scope 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. Ethics in marketing

  2. Ethics in compliance

  3. Ethics in finance

  4. Ethics in production

Show answer
Correct Option: B
Explanation:
Compliance is about obeying and adhering to rules and authority. The motivation for being compliant could be to do the right thing out of the fear of being caught rather than a desire to abide by the law.
An ethical climate in an organisation ensures that compliance with law is fueled by a desire to abide by the laws. Organisations that value high ethical values comply with the laws not only in documents but go beyond what is stipulated or expected of them. 

Mohan joined a company as Chief Finance Officer (CFO). He observes that the company is involved in concealing tax and engaged in other malpractices. He brought this fact to the notice of the Income Tax Authorities. This action of Mohan would be termed as _______.

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. cartelisation

  2. misconduct

  3. ethical wrong

  4. whistle blowing

Show answer
Correct Option: D

Sarbanes Oxley Act of $2002$ is named after which of the following experts?

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. Aristotle

  2. Smator Paul Sarbanes

  3. Michael Oxley

  4. Both (b) and (c)

Show answer
Correct Option: D
Explanation:

The Sarbanes-Oxley Act, officially named the Public Company Accounting Reform and Investor Protection Act of $2002$, became law on $July\ 30, 2002$. The law was informally named after its sponsors, Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH).

Which of the following ethical issue is related to finance?

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. Abusing co-workers

  2. Black mailing

  3. Insider trading

  4. Using of power and abusive language.

Show answer
Correct Option: C
Explanation:

Insider trading is a word that has many definitions and connotations and which includes both legal and illegal activities. 


It can also be described as an insider trading of a company’s stock, securities, bonds and stock options by persons with possible access to non-public information about the company. 

Nevertheless, insider trading can take place lawfully every day, when trading by the corporate insiders such as officers, directors, employees and large shareholders to buy or sell stock in their own companies if this trading will not be taking advantage of the non-public information and also be within the boundaries of the company’s policies and the rules governing this trading. 

However, the term “insider trading" is mostly used to describe a practice in which an insider party trades based on non-public material information gained through the performance of the insider’s obligation at the company, in violation of other relationships of faith and assurance or otherwise when the non-public information was stolen from the company. 

In other words, insider trading is buying, selling or dealing in securities, bonds, and stocks of a company by a director, manager, or employee of the company who has confidential information that is not accessible to the public.