Worksheet Solutions: Social Responsibilities of Business and Business Ethics - Commerce PDF Download

Multiple Choice Questions (MCQs)

Q2: Which of the following is an example of socially undesirable business practices?
(a) Paying taxes on time
(b) Polluting the environment
(c) Installing pollution control devices
(d) Attending to customer complaints
Ans: (b) Polluting the environment

Q3: What does CSR stand for?
(a) Corporate Social Responsibility
(b) Community Service Regulation
(c) Creative Service Resources
(d) Corporate Sustainability Report
Ans: (a) Corporate Social Responsibility

Q4: According to the text, which of the following is NOT a type of social responsibility?
(a) Economic responsibility
(b) Legal responsibility
(c) Competitive responsibility
(d) Ethical responsibility
Ans: (c) Competitive responsibility

Q5: Which organization defines CSR as "the responsibility of enterprises for their impacts on society"?
(a) World Health Organization
(b) European Commission
(c) World Bank
(d) International Monetary Fund
Ans: (b) European Commission

Fill in the Blanks

Q2: Businesses must avoid making __________ advertisements.
Ans: deceptive

Q3: Social responsibility is a __________ issue as it involves moral considerations.
Ans: ethical

Q4: Businesses have a responsibility to supply goods and services that society __________.
Ans: wants

Q5: The __________ responsibility of business includes compliance with laws and regulations.
Ans: legal

True or False

Q1: Businesses exist solely for the purpose of maximizing profits.
Ans: False

Q2: The social responsibility of business is broader than legal responsibility.
Ans: True

Q3: Providing good quality goods is an example of a socially undesirable practice.
Ans: False

Q4: All business people recognize their social responsibilities equally.
Ans: False

Q5: Pollution control measures can help improve a business's public image.
Ans: True

Match the Following

Ans:

• A) Justification for existence - 5) Producing goods and services
• B) Long-term interest of the firm - 3) Improving public image
• C) Ethical responsibility - 4) Meeting societal expectations
• D) Corporate Social Responsibility - 1) Avoidance of government regulation
• E) Economic responsibility - 2) Responsibility towards shareholders

Short Answer Questions

Q2: Why is it important for businesses to be socially responsible?
Ans: It is important for businesses to be socially responsible because it helps them build a good reputation. When they treat people and the environment well, customers trust them more. This can lead to more profits in the long run as people prefer to buy from good companies.

Q3: What are some examples of socially responsible practices?
Ans: Some examples of socially responsible practices include making safe products, paying workers fairly, and not polluting the environment. Businesses can also support community projects or help in times of disaster.

Q4: What are the arguments against social responsibility for businesses?
Ans: Some people argue against social responsibility by saying that businesses should only focus on making money. They believe that helping society might cost too much and could make prices higher for customers.

Q5: How can businesses protect the environment?
Ans: Businesses can protect the environment by reducing waste, using clean energy, and recycling materials. They can also follow rules that help keep the air and water clean, which is good for everyone.

Q6: What is the main purpose of a business in society?
Ans: The main purpose of a business in society is to provide goods and services that people need. While making a profit is important, businesses should also help meet the needs of the community.

Q7: Why is it important for businesses to act responsibly?
Ans: It is important for businesses to act responsibly because it helps them build trust with customers and the community. Responsible actions, like paying fair wages and not polluting, can also lead to long-term success and profits.

Q8: What are some examples of socially undesirable practices by businesses?
Ans: Some examples of socially undesirable practices include making fake advertisements, selling bad quality products, polluting the environment, and not paying taxes. These actions can harm people and the community.

Q9: How can businesses help the environment?
Ans: Businesses can help the environment by reducing waste, using clean energy, recycling materials, and following laws that protect nature. These actions make the world a healthier place for everyone.

Q10: What is meant by corporate social responsibility?
Ans: Corporate social responsibility means that businesses should do good things for society while making money. This includes treating workers fairly, being honest with customers, and caring for the environment.