Ch 6 Flashcards
What is social responsibility of business?
Social responsibility of business refers to the ethical framework and obligations that a company has towards the community and society at large.
True or False: Social responsibility of business is solely focused on maximizing profits.
False. Social responsibility of business goes beyond profit maximization to include ethical behavior, environmental sustainability, and social impact.
What are some examples of socially responsible business practices?
Examples include corporate philanthropy, sustainable sourcing, fair labor practices, and community engagement.
Why is business ethics important?
Business ethics is important for maintaining trust with stakeholders, avoiding legal issues, and enhancing reputation.
What is the difference between legal and ethical behavior in business?
Legal behavior refers to actions that comply with laws and regulations, while ethical behavior goes beyond legal requirements to encompass moral principles and values.
Fill in the blank: Business ethics is the ____________ evaluation of business practices, policies, and decisions in light of ethical principles.
systematic
What are the three main pillars of business ethics?
The three main pillars are integrity, fairness, and accountability.
True or False: Ethical behavior in business can lead to long-term financial success.
True. Ethical behavior can enhance reputation, build trust with customers, and attract top talent.
What is the role of ethical leadership in promoting business ethics?
Ethical leadership sets the tone for ethical behavior within an organization and influences employees to act ethically.
How can businesses promote social responsibility?
Businesses can promote social responsibility by implementing sustainability practices, supporting community initiatives, and being transparent about their impact.
What are the potential benefits of practicing business ethics?
Benefits include improved reputation, increased customer loyalty, higher employee morale, and reduced legal risks.
True or False: Social responsibility of business is a static concept that does not evolve over time.
False. Social responsibility of business is dynamic and evolves in response to changing societal expectations and environmental challenges.
What are some challenges that businesses face in implementing social responsibility initiatives?
Challenges include balancing social and financial goals, measuring impact, and ensuring consistency across global operations.
What is the Triple Bottom Line approach to business sustainability?
The Triple Bottom Line approach considers social, environmental, and financial performance as key indicators of a company’s success.
Fill in the blank: Business ethics is the application of ethical principles and values to ____________ behavior within the business context.
conduct
How can businesses build an ethical culture?
Businesses can build an ethical culture by promoting transparency, providing ethics training, and rewarding ethical behavior.
True or False: Corporate social responsibility is a legal requirement for all businesses.
False. Corporate social responsibility is voluntary, although some regulations may require certain disclosures or practices.
What are some criticisms of corporate social responsibility?
Critics argue that CSR can be a distraction from core business activities, lead to greenwashing, and lack clear metrics for success.
How can businesses ensure ethical decision-making at all levels of the organization?
Businesses can ensure ethical decision-making by establishing codes of conduct, providing ethics training, and fostering open communication.
What is the stakeholder theory of corporate social responsibility?
The stakeholder theory posits that businesses should consider the interests of all stakeholders, not just shareholders, in their decision-making.
True or False: Ethical behavior in business is subjective and varies based on cultural norms.
True. Ethical behavior can be influenced by cultural, societal, and individual values.
What are some examples of ethical dilemmas that businesses may face?
Examples include conflicts of interest, bribery, environmental pollution, and discrimination.
How can businesses measure the impact of their social responsibility initiatives?
Businesses can measure impact through key performance indicators, stakeholder feedback, and sustainability reporting.
What is the role of government in promoting business ethics?
Governments can promote business ethics through regulations, enforcement of laws, and incentives for ethical behavior.
