Corporate Social Responsibility

Question 1

Define Corporate social responsibility (CSR)

Answer 1

Corporate social responsibility refers to management’s awareness of the social and environmental consequences of its actions.

Question 2

What is one benefit of Corporate social responsibility

Answer 2

• It can improve the businesses reputation

Question 3

What are the three considerations of corporit social responsibility?

Answer 3

• Environmental Considerations
• Economic Considerations
• Social Considerations

Question 4

Define business objective

Answer 4

Business objectives are the measurable results that companies hope to maintain as their organisation grows

Question 4

Define business objective

Answer 4

Business objectives are the measurable results that companies hope to maintain as their organisation grows

Question 5

Define consumer

Answer 5

a person who purchases goods and services for personal use

Question 6

Define Product

Answer 6

A product is the item offered for sale

Question 7

Define Product

Answer 7

A product is the item offered for sale

Question 8

Define goods and services

Answer 8

the term goods and services refers to what consumers are consuming and spending money on

Question 9

Define profit

Answer 9

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

Question 10

Define sole trader and 2 advantages and disadvantages

Answer 10

A sole trader is a self-employed person who owns and runs their business as an individual
Advantages:
- You keep all of the profit
- You have maximum privacy
Disadvantages:
- You have unlimited liability to all debts
- your capacity to raise capitol is limited

Question 11

Define a publicly listed company and list 2 advantages and disadvantages

Answer 11

A public company is a corporation whose ownership is distributed amongst general public shareholders through publicly-traded stock shares.

Advantages
- availability of financial information
- Ability to raise funds by selling stock
Disadvantages
- Increased Liability
- loss of management control

Question 12

Define social enterprise and list 2 advantages and disadvantages

Answer 12

A social enterprise is a business with social objectives that serve its primary purpose. 
Advantages
- Helps the community 
- Helps disadvantaged people 
Disadvantages 
- Lack of support structure and funding
- Lack of general success

Question 13

Define limited liability

Answer 13

• the condition by which shareholders are legally responsible for the debts of a company only to the extent of the value of their shares.

Question 14

Define unlimited liability

Answer 14

Unlimited liability refers to the full legal responsibility that business owners and all business debts

Question 15

Define Dividends

Answer 15

A dividend is the distribution of corporate profits to eligible shareholders

Question 16

Define Shares

Answer 16

Shares are units of equity ownership in a corporation

Question 17

Define Planed change

Answer 17

Planned change is the process of preparing the entire organization, or a significant part of it, for new goals or a new direction

Question 18

Define unplanned change

Answer 18

Unplanned changes are not foreseen prior to the need to change, often made necessary by shifts in the orginization environment.

Question 19

Define key performance indicators

Answer 19

a measure used to evaluate the success of an organization

Question 20

Define net profit

Answer 20

The actual profit after working expenses have been paid

Question 21

Define market share

Answer 21

the portion of a market controlled by a particular company

Question 22

Define Staff Absenteeism

Answer 22

the Consistent non-presence of an employee at their job

Question 23

Define staff turnover

Answer 23

Staff turnover refers to the proportion of employees who leave an organisation over a set period

Question 24

Define Number of sales

Answer 24

The number of sales is the number of units sold within a reporting period

Question 25

Define driving forces

Answer 25

The Driving Force provides focus, for the business to change in order to increase profit margin

Question 26

Define restraining forces

Answer 26

Restraining forces are forces that make change more difficult.

Question 27

Define inputs

Answer 27

Inputs are any resources used to create a product

Question 28

Define outputs

Answer 28

Output is a quantity of goods or services produced in a specific time period

Question 29

Example of a corporate social responsibility

Answer 29

Reducing your carbon footprint