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Chapter 2: Understanding Business Ethics and Social Responsibility

1 Copyright © 2017 Pearson Education, Inc. Business Essentials, 11e (Ebert/Griffin) Chapter 2 Understanding Business Ethics and Social Responsibility 1) What are individual beliefs about what is right and wrong or good and bad referred to as? A) Motivators B) Rules C) Cultures D) Ethics E) Laws AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 2) Which of the following should be the first step in assessing ethical behavior in a certain situation? A) Seek the advice of managers. B) Make a judgment based on the outcome of the activity. C) Consider appropriate moral values. D) Collect facts related to the situation. E) Gather a range of opinions on the effectiveness of the policy. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 3) What is likely the single MOST effective step that a company can take to set ethical standards? A) Offer large cash awards for whistle-blowing. B) Suggest that employees take ethics training. C) Post ethical rules on bulletin boards. D) State that the workplace values diversity. E) Demonstrate support from top management. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 2 Copyright © 2017 Pearson Education, Inc. 4) How do top managers BEST demonstrate a commitment to ethical business practices? A) By adopting and enforcing written codes of ethics B) By reading employees' e-mails C) By decentralized decision-making practices D) By cooperating with other companies E) By monitoring employees' Web searches AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 5) What category of ethics relates to matters such as hiring, firing, working conditions, privacy and respect? A) Behavior toward economic agents B) Behavior toward employees C) Behavior toward the organization D) Elimination of conflicts of interest E) Social responsibility AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 6) When an activity benefits an individual but not the employer, what ethical dilemma has been created? A) Lack of social responsibility B) Violation of the code of conduct C) Conflict of morals D) Interaction with primary agents of interest E) Conflict of interest AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 3 Copyright © 2017 Pearson Education, Inc. 7) What do ethical norms that ensure an action is consistent with what's fair entail? A) Caring B) Morals C) Justice D) Social responsibility E) Economic agents AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 8) Which ethical norm considers whether a particular act optimizes the benefits to those who are affected by it? A) Utility B) Rights C) Justice D) Caring E) Respect AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 9) When evaluating a decision based on the ethical norm of rights, a manager is MOST likely to consider which of the following questions? A) Is the decision consistent with what we regard as fair? B) Does the decision respect the individuals involved? C) Is the decision consistent with people's responsibilities to each other? D) Does the decision optimize the benefits for those who are affected by it? E) Does the decision comply with current legislation? AACSB: Reflective thinking Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 4 Copyright © 2017 Pearson Education, Inc. 10) Which of the following is the BEST description of organizational stakeholders? A) Competitors B) Government regulators C) The officers and key employees of an organization D) Individuals and businesses who own stock in a company E) Individuals and groups that are directly affected by the practices of a company AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 11) Standards that help to shape behaviors towards employees, the organization, and other economic agents are A) social responsibility. B) managerial ethics. C) whistle-blowing techniques. D) values. E) morals. Difficulty: Moderate AACSB: Analytical thinking Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 12) Ethics are beliefs about what is right and wrong. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 5 Copyright © 2017 Pearson Education, Inc. 13) Business ethics refers to ethical or unethical behaviors by employees in the context of their personal lives.. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 14) The standards of behavior that guide managers in their work are called employee ethics. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 15) Some ethical and unethical behaviors fall into gray areas, while others are widely agreed upon. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 16) A conflict of interest occurs when an activity may benefit the individual to the detriment of his or her employer. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 17) Ethical values do not vary from person to person. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 6 Copyright © 2017 Pearson Education, Inc. 18) What constitutes ethical behavior is determined entirely by the individual. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 19) An individual's personal code of ethics is shaped by his or her life experiences. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 20) Some actions may be illegal, yet considered ethical. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 21) Though an individual feels that his behavior is ethical, that behavior may still be considered unethical if social norms consider it to be so. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 22) The ethical norm of utility evaluates whether an act respects the rights of all parties. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 7 Copyright © 2017 Pearson Education, Inc. 23) The most essential ingredient in encouraging ethical behavior in an organization is letting employees dictate ethical norms. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 24) Managerial ethics can be classified into three areas; behavior toward employees, behavior toward the organization and behavior toward other economic agents. AACSB: Application of knowledge Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 25) What is the purpose of a written code of ethics? AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 26) What would constitute a conflict of interest in a business setting? AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 8 Copyright © 2017 Pearson Education, Inc. 27) Describe the three-step model for applying ethical judgments. AACSB: Ethical understanding and reasoning Objective: 2.1: Explain how individuals develop their personal codes of ethics and why ethics are important in the workplace. 28) What term refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment? A) Business ethics B) Socialization C) Stakeholder consciousness D) Social responsibility E) Corporatization AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 29) What is the term given to the groups, individuals, and organizations that are directly affected by the practices of an organization? A) Primary agents of interest B) Social auditors C) Competitors D) Organizational stakeholders E) Local communities AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 9 Copyright © 2017 Pearson Education, Inc. 30) When businesses work to honor warranties, charge fair prices and stand behind the quality of their products, what stakeholder group are they supporting? A) Customers B) Employees C) Investors D) Suppliers E) Local communities AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 31) What stakeholder group is being protected when managers follow proper procedures and strive to be accurate and candid in assessing future growth? A) Customers B) Employees C) Investors D) Suppliers E) Local communities Explanation: C) To maintain a socially responsible stance toward investors, managers should follow proper accounting procedures, provide appropriate information to shareholders about financial performance, and manage the organization to protect shareholder rights and investments. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 10 Copyright © 2017 Pearson Education, Inc. 32) When a multinational organization supports its commitment to stakeholders, which stakeholders are they most concerned with? A) The stakeholders in their home country B) The stakeholders where most sales are made C) The stakeholders in emerging markets D) The stakeholders represented by the government E) The stakeholders in every country where business is done Explanation: E) To the extent that an organization acknowledges its commitments to its stakeholders, it should also recognize that it has multiple sets of stakeholders in each country where it does business. Difficulty: Difficult AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 33) What is the name of the concept that expanded the role of business in protecting and enhancing the general welfare of society? A) Ethics B) Morals C) Social responsibility D) Accountability E) Restraint AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 34) A business's social responsibility to investors includes following proper accounting procedures. AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 11 Copyright © 2017 Pearson Education, Inc. 35) In the United States, there are increased expectations for a greater social role for business. AACSB: Ethical understanding and reasoning Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 36) What is the difference between ethics and social responsibility? thics are beliefs about what is right and wrong or good and bad. Ethics affect individual behavior in the workplace. Social responsibility refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment. Difficulty: Moderate AACSB: Analytical thinking Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 37) When defining its sense of social responsibility, a firm typically confronts what areas of concern? AACSB: Analytical thinking Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 38) What role has e-mail played in business ethics and company practices? -mail that was thought to be a private means of communication can be retrieved and used as evidence. An increasingly controversial area regarding business ethics and company practices involves the privacy of e-mail and other communication that takes place inside an organization. For instance, some companies monitor the Web searches conducted by their employees; the appearance of certain key words may trigger a closer review of how an employee is using the company's computer network. Although some companies argue they do this for business reasons, some employees claim that it violates their privacy. Difficulty: Moderate AACSB: Analytical thinking Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 12 Copyright © 2017 Pearson Education, Inc. 39) Why are employers concerned about the use of e-mail and potential legal liability, and what steps are being taken to prevent issues? Answer: Software has been created that encrypts e-mail messages. In addition, the software sets an expiration date and prevents resending or printing. Difficulty: Difficult AACSB: Application of knowledge Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 40) Describe the stakeholder model of social responsibility. AACSB: Reflective thinking Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 41) Explain the steps that an organization must take to foster a company-wide sense of social responsibility. AACSB: Reflective thinking Objective: 2.2: Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today. 13 Copyright © 2017 Pearson Education, Inc. 42) What must every corporation do in maintaining and reporting its financial status? A) Purchase stocks on margin B) Use creative accounting practices C) Support increased stock prices D) Aim to maximize predicted profit margins E) Conform to generally accepted accounting principles AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 43) Which of the following occurs when someone uses confidential information to gain from the purchase or sale of stocks? A) Identity theft B) A margin purchase C) Insider trading D) Collusion E) A guarantee AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 44) What does the Sarbanes-Oxley Act of 2002 require a chief financial officer to do? A) Prevent insider trading B) Engage in strategic management C) Guarantee the accuracy of financial reporting D) Hire a forensic accountant E) Oversee the implementation of ethical standards AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 14 Copyright © 2017 Pearson Education, Inc. 45) If a firm hides responsibility for wrongdoing, what type of stance are they taking toward social responsibility? A) Responsible B) Obstructionist C) Accommodative D) Proactive E) Moderate Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 46) When working to protect the environment, what type of pollution lowers air quality? A) Noise B) Land C) Water D) Air E) Waste AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 47) Which of the following includes provisions that control air pollution by members? A) Sarbanes-Oxley B) GAAP C) Code of ethics D) NAFTA E) FTC Difficulty: Easy AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 15 Copyright © 2017 Pearson Education, Inc. 48) How have companies such as Tyvek, General Motors, and DuPont worked to lessen the impact of waste on the environment? A) By achieving LEEDS certification B) By achieving zero-landfill status C) By agreeing to recycle more than 50 percent of total waste D) By eliminating the use of phosphates E) By repurposing products and systems Explanation: B) Many firms are working towards a zero-landfill status, where production waste is recycled, repurposed or otherwise eliminated. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 49) What is the main cause of water pollution? A) Acid rain B) Landfill runoff C) Chemical and waste dumping D) Vehicle exhaust E) Decomposition Explanation: C) Water becomes polluted primarily from chemical and waste dumping. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 50) What do new forms of solid-waste disposal such as repurposing combustible waste help prevent? A) Future contamination of land B) Toxic dumping C) Use of phosphates D) Runoff E) Zero-landfill claims Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 16 Copyright © 2017 Pearson Education, Inc. 51) What is the practice of injecting water and chemicals into underground rock in order to break the rock apart called? A) Recycling B) Toxic waste elimination C) Fracking D) Zero-landfill support E) Repurposing Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 52) Which government agency regulates advertising and pricing practices to protect consumers? A) Generally Accepted Accounting Principles B) North American Free Trade Agreement C) Food and Drug Administration D) Federal Trade Commission E) Children's Online Privacy Protection Act Difficulty: Easy AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 53) Social activism dedicated to protecting the rights of consumers is the result of what? A) Increased legislation B) Consumerism C) International agreements D) The Consumer Bill of Rights E) Green marketing efforts Difficulty: Moderae AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 17 Copyright © 2017 Pearson Education, Inc. 54) When a firm modifies a production process to limit the consumption of valuable resources, what business practice are they engaging in? A) Collusion B) Consumerism C) Green marketing D) Recycling E) Near zero status AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 55) What is the result of two or more firms collaborating on a wrongful act, such as price fixing? A) Unfair pricing B) Price gouging C) Product collaboration D) Collusion E) Consumerism AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 56) When a firm increases the price of a good or service because of an increase in demand, what unethical practice are they potentially engaging in? A) Consumerism B) Collusion C) Unfair pricing D) Collaboration E) Price gouging Explanation: E) Firms can also come under attack for price gouging, responding to increased demand with overly steep (and often unwarranted) price increases. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 18 Copyright © 2017 Pearson Education, Inc. 57) What is the term for an employee who discovers an illegal or unethical activity and tries to put an end to it? A) Whistle-blower B) Inside trader C) Obstructionist D) Colluder E) Accommodator AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 58) When a stakeholder uses confidential information to gain from the sale or purchase of a stock, what ethical violation are they engaging in? A) Whistle-blowing B) Insider training C) Social accommodation D) Collusions E) Gouging Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 59) What Act requires an organization's chief financial officer to personally guarantee the accuracy of all financial reporting? A) Generally Accepted Accounting Principles (GAAP) B) Securities and Exchange Commission (SEC) C) Sarbanes-Oxley D) False Claims Act of 1863 E) Whistle-Blower Protection AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 19 Copyright © 2017 Pearson Education, Inc. 60) A company that does not act responsibly toward its customers may lose their trust and ultimately their business. AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 61) The Consumer Bill of Rights is backed by numerous federal and state laws. AACSB: Ethical understanding and reasoning Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 62) What is collusion? AACSB: Reflective thinking Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 63) Define consumerism. onsumerism is social activism dedicated to protecting the rights of consumers in their dealings with businesses. Difficulty: Moderate AACSB: Reflective thinking Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 64) Identify who is responsible for regulating advertising and what the key issues are. Difficulty: Difficult AACSB: Reflective thinking Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 20 Copyright © 2017 Pearson Education, Inc. 65) What is insider trading? Why would an investor engage in it? Difficulty: Difficult AACSB: Reflective thinking Objective: 2.3: Show how the concept of social responsibility applies both to environmental issues and to a firm's relationships with customers, employees, and investors. 66) Which of the following is a way to tell how an organization is doing in meeting its social responsibility goals? A) Governmental mandate B) Executive summary C) Social audit D) Government initiative E) Financial report. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 67) What concept is supported by those who believe that corporations should help improve the lives of citizens? A) Social auditing B) Government initiative C) Collusion D) Social responsibility E) Social accommodation Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 21 Copyright © 2017 Pearson Education, Inc. 68) What stance do firms who do as little as possible to solve social or environmental problems take? A) Social accommodation B) Obstructionist C) Defensive D) Accommodative E) Proactive Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 69) If a manager believes their job is to generate profits and is willing to do everything legally required, but no more, what social responsibility stance is being taken? A) Proactive B) Accommodative C) Defensive D) Obstructionist E) Social accommodation AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 70) Firms that meet, and occasionally exceed, legal and ethical requirements, take what type of social responsibility stance? A) Proactive B) Social accommodation C) Defensive D) Accommodative E) Obstructionist AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 22 Copyright © 2017 Pearson Education, Inc. 71) Those firms that look for opportunities to contribute because of a sincere desire to improve social welfare take what type of social responsibility stance? A) Obstructionist B) Accommodative C) Social accommodations D) Defensive E) Proactive AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 72) What is the most common and direct way to provide direct financial support when taking a proactive stance to social responsibility? A) Set up a foundation B) Reduce prices C) Make a donation with each purchase D) Use the Internet to solicit donations E) Follow all laws set forth by the government AACSB: Reflective thinking Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 73) Ethical issues are generally based on what? A) Social responsibility B) Individual ethics C) Laws D) Societal norms E) Stakeholder returns Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 23 Copyright © 2017 Pearson Education, Inc. 74) The proactive approach to social responsibility argues that profits should not be spent on social programs. Explanation: Firms with a high proactive approach to social responsibility actively seek ways to contribute to their communities. Difficulty: Moderate AACSB: Application of knowledge Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 75) The best stance toward social responsibility a company can take is a proactive one. Explanation: A proactive stance is the highest degree of social responsibility that a firm can exhibit. Difficulty: Moderate AACSB: Reflective thinking Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 76) There is general consensus within the United States that social responsibility must take precedence over profits. Explanation: Opinions differ dramatically concerning the role of social responsibility as a business goal; some people oppose any business activity that threatens profits. Difficulty: Moderate AACSB: Reflective thinking Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 77) Small businesses must answer many of the same social responsibility questions as big businesses. Explanation: Small businesses must answer many of the same questions as big businesses in the areas of ethics and social responsibility. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 78) How do issues of social responsibility and ethics affect small business? Answer: Small businesses must address, more or less, the same issues as big businesses—the differences are primarily differences of scale. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 24 Copyright © 2017 Pearson Education, Inc. 79) Identify two arguments against social responsibility as a business goal.. Difficulty: Difficult AACSB: Ethical understanding and reasoning Objective: 2.4: Identify four general approaches to social responsibility and note the role of social responsibility in small business. 80) How does the government affect the idea of social responsibility in a planned economy? A) The government requires higher stakeholder returns. B) The government passes laws to make sure business interests do not damage society. C) The government heavily regulates business activities to ensure the business supports social ideals. D) The government attempts to offset small business restrictions. E) The government limits regulations in exchange for planned giving. AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 81) When the government dictates what organizations can and cannot do, what tactic is the government using? A) Social responsibility B) Taxation C) Stakeholder support D) Regulation E) Socialism Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 25 Copyright © 2017 Pearson Education, Inc. 82) Where do government regulations evolve from? A) Laws B) The National Labor Relations Board C) Indirect channels D) The Foreign Corrupt Practices Act E) Social beliefs Difficulty: Moderate AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 83) What government agency has the responsibility to handle investor-related issues? A) SEC B) Department of Labor C) FTC D) Environmental Protection Agency E) EEOC AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 84) What government agency has the responsibility to oversee consumer-related concerns? A) Department of Labor B) FTC C) Equal Employment Opportunity Commission D) SEC E) National Labor Relations Board Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 26 Copyright © 2017 Pearson Education, Inc. 85) Which of the following allows for financial sanctions against businesses or business officials who engage in bribery? A) Sarbanes-Oxley Act B) SEC Act C) U.S. Foreign Corrupt Practices Act D) NRA E) Political Action Committees Difficulty: Moderate AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 86) In what way can the government use indirect regulation to affect social responsibility? A) Enacting laws B) Supporting shareholders C) Imposing fines to violators D) Providing tax incentives E) Cooperating with foreign governments Difficulty: Moderate AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 87) In what way can a business or industry represent themselves before political bodies in order to influence the government? A) Personal contacts B) Financial gifts C) Lobbying D) Offering favors E) Voting Difficulty: Moderate AACSB: Reflective thinking Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 27 Copyright © 2017 Pearson Education, Inc. 88) If an individual business person wanted to present his or her opinion on a piece of legislations, what method might be used? A) Voting B) Lobbying C) Favors D) Personal contacts E) Political action committee meetings Difficulty: Moderate AACSB: Reflective thinking Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 89) What type of organizations are used to solicit money that then is distributed to political candidates? A) Lobbies B) Government agencies C) Stakeholders D) Ethical compliance leaders E) Political action committees Difficulty: Moderate AACSB: Reflective thinking Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 28 Copyright © 2017 Pearson Education, Inc. 90) Because of the influence of a more sophisticated and educated public, what approach should corporations take to develop social responsibility plans? A) The same approach they take when developing any other business strategy. B) Create new legal and implied requirements. C) Develop an informal plan and use it to see what work before incorporating those ideas to a formal plan. D) Increase ethical understanding and training for leadership. E) Increase philanthropic giving. AACSB: Reflective thinking Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 91) When a business hires a staff to formally represent the organization before a political body, in efforts to influence that political body, the business is A) using personal contacts. B) starting a political action committee. C) lobbying. D) asking for favors. E) campaigning. Difficulty: Easy AACSB: Analytical thinking Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 92) Soliciting favors from an organization or politician, or other influence tactics to gain support are often legal. AACSB: Ethical understanding and reasoning Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 29 Copyright © 2017 Pearson Education, Inc. 93) Government will most often influence organizations through the establishment of laws and rules that dictate what organizations can and cannot do. AACSB: Ethical understanding and reasoning Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 94) Discuss the difference between lobbying and using Political Action Committees as a means to influence government. AACSB: Application of knowledge Objective: 2.5: Explain the role of government in social responsibility in terms of how governments and businesses influence each other. 95) Which of the following is an informal dimension for managing social responsibility? A) Legal compliance B) Whistle-blowing C) PAC committees D) Ethical compliance E) Philanthropic giving Explanation: B) Formal organizational dimensions that can help manage social responsibility are (1) legal compliance, (2) ethical compliance, and (3) philanthropic giving. Informal dimensions include organization leadership and culture and whistle-blowing. Difficulty: Moderate AACSB: Reflective thinking Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 30 Copyright © 2017 Pearson Education, Inc. 96) What is the extent to which an organization conforms to local, state, federal, and international laws known as? A) Government agency support B) Social responsibility C) Legal compliance D) Political action E) Free-trade Explanation: C) Legal compliance is the extent to which the organization conforms to local, state, federal, and international laws. Difficulty: Easy AACSB: Application of knowledge Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 97) What is the extent to which members of an organization follow basic ethical and legal standards of behavior? A) Social responsibility B) Norms C) Values D) Ethical compliance E) Legal compliance Explanation: D) Ethical compliance is the extent to which the members of the organization follow basic ethical (and legal) standards of behavior. Difficulty: Moderate AACSB: Application of knowledge Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 98) Which of the following is the act of awarding funds or gifts to charities? A) Ethical compliance B) Political action C) Lobbying D) Informal dimensions of giving E) Philanthropic giving Explanation: E) Philanthropic giving is the awarding of funds or gifts to charities or other worthy causes. Difficulty: Moderate AACSB: Application of knowledge Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 31 Copyright © 2017 Pearson Education, Inc. 99) Which of the following best supports an organization's stance in terms of social responsibility and ethical leadership? A) Philanthropic giving B) Organizational leadership practices C) Line and staff members D) Stakeholders E) Government intervention Explanation: B) Leadership practices and organizational culture can go a long way toward defining the social responsibility stance an organization and its members will adopt. Ethical leadership often sets the tone for the entire organization. Difficulty: Moderate AACSB: Reflective thinking Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 100) To ensure efforts are producing the desired benefit, what must a socially responsible business use? A) Government regulation B) The concept of control to social responsibility C) Ethics D) An evaluation process of effectiveness E) Senior leadership task forces AACSB: Reflective thinking Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 101) When conducting a corporate social audit, what must be evaluated? A) Cost of social responsibility efforts B) General goals that are flexible, based on need C) The resources devoted to each goal D) The strength of the leadership team E) Laws and regulation that limit the ability to reach goals Difficulty: Moderate AACSB: Reflective thinking Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 32 Copyright © 2017 Pearson Education, Inc. 102) The use of formal committees, training, and codes of conduct help to ensure standards of ________ within an organization. A) Ethical compliance B) Philanthropic giving C) Organizational leadership D) Social responsibility E) Legal compliance AACSB: Analytical thinking Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 103) A whistle-blower is an outsider who reports publicly on the wrongdoings of companies. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 104) Most firms use outside auditors to conduct their social audit. Difficulty: Moderate AACSB: Ethical understanding and reasoning Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 105) Most philanthropic giving in the United States is targeted towards the arts. Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility. 33 Copyright © 2017 Pearson Education, Inc. 106) Discuss ways in which an organization can help to ensure all members of the organization participate in ethical compliance. Objective: 2.6: Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility.

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