Question 1

What would constitute a conflict of interest in a business setting?

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Question 2

The most conservative approach to social responsibility for a firm is the accommodative stance.

Accepted Answer

The most conservative approach to social responsibility for a firm is actually the obstructionist stance, which involves doing as little as possible and assuming no responsibility for social issues. The accommodative stance is more proactive and involves meeting only minimum legal and ethical requirements.

Question 3

What is the first step in making ethical judgments?

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Question 4

Triple bottom line reporting means measuring the finance, marketing, and production performance of a company.

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Triple bottom line reporting means measuring the economic, social, and environmental performance of a company.

Question 5

What requirement does the Personal Information Protection and Electronic Documents Act (PIPEDA) impose on companies?

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Question 6

What is the difference between unethical behaviour and illegal behaviour?

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Question 7

A major concern for the small business owner is whether he or she can afford to have a social agenda.

Accepted Answer

Small business owners often have limited resources and must prioritize their spending. Investing in a social agenda, such as supporting a charitable cause or promoting diversity and inclusion, may come with costs such as donations or implementing new policies. Therefore, the affordability of a social agenda is a legitimate concern for small business owners.

Question 8

The most aggressive approach to social responsibility for a firm is the accommodative stance.

Accepted Answer

The most aggressive approach to social responsibility for a firm is the proactive stance, which involves actively seeking ways to benefit society and prevent potential problems. The accommodative stance is a more passive approach where a firm accepts responsibility for its actions and responds to societal demands and expectations.

Question 9

Because Joan owns a small company, the concept of socially responsible behaviour does not apply to her.

Accepted Answer

The concept of socially responsible behaviour applies to all individuals and organizations, regardless of their size or scope of operation. As a business owner, Joan has a responsibility to conduct her operations in an ethical, sustainable, and socially responsible manner.

Question 10

List four ethical norms.

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Question 11

What are managerial ethics?

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Question 12

Xanex Corp. will respond to requests for donations from certain charitable organizations, but it will not seek them out. Xanex has adopted a defensive stance to social responsibility.

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Question 13

Making a company into a truly socially responsible firm requires that the top-level manager personally direct the planning and implementation of this program, just as if he or she were introducing a new product.

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Social responsibility can be integrated into a company's operations through a collaborative effort involving various levels of management and departments, not solely through the personal direction of the top-level manager.

Question 14

Sustainable development means pursuing activities that meet current needs, but which will not put future generations at a disadvantage when they attempt to meet their needs.

Accepted Answer

Sustainable development is defined as the ability to meet the needs of the current generation without compromising the ability of future generations to meet their own needs. Therefore, it involves pursuing activities that maintain ecological balance and promote economic growth while also ensuring social progress and equity.

Question 15

The proactive social responsibility stance is used by firms who actively seek opportunities to contribute to the well-being of society.

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The proactive social responsibility stance is defined as actively seeking opportunities to contribute to the well-being of society.

Question 16

Briefly describe an issue of managerial ethics relating to behaviour toward employees.

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Question 17

The defensive stance to social responsibility rejects the idea that business has contributed to many of society's problems and, therefore, business has a social obligation to correct those problems.

Accepted Answer

The defensive stance to social responsibility indeed rejects the notion that businesses are responsible for societal problems and thus denies any obligation to help solve these issues. This stance typically involves doing the minimum legally required to address social issues, without acknowledging a broader responsibility.

Question 18

What is unethical behavior?

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Question 19

What is ethical behavior?

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Question 20

A social audit focuses on pursuing activities that meet a company's current needs, but which will not put future generations at a disadvantage when they attempt to meet their needs.

Accepted Answer

A social audit evaluates a company's social responsibility and ethical practices, but the concept of meeting current needs without compromising future generations is related to sustainability, not specifically to social audits.

Quiz 3: Conducting Business Ethically and Responsibly