Commerce Accountancy · General Awareness

Business Ethics

777 Questions

Business ethics evaluates moral principles, stakeholder management, and workplace conduct within organizations. Competitive exams test the application of these standards in real scenarios. Understanding these dilemmas builds critical reasoning.

Ethical dilemmas in businessCorporate social responsibilityEngineering and software ethicsStakeholder managementWorkplace conduct standards

Business Ethics Questions

Multiple choice

Which of the following refers to the moral principals or rules of behaviour, which should govern moral conduct of businessmen?

  1. Social responsibility

  2. Legal responsibility

  3. Business ethics

  4. Social standards for business

  5. Labour movement
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

This is the correct answer. The business enterprises are products of and are influenced by society. They have to interpret and adjust to the preferences or values of society. The subject matter of ethics is concerned with establishing linkages and thus business ethics concern themselves with the moral principles or rules of behaviour, which should govern moral conduct of businessmen.

Multiple choice

Match the following columns:

Column I
Column II
a. Corporate social responsibility 1. Originated when government passed anti trust laws against monopolistic practices, so as to improve and protect the welfare of the society.
b. Business ethics 2. These highlighted social values and society’s concerns in relation to business and forced the corporates to abstain from policies and practices, which were hostile to consumers and environmental protection.
c. Corporate governance 3. This improves accountability of directors to shareholders, emphasis on more transparent auditing and increased responsibilities of independent directors, and protects shareholders.

  1. a - 1, b - 2, c - 3

  2. a - 2, b - 3, c - 1

  3. a - 3, b - 1, c - 2

  4. a - 1, b - 3, c - 2

  5. a - 2, b - 1, c - 3
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Yes, this is the correct answer as all are correctly matched.

 

Multiple choice

Which of the following are the factors that have forced and persuaded businessmen to consider their social responsibilities? a. Public regulation b. Labour movement c. Consumer consciousness d. Social standards for business

  1. Only a and b

  2. Only a and c

  3. Only a, b and d

  4. Only a, b and c

  5. All of these
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

This is the correct answer, as all the reasons given above are correct for the business firms to adopt social responsibilities. 

Multiple choice

Which of the following arguments is/are used by businesses against assuming social responsibility? a. It is a violation of the profit maximisation objective of a business. b. Businesses cannot get involved in social issues, as there is lack of public confidence and cooperation in solving social problems by them. c. Businesses do not have the necessary training so, social problems should be solved by other specialised agencies.

  1. Only a

  2. Only b

  3. Only c

  4. Only a and b

  5. All of these
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

All these statements are used by businessmen, as an argument against assuming social responsibility.

Multiple choice business organisation and correspondence classification of busniess activities business as an activity meaning and types of trade trade and aids to trade

_______ is essential for satisfaction of human wants.

  1. Shareholders

  2. Competition

  3. Trade

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services.

An example of trade is the tea trade where tea is imported from China and purchased in the US. An example of trade is when you work in sales. An example of trade is the act of exchanging one item for another or one item for money.

Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Which of the following cannot be a social objective of the business?

  1. Production and Supply of Quality Goods and Services

  2. Contribution to the General Welfare of the Society

  3. Adoption of UnFair Trade Practices

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.

Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, to fulfill the economic objectives of a business.

Multiple choice business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

For auditing the business transactions, __________ voucher is the document which gives proper information to the auditor of every accounting transaction.

  1. Cash

  2. Memo

  3. Receipt

  4. Journal
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A journal voucher is a very helpful document in auditing as it is a voucher that consists of all the details of transactions like the date of transactions, amount, etc. A journal voucher is prepared for every transaction. They are serially numbered for convenience purpose so that journal can be prepared.  

Multiple choice business organisation and correspondence middlemen 2 - retailer types of retail organisation types of retailing retail trade

To ensure fair management of funds the accounts of the stores are audited by _______.

  1. Registrar of Cooperative Societies

  2. Registrar of Companies

  3. Registrar of Retail Stores

  4. Joint Stock Company
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.

Multiple choice aspects of staffing staffing functions of management organization of commerce and management business studies

Scope of ethics in business is no which area (s)___________.

  1. Compliance

  2. Finance & HR

  3. Marketing and production

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Ethical issues of business mainly include the process of promoting conduct, accommodating diversity, empathetic decision making and compliance, etc.Scope of ethics in business include:
a) compliance
b) finance and HR
c)  Marketing and production
Multiple choice book keeping and accountancy accounts of 'not for profit' concerns accounting record of non-trading organisations features of not-for-profit organisation meaning and characteristics of not-for-profit organisation

Not-for-Profit Organisations earn their reputation on the basis of ________.

  1. customers satisfaction

  2. contributions to the welfare

  3. owners satisfaction

  4. all of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Non-for-profit organisations earn their reputation on the basis of contributions to the welfare. The are set up for the purpose of promoting science, commerce, social cause, education etc. Their main purpose is not to earn profit but to provide services. 

Multiple choice commercial applications government organisation statutory/public corporations meaning and features of public corporation statutory corporations

Corporate citizenship is also known as _________.

  1. Corporate Governance

  2. Corporate image

  3. Corporate Social Responsibility

  4. Both (a) and (c)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Corporate Citizenship is a recognition that a business, corporation or business-like organisation, has social, cultural and environmental responsibilities to the community in which it seeks a licence to operate, as well as economic and financial ones to its shareholders or immediate stakeholders.

Multiple choice business organisation capital market concept of financial market introduction to financial markets meaning and definition of financial market

________ are concerned about ethics, social responsibility and reputation of the company in which they invest.

  1. Employees

  2. Employers

  3. Investors

  4. Students
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Investors are concerned about ethics, social responsibility and reputation of the company in which they invest. Investors do a critical evaluation of the background of the company before investing. Critical evaluation involves the ethical practices and social responsibility performed by the company.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

You are writing a report on the level of customer satisfaction at each of your three locations. Which of the following is the BEST title for your report?

  1. Why customers are happy with our service

  2. Not all customers are happy with our service

  3. Customers have interesting things to say

  4. Results of customer service survey at three locations
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Results of customer service survey at three locations- this would be the best title of the report.  If a report is to be written on the level of customer satisfaction at each of the three locations then, the results of all three consumer's reaction should be highlighted.