BUSINESS ETHICS 6

Multiple Choice

What is the main duty or obligation described by the term 'responsibility' in a business context?

• To satisfactorily perform or complete a task assigned by someone or created by one's own circumstances

• To maximize profits for shareholders

• To follow government regulations only

• To delegate tasks to others

Fill in the Blank

Social responsibilities of an entrepreneur towards ___ include timely payments and honest dealings.

Multiple Choice

Which of the following best describes the significance of business ethics in the modern world?

• It helps businesses maximize profits at any cost.

• It ensures businesses operate within legal and moral boundaries.

• It encourages businesses to ignore social issues.

• It allows businesses to avoid responsibility for their actions.

Multiple Select

Which of the following are considered stakeholders in a business according to the objectives of social responsibility?

• Employees

• Government

• Suppliers

• Consumers

Fill in the Blank

Business ethics pertains to ethical guidelines and ___ problems that can occur in a business environment.

Multiple Choice

Which of the following best describes the difference between responsibility and accountability in entrepreneurship?

• Responsibility is about completing assigned tasks, while accountability is about being answerable for outcomes.

• Responsibility is only for employees, while accountability is only for managers.

• Responsibility is about making profits, while accountability is about following laws.

• Responsibility and accountability mean the same thing.

Multiple Choice

Which of the following best describes accountability?

• The obligation to account for activities and accept blame for failures

• The ability to delegate tasks to others

• The process of making profits for an organization

• The act of motivating employees

Multiple Choice

Based on the diagram, which groups does an entrepreneur have responsibilities towards?

• Employees, customers, government, suppliers, stakeholders, creditors

• Only employees and customers

• Only government and suppliers

• Only stakeholders and creditors

Fill in the Blank

Entrepreneurs must pay employees at least the ___ hourly wage according to locality.

Multiple Choice

What are two ways entrepreneurs should treat their employees according to the lesson?

• Pay fair wages and behave humanely

• Ignore employee mistakes and pay bonuses

• Assign jobs randomly and provide no leave

• Treat employees strictly and pay minimum wage only

Multiple Choice

Which of the following is NOT a responsibility of an entrepreneur towards the government?

• Payment of Taxes

• Compliance of Government Rules

• Not Correcting the Government Machinery

• Seeking Political Patronage

Fill in the Blank

Entrepreneurs must comply with government rules such as ___ for operation, price determination, and production.

Open Ended

Explain why it is important for entrepreneurs to cooperate with the government for economic development.

Open Ended

Describe the mutual relationship between suppliers and entrepreneurs and its importance in business.

Multiple Select

Which of the following are responsibilities of entrepreneurs towards suppliers?

• Providing technical assistance

• Supplying raw materials

• Innovating indigenous supplies

• Producing substitute products

Multiple Choice

Which financial institutions are shown as sources of support for entrepreneurs in the diagram?

• Banks, Investment Companies, Savings and Loan Associations, Credit Unions

• Banks, Insurance Companies, Stock Exchanges, Credit Unions

• Banks, Venture Capitalists, Savings and Loan Associations, Credit Unions

• Banks, Investment Companies, Savings and Loan Associations, Mutual Funds

Open Ended

Explain how financial institutions and banks contribute to entrepreneurship according to the information provided.

Fill in the Blank

Social responsibilities of an entrepreneur towards customers include providing commodities and services according to the desires and needs of consumers at ___ prices.

Multiple Select

Which of the following are recommended practices for entrepreneurs to address customer complaints and protect consumer interests?

• Establish organizations for consumer protection

• Keep in contact with customer associations

• Ignore customer complaints

• Follow rules and bylaws of consumer organizations

Multiple Choice

According to the slides, what should entrepreneurs avoid for the sake of maximization of profits?

• Hoarding practices

• Customer research

• Fair pricing

• Establishing organizations

Multiple Choice

Business ethics primarily deals with:

• Maximizing profits at any cost

• Following laws and regulations

• Making decisions based on moral principles

• Ignoring social responsibility

Open Ended

Reflecting on today's lesson about Business Ethics and Social Responsibility, what is one way businesses can demonstrate social responsibility in their community?