Business Ethics Quiz

What is the primary responsibility of business according to Peter Drucker?

• To eliminate competition

• To engage in open competition

• To maximize profits at all costs

• To satisfy customer needs and wants

Which of the following is NOT considered a myth about business ethics?

• Profit is the only motive for business

• Ethics is a personal affair

• Good business means good ethics

• Ethics and business do not mix

What does moral reasoning in business provide?

• A method for legal compliance

• A framework for maximizing profits

• A process for resolving moral issues

• A way to eliminate competition

According to the text, what is a common misconception about legality and morality?

• All moral actions are legal

• All legal actions are moral

• What is legal may not necessarily be moral

• Morality is defined by law

What is one of the characteristics of a good moral standard?

• It is subjective and personal

• It is universally accepted

• It is based on popular opinion

• It is flexible and changeable

What does the study of Business Ethics enhance in managers?

• Their technical skills in business operations

• Their human and interpersonal skills

• Their competitive strategies

• Their ability to maximize profits

Which of the following is a reason why people go into business?

• To eliminate competition

• To avoid paying taxes

• To serve society through goods and services

• To engage in illegal activities

What is the essence of studying Business Ethics?

• To enhance technical skills

• To promote aggressive competition

• To increase market share

• To provide a framework for moral decision-making

According to Milton Friedman, what is the only responsibility of business?

• To make profit within the rules of the game

• To promote social welfare

• To engage in ethical practices

• To satisfy customer needs

What does the term 'profit-motive' refer to?

• The incentive to earn profit through business activities

• The desire to eliminate competition

• The need to engage in unethical practices

• The drive to maximize personal wealth