Business Ethics and CSR Overview

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Questions and Answers

Which factor limits the compensation for labor in the production process?

Personal investment

Government legislation

Both industry rates and government legislation (correct)

Industry rates

Which of the following is NOT a disadvantage of small business operation?

Uncertainty of income

Complete responsibility for decisions

Easy paperwork and fewer chores (correct)

Risk of losing capital

What does CSR stand for in a business context?

Corporate Social Responsibility (correct)

Customer Service Requirement

Corporate Service Relations

Company Social Report

What does the Anti-Age Discrimination in Employment Act of 2016 prohibit?

Discriminating against employees based on their age Signup and view all the answers

What is the compensation called for the use of land in production?

Rent Signup and view all the answers

What is a small business according to the market share approach?

A business that is not dominant in its field Signup and view all the answers

Employees in small businesses are usually guaranteed higher wages than in larger enterprises.

False Signup and view all the answers

Innovation is important for an entrepreneur to maintain competitiveness in the market.

True Signup and view all the answers

Which stage of entrepreneurship involves the highest level of risk-taking?

Start-up stage Signup and view all the answers

Which is a key principle in corporate social responsibility (CSR)?

Balancing people, planet, and profit Signup and view all the answers

In strategic planning, which element involves predicting potential future challenges?

Forecasting Signup and view all the answers

What is the term used for a business's responsibility to provide a safe product at a reasonable price?

Legal responsibility Signup and view all the answers

Corporate social responsibility includes providing employment to underprivileged groups.

True Signup and view all the answers

Which factor most contributes to long working hours in small businesses?

Inadequate capital Signup and view all the answers

Entrepreneurship thrives only in socialist economies.

False Signup and view all the answers

Which of the following is an example of a service business?

Accounting firm Signup and view all the answers

What is a key ethical issue in advertising?

Targeting vulnerable groups, such as children Signup and view all the answers

Which law in the Philippines is aimed at promoting clean air?

Republic Act 9275 Signup and view all the answers

Which of the following best defines business ethics?

Rules based on moral principles for business operations Signup and view all the answers

What is NOT a benefit that entrepreneurship brings to society?

Reduction in market competition Signup and view all the answers

Which of the following statements about corporate social responsibility is true?

It integrates social, environmental, and economic concerns into business operations. Signup and view all the answers

What factor is NOT a requirement for entering a professional field like medicine?

Large capital investments Signup and view all the answers

Which of the following is an advantage of operating a small business?

Control over one’s destiny Signup and view all the answers

Which statement about sweatshops in the Philippines is true?

They are often unregulated and exploit workers. Signup and view all the answers

Study Notes

Businesses have a responsibility to treat employees fairly, including meeting overtime requirements and avoiding unethical incentives.
Unethical business practices can damage a company's reputation and lead to lost sales.
Promoting safe and quality products is a key ethical issue in advertising.
Targeting vulnerable groups, such as children, is considered unethical in advertising.
Corporate Social Responsibility (CSR) focuses on balancing people, planet, and profit.
CSR applies to both large and small businesses.
Businesses have a responsibility to provide safe products at a reasonable price, which is considered both a legal and ethical responsibility.

Entrepreneurship and Small Businesses

Entrepreneurship involves assembling resources like labor and capital to start a business.
Entrepreneurs bear the risk of losses but enjoy profits if successful.
Small businesses are the backbone of a country's economy and are an important source of job creation.
Small businesses may face challenges like uncertainty of income, complete responsibility for decisions, and risk of losing capital.
Small businesses are not guaranteed higher wages for employees compared to larger enterprises.
Innovation is crucial for entrepreneurs to maintain competitiveness in the market.
Entrepreneurship thrives in both capitalist and socialist economies.
The Magna Carta for Small Enterprises (R.A. 6977) defines a small business based on its total assets and number of employees.

Laws and Regulations

The Anti-Age Discrimination in Employment Act of 2016 prohibits discrimination against employees based on their age.
The Clean Air Act (RA 8749) aims to maintain clean air throughout the Philippines.
The law that promotes clean air in the Philippines is Republic Act 8749.
The law that regulates hazardous and toxic substances in the Philippines is Republic Act 6969.
Sweatshops are illegal in the Philippines.

Economic Development

Entrepreneurship plays a crucial role in economic development.
Job creation, tax revenue, and innovation in products and services are key benefits of entrepreneurship to society.
Economic development aims to improve living standards.

Other Key Concepts

Strategic planning is an ongoing process in a business's life cycle, and forecasting potential future challenges is a crucial element.
Wholesalers sell to retailers, not directly to consumers.
Rent is the compensation for the use of land in production.
The pre-start-up stage of entrepreneurship involves the highest level of risk-taking.
The profits of a business are influenced by both external market conditions and internal factors.

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Description

Explore the importance of business ethics and corporate social responsibility (CSR) in today’s marketplace. This quiz covers topics such as ethical practices, the responsibilities of businesses towards employees and consumers, and the impact of CSR. Test your understanding of how businesses can balance people, planet, and profit.