12 Questions
What is the concept of trusteeship as explained in the text?
Wealthy individuals act as trustees of trusts that take care of the welfare of society.
Why is it important for business organizations to consider social responsibility according to the text?
To build a strong brand image and reputation in society.
How have society's expectations from business firms changed over time?
From being viewed only as providers of goods and services to responsible citizens contributing to social welfare.
Why should business organisations make proper use of the country's natural resources?
To avoid contamination of water resources and depletion of the ozone layer.
What role do trade unions play according to the text?
Trade unions expect management to provide fair wages to workers.
How has the growth of consumer movement impacted business enterprises?
It has forced businesses to follow consumer-oriented policies due to increasing consumer awareness.
What does the concept of social responsibility of a business entail?
Making decisions that align with society's objectives and values
According to Keith Davis, what does social responsibility of a business involve?
Extending obligations of business decisions beyond direct economic and technical interests
How does social responsibility differ from legal responsibility for a business?
Social responsibility involves voluntary actions beyond legal obligations
What did philosophers like Chanakya from India and pre-Christians era philosophers promote regarding business practices?
Advocating ethical principles in business dealings
In the context of social responsibility, what does 'legal responsibility' mean?
Compliance with the law is sufficient to meet all obligations
How does Howard D. Bowen define social responsibility?
'Social Responsibility is to pursue those policies to make those decisions, or to follow those lines of action which are desirable in terms of the objectives and values of our society.'
This quiz covers the concept of social responsibility in business, including the obligation to make decisions and take actions that benefit society. It includes definitions by Howard D. Bowen and emphasizes the importance of conducting business activities in a manner that protects and contributes to the interests of society.
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