Corporate Social Responsibility (CSR) Lesson 5

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What is the central concept of corporate social responsibility?

A business only has obligations to its shareholders

A business has no moral obligations

A business has obligations as a citizen in society (correct)

A business has no obligations to society

What is the underlying principle of a socially responsible organization?

To focus solely on economic priorities

To prioritize profits over ethics

To remain ethical and put morals ahead of profits (correct)

To avoid social responsibility altogether

What is the Philanthropic Responsibility of a business?

To avoid social responsibility altogether

To prioritize profits over social welfare

To contribute to society's projects even when independent of the business (correct)

To focus solely on the company's economic priorities

What is the characteristic of a company with an Obstructive approach to social responsibility?

It attempts to defend its economic priorities by blocking social responsibility Signup and view all the answers

What is the characteristic of a company with a Defensive approach to social responsibility?

It considers itself neutral and prioritizes profits Signup and view all the answers

What is the hierarchy of obligations in the theory of corporate social responsibility?

The obligations decrease in importance from top to bottom Signup and view all the answers

What is the primary purpose of compliance-based codes of ethics?

To protect businesses and employees from legal repercussions Signup and view all the answers

What is the main difference between compliance-based and value-based codes of ethics?

The level of self-regulation required Signup and view all the answers

What is fiduciary duty?

A legal requirement that requires financial advisers to act in the best interest of their clients Signup and view all the answers

What is the primary focus of value-based codes of ethics?

Promoting a company's core value system Signup and view all the answers

What is the main benefit of a compliance-based code of ethics?

It protects businesses and employees from legal repercussions Signup and view all the answers

What is the primary economic obligation of a company in a modern market economy?

Make a profit Signup and view all the answers

What do compliance-based codes of ethics determine?

Penalties for violations Signup and view all the answers

What is the main difference between legal and ethical responsibility in corporate social responsibility?

Legal responsibility is about following laws, while ethical responsibility is about doing what is right even when not required by law Signup and view all the answers

What is the proactive approach to legal responsibility in corporate social responsibility?

Accepting laws as a social good and making good faith efforts to obey them Signup and view all the answers

What is the main goal of corporate social responsibility?

To balance economic, legal, and ethical responsibilities Signup and view all the answers

What is the consequence of a company not making a profit in a modern market economy?

The company will be doomed to perish Signup and view all the answers

What is the attitude required by the economic responsibility in corporate social responsibility?

Survival instinct of humans Signup and view all the answers

What is the primary expectation from professional accountants when engaging in accounting services and reviewing sensitive financial information?

To act responsibly and exercise sound moral judgment Signup and view all the answers

What is the basis for according professional status to individuals in fields such as accounting, engineering, law, dentistry, and medicine?

Possessing a high level of technical knowledge and using it in the public interest Signup and view all the answers

What is the primary goal of professionals acting in the public interest?

To uphold the interests of society and the best interests of clients Signup and view all the answers

What is the first fundamental principle of a professional?

Integrity Signup and view all the answers

What is the essence of the Objectivity principle for professionals?

To avoid bias, conflicts of interest, and undue influence in their judgments Signup and view all the answers

What is the responsibility of professionals in terms of their skills and competences?

To continually update and develop their skills and competences Signup and view all the answers

What is a key characteristic that certified public accountants are expected to exhibit in their professional practice?

Integrity Signup and view all the answers

According to the VICENTE Act, what should investment professionals prioritize above their own interests?

The integrity of the investment profession and the interests of clients Signup and view all the answers

What is a key aspect of practicing in a professional and ethical manner, according to the VICENTE Act?

Reflecting credit on oneself and the profession Signup and view all the answers

What is the ultimate goal of promoting the integrity and viability of the global capital markets?

Benefiting society Signup and view all the answers

What is a key responsibility of investment professionals, according to the VICENTE Act?

Maintaining and improving professional competence Signup and view all the answers

What is the overall goal of investment professionals, as stated in the VICENTE Act?

Promoting the integrity and viability of the global capital markets Signup and view all the answers