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Introduction to Business: Corporate Social Responsibility Quiz

5 Questions

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Introduction to Business: Corporate Social Responsibility Quiz

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Questions and Answers

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

Promoting social well-being

Enhancing the welfare of stakeholders

Serving the societies they operate in

Maximizing profits for stockholders (correct)

What do CSR defenders believe about the existence of businesses?

Their primary duty is to enhance the welfare of stakeholders

Their only obligation is to investors

They owe their existence to the societies they serve (correct)

They have no obligations to society

How is social responsibility defined in the context of business?

Serving the interests of a select few

Ignoring the impact on stakeholders

Maximizing profits at any cost

Making decisions that protect and promote the welfare of stakeholders and society (correct)

What are considered the dimensions of social performance for a company?

<p>Protecting the welfare of stakeholders</p> Signup and view all the answers

What does Milton Friedman's view on social responsibility imply for businesses?

<p>They should prioritize maximizing profits for stockholders above all else</p> Signup and view all the answers

Study Notes

CSR is the business's concern for the welfare of society
It goes beyond being ethical and is based on the company's concern for the welfare of all its stakeholders, not just the owners
CSR is based on a commitment to basic principles such as:
- Integrity
- Fairness
- Respect

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Description

Test your knowledge of Corporate Social Responsibility (CSR) with this introductory business quiz. Explore the concept of CSR and its significance for companies and society.