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Samacheer Kalvi 11th Commerce Solutions Chapter 17 Social Responsibility of Business and Business Ethics
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Samacheer Kalvi 11th Commerce Social Responsibility of Business and Business Ethics Textbook Exercise Questions and Answers
I. Choose the Correct Answer
Question 1.
Which type of Responsibility gives the benefit to the Society out of its profits earned?
(a) legal
(b) Ethical
(c) Moral
(d) Economic
Answer:
(c) Moral
Question 2.
The Stakeholders of Socially Responsible business units are except ……………..
(a) Share holders
(b) Employees
(c) Government
(d) Company
Answer:
(d) Company
Question 3.
Assuming Social Responsibility of business helps the enterprise in
(a) Increase profit
(b) Decrease profit
(c) Sustainability
(d) Equilibrium
Answer:
(c) Sustainability
Question 4.
Socially Responsible business provides goods at ……………..
(a) High price
(b) Low price
(c) Reasonable price
(d) Moderate price
Answer:
(c) Reasonable price
Question 5.
Social Responsibility towards employees represents the following except ……………..
(a) Reasonable remuneration
(b) Proper facilities
(c) Social security
(d) Exploitation
Answer:
(d) Exploitation
II. Very Short Answer Questions
Question 1.
What do you mean by Social Responsibility?
Answer:
The term social responsibility is defined in various ways. Every businessman earns prosperity from business and should give back the benefit of this prosperity to society.
Question 2.
Give the meaning of Social Power.
Answer:
Businessmen have considerable social power. Their decisions and actions affect the lives and fortunes of the society. Businessmen should’assume social obligations commensurate with their social power.
Question 3.
What is a free enterprise?
Answer:
A business enterprise which accepts and discharges social obligations enjoys greater freedom. Thus, social responsibilities are essential for avoiding governmental action against business. Such action will reduce the freedom of decision making in business.
Question 4.
Who are called Stakeholders?
Answer:
A business organisation is a coalition of several interest groups are called stakeholders. Example – shareholders, customers, employees, suppliers, etc. Business should, therefore, work for the interest of all of them rather than for the benefit of shareholders /owners alone.
Question 5.
What is ethical Responsibility?
Answer:
Ethical Responsibility includes the behaviour of the firm that is expected by society but not codified in law. For example, respecting the religious sentiments and dignity of people while advertising for a product. There is an element of voluntary action in performing this responsibility.
III. Short Answer Questions
Question 1.
Define the Concept of Social Responsibility?
Answer:
“Social Responsibility requires managers to consider whether their action is likely to promote the public good, to advance the basic beliefs of our society, to contribute to its stability, strength and harmony” – Peter F. Drucker.
Question 2.
Why you do think Social Responsibility of business is needed?
Answer:
1. Self – Interest : A business unit can sustain in the market for a longer period only by assuming some social obligations. Normally businessmen recognise that they can succeed better by fulfilling the demands and aspirations of society.
2. Creation of Society : Business is a creation of society and uses the resources of society. Therefore, it should fulfil its obligations to society.
Question 3.
What are the benefits derived by employees of a Socially Responsible business enterprise?
Answer:
- Timely and regular payment of wages and salaries.
- Proper working conditions and welfare amenities.
- Opportunity for better career prospects.
- Job security as well as social security like facilities of provident fund, group insurance, pension, retirement benefits, etc.
Question 4.
Enumerate the points relating to why business units are Socially Responsible?
Answer:
- Protection of Stakeholders Interest
- Promotion of Society
- Assessment of Social Impact
Question 5.
List the kinds of Social Responsibility.
Answer:
- Economic responsibility
- Legal responsibility
- Ethical responsibility
- Discretionary responsibility
IV. Long Answer Questions
Question 1.
Explain in detail the concept and need for Social Responsibility?
Answer:
The term social responsibility is defined in various ways. Every businessman earns prosperity from business and should give back the benefit of this prosperity to society. This is voluntary. This benefit is the moral responsibility of business. As this benefit is supposed to be passed on to society, it can be said to be social responsibility of business.
Need:
1. Self – Interest : A business unit can sustain in the market for a longer period only by assuming some social obligations. Normally businessmen recognise that they can succeed better by fulfilling the demands and aspirations of society.
2. Creation of Society : Business is a creation of society. Therefore, it should fulfil its obligations to society.
3. Social Power : Businessmen have considerable social power. Their decisions and actions affect the lives and fortunes of the society.
4. Image in the Society : A business can improve its image in public by assuming social obligations, good relations with workers, consumers and suppliers help in the success of business.
Question 2.
Answer:
Illustrate with examples the arguments for Social Responsibility?
Answer:
1. Protection of Stakeholders Interest : A business organisation is a coalition of several interest groups or stakeholders. Example – shareholders, customers, employees, suppliers, etc.
2. Promotion of Society : Business is a sub – system of society. It draws support and sustenance from society in the form of inputs. Socially responsible behaviour is essential to sustain this relationship between business and society.
3. Assessment of Social Impact : During the course of its functioning, a business enterprise makes several decisions and actions. Its activities exercise a strong influence on the interests and values of society.
4. Organised Social Power : Large corporations have acquired tremendous social power through their multifarious operations. Social power may be misused in the absence of social, responsibility.
5. Legitimacy : It is in the enlightened self-interest of business to assume social responsibility.
6. Competence : Business organisations and their managers have proved their competence and leadership in solving economic problems.
7. Professional Conduct : Professional managers are required to display a keen social sensitivity and serve the society as a whole.
8. Public Opinion : Adoption of social responsibility as an objective will help to improve the public opinion of business.
Question 3.
Discuss the different groups benefited out of Social Responsibility of business?
Answer:
1. Lack of Conceptual Clarity : The concept of Social responsibility is very vague and amenable to different interpretations.
2. Dilution of Economic Goals : By accepting social responsibility, business will compromise with economic goals.
3. Lack of Social Skill : Business organisations and their managers are not familiar with social affairs.
4. Burden on Consumers : If business deals with social problems, cost of doing business would increase.
5. Responsibility without Power : Business organisations possess only economic power and not social power. It is unjust to impose social responsibilities with social power.
6. Misuse of Responsibilities : Acceptance of social responsibilities will involve diversion of precious managerial time and talent on social action programmes.
7. Lack of Yard – stick : Profitability is the common criteria for decision – making in business.
8. Improper Role : The proper role of business is to use its resources and energies efficiently so as to earn the best possible return on investment within the confines of law and ethics.
9. Over Loading Responsibility : Business organisations are already serving society by providing goods and services, generating employment, developing technology and contributing to public exchequer through tax payments.
Question 4.
How do you classify Social Responsibility?
Answer:
1. Economic responsibility:
A business enterprise is basically an economic entity and, therefore, its primary social responsibility is economic i.e., produce goods and services that society wants and sell them at a profit.
2. Legal responsibility:
Every business has a responsibility to operate within the laws of the land. Since these laws are meant for the good of the society, a law abiding enterprise is a socially responsible enterprise as well.
3. Ethical responsibility:
This includes the behavior of the firm that is expected by society but not codified in law. For example, respecting the religious sentiments and dignity of people while advertising for a product. There is an element of voluntary action in performing this responsibility.
4. Discretionary responsibility:
This refers to purely voluntary obligation that an enterprise assumes, for instance, providing charitable contributions to educational institutions or helping the affected people during floods or earthquakes.
It is the responsibility of the company management to safeguard the capital investment by avoiding speculative activity and undertaking only healthy business ventures which give good returns on investment.
Samacheer Kalvi 11th Commerce Social Responsibility of Business and Business Ethics Additional Questions and Answers
I. Choose the Correct Answer:
Question 1.
Those who own money or property should hold and use it in trust for society- these words are suggested by ……………….
a) Peter Drucker
b) Mahathma Gandhi
c) Nehru
d) Dr. Ambedkar
Answer:
b) Mahathma Gandhi
Question 2.
How many kinds of Social relationships of business?
(a) Two
(b) Three
(c) Four
(d) Five
Answer:
(c) Four
II. Very Short Answer Questions
Question 1.
What is the legal responsibility of a business?
Answer:
Every business has a responsibility to operate within the laws of the land. Since these laws are meant for the good of society, a law-abiding enterprise is a socially responsible enterprise as well.
Question 2.
What is Public awareness?
Answer:
Nowadays consumers and workers are well informed about their rights. Consumers expect better quality products at reasonable prices. Similarly, workers desire fair wages and other benefits.
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