Question 1

There is widespread agreement among corporate executives about the necessity of corporate social responsibility.

Accepted Answer

The answer of There is widespread agreement among corporate executives...

Question 2

Since the early 19th century,managers have consistently paid attention to the interests of all stakeholders.

Accepted Answer

The early 19th century was marked by a focus on shareholder interests and maximizing profit, rather than considering the interests of all stakeholders. It was not until more recent decades that stakeholder theory gained prominence in management.

Question 3

By adopting a rational argument for corporate social responsibility,firms seek to
A)do the right thing from an ethical perspective.
B)to interpret evolving societal values and stakeholder expectations.
C)make larger societal contributions than simply creating profit.
D)go above and beyond the basic ethical and moral expectations of a society.

Accepted Answer

The answer of By adopting a rational argument for corporate...

Question 4

Society benefits most when firms focus purely on their own financial success.This statement best reflects the ideas of ________.
A)Charles Handy
B)Adam Smith
C)David Packard
D)Milton Friedman

Accepted Answer

This statement reflects the ideas of Milton Friedman, who believed in the concept of "shareholder primacy," arguing that the sole purpose of a firm is to maximize profits for its shareholders. He believed that this approach would ultimately benefit society as a whole by driving economic growth and innovation.

Question 5

Peter Drucker stated,"Profit for a company is like oxygen for a person.If you don't have enough of it,you're out of the game.But if you think your life is about breathing,you're really missing something." This statement reflects the ________ argument for corporate social responsibility.
A)ethical
B)moral
C)rational
D)economic

Accepted Answer

The answer of Peter Drucker stated,"Profit for a company is...

Question 6

The textbook states that corporate social responsibility is both a process and an outcome.What does this mean?

Accepted Answer

The answer of The textbook states that corporate social responsibility...

Question 7

According to the textbook,corporate social responsibility is strongest when
A)business leaders view their role as stewards of resources owned by others.
B)lower-level employees take the lead in developing socially responsible practices in the workplace.
C)consumers demand higher levels of social responsibility.
D)government requires specific business practices.

Accepted Answer

Corporate social responsibility is strongest when business leaders view their role not only as market-oriented decision makers but also as stewards of resources owned by others such as shareholders, employees, consumers, and the broader society. This means adopting sustainable business practices that take into account not only the bottom line but also the impact of their decisions and actions on the environment, society, and future generations.

Question 8

By adopting a rational argument for corporate social responsibility,firms seek to interpret evolving societal values and stakeholder expectations,and they act to avoid future sanctions.

Accepted Answer

By adopting a rational argument for CSR, firms analyze societal values and stakeholder expectations to avoid future sanctions.

Question 9

From a corporate social responsibility perspective,a firm's success is primarily related to its ability to
A)incorporate stakeholder concerns into its business model.
B)maximize the use of all its internal and external resources.
C)minimize its tax liabilities.
D)create more energy-efficient manufacturing processes.

Accepted Answer

Corporate social responsibility involves taking into consideration the impact of a firm's operations on all stakeholders, including customers, employees, communities, and the environment. Therefore, incorporating stakeholder concerns into its business model is essential for a firm's success in CSR. Maximizing the use of resources, minimizing tax liabilities, or creating more energy-efficient processes are also important aspects of CSR, but they are not the primary factors determining a firm's success in this area.

Question 10

The moral argument for corporate social responsibility focuses on adopting the path of least resistance with regard to issues of concern that make common and business sense.

Accepted Answer

The moral argument for corporate social responsibility (CSR) emphasizes that companies have a duty to act in the best interests of their environments and societies, even if it requires going beyond the path of least resistance or beyond what is legally required, rather than just focusing on what makes common and business sense.

Question 11

Describe the famous example of the Malden Mills fire and discuss Aaron Feuerstein's response to the fire.Was his response an example of corporate social responsibility? Why or why not? What are some other approaches the company could have taken?

Accepted Answer

The answer of Describe the famous example of the Malden...

Question 12

Define corporate social responsibility.What arguments in favor of CSR seem most important to you? How is CSR different from strategic CSR?

Accepted Answer

The answer of Define corporate social responsibility.What arguments in favor...

Question 13

Corporate social responsibility adds value because it allows companies to reflect the needs and concerns of their various stakeholder groups.This statement reflects the ________ argument for CSR.
A)ethical
B)moral
C)rational
D)economic

Accepted Answer

The answer of Corporate social responsibility adds value because it...

Question 14

The call for social responsibility among businesses is generally recognized as a concept that began in which time period?
A)The early late 20th century,after the impact of the Industrial Revolution
B)The late 20th century and early 21st century,after numerous widespread financial scandals
C)Ancient times,as early as the writings of Socrates
D)The 17th century,after concerns about the excesses of the East India Company were publicized

Accepted Answer

The concept of social responsibility among businesses can be traced back to ancient times, as early as the writings of Socrates.

Question 15

One definition of corporate social responsibility is "a responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to account for their actions."

Accepted Answer

This definition accurately reflects the two-way nature of corporate social responsibility, where companies have a responsibility to consider the needs of stakeholders (including customers, employees, communities, and the environment) and stakeholders have a responsibility to hold companies accountable for their actions in fulfilling that responsibility.

Question 16

Which of the following is NOT a characteristic of corporate social responsibility?
A)It is a static target that does not change.
B)It is an evolving concept.
C)It varies across countries and cultures.
D)It is both critical and controversial.

Accepted Answer

Corporate social responsibility is an evolving concept that changes over time based on societal values and expectations. It also varies across countries and cultures, as different societies have different expectations of businesses. Furthermore, it is both critical and controversial, with varying opinions on the extent of a business's responsibility to society. However, it is not a static target that does not change.

Question 17

The textbook states that corporate social responsibility "is a fluid concept." What does this mean?

Accepted Answer

The answer of The textbook states that corporate social responsibility...

Question 18

Define and discuss briefly the ethical,moral,rational,and economic arguments for corporate social responsibility.Of the four components,which one is more relevant to you and why?

Accepted Answer

The answer of Define and discuss briefly the ethical,moral,rational,and economic...

Question 19

Financial scandals around the turn of this century at Enron,WorldCom,Adelphia,HealthSouth,and others led to which of the following?
A)Greater reliance on nonstandard accounting practices
B)Less reliance on nonstandard accounting practices
C)New laws and governmental rulings that limit business's discretionary actions
D)Revocation of laws and rulings that limit business's discretionary actions

Accepted Answer

The financial scandals led to new laws and governmental rulings that limit business's discretionary actions, such as the Sarbanes-Oxley Act, which increased regulation and oversight of corporate accounting practices. This was done in an effort to prevent future scandals and restore public trust in the corporate world.

Question 20

Consequentialist (or utilitarian)reasoning justifies action in terms of the outcomes generated (e.g.,the greatest good for the greatest number of people).Such reasoning is part of which argument for corporate social responsibility?
A)Ethical
B)Moral
C)Rational
D)Economic

Accepted Answer

Rational reasoning is based on the idea that actions should be taken based on their consequences and the outcomes they generate. This is the same principle that underpins consequentialist reasoning, which justifies actions based on the outcomes they produce.

Quiz 1: What Is CSR?

There is widespread agreement among corporate executives about the necessity of corporate social responsibility.

Since the early 19th century,managers have consistently paid attention to the interests of all stakeholders.

By adopting a rational argument for corporate social responsibility,firms seek to

Society benefits most when firms focus purely on their own financial success.This statement best reflects the ideas of ________.

Peter Drucker stated,"Profit for a company is like oxygen for a person.If you don't have enough of it,you're out of the game.But if you think your life is about breathing,you're really missing something." This statement reflects the ________ argument for corporate social responsibility.

The textbook states that corporate social responsibility is both a process and an outcome.What does this mean?

According to the textbook,corporate social responsibility is strongest when

By adopting a rational argument for corporate social responsibility,firms seek to interpret evolving societal values and stakeholder expectations,and they act to avoid future sanctions.

From a corporate social responsibility perspective,a firm's success is primarily related to its ability to

The moral argument for corporate social responsibility focuses on adopting the path of least resistance with regard to issues of concern that make common and business sense.

Describe the famous example of the Malden Mills fire and discuss Aaron Feuerstein's response to the fire.Was his response an example of corporate social responsibility? Why or why not? What are some other approaches the company could have taken?

Define corporate social responsibility.What arguments in favor of CSR seem most important to you? How is CSR different from strategic CSR?

Corporate social responsibility adds value because it allows companies to reflect the needs and concerns of their various stakeholder groups.This statement reflects the ________ argument for CSR.

The call for social responsibility among businesses is generally recognized as a concept that began in which time period?

One definition of corporate social responsibility is "a responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to account for their actions."

Which of the following is NOT a characteristic of corporate social responsibility?

The textbook states that corporate social responsibility "is a fluid concept." What does this mean?

Define and discuss briefly the ethical,moral,rational,and economic arguments for corporate social responsibility.Of the four components,which one is more relevant to you and why?

Financial scandals around the turn of this century at Enron,WorldCom,Adelphia,HealthSouth,and others led to which of the following?

Consequentialist (or utilitarian) reasoning justifies action in terms of the outcomes generated (e.g.,the greatest good for the greatest number of people) .Such reasoning is part of which argument for corporate social responsibility?