Question 1

Corporate social responsibility (CSR) consists of which four kinds of responsibilities:

Accepted Answer

The four kinds of responsibilities of CSR are economic responsibility, legal responsibility, ethical responsibility, and philanthropic responsibility. Economic responsibility refers to making profits while complying with laws and regulations. Legal responsibility relates to following laws and regulations. Ethical responsibility refers to doing what is right in a given situation, even though the law may not require it. Philanthropic responsibility involves giving back to society through donations, volunteer work, and other actions. Therefore, option D, Economic, legal, ethical, and philanthropic, is the correct answer.

Question 2

Typical Codes of Conduct cover conduct described below. In the aftermath of Bhopal, the chemical industry wishing to demonstrate responsible corporate citizenship has added which additional behaviors set out below.

Accepted Answer

The answer of Typical Codes of Conduct cover conduct described...

Question 3

The term __________ is sometimes used to represent harmony among three dimensions of economic, social and environmental impacts.

Accepted Answer

The term sustainability is used to represent harmony among three dimensions of economic, social, and environmental impacts. It refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.

Question 4

According to the Corporate Social Responsibilities (CSR) pyramid, the __________ responsibility is a societal expectation that is not necessarily codified into law.

Accepted Answer

The answer of According to the Corporate Social Responsibilities (CSR)...

Question 5

According to the Corporate Social Responsibilities (CSR) pyramid, the __________ responsibility is considered to be of primary importance to organizations.

Accepted Answer

The economic responsibility, which involves generating profits and being financially sustainable, is considered to be of primary importance to organizations according to the CSR pyramid. The other responsibilities follow in order of importance: legal, ethical, and philanthropic.

Question 6

Referring to the Corporate Social Responsibility (CSR) pyramid, how do legal responsibilities differ from ethical responsibilities? Provide specific examples to support your distinction.

Accepted Answer

The answer of Referring to the Corporate Social Responsibility (CSR)...

Question 7

The ______ reason, why corporations should care about social responsibility, is based upon the recognition that business must use its power responsibly in society or risk losing it. Corporations exist as legal entities with certain advantages (such as limited liability) because society allows them to do so, and these corporate rights and advantages can be removed from firms that are perceived to be irresponsible.

Accepted Answer

The statement emphasizes the consequences for the corporation if they don't act responsibly, which is a practical consideration or pragmatic reason. Economic reasons would focus more on the financial benefits of social responsibility, while ethical and strategic reasons would be more value-based or long-term in nature.

Question 8

Interface Carpets, a stellar example of sustainability in action, lists seven fronts of Mount Sustainability. Which is NOT one of the firm's goals to meet its total sustainability status?

Accepted Answer

Interface Carpets' goals to meet its total sustainability status are redesigning commerce, sensitizing stakeholders, using renewable energy, ensuring benign emissions, and eliminating waste. Competing through cost is not one of the company's goals because they believe that sustainability and profitability can coexist.

Question 9

Which of the items listed is NOT a product of a "favorable corporate reputation."

Accepted Answer

Ignoring the Foreign Corrupt Practices Act is illegal and unethical, therefore it cannot be considered a product of a favorable corporate reputation.

Question 10

Over the long run, to be successful, firms with excellent socially responsible strategies need to worry less about their business strategies.

Accepted Answer

Firms with excellent socially responsible strategies still need to focus on their overall business strategies in order to remain successful in the long run. Being socially responsible is only one component of a successful business strategy.

Question 11

In the __________ perspective, social responsibility is seen as appropriate because it is "the right thing to do."

Accepted Answer

The ethical perspective emphasizes on doing the right thing, regardless of the cost or benefit. Thus, social responsibility is considered appropriate because it is the "right thing to do" under ethical considerations.

Quiz 9: Corporate Social Responsibility