Social Responsibilities of Business and Business Ethics
Chhattisgarh Board · Class 11 · Business Studies
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What is social responsibility of business?
Answer
Social responsibility of business refers to its obligation to take those decisions and perform those actions which are desirable in terms of the objectives and values of our society. It involves volun…
How is social responsibility different from legal responsibility?
Answer
Social responsibility is broader than legal responsibility. Legal responsibility can be fulfilled by mere compliance with the law, while social responsibility involves recognizing social obligations e…
State any four arguments in favor of social responsibility of business.
Answer
1. Justification for existence and growth - Business exists to serve society 2. Long-term interest of the firm - Improves public image and ensures cooperation 3. Avoidance of government regulation - V…
List three arguments against social responsibility of business.
Answer
1. Violation of profit maximization objective - Business exists only for profit 2. Burden on consumers - Costs of social responsibility passed to consumers through higher prices 3. Lack of social skil…
What are the four categories of social responsibility according to the pyramid model?
Answer
1. Economic responsibility - Produce goods and services society wants at profit 2. Legal responsibility - Operate within laws of the land 3. Ethical responsibility - Behavior expected by society but n…
What is Corporate Social Responsibility (CSR) as per the Companies Act, 2013?
Answer
CSR is governed by Clause 135 of the Companies Act, 2013. It applies to companies with annual turnover of ₹1,000 crore or more, net worth of ₹500 crore or more, or net profit of ₹5 crore or more. Comp…
List the responsibilities of business towards shareholders/owners.
Answer
1. Provide fair return on capital investment 2. Ensure safety of investment by avoiding speculative activities 3. Undertake only healthy business ventures with good returns 4. Provide regular, accurat…
What are the key responsibilities of business towards workers?
Answer
1. Provide opportunities for meaningful work 2. Create right kind of working conditions 3. Respect democratic rights of workers to form unions 4. Ensure fair wages and fair treatment 5. Provide safe a…
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