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Business Studies

Nature and Principles of Management

Business ethi...

Question

Business ethics may be defined as a set of moral rules and principals to protect the interest of _________.

A

industry as whole

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B

business unit

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C

both business & industry

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D

employer

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Solution

The correct option is B both business & industry
Importance of Business Ethics. Following ethical business practices are valuable for long-term gains and success.
Trustworthiness and Honesty. Trustworthiness is a key element of business ethics because the client must have deep trust in your company.
Confidentiality.
Technical Integrity.
Creating an Open Environment.
Hence Business ethics may be defined as a set of moral rules and principals to protect the interest of both business and industry.

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Q. Internal environment of a business includes:
(i) Business ethics and moral standards
(ii) Business and managerial policies
(iii) Prospects of business development
(iv) Government rules and regulations
(v) Industrial relations.

Q. Which of the following is feature of business ethics ?
(1) Business ethics has a universal application.
(2) It is a relative norm. It differs from business to business.
(3) Business ethics is based on well accepted moral and social values.

S e l e c t t h e c o r r e c t a n s w e r f r o m t h e o p t i o n s g i v e n b e l o w -

Q. Which of the following is a feature of business ethics?
(1) Business ethics has a universal application.
(2) It is a relative norm. It differs from business to business
(3) Business ethics is based on well accepted moral and social values.
Select the correct answer from the options given below-

Consumer protection has a moral justification for business.

Q. State with reason whether the following statements are true or false.
1. A business unit is a part of society.
2. Tangible goal of earning profit is the sole objective of business.
3. Expectations of society and public towards business are changing.
4. Business organization can use natural resources as they want.
5. Business organization can participate in solving complex social problems.
6. Role of media exerts major influence on business organization.
7. Business should not disclose their records to investors.
8. Providing career opportunities to employees is the responsibility of business.
9. Management should avoid worker's participation while making decisions.
10. Business organization is not liable to control pollution.
11. Business organization cannot contribute to raise standard of living of society.
12. Ethics is a branch of politics.
13. Business ethics are applicable to all business organizations.
14. Every business organization should pay attention to business ethics while conducting their activities.
15. Business ethics can be considered as a tool for social development.
16. Introducing Environment Management techniques benefit business organization.
17. Business and environmental protection are contradictory.

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