Business Management Exam quiz
and answers graded A+
Discuss the relationship between profits and social responsibility in the small firm. - ANS✅✅1.
Some socially responsible actions are consistent with the profit goal-particularly long run profits.
2. Profits are a limiting factor, a business cannot survive if it gives away all of its profits.
3. Some actions for community betterment are very costly- e.g. eliminating pollution from an iron
factory.
4. There are motivations for social responsibility that go beyond profits.
How can integrity and financial success be related? - ANS✅✅Success in an entrepreneurial
endeavor involves financial gain while creating value for the company's stakeholders. To have
integrity means others are considered even if the company is not as financially successful. Most
companies are directed by entrepreneurs who balance the two concepts.
Explain how integrity applies to various stakeholder groups, including owners, customers,
employees, the community and the government. - ANS✅✅1. Integrity is behaving in a way that is
consistent with the noble values, beliefs, and the principles an entrepreneur claims to hold.
2. High standards of integrity require an honest attempt to promote the interests of all the owners.
3. Small businesses must care for their customers as individuals and the marketing of their products
must, "tell the truth, the whole truth, and nothing but the truth."
4. A firms integrity is also expressed by the value it places on its employees. Showing appreciation
and treating employees like human beings.
5. An ethical business is one that acts as a good citizen in the community, starting with job creation
and adding to local tax revenues. But by also giving back even more to the community in return for
the local support it enjoys.
6. A small business with integrity will report fully and properly the income and expenses of the
business and avoid concealing income or claiming personal expenses as a business expense. Will
comply with laws and regulations.
What are some important social responsibilities of small businesses? - ANS✅✅Small firms have
responsibilities to their community, their customers, and their employees.
1. Protecting the environment from pollution.
2. Sponsor charities within the community.
3. Treating people fairly rather than manipulating them for gain.
and answers graded A+
Discuss the relationship between profits and social responsibility in the small firm. - ANS✅✅1.
Some socially responsible actions are consistent with the profit goal-particularly long run profits.
2. Profits are a limiting factor, a business cannot survive if it gives away all of its profits.
3. Some actions for community betterment are very costly- e.g. eliminating pollution from an iron
factory.
4. There are motivations for social responsibility that go beyond profits.
How can integrity and financial success be related? - ANS✅✅Success in an entrepreneurial
endeavor involves financial gain while creating value for the company's stakeholders. To have
integrity means others are considered even if the company is not as financially successful. Most
companies are directed by entrepreneurs who balance the two concepts.
Explain how integrity applies to various stakeholder groups, including owners, customers,
employees, the community and the government. - ANS✅✅1. Integrity is behaving in a way that is
consistent with the noble values, beliefs, and the principles an entrepreneur claims to hold.
2. High standards of integrity require an honest attempt to promote the interests of all the owners.
3. Small businesses must care for their customers as individuals and the marketing of their products
must, "tell the truth, the whole truth, and nothing but the truth."
4. A firms integrity is also expressed by the value it places on its employees. Showing appreciation
and treating employees like human beings.
5. An ethical business is one that acts as a good citizen in the community, starting with job creation
and adding to local tax revenues. But by also giving back even more to the community in return for
the local support it enjoys.
6. A small business with integrity will report fully and properly the income and expenses of the
business and avoid concealing income or claiming personal expenses as a business expense. Will
comply with laws and regulations.
What are some important social responsibilities of small businesses? - ANS✅✅Small firms have
responsibilities to their community, their customers, and their employees.
1. Protecting the environment from pollution.
2. Sponsor charities within the community.
3. Treating people fairly rather than manipulating them for gain.
