Question 1

Q1: Build up arguments for and against social responsibilities.

Accepted Answer

There is a significant debate on whether businesses should assume social responsibilities. The arguments for and against are as follows: Arguments for Social Responsibility:    Justification for existence and growth: Business exists to serve society by providing goods and services. Its prosperity is...

Question 2

Q2: Discuss the forces which are responsible for increasing concern of business enterprises toward social responsibility.

Accepted Answer

Several forces have persuaded business enterprises to consider their social responsibilities more seriously. The most important among them are:    Threat of public regulation: Modern governments are expected to act as welfare states. If businesses operate irresponsibly, governments will enact regula...

Question 3

Q3: 'Business is essentially a social institution and not merely a profit making activity'. Explain.

Accepted Answer

The statement 'Business is essentially a social institution and not merely a profit making activity' means that a business cannot operate in isolation from society and has obligations that extend beyond earning profits. 1.  Existence is granted by society: A business enterprise is permitted by socie...

Question 4

Q4: Why do the enterprises need to adopt pollution control measures?

Accepted Answer

Enterprises need to adopt pollution control measures not only to avoid criticism but also to enjoy several tangible benefits. The key reasons are:    Reduction of health hazards: Many serious diseases like cancer, heart attacks, and lung complications are caused by pollutants in the environment. Pol...

Question 5

Q5: What steps can an enterprise take to protect the environment from the dangers of pollution?

Accepted Answer

Business enterprises, as major generators of wealth, technology, and resources, should take the lead in providing solutions to environmental problems. Some of the specific steps an enterprise can take for environmental protection are: 1.  Top Management Commitment: The top management of the enterpri...

Question 6

Q6: Explain the various elements of business ethics.

Accepted Answer

For an enterprise to foster ethical behaviour in its day-to-day working, several basic elements of business ethics must be implemented. These elements create a culture where ethical conduct is valued and practiced. The key elements are: 1.  Top Management Commitment: This is the most crucial element...

Question 7

Q7: Discuss the guidelines enumerated by the Companies Act 2013 for Corporate Social Responsibility.

Accepted Answer

The Companies Act, 2013 in India provides specific guidelines for Corporate Social Responsibility (CSR) under Clause 135. These guidelines formalise the CSR obligations for larger companies. The key provisions are as follows: 1.  Applicability: The CSR provisions apply to companies that meet any of...

Question 8

Q1: What do you understand by social responsibility of business? How is it different from legal responsibility?

Accepted 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 implies that businesses should respect the aspirations of society and contribute to their achievement alongside th...

Question 9

Q2: What is environment? What is environmental pollution?

Accepted Answer

Environment is defined as the totality of man's surroundings, which includes both natural and man-made elements. Natural resources include land, water, air, fauna, and flora. Man-made resources include cultural heritage, socio-economic institutions, and the people. Environmental pollution is the inj...

Question 10

Q3: What is business ethics? Mention the basic elements of business ethics.

Accepted Answer

Business ethics refers to the socially determined moral principles that should govern business activities. It is concerned with what is right and wrong in business conduct, judged from the perspective of society's values. It involves adhering to moral principles and fair conduct that often goes beyo...

Question 11

Q4: Briefly explain (a) Air Pollution, (b) Water pollution, and (c) Land pollution.

Accepted Answer

(a) Air Pollution: This is the result of a combination of factors that lower air quality. It is primarily caused by carbon monoxide emitted by automobiles and smoke and other chemicals released from manufacturing plants. Air pollution has severe consequences, such as creating a hole in the ozone lay...

Question 12

Q5: What are the major areas of social responsibility of business?

Accepted Answer

A business has social responsibilities towards various interest groups. The major areas of social responsibility are:    Responsibility towards shareholders or owners: To provide a fair return on their capital investment, ensure the safety of their investment, and provide regular, accurate, and full...

Question 13

Q6: State the meaning of Corporate Social Responsibility as per the Companies Act 2013.

Accepted Answer

As per the Companies Act 2013, the concept of Corporate Social Responsibility (CSR) is governed by Clause 135. It is applicable to companies meeting certain financial criteria: an annual turnover of Rs. 1,000 crore or more, a net worth of Rs. 500 crore or more, or a net profit of Rs. 5 crore or more...

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