Chapter 18: Business Ethics and Corporate Governance — Online MCQ Test
COMMERCE · CLASS 11th · Tamil Nadu State Board
Practice Chapter 18: Business Ethics and Corporate Governance with a free chapter-wise online MCQ test.
This chapter covers: Focusing on moral principles in commerce this chapter details business ethics codes and corporate governance frameworks. Students study transparency accountability and ethical prac....
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Chapter 18: Business Ethics and Corporate Governance — Important Questions & Answers
What does the term 'Business Ethics' primarily refer to?
- A. Maximizing profit at any cost
- B. Moral principles governing business conduct
- C. Government regulations on trade
- D. The process of bookkeeping
Answer: B. Moral principles governing business conduct
Business ethics refers to the study of moral principles and standards that guide the behavior of individuals and firms in the business world.
Business ethics refers to the study of moral principles and standards that guide the behavior of individuals and firms in the business world.
Which of the following is a fundamental principle of business ethics?
- A. Monopoly power
- B. Integrity and honesty
- C. Price discrimination
- D. Insider trading
Answer: B. Integrity and honesty
Integrity and honesty are core ethical pillars required for building trust and maintaining fair business practices.
Integrity and honesty are core ethical pillars required for building trust and maintaining fair business practices.
Which of these is considered a 'Social Responsibility' of a business?
- A. Only paying taxes to the government
- B. Adopting fair trade practices and protecting the environment
- C. Engaging in aggressive advertising to mislead consumers
- D. Ignoring consumer complaints to save costs
Answer: B. Adopting fair trade practices and protecting the environment
Social responsibility involves a business acting in the interest of the wider society, including ecological protection and fair trade.
Social responsibility involves a business acting in the interest of the wider society, including ecological protection and fair trade.
Compare business ethics and legal compliance; which statement is true?
- A. Legal compliance covers all ethical situations
- B. Ethics often goes beyond what is strictly required by law
- C. Laws are the only guide for ethical behavior
- D. Ethics is mandatory while laws are voluntary
Answer: B. Ethics often goes beyond what is strictly required by law
Laws set the minimum standard for behavior, whereas ethics often requires a higher level of moral conduct beyond legal requirements.
Laws set the minimum standard for behavior, whereas ethics often requires a higher level of moral conduct beyond legal requirements.
Which statement best defines the role of 'Code of Ethics' in an organization?
- A. It is a legally binding document that guarantees profit
- B. It is a set of principles that guides employees on acceptable conduct
- C. It is a manual for operating machinery
- D. It is a list of competitor weaknesses
Answer: B. It is a set of principles that guides employees on acceptable conduct
A Code of Ethics serves as a roadmap for employees to understand the moral expectations and standard of behavior within the workplace.
A Code of Ethics serves as a roadmap for employees to understand the moral expectations and standard of behavior within the workplace.