Question 1

Which of the following best describes the concept of 'social licence' in the context of business and society?

Accepted Answer

A privilege for businesses to operate in society, based on maintaining public trust and doing what is acceptable to stakeholders.

Question 2

A company is deciding whether to implement a costly pollution control system. Using the teleological (utilitarian) approach to ethics, which decision would be considered ethical?

Accepted Answer

Implementing the system if it results in the greatest good for the greatest number, even if profits decrease.

Question 3

Which of the following is NOT a key factor influencing society's attitudes toward business?

Accepted Answer

Personal hobbies of managers

Question 4

According to the study materials, which of the following best defines 'integrity' in business?

Accepted Answer

Adhering to moral guidelines acceptable to society and behaving consistently with one's values.

Question 5

Which of the following is a distinguishing feature of virtue ethics compared to deontological and teleological approaches?

Accepted Answer

It focuses on the development of good character traits rather than specific actions or outcomes.

Question 6

A business leader decides to tell the truth to stakeholders, even though it may result in negative consequences for the company. Which ethical approach is the leader most likely following?

Accepted Answer

Deontological ethics

Question 7

Which of the following is NOT one of the three main approaches to ethical thinking discussed in the materials?

Accepted Answer

Shareholder value ethics

Question 8

Which of the following best describes the 'triple bottom line' concept?

Accepted Answer

A framework that evaluates a corporation's performance based on social, environmental, and economic factors.

Question 9

Which group is primarily responsible for overseeing the operations of a Canadian corporation?

Accepted Answer

Managers hired by the board of directors

Question 10

A company issues a sustainability report that only highlights positive achievements and ignores negative impacts. According to the study materials, what is a key criticism of this practice?

Accepted Answer

It fails to move beyond being a public relations exercise and lacks genuine accountability.

Question 11

Which of the following is a requirement for any individual to operate a business in the Canadian system?

Accepted Answer

They must be capable of entering into a binding agreement and respect legal principles.

Question 12

Which of the following best describes the 'concession doctrine' of incorporation?

Accepted Answer

Incorporation is conferred by public act and cannot be made by private agreement among individuals.

Question 13

Which of the following is an example of a business acting with 'corporate social responsibility' (CSR)?

Accepted Answer

Implementing programs to reduce environmental impact and improve community well-being.

Question 14

Which of the following statements about the relationship between business and society is most accurate?

Accepted Answer

Business and society have a two-way relationship characterized by shared expectations and understandings.

Question 15

A company is considering laying off workers to increase profits. According to virtue ethics, what should the company consider?

Accepted Answer

Whether the action is consistent with developing good character and virtues such as fairness and compassion.

Question 16

Which of the following is NOT a characteristic of the Canadian business system?

Accepted Answer

It requires all businesses to be owned by the government.

Question 17

Which of the following best describes the concept of 'legitimacy' as it applies to business?

Accepted Answer

The belief in the rightness of an institution to supply goods and services wanted by society.

Question 18

Which of the following is a key reason why business schools are increasingly focused on teaching integrity and ethics to students?

Accepted Answer

To prepare graduates to identify and address ethical implications in business.

Question 19

Which of the following is an example of a 'stakeholder' in a business?

Accepted Answer

Any individual or group affected by or able to affect the business, such as employees, customers, and the community.

Question 20

A company is facing criticism from society due to environmental damage caused by its operations. According to the study materials, what should management do?

Accepted Answer

Monitor attitudes and take actions to counter negative views by addressing the underlying issues.

Business and Society: Foundations for Financial Accounting

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