Business Quiz 3

Which of the following is a resource made available to employees, in addition to salary? A. wages B. amenities C. remuneration D. compensation

Amenities

In which functional areas of a business does the CEO typically do the hiring? A. Financial officer B. secretarial staff C. janitorial services D. dining/food service

Financial officer

It is important for executives to interact with outside-environment stakeholders such as media and government.

True

Which of the following best describes the interplay of promises of businesses to stakeholders and vice versa? A. promise of quality that is greater than advertised B. only accepting cash and not credit C. supporting offshore philanthropy D. on-time delivery and responsiveness

On-time delivery and responsiveness

Which example from the text best exemplifies how a stakeholder can effect a change that, in turn, affects other stakeholders? A. the strong ethical stance taken by Johnson & Johnson executives B. an NGO raising concern about unequal pay of laborers C. Ford's introduction of the Edsel to compete with other cars D. Whole Foods' assertion of social responsibility for companies

An NGO raising concern about unequal pay of laborers

Which of the following is considered the most important internal stakeholder of a corporation? A. marketing directors B. board of directors C. executive management D. governmental affairs office

Board of directors

Which of the following are the opposing views of how large, publicly held corporations should approach social responsibility and ethics? A. Business should behave ethically, focusing only on environmentalism. B. Business should behave ethically, focusing exclusively on shareholders/investors. C. Business should behave ethically, being responsible to all stakeholders. D. Business should behave ethically, fulfilling a strategic mission.

Business should behave ethically, being responsible to all stakeholders.

Which employee typically reports directly to a board of directors? A. chief legal officer B. government liaison/lobbying director C. chief executive officer D. chief privacy officer

Chief executive officer

What are some amenities companies offer employees that go beyond a legal minimum or even perhaps industry standards? (Select all that apply.) A. minimum wage B. overtime pay C. medical leave D. company stock options

Company stock options

Which of the following is not a stakeholder of a nonprofit business? A. Community B. Competitors C. Media D. Public policy

Competitors

Which of the following is not an example of a diffused shareholder? A. NGOs B. voters C. mass media D. competitors

Competitors

Which of the following best relates to prioritizing stakeholders? A. Customers are not considered high-priority stakeholders. B. Corporations need to maintain initial priority of stakeholders. C. Customers are considered high-priority stakeholders. D. Corporations need to manage expectations of customers.

Customers are considered high-priority stakeholders.

Which of the following are stakeholders? A. entities and people invested and influential in the success of an organization B. entities and people with one role at one time to care for a business C. delivering high-quality products and services on time D. demands to patronize environmental interests

Entities and people invested and influential in the success of an organization

Which of the following are the duties of the board of directors? A. Managing and executing the strategy of a company B. Supervising middle and senior management C. Hiring and firing staff D. Evaluating and approving an annual budget

Evaluating and approving an annual budget

All companies must have a board of directors.

False

All stakeholders must be treated the same.

False

CSR and greenwashing are the same concepts.

False

Laws dictate all ethical responsibilities that a company may owe key stakeholders.

False

Which of the following describes the efficacy of legislation like the California Transparency in Supply Chains Act? A. It is ineffective because it only requires disclosure of information about suppliers' working conditions and does not govern those suppliers B. It is effective because it requires disclosure of information about suppliers' working conditions and does not govern those suppliers. C. It is ineffective because it uses consumer stakeholders to pressure suppliers and make changes. D. It is effective because it expects NGOs, state governments, and political action committees to influence suppliers' working conditions.

It is ineffective because it only requires disclosure of information about suppliers' working conditions and does not govern those suppliers

Which does a company listed on the Dow Jones Sustainability Indices exemplify? A. being the most sustainable company for investment purposes B. being a benchmark company to compare against other companies for investment profit C. operating and preserving resources in an ecologically responsible manner D. endowing worthwhile philanthropies and contributing to underprivileged communities

Operating and preserving resources in an ecologically responsible manner

D. Which of the following examples best demonstrates the burden of the social contract that companies have with stakeholders? A. Samsung's washers had a spin-cycle problem in 2017 B. Samsung's recall paid refunds and limited potential lawsuits C. Samsung warned customers that the machines could tip over D. Samsung assumed the risk of exposure and picked up the washers.

Samsung's recall paid refunds and limited potential lawsuits

Which of the following is the lesson learned from the Edsel story? A. It is not necessary to conduct extensive market research. B. Car design should focus on being competitive on the road. C. Stakeholder perceptions have a large impact on success. D. Car manufacturers need to be quicker to the market.

Stakeholder perceptions have a large impact on success.

Which of the following is the most ethical action a company can take if a product does not live up to manufacturing claims? A. The company must meet the ethical minimum B. The company must meet the ethical maximum C. The company needs to correct the problem to regain consumer trust D. The company must issue a warning to consumers

The company needs to correct the problem to regain consumer trust

What is a measure that accounts for an organization's results in terms of its effects on profits, planet, and people? A. corporate social responsibility B. triple bottom line C. greenwashing D. stakeholder prioritization

Triple bottom line