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Standard XII
Legal Studies
Question

Which of the following statements about business ethics is true?
  1. It concerns the impact of business activities on society.
  2. It refers to principles and standards that determine acceptable behavior in the world of business.
  3. It relates to an individual's values and moral standards and the resulting business decisions he or she makes.
  4. What is ethical is determined by the public, government and individual's personal moral values.

A
It concerns the impact of business activities on society.
B
It relates to an individual's values and moral standards and the resulting business decisions he or she makes.
C
What is ethical is determined by the public, government and individual's personal moral values.
D
It refers to principles and standards that determine acceptable behavior in the world of business.
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Solution
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Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed. Business ethics is the study of proper business policies and practices regarding potentially controversial issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. Law often guides business ethics, while other times business ethics provide a basic framework that businesses may follow to gain public acceptance.


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