Social Responsibility of Business.

1. Businessmen are _____________ of the society.

(Representatives, Members, Trustees)

2. In modern business environment, __________________ provides more opportunities and challenges.

(Privatization, Globalization, Specialization)

3. Business organization should try to make ____________ utilization of natural resources.

(minimum, maximum, optimum)

4. Business is a ________________ activity.

(socio – economic, service, profit making)

5. Location of industries should be in ________________ zones.

(Residential, Industrial, Commercial)

6. For economic growth and national security, _____________ stability is required.

(Political, Social, Natural)

7. Business organization is a part of _____________

(Industry, Government, Society)

8. To make timely payment of proper taxes is the responsibility of organization towards _____________________

(Shareholders, Customers, Government)

9. Ultimate goal of business must be satisfaction of ___________

(Shareholders, Consumers, Owners)

10. To maintain industrial peace is the responsibility of organization towards ________________

(Customers, Employees, Society)

11. Business or organization should protect health and provide safety measures to _______________

(employees, shareholders, Society)

12. To maintain safety of investment is responsibility of business towards _________

(community, investors, employees)

13. Business organisation can maximize profitability by ____________ wastage.

(Ignoring, utilizing, Minimizing)

14 . Business should provide periodic information to __________

(Customers, Owners, Employees)

15. Business ethic refers to the system of ____________ principles.

(Economic, Social, Moral)

16. Business Ethics is a _______________ structured examination of behaviour of people.

(Moral, Critical, Economical)

17. Business organization should not create ______________ profit.

(Reasonable, Secret, Maximum)

18. Business organization should avoid creation of ________________

(Trade unions, Consumer's cell, Monopoly)

19. Environmental Management System is mandatory in _______________

(India, USA, China)

20. Environmental Management System which provides guidelines for incorporating eco – design is ______________________

(ISO 14001 – 2004, ISO 14005 – 2010, ISO 14006 – 2011)

Explain the social responsibility of commercial organisation towards Employees and Government? [New]

📖 The Social Responsibility of Commercial Organisations

Understanding a company's duty beyond its profits is crucial in modern society. A commercial organisation's survival and success depend not only on its financial performance but also on its ethical contributions to its employees and the government.

Definition by H.R. Bowen: “Social responsibility of business refers to the obligation of business to pursue those policies, to make those decisions, or to follow those lines of actions, which are desirable in terms of objectives and values of our society.”

Human resources are the most valuable asset of any organization. A company's relationship with the government also forms the bedrock of a stable and fair business environment.

👥 Responsibilities Towards Employees

💼Job Security

Companies should provide job security. Employees should not be kept as temporary staff for long periods; offering permanent roles reduces frustration and builds loyalty.

💰Fair Compensation

Workers must be paid adequate wages and incentives like bonuses, medical allowances, and travel allowances. Prompt payments are a powerful motivator for the workforce.

🏢Working Conditions

A positive work environment is essential. This includes adequate lighting, proper ventilation, and minimizing noise, dirt, and dust pollution.

⛑️Health and Safety

The company must take measures to protect employees' health, such as providing canteen and medical facilities. Regular maintenance of machinery and buildings is vital to prevent accidents.

📈Fair Personnel Policies

Implement impartial policies for recruitment, training, promotions, and transfers. Fairness in these processes ensures employee morale and trust.

🤝Participation in Management

Encourage workers to participate in management through quality circles, work committees, suggestion schemes, or co-partnership to foster a sense of ownership.

📋Grievance Procedure

Establish a formal and efficient grievance procedure to handle employee complaints promptly and fairly, ensuring issues are resolved before they escalate.

🏛️ Responsibilities Towards Government

📊Support Socio-economic Policies

The corporate sector should cooperate with the government to help implement national socio-economic programs and contribute to societal development.

🪙Timely Payment of Taxes

Businesses must pay taxes and duties honestly and on time. Tax revenue is essential for the government to fund public services and infrastructure projects.

📜Observe Rules and Regulations

Companies must strictly adhere to all government rules and regulations. If modifications are needed, they should be suggested constructively for the benefit of society.

⚖️Promote Political Stability

The corporate sector should support political stability, as it leads to a more predictable and peaceful business environment. They should not support elements that cause instability.

❌Avoid Unfair Practices

Companies must not seek unfair advantages from government officials through bribery, corruption, or undue influence. Ethical conduct is paramount.

🌍Earn Foreign Exchange

Large corporations, in particular, should engage in exports to earn valuable foreign exchange for the country, which helps pay for essential imports.

✍️Advise the Government

The corporate sector should provide timely and expert advice to the government on framing policies related to industry, licensing, and trade to foster a better business ecosystem.