Define business ethics?
Ans 1) 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. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance.

So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct

For e.g, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government.

In short, business ethics means to conduct business with a human touch in order to give welfare to the society.
2. What is kick-back in business?
Ans 2) Kickbacks are payment or offering of services with the intent to influence or gain something from a company or a person. Kickbacks may be less fancifully termed as bribes. They are often associated with white-collar type crimes, and can occur in numerous work sectors or in politics.

Something of value offered in secret for a favorable decision. For example, a sales representative may offer cash to a purchasing agent who places a large order.

kickbacks might be offered to companies who agree to recommend a certain business. For example, a bank recommending a particular mortgage broker, and receiving an under the table fee for such is a kickback. A travel agent who gets rewarded for booking at a particular hotel is also a form of kickback.
3. What is unfair discrimination?
Ans 3) A person should not tolerate behaviour from another individual or a group of people that: * undermines the persons fundamental dignity, or * denies the person of his human rights, or * seeks to demean, humiliate the person or create a hostile environment making it difficult for the person to work.
Such behavior is termed unfair discrimination There are two forms of discrimination related to “unfair discrimination” namely- * Direct discrimination; and * Indirect discrimination
Direct discrimination is easily identifiable and involves overt differential treatment between employees and job applicants on the basis of arbitrary grounds. For example an employer follows a policy of remunerating a female employee on a lower scale simply because she is a women, whereas a male employee is remunerated at a much higher scale for doing the same work.
Indirect discrimination, on the other hand, is not as easily recognisable as it is a more subtle form of discrimination. It involves the application of policies and practices that are apparently neutral and do not explicitly distinguish between employees or job applicants but that, in reality, have a disproportionate and negative effect on certain individuals or groups. The laws also emphasise that: * Sexual harassment will be prohibited; * Medical testing will not be allowed unless it is an inherent requirement of the job; * Psychological testing or other assessment cannot be done unless such tests are validated and will not be biased; * In addition, HIV testing can only be carried out if authorised by the Labour Court; * All these protectinos also apply to applicants for employment.
Essentially one has to give consideration to the impact of actions, policies and procedures when evaluating discriminatory practices rather than the intention thereof.
4. What is acid rain?
Ans 4) “Acid rain” is the problem caused by air pollution or Atomic testing in the atmosphere, etc. and due to which the resultant is Damaged buildings, Possibly affects drinking water, Possibly affects water- dwelling creatures.
"Acid rain" is a broad term referring to a mixture of wet and dry deposition (deposited material) from the atmosphere containing higher than normal amounts of nitric and sulfuric acids. The precursors, or chemical forerunners, of acid rain formation result from both natural sources, such as volcanoes and decaying vegetation, and man-made sources, primarily emissions of sulfur dioxide and nitrogen dioxide resulting from fossil fuel combustion
5. Define the term social responsibility in business?
Ans 5) The Term Social Responsibility refers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole. The principal of social responsibility dictates that these entities should contribute at least a small amount of resources to the general well being of humanity. These actions should not, in any way, be profit-generating
Many companies choose to be socially responsible in order to generate interest and support for their services or products. In general, consumers are more likely to support businesses that contribute to community organizations such as art programs, recycling or environmental initiatives, or scholarships. Many consumers believe that companies should help support and build the communities that helped generate their profits.
Companies can also display social responsibility by decreasing their pollution, agreeing to purchase imported goods from humane factories abroad, or by increasing efforts to reforest or promote environmentally sustainable solutions in ecologically sensitive areas in which they do business. Any of these are considered socially responsible, whether a company actively supports a community or refrains from doing it any harm

6. Difference between transactional & transformational leadership?
Ans 6) The transactional leaders work within the organizational culture as it exists; the transformational leader changes the organizational culture.
Following table shows difference of transactional and transformation leadership Transactional Leadership | Transformational Leadership | * Leaders are aware of the link between the effort and reward * Leadership is responsive and its basic orientation is dealing with present issues* Leaders rely on standard forms of inducement, reward, punishment and sanction to control followers* Leaders motivate followers by setting goals and promising rewards for desired performance* Leadership depends on the leader’s power to reinforce subordinates for their successful completion of the bargain. | * Leaders arouse emotions in their followers which motivates them to act beyond the framework of what may be described as exchange relations * Leadership is proactive and forms new expectations in followers* Leaders are distinguished by their capacity to inspire and provide individualized consideration, intellectual stimulation and idealized influence to their followers* Leaders create learning opportunities for their followers and stimulate followers to solve problems* Leaders possess good visioning, rhetorical and management skills, to develop strong emotional bonds with followers* Leaders motivate followers to work for goals that go beyond self-interest. |
The transformational leadership style is complementary to the transactional style and likely to be ineffective in the total absence of a transactional relationship between leaders and subordinates