According to Carroll, the Responsibility That Management of a Business

question 40

Multiple Choice

According to Carroll, the responsibility that management of a business organization has to produce goods and services of value to society so that the firm may repay its creditors and stockholders is called

• A)legal responsibilities.
• B)ethical responsibilities.
• C)financial responsibilities.
• D)economic responsibilities.
• E)discretionary responsibilities.

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Definitions:

Binding Laws

Legal rules that must be adhered to by individuals and entities.

Administrative Agencies

Governmental bodies responsible for the oversight and administration of specific functions and regulations.

Created by Statute

Formed or brought into existence by a formal law or statute.

Statute

A written law passed by a legislative body at either the federal or state level.