There Are Three Concepts of Social Responsibility, Each Relating to Particular

question 81

Multiple Choice

There are three concepts of social responsibility, each relating to particular constituencies. Profit responsibility is characterized by

• A) the triple bottom line, to achieve sustainable, long-term growth.
• B) a focus on the obligations an organization has to those who can affect achievement of its objectives.
• C) an engagement in open and free competition without deception or fraud.
• D) an unrelenting customer focus.
• E) a focus on seller-oriented outcomes.

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Definitions:

Total Assets

The sum of all current and noncurrent assets owned by a business, reflecting its overall resources.

LIFO Reserve

The difference between the cost of inventory calculated under the Last-In, First-Out (LIFO) method and its cost calculated under the First-In, First-Out (FIFO) method.

Cost of Goods Sold

Direct costs attributable to the production of the goods sold by a company, including material and labor expenses.