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QLDBusiness StudiesQuick questions
Unit 1: Business creation
Quick questions on Ethical and socially responsible business practice (QCE Business Unit 1)
15short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is legal compliance v ethical responsibility?Show answer
Legal compliance is meeting the minimum standards imposed by law. In Australia these include the Corporations Act 2001, Australian Consumer Law (ACL), Fair Work Act 2009, Privacy Act 1988, Modern Slavery Act 2018, and industry-specific legislation. Non-compliance triggers fines, executive prosecution and reputational damage.
What is corporate social responsibility (CSR)?Show answer
CSR is a business's voluntary commitment to operate ethically and contribute to society beyond its commercial obligations. CSR typically covers:
What is the triple bottom line (TBL)?Show answer
John Elkington's (1994) framework proposes that business performance should be measured against three pillars - people, planet and profit - not just profit alone.
What is stakeholder management?Show answer
A stakeholder is any party with an interest in the business. The seven groups commonly identified.
What is implications of ethical or unethical practice?Show answer
Ethical practice is increasingly a competitive asset.
What is worked Australian cases?Show answer
Banking Royal Commission (Hayne, 2017-2019). The Big Four banks (CBA, Westpac, NAB, ANZ) were found to have prioritised commercial outcomes over customer interest across mortgage, insurance and superannuation businesses. The fallout: billions in customer remediation, multiple CEO departures, structural reforms (the end of trail commissions for mortgage brokers, restrictions on cross-selling). The financial cost has been well over $10 billion across the sector.
What is banking Royal Commission?Show answer
The Big Four banks (CBA, Westpac, NAB, ANZ) were found to have prioritised commercial outcomes over customer interest across mortgage, insurance and superannuation businesses. The fallout: billions in customer remediation, multiple CEO departures, structural reforms (the end of trail commissions for mortgage brokers, restrictions on cross-selling). The financial cost has been well over $10 billion across the sector.
What is rio Tinto Juukan Gorge?Show answer
Rio Tinto detonated explosives that destroyed 46,000-year-old Aboriginal rock shelters at Juukan Gorge in WA for an iron-ore expansion, despite multiple internal warnings. Result: CEO and senior leader departures, a parliamentary inquiry, restructuring of community-relations practice, and a Reconciliation Action Plan reset.
What is pwC Australia tax leaks?Show answer
A senior tax partner shared confidential Treasury consultations on multinational tax law with PwC's commercial team. Result: divestment of the public-sector consulting practice (Scyne Advisory), departures of senior partners, a Senate inquiry, and substantial reputational damage to PwC globally.
What is atlassian Foundation?Show answer
Atlassian publicly committed to Pledge 1 percent (1 percent equity, time and product to charity) at IPO in 2015. Through to FY24 the foundation has contributed over $50 million through grants and Atlassian product to NGOs. The Pledge has been a recruitment and brand asset and has been copied by other Australian tech businesses (Canva, Culture Amp).
What is plan?Show answer
Choose initiatives addressing the three TBL pillars; identify stakeholder benefits explicitly.
What is confusing legal compliance with ethical responsibility?Show answer
They are distinct. A business can be legally compliant and unethical (legal but wrong) or illegal and well-intentioned (good motive does not excuse breach).
What is listing the triple bottom line pillars without measurement?Show answer
TBL means measuring each pillar with KPIs. Marks come from specifics.
What is forgetting stakeholder interests can conflict?Show answer
Shareholders and employees may want different things; the manager's job is to balance.
What is generic "ethical business is better" sentences?Show answer
Use specific named businesses and specific cases. :::