Business Ethics: Forms of Business Organization Part 1
32 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is one advantage of a sole proprietorship?

  • Difficult to raise capital
  • Limited liability
  • All profits go to the owner (correct)
  • Complexity of profit sharing

    • A partnership has more complex profit sharing arrangements than a sole proprietorship.

    True

    What is a disadvantage of a sole proprietorship related to liability?

    Unlimited liability

    One of the main disadvantages of a partnership is __________ between partners.

    <p>conflicts</p> Signup and view all the answers

    Match the following business types with their respective advantages:

    <p>Sole Proprietorship = Complete and direct control Partnership = Availability of capital</p> Signup and view all the answers

    The module aims to help learners acquire the 5 Cs of 21st-century skills.

    <p>True</p> Signup and view all the answers

    The City Government of Pasig collaborated in the development of this module.

    <p>True</p> Signup and view all the answers

    What may a government agency impose as a condition for exploiting its work for profit?

    <p>Payment of royalties</p> Signup and view all the answers

    Which business type involves only one owner?

    <p>Sole Proprietorship</p> Signup and view all the answers

    In a partnership, consent of partners is not needed for management decisions.

    <p>False</p> Signup and view all the answers

    What is the life of a business considered in a sole proprietorship?

    <p>Unstable business life</p> Signup and view all the answers

    A partnership usually has ______ owners.

    <p>two or more</p> Signup and view all the answers

    Match the following business types with their characteristics:

    <p>Sole Proprietorship = Only one owner Partnership = Two or more owners Corporation = Limited liability for owners Limited Liability Company = Limited but flexible capital</p> Signup and view all the answers

    Which of the following is true regarding capitalization in a sole proprietorship?

    <p>Limited finance</p> Signup and view all the answers

    Partnerships have more flexibility in capitalization than sole proprietorships.

    <p>True</p> Signup and view all the answers

    Describe the formation of a partnership in comparison to a corporation.

    <p>Easier to form than a corporation</p> Signup and view all the answers

    What is a significant advantage of a sole proprietorship regarding taxation?

    <p>Profits are taxed as personal income.</p> Signup and view all the answers

    Sole proprietorships have limited liability for their owners.

    <p>False</p> Signup and view all the answers

    What is one main reason why raising capital is difficult for sole proprietorships?

    <p>Unlimited liability makes lenders hesitant.</p> Signup and view all the answers

    In a sole proprietorship, the owner has _____ control over business decisions.

    <p>complete</p> Signup and view all the answers

    Match the following disadvantages of sole proprietorships with their descriptions:

    <p>Unlimited liability = Owner is fully responsible for all debts Difficult to raise capital = Lenders find it high risk Limited managerial expertise = Owner may lack knowledge in certain areas Hard time finding qualified talent = Competition from larger companies for employees</p> Signup and view all the answers

    Which of the following is a disadvantage of operating a sole proprietorship?

    <p>Consumes a significant amount of personal time.</p> Signup and view all the answers

    Sole proprietorships can easily dissolve whenever the owner wishes.

    <p>True</p> Signup and view all the answers

    What is a key benefit of sole proprietorships in terms of government oversight?

    <p>Few specific policies and laws imposed.</p> Signup and view all the answers

    What is the primary goal of a business?

    <p>To earn a profit</p> Signup and view all the answers

    A sole proprietorship has a legal separation between the owner and the business.

    <p>False</p> Signup and view all the answers

    What type of business organization is owned and operated by only one person?

    <p>Sole proprietorship</p> Signup and view all the answers

    In a sole proprietorship, the owner has __________ liability for all the business obligations.

    <p>unlimited</p> Signup and view all the answers

    Match the following types of business organizations with their descriptions:

    <p>Sole Proprietorship = Owned by one person with unlimited liability Partnership = Owned by two or more individuals sharing profits and liabilities Corporation = A business that is a separate legal entity from its owners Cooperative = A business owned and operated by a group of individuals for their mutual benefit</p> Signup and view all the answers

    Which of the following is NOT an advantage of a sole proprietorship?

    <p>It offers limited liability</p> Signup and view all the answers

    The owner of a sole proprietorship does not have to adhere to strict laws and policies.

    <p>True</p> Signup and view all the answers

    Give an example of a common business that operates as a sole proprietorship.

    <p>Sari-sari store</p> Signup and view all the answers

    Study Notes

    Business Ethics and Social Responsibility

    • Forms of Business Organization Part 1 is a module for Senior High School students.
    • It is part of the Accountancy, Business, and Management curriculum.
    • The module covers the first part of the topic.
    • The module is part of Quarter 3.
    • The learning material aims to engage students in guided and independent learning.
    • It seeks to help learners develop 21st century skills (Communication, Collaboration, Creativity, Critical Thinking, and Character).
    • Republic Act 8293, Section 176 states that no copyright shall subsist in any work of the Philippine Government. Copyright approval is necessary for profit exploitation, and agencies may impose royalties.
    • Borrowed content belongs to their respective copyright holders.
    • The publisher and authors do not claim ownership of borrowed materials.

    Module Information

    • Writer: Eunice H. Mariposque
    • Editor: Hedelita B. Calonia and Edna D. Camarao
    • Reviewers: Hedelita B. Calonia, Dennis T. Alex
    • Layout Artist: Aillen G. Sumagaysay, Edna D. Camarao, Clifchard D. Valente
    • Management Team: Ma. Evalou Concepcion A. Agustin (OIC-Schools Division Superintendent), Carolina T. Rivera, EdD (OIC-Assistant Schools Division Superintendent), Victor M. Javeña EdD (Chief, School Governance and Operations Division and OIC-Chief, Curriculum Implementation Division)
    • Education Program Supervisors: Listed

    Introduction

    • The module covers Business Ethics and Social Responsibility for Grade 12.
    • The module is for the Forms of Business Organization part 1.
    • The module is part of Quarter 3.
    • The module is developed collaboratively by educators in Pasig City.
    • The module’s development utilized the most essential learning competencies (MELC).

    For the Learner

    • This module is designed for guided and independent learning.
    • It has sections for Expectations, Pre-test, Recap, Lesson, Activities, Wrap-Up, Valuing, and Post-test.

    Expectations

    • Students are expected to define business, differentiate sole proprietorship and partnership businesses, and discuss the advantages and disadvantages of them.

    Pre-test

    • The pre-test assesses prior knowledge about sole proprietorship and partnership businesses. The pre-test questions involve assessing whether descriptions/facts are "True" or "False."

    Recap

    • The Recap section reviews previously learned concepts & skills.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Bus Ethics Soc Res - Q3 - M1 PDF

    Description

    This quiz evaluates knowledge on the initial concepts of business organization, tailored for Senior High School students in the Accountancy, Business, and Management curriculum. Engage in guided and self-directed learning to develop essential 21st-century skills.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser