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Questions and Answers
Which of the following is NOT a form of bribery?
Which of the following is NOT a form of bribery?
What is the primary ethical concern with bribery?
What is the primary ethical concern with bribery?
Which type of conflict of interest involves a personal relationship potentially affecting professional decisions?
Which type of conflict of interest involves a personal relationship potentially affecting professional decisions?
Why is disclosure of potential conflicts of interest important?
Why is disclosure of potential conflicts of interest important?
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What is NOT a form of harassment?
What is NOT a form of harassment?
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Study Notes
Lesson 1: The Role of Business in Social and Economic Development
- Business Organization Definition: A group of individuals united for a common purpose, often profit-driven, as allowed by law.
- Origins of Business: Entrepreneurs use skills, efforts, and assets to serve people's needs and wants.
- Entrepreneur Role: Individuals taking risks to organize and operate businesses.
- Division of Labor Importance: Separating tasks creates expertise and boosts efficiency.
- Business Impact on Society: Businesses pay taxes supporting government services (healthcare, education, etc.).
- Business Impact on the Economy: Contributing to job creation, income generation, and economic growth.
Lesson 2: Form and Purpose of Business Organizations
- Sole Proprietorship: A single owner business with full responsibility for gains/losses; easy to form/close. Ideal for small businesses like shops.
- Partnership: Two or more individuals pool resources and split profits. Ideal for covering larger areas and providing greater market reach.
- Corporation: A legally separate entity from its owners (stockholders). Private and public corporations exist. Corporations are required to disclose financial statements to the government. A corporation can continue to exist without affecting its ownership.
- Nonprofit Organization: Businesses formed to serve the public rather than for profit. (e.g. schools, churches, and museums).
- Cooperative: A business owned and controlled by members.
Lesson 3: Accountability, Transparency and the Importance of Business Practices and Preventative Measures
- Accountability: Following rules and reporting performance fairly. Accountability is essential in preventing corruption.
- Transparency: Open communication in business dealings, increasing trust.
- Importance of sound accountability and transparency: Strong accountability structures are necessary for preventing corruption. A fragile civil society without accountability is vulnerable to abuse of authority.
Lesson 4: Bribery and Conflict of Interest
- Bribery Definition: Offering/receiving something of value to influence someone in a position of power.
- Types of Bribery: Money, gifts, services, or favors (can be disguised).
- Conflict of Interest Definition: When an individual's personal interests compromise professional judgments.
- Types of Conflict of Interest: Financial (e.g., owning stock in a regulated company), relational (hiring family), or responsibility-based (serving on competing boards).
- Conflict of Interest Disclosure: Disclosing potential conflicts to relevant parties.
Lesson 6: Foundations of the Principles of Business Ethics
- Philosophy Definition: A systematic study of fundamental questions (existence, reason, knowledge, and values).
- Branches of Philosophy: Metaphysics, Axiology, Logic, Aesthetics, Epistemology, Ethics, and Political Philosophy.
- Business Definition: An organization that creates and sells goods/services to fulfill societal needs.
- Business Ethics: Principles of what is morally right or wrong in business decisions.
- Classical Philosophers and Philosophies: Socrates (self-examination, unexamined life), Plato (good people don't need laws), Aristotle (happiness is the purpose of life), Bentham and Mill (utilitarianism).
- Philosophical Implications on Business: Philosophical insights on the nature of human existence, happiness, fairness, and ethical decision-making can offer guidance for responsible business practices by showing how decisions affect others.
Lesson 7: Filipino Values in Business
- Filipino Value System: Affecting business attitudes.
- Pagpapahalaga sa pamilya: Prioritizing family.
- Hiya: Respect for others, social honor.
- Amor propio: Self-respect, dignity, and social grace.
- Pakikisama: Harmonious relationships, cooperation.
- Suki: Long-term customer-supplier relationships.
- Utang na loob: Debt of gratitude, reciprocation.
- Bahala na: Acceptance and trust in fate.
- Filial Piety: Respect for elders and parents.
- Politeness (po/opo): Showing respect to elders and authority figures.
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Description
This quiz covers the fundamental concepts of business organization and its significance in social and economic development. It explores the roles of entrepreneurs, division of labor, and the impact of business on society and the economy, including various forms of business organizations like sole proprietorships and partnerships.
