Corporations: Advantages and Disadvantages

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Define fairness in the context of a business organization.

Fairness in a business organization involves balancing the interests involved in all decisions related to hiring, firing, and compensation.

What does it mean to be accountable in a business context?

To be accountable in a business context means being liable to explain or justify one's actions and decisions.

Describe transparency in business operations.

Transparency in business operations involves being authentic, genuine, and expressing points of view openly.

What is the purpose of business policy?

The purpose of business policy is to provide an overall guide that sets boundaries and directions for managerial action. Signup and view all the answers

How is fairness related to the hiring process in a business organization?

Fairness in the hiring process involves making judgments that are free from discrimination and balancing the interests of all parties involved. Signup and view all the answers

Explain the concept of accountability with respect to performance evaluation.

Accountability in performance evaluation means being responsible for justifying one's actions and performance to stakeholders. Signup and view all the answers

What does Aristotle suggest about good people and laws?

Good people do not need laws to tell them to act responsibly. Signup and view all the answers

According to Sallust, what is necessary for a complete education?

Educating the mind and the hearth. Signup and view all the answers

What is the root of all evil, according to a quote mentioned?

Ignorance. Signup and view all the answers

How should a Christian in commerce behave according to the text?

A Christian in commerce should not desire to get another's good or labor for less than it is worth, and should exercise charity and justice when dealing with the poor. Signup and view all the answers

What is the impact of belief systems, as mentioned in the text?

Belief systems help us interpret our everyday reality. Signup and view all the answers

What makes small things grow and what makes great things decay?

Harmony makes small things grow, lack of it makes great things decay. Signup and view all the answers

What are the advantages of forming a corporation?

The liability of the owners is limited to their investment and additional capital can be easily raised through stock markets. Signup and view all the answers

What are the disadvantages of forming a corporation?

Cost of formation and management, complex registration process, and high income tax rates. Signup and view all the answers

What is the purpose of establishing business enterprises in terms of supplying goods and services?

To provide goods and services that customers cannot or do not want to produce themselves. Signup and view all the answers

How do business enterprises contribute to job creation?

By creating jobs for customers, suppliers, distributors, and co-workers. Signup and view all the answers

What is the basis of laws in Islam?

The Qur’an Signup and view all the answers

What is the goal of ISO 9000 in business enterprises?

To embed a quality management system, increase productivity, reduce costs, and ensure quality of processes and products. Signup and view all the answers

What are some ways in which business enterprises contribute to societal development?

By investing in new technologies, developing new goods and services, and spreading international standards. Signup and view all the answers

According to Islamic laws, what right does a customer have if a vendor sells an item by making false claims?

The right to have the transaction cancelled Signup and view all the answers

According to Malik Ibn Dinar, what will happen if you start a business of worshiping Allah?

All types of profits will come without needing any capital Signup and view all the answers

What is the teaching founded by the Buddha known as in English?

Buddhism Signup and view all the answers

According to the quote provided, what is the key to success?

Happiness Signup and view all the answers

What does the Filipino concept of 'UTANG NA LOOB' emphasize?

Reciprocity Signup and view all the answers

What term is used to describe the fatalistic outlook and strong dependence on spirits among Filipinos?

BAHALA NA Signup and view all the answers

Which term refers to the ways of respect, deference, and loyalty to parents?

FILIAL PIETY Signup and view all the answers

What concept is represented by the indefinite future, often associated with procrastination?

MAÑANA HABIT Signup and view all the answers

What is the term used to describe gaining favor through family affiliation or friendship rather than merit?

PADRINO Signup and view all the answers

What is the term for a system of patronage where a customer regularly buys from a specific client?

SUKI Signup and view all the answers

How are morals defined in the context of values?

Relative values that protect life and respect the dual life value of self and others. Signup and view all the answers