Entrepreneurial Responsibilities Quiz

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Questions and Answers

Which of the following are examples of taxes that entrepreneurs may be required to pay?

  • Income Tax (correct)
  • Wealth Tax (correct)
  • Sales Tax (correct)
  • Excise Tax (correct)
  • Tariff Duties (correct)

It is considered ethical for entrepreneurs to seek political patronage by offering economic support to political parties.

False (B)

What is the primary ethical responsibility entrepreneurs have towards creditors when obtaining loans?

Entrepreneurs should obtain loans on terms that are reasonable for both the creditors and the business.

Entrepreneurs should utilize loan capital only for the ______ objectives and projects specified in the loan agreement.

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

Match the following ethical responsibilities of entrepreneurs with their respective stakeholders:

<p>Government = Not to correct the government machinery for personal gain Creditors = Obtain loans on reasonable conditions that benefit both parties</p> Signup and view all the answers

Which of the following is NOT a responsibility of entrepreneurs towards their suppliers?

<p>Utilizing unfair competition to get the lowest prices (B)</p> Signup and view all the answers

Entrepreneurs should inform suppliers about potential changes in market demand.

<p>True (A)</p> Signup and view all the answers

What is the main benefit of providing a minimum price guarantee to suppliers?

<p>It gives suppliers certainty about the price of their goods, increasing their willingness to continue providing the product to the entrepreneur.</p> Signup and view all the answers

Which of the following is NOT a responsibility of an entrepreneur towards their employees?

<p>Maximizing profits at all costs (D)</p> Signup and view all the answers

Entrepreneurs should promote _________ competition among suppliers.

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

Match the following responsibilities with the corresponding benefits for suppliers:

<p>Paying fair prices = Ensures financial stability and efficiency Providing technical advice = Facilitates product development and improvement of supply Informing about market changes = Allows suppliers to prepare for potential changes in demand Guaranteeing minimum prices = Creates certainty and confidence in future earnings</p> Signup and view all the answers

Entrepreneurs are obligated to pay their employees the minimum wage required by their local government.

<p>True (A)</p> Signup and view all the answers

What is the primary difference between 'responsibility' and 'accountability' in the context of entrepreneurship?

<p>Responsibility refers to the duty to complete a task, while accountability means being answerable for the results and the way the task was conducted.</p> Signup and view all the answers

Employees are considered a ______ of any organization.

<p>true asset</p> Signup and view all the answers

Match the following terms with their corresponding definitions:

<p>Responsibility = The obligation to demonstrate compliance with agreed standards Accountability = The duty to satisfactorily complete a task Entrepreneur = An individual who organizes and manages a business, assuming the risk Employee = An individual who works for an employer in exchange for wages or a salary</p> Signup and view all the answers

Employees are primarily responsible for the financial success of a business.

<p>False (B)</p> Signup and view all the answers

Why is it essential for entrepreneurs to prioritize ethical practices in their businesses?

<p>Ethical practices build trust with employees, customers, and stakeholders, creating a positive reputation for the business and fostering long-term success.</p> Signup and view all the answers

Which of these actions demonstrates a commitment to employee well-being?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following actions demonstrates a business's commitment to providing an ergonomic workplace?

<p>Providing adjustable chairs and proper lighting to reduce strain on employees. (B)</p> Signup and view all the answers

A business's responsibility to train and educate employees extends only to technical skills directly related to their job roles.

<p>False (B)</p> Signup and view all the answers

What is the primary ethical responsibility of a business when it comes to employee compensation insurance?

<p>To treat injured employees with respect and file claims promptly without attempting to delay or hinder the process.</p> Signup and view all the answers

Providing employees with opportunities for __________ development demonstrates a commitment to their growth within the organization.

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

Match the following employee rights with their corresponding ethical principles:

<p>Right to a safe and healthy workplace = Respect for Human Rights Right to fair compensation and benefits = Respect for Human Rights Right to equal opportunity for advancement = Anti-Discrimination Law Right to be treated with dignity and respect = Respect for Human Rights</p> Signup and view all the answers

Which of the following is NOT a responsibility of a business in ensuring employee security?

<p>Guaranteeing lifetime employment to all employees. (C)</p> Signup and view all the answers

What is the primary goal of government in setting economic development targets for a country?

<p>To achieve balanced and rapid economic growth.</p> Signup and view all the answers

A business's ethical responsibility towards employees extends only to their on-the-job performance.

<p>False (B)</p> Signup and view all the answers

Flashcards

Supplier Responsibilities

Entrepreneurs must ensure timely payments and support for suppliers.

Fair Pricing

Entrepreneurs should pay fair prices to suppliers to avoid financial strain.

Market Information

Entrepreneurs must keep suppliers informed about market demand changes.

Technical Assistance

Entrepreneurs are responsible for providing technical support to suppliers.

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Healthy Competition

Encourage healthy rather than hostile competition among suppliers.

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Responsibility

The duty to satisfactorily perform a task assigned or created by circumstances.

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Accountability

The obligation to demonstrate compliance with agreed rules and report on performance.

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Entrepreneur

An individual who organizes, manages, and assumes the risk of a business.

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Employee

A crucial asset of the organization, contributing to business success.

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Pay Wages/Salaries

Entrepreneurs must pay employees at least the minimum wage on time.

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Business Ethics

Standards guiding the behavior of entrepreneurs in business practices.

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Social Responsibility

Obligations of entrepreneurs to act for the benefit of society.

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Creditor and Supplier Obligations

Responsibilities of entrepreneurs toward those who lend and provide goods/services.

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Compliance of Government Rules

Adhering to laws regarding business licenses and operations.

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Types of Taxes

Taxes imposed on entrepreneurs include income, sales, excise, tariffs, and wealth taxes.

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Social Responsibility of Entrepreneurs

Entrepreneurs should not seek unfair advantages from government officials.

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Political Patronage Unfair Means

Entrepreneurs must avoid giving undue economic aid to political parties during elections.

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Cooperate with Government

Entrepreneurs should align business efforts with government economic goals.

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Creditors

Entities that extend credit allowing businesses to borrow funds.

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Obtain Loans on Reasonable Conditions

Loans must have fair terms for both lenders and borrowers.

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Regular Payment of Installment and Interest

Entrepreneurs should meet repayment schedules for loans and interest consistently.

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Job Assignment

Aligning employee roles with their technical and educational backgrounds.

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Ergonomic Workplace

Creating a safe and comfortable work environment to reduce injury risk.

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Employee Compensation Insurance

Insurance that supports workers injured on the job, ensuring timely claims.

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Career Development

Support and opportunities for employees to enhance their skills.

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Anti-Discrimination Law

Regulations protecting employees from unfair treatment in the workplace.

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Respect for Human Rights

Ensuring business practices honor the rights of all individuals.

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Rewards and Benefits

Fair compensation and benefits provided to employees based on market conditions.

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Employment Security

Providing job stability to enhance employee satisfaction.

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Study Notes

Responsibilities and Accountabilities of Entrepreneurs

  • Entrepreneurs have responsibilities to various stakeholders, including employees, government, creditors, and suppliers.
  • These responsibilities involve adhering to ethical principles and social standards, and fulfilling certain duties and obligations.
  • Entrepreneurs must act responsibly towards their employees, in regards to fair wages, salaries, taxes (meeting local regulations), and providing opportunities for growth.

Employee Responsibilities

  • Employees are vital to business success, contributing effectively.
  • Entrepreneurs are responsible for fair wage and salary payments, ensuring these are timely and without delays.
  • They are also accountable for assigning employees to suitable roles and creating a workplace that minimizes risks.

Employee Responsibilities (Continued)

  • Compensation insurance is required for employees.
  • Entrepreneurs are responsible for the development and training of their team.
  • Businesses must treat employees properly and provide equal opportunities for them.
  • Employment laws and anti-discrimination laws should be enforced fairly.
  • Protecting human rights is a key responsibility.
  • Financial benefits like PhilHealth, Social Security, PAG-IBIG, and taxes should be provided as mandated by law.
  • Companies should ensure job security contributing to employee satisfaction.

Government Responsibilities

  • The government sets goals for economic growth and development.
  • Compliance with government rules and regulations, including licensing and operation laws for the business, is critical.
  • Businesses need to fulfill tax obligations (income tax, sales tax etc.) to the government.
  • Entrepreneurs must refrain from engaging in activities that may corrupt government officials, and must not seek political favors.

Government Responsibilities (Continued)

  • Collaboration with the government for economic development is crucial.
  • Utilizing available resources effectively while aligning with government targets is essential.

Creditor Responsibilities

  • Creditors are entities extending credit and loans to businesses.
  • Loan conditions must be reasonable to both creditors and the business.
  • Companies must follow agreed upon rules related to secured loans, property mortgages, and utilizing loan capital effectively.
  • Ethical business practices in loan provisions and repayment are essential.

Creditor Responsibilities (Continued)

  • Regular repayment of loan installments and interest, as per the agreed conditions, is important.

Supplier Responsibilities

  • Suppliers provide essential resources for businesses (materials, equipment, labor).
  • Fair pricing and timely payments to suppliers are a responsibility.
  • Keeping suppliers informed about market trends and ensuring healthy competition is essential.
  • Guaranteeing minimum prices to suppliers maintains their trust and will.
  • Technical support should be offered to supplier

Supplier Responsibilities (Continued)

  • Providing information about future developments in the market.
  • Promoting ethical competition among suppliers among suppliers, avoiding hostile practices, ensures the smooth functioning of the business.

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