Nature and Forms of Business Organizations
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Questions and Answers

Which of the following emphasizes that all human beings are inherently good and the world is good as well?

  • Taoism
  • Shintoism (correct)
  • Confucianism
  • Islam

    • What is the core value that Chinese businesses highly prioritize, according to Confucian business ethics?

  • Harmony and stakeholder needs (correct)
  • Individual profit maximization
  • Technological innovation and efficiency
  • Competition and market dominance

    • Which of the following religions believes that Allah is the creator of the universe and the source of both good and evil?

  • Taoism
  • Confucianism
  • Islam (correct)
  • Shintoism

    • What is the meaning of "Tao" in Taoism?

    <p>The path or the way (C)</p> Signup and view all the answers

    What is the primary focus of Shintoism?

    <p>Observing rituals and Japanese practices (D)</p> Signup and view all the answers

    What is the main principle underlying Islamic business ethics?

    <p>Freedom, responsibility, and honesty (D)</p> Signup and view all the answers

    Which of the following is NOT prohibited in Islamic business practices?

    <p>Engaging in honest business activities (C)</p> Signup and view all the answers

    Which of the following is NOT a key aspect of Confucianism's teachings?

    <p>Emphasis on individual autonomy and freedom (B)</p> Signup and view all the answers

    What is a key characteristic of a sole proprietorship that makes it the simplest to set up?

    <p>It is owned and managed by one person, with no additional oversight. (B)</p> Signup and view all the answers

    Which of the following best describes the risk that a sole proprietor faces?

    <p>They face unlimited liability, where personal assets can be used to cover business debts. (A)</p> Signup and view all the answers

    Which of these examples best represents a sole proprietorship?

    <p>A small, independent bakery owned and operated by a single individual. (A)</p> Signup and view all the answers

    What does it mean for a sole proprietor to have 'unlimited liability' for their business?

    <p>They are personally obligated to pay all business debts, even using their personal assets. (B)</p> Signup and view all the answers

    What is the primary defining characteristic of a sole proprietorship?

    <p>It is owned and managed by a single individual who assumes all risks and responsibilities. (C)</p> Signup and view all the answers

    Why might a small sari-sari store be classified as a sole proprietorship?

    <p>It is typically owned and operated by a single individual. (B)</p> Signup and view all the answers

    What is the primary benefit of a sole proprietorship compared to other organizational structures?

    <p>It offers a simple, easy-to-manage structure with direct control for the owner. (C)</p> Signup and view all the answers

    What is a significant disadvantage associated with sole proprietorships?

    <p>The owner has unlimited liability, exposing their personal assets to business debts. (B)</p> Signup and view all the answers

    Which of these traits is NOT considered a negative Filipino trait in the text, according to the provided information?

    <p>Hospitality (D)</p> Signup and view all the answers

    What is Amor Propio?

    <p>A feeling of self-respect and personal worth. (C)</p> Signup and view all the answers

    What is the Mañana Habit, as described in the text?

    <p>The practice of procrastination and postponing tasks. (A)</p> Signup and view all the answers

    How does Hiya, or shame, influence Filipino behavior?

    <p>It motivates people to act in ways that maintain their reputation and avoid social disapproval. (B)</p> Signup and view all the answers

    What is the main point the provided text makes regarding the “Mañana Habit” in the context of business?

    <p>It can be detrimental to productivity and efficiency in the workplace. (C)</p> Signup and view all the answers

    Which of these is NOT listed as a negative trait in the provided text?

    <p>Honesty and Integrity (D)</p> Signup and view all the answers

    How is Amor Propio viewed in the context of business?

    <p>It is generally considered a negative trait, especially in service-oriented businesses. (B)</p> Signup and view all the answers

    What is a double standard, as described in the provided text?

    <p>The application of inconsistent principles to similar situations. (D)</p> Signup and view all the answers

    What is the minimum number of members required to form a corporation?

    <p>Five (D)</p> Signup and view all the answers

    What does the term "limited liability" imply in the context of a corporation?

    <p>Shareholders' liability is limited to the amount of their investment in the corporation. (B)</p> Signup and view all the answers

    Which of the following is NOT an advantage of forming a corporation?

    <p>Ease of formation and management (C)</p> Signup and view all the answers

    Which of the following is a characteristic of a corporation that distinguishes it from a partnership?

    <p>It is created by operation of law. (B)</p> Signup and view all the answers

    Why does a corporation enjoy the right of succession?

    <p>The death or withdrawal of shareholders does not dissolve the corporation. (A)</p> Signup and view all the answers

    How does a corporation acquire its powers and attributes?

    <p>They are granted by the state through a process of incorporation. (D)</p> Signup and view all the answers

    What is the minimum number of members required for a corporation, according to the provided text?

    <p>Five (C)</p> Signup and view all the answers

    What is a key reason why minority shareholders in a corporation can be subservient to the wishes of the majority shareholders?

    <p>The board of directors is elected by majority shareholders. (C)</p> Signup and view all the answers

    What is the main reason for the separation of management and control in large corporations?

    <p>The sheer size and complexity of large corporations necessitate this separation. (B)</p> Signup and view all the answers

    Which of the following is a characteristic of a single proprietorship, according to the provided text?

    <p>It is owned by a single person. (B)</p> Signup and view all the answers

    What is the practice of what is morally and ethically right in the conduct of business called?

    <p>Business Ethics (C)</p> Signup and view all the answers

    What does the text suggest about managers and fulfilling their commitments?

    <p>Managers should strive to keep their word and fulfill commitments, even if it is difficult. (D)</p> Signup and view all the answers

    What is the macro level of ethics, according to the text?

    <p>The ethical principles of business operations within a specific social and political system. (A)</p> Signup and view all the answers

    Which of the following is NOT a principle of ethical business conduct mentioned in the text?

    <p>Competition (C)</p> Signup and view all the answers

    What is the purpose of creating a caring environment for employees?

    <p>To foster a positive chain reaction among stakeholders, including customers. (D)</p> Signup and view all the answers

    What is a potential ethical concern that businesses may face, as indicated in the text?

    <p>Misleading consumers through false advertising. (C)</p> Signup and view all the answers

    According to the provided content, which of these is NOT a core belief in Hinduism?

    <p>The world is inherently materialistic and people should detach from possessions. (A)</p> Signup and view all the answers

    What is the key reason provided as to why Hindu businesspeople should treat stakeholders with honesty and fairness?

    <p>It is a fundamental principle of ethical conduct that aligns with Hindu spiritual principles. (C)</p> Signup and view all the answers

    Which of the following statements accurately describes the core essence of the Buddhist perspective on business ethics?

    <p>Businesses should strive to become wealthy but not allow wealth to control them. (B)</p> Signup and view all the answers

    What is the concept of karma, as it pertains to the content provided, best understood as?

    <p>The inevitable consequence of actions, influencing both this life and future rebirths. (A)</p> Signup and view all the answers

    Based on the information provided, what is a key distinction between the origins of Hinduism and Buddhism?

    <p>Hinduism has a specific founder while Buddhism does not. (B)</p> Signup and view all the answers

    What is the significance of the practice of asceticism in Hinduism?

    <p>It is primarily a way to purify the body and mind for future rebirths. (D)</p> Signup and view all the answers

    What is the ultimate goal shared by both Hinduism and Buddhism?

    <p>To attain enlightenment and escape the cycle of suffering. (A)</p> Signup and view all the answers

    According to the provided content, what is a key characteristic of Islamic business ethics?

    <p>It encourages businesses to operate in a way that promotes social justice and ethical conduct. (B)</p> Signup and view all the answers

    Signup and view all the answers

    Signup and view all the answers

    <h1>=</h1> <h1>=</h1> Signup and view all the answers

    Study Notes

    Nature and Forms of Business Organizations

    • Businesses are a necessary part of modern life.
    • Business is defined as making, buying, or selling goods/services in exchange for money, work, or activity by a store, company, or factory.

    Business Ethics

    • Business ethics is the practice of doing what is morally and ethically right in a workplace.
    • Top management should set and uphold ethical conduct.

    Levels of Business Ethics

    • Macro Level: Business ethics bound by the virtues and norms of social systems.
    • Corporate Level: How a company interprets industry rules and standards.
    • Individual Level: The employee's own moral principles.

    Business Organizations

    • Business organization refers to the structure of a commercial or industrial enterprise and its people.
    • Forms of business organization include sole proprietorship, partnership, and corporation.

    Sole Proprietorship

    • Owned and managed by one person.
    • Simplest form of business in Philippines.
    • Owner assumes all risks.
    • Unlimited liability (owner's personal assets are at risk).
    • Easy to establish.
    • Limited access to capital.
    • Limited life of the business (ends with the owner).
    • Business is restricted to a certain size.

    Partnership

    • Two or more owners.
    • Shares profits and losses jointly.
    • Simpler than a corporation.
    • Two or more owners.

    Corporation

    • Has a separate legal personality from its owners.
    • Owners are shareholders with limited liability
    • Separate legal entity distinct from the owners; they have limited liability;
    • Easier to raise capital than sole proprietorships.

    The Role of Business in Society

    • Businesses create wealth by efficiently utilizing resources and providing services.
    • Businesses meet people's needs through taxes, hospitals, schools, roads, etc.
    • Businesses must create a safe and peaceful environment.

    Ethical and Unethical Behavior

    • Ethical Behavior: Honesty, integrity, keeping promises, loyalty, fairness, caring, respect, obedience to law, and excellence.
    • Unethical Behavior: Accounting manipulations, overbilling, misleading advertisements, making false claims, and customer service failures.

    Classical Philosophies

    • Socrates: Socratic method, knowledge of self, morality, responsibility.
    • Plato: City-state classes (Rulers, Guardians, Workers).
    • Aristotle: Virtue ethics (excellence), good people, rationality, and sociability.

    Belief Systems and Ethics

    • Judaism: Honesty, integrity, loyalty, respect for human dignity, and accountability.
    • Christianity: Importance of human person, social doctrine, and just compensation.
    • Hinduism: Ethics, business, reincarnation, and liberation (karma).
    • Buddhism: Law of karma, reincarnation, liberation (nirvana).
    • Islam: Guided by freedom, responsibility, honesty, and avoidance of gambling.
    • Confucianism: Social harmony, righteousness, stakeholders’ needs.
    • Shintoism: Good people, group effort, divine nature.

    Filipino Value System

    • Utang na Loob: Debt of gratitude (meaningful obligations).
    • Filial Piety: Respect for parents, elders, and ancestors.
    • Padrino System: Patronage and favoritism in business.
    • Suki: Loyal customer relationships.
    • Bahala Na: Filipino fatalism, trusting fate.
    • Mañana Habit: Delaying tasks till tomorrow.
    • Amor Propio: Self-respect and personal pride.

    Negative Filipino Traits

    • Bribery and corruption, double standards, disregarding rules, gossiping, ningas-cogon.

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    Bus. Ethics 3rd Quarter Reviewer PDF

    Description

    Explore the essential concepts surrounding business organizations, including their definitions and forms. This quiz covers business ethics at macro, corporate, and individual levels, providing a comprehensive overview of moral practices within businesses. Test your knowledge on sole proprietorships, partnerships, and corporations.

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