Socratic Method in Business

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Questions and Answers

What should be done when entering a meeting room according to the text?

  • Greet the most elder figure first (correct)
  • Start negotiating right away
  • Exchange business cards immediately
  • Shake hands with everyone present

What does the greeting 'Namaste' involve according to the text?

  • Bowing and bringing palms together before the heart (correct)
  • Shaking hands
  • Hugging
  • Waving hello

Based on Hinduism's Four Noble Truths, what causes suffering according to the text?

  • Following the Eightfold Path
  • Life is full of pain
  • Having human desire (correct)
  • Ending desire

What is prohibited in business practices according to the text?

<p>Using high-pressure tactics during negotiations (A)</p> Signup and view all the answers

Which symbol represents the endless cycle of life through reincarnation in Buddhism according to the text?

<p>The Wheel of Life (C)</p> Signup and view all the answers

What is emphasized as a must for any organization based on the text?

<p>Practicing loving kindness, justice, and righteousness (B)</p> Signup and view all the answers

What is the key advantage of a virtual assistant partnership?

<p>Access to greater amounts of capital (C)</p> Signup and view all the answers

Which type of business entity is known for being the least costly among all forms of ownership?

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

What characteristic distinguishes a corporation from a sole proprietorship?

<p>Has separate legal personality from owners (A)</p> Signup and view all the answers

Which form of business ownership typically requires developing a partnership agreement?

<p>Virtual assistant partnership (A)</p> Signup and view all the answers

What is a key advantage of a cooperative society mentioned in the text?

<p>Limited liabilities for the members (A)</p> Signup and view all the answers

What is a significant advantage of a corporation over a sole proprietorship?

<p>Separate legal personality from owners (C)</p> Signup and view all the answers

Which business entity requires at least 5 natural persons and not exceeding 15 persons as incorporators?

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

Why might the financial strength of a cooperative society be limited?

<p>Excessive state regulations (B)</p> Signup and view all the answers

What is a disadvantage of a cooperative society's management structure?

<p>Members often lack managerial and special skills (C)</p> Signup and view all the answers

How are products typically sold by cooperative societies to outsiders?

<p>In cash transactions only (B)</p> Signup and view all the answers

What happens if a cooperative society member becomes permanently incapable?

<p>The society dissolves automatically (D)</p> Signup and view all the answers

How do government regulations affect the rate of return for cooperatives?

<p>Limit returns to strengthen sustainable growth (B)</p> Signup and view all the answers

What does Tao mean?

<p>The way of life (C)</p> Signup and view all the answers

According to Taoism, what does the Yin-Yang symbol illustrate?

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

What is one of the Five Pillars of Islam related to praying?

<p>Praying five times a day facing Mecca (D)</p> Signup and view all the answers

What is the basic Confession of Faith in Islam?

<p>There is no God but Allah, and Mohammed is His prophet (B)</p> Signup and view all the answers

What does the Five Pillars of Islam emphasize during Ramadan?

<p>Fasting during daylight hours (A)</p> Signup and view all the answers

What principle is emphasized in business practices related to committing to excellent service and products?

<p>Glorifying God through excellent service and products (B)</p> Signup and view all the answers

What is the main purpose of the Socratic method as described in the text?

<p>To encourage open-minded questioning of personal beliefs (C)</p> Signup and view all the answers

How can entrepreneurs benefit from applying the Socratic method in their endeavors?

<p>By questioning assumptions and exploring their own purpose for learning (C)</p> Signup and view all the answers

In the context of business ethics, why should managers not simply go along with the crowd?

<p>To prevent morally unacceptable policies and practices (D)</p> Signup and view all the answers

What qualities are highlighted as important for a good manager in the text?

<p>Functionally relevant set of virtues for personal success and moral excellence (B)</p> Signup and view all the answers

Why is it important for an organization to encourage independent thinkers according to the text?

<p>To create opportunities for good people to report bad behaviors (C)</p> Signup and view all the answers

Who was Plato's teacher, as mentioned in the text?

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

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