BESR - ALL MODULES Flashcards
MIDTERM EXAMINATION
Exists to serve customers’ needs
and in return, make profits.
An entity that aims to earn a
profit by providing products to
satisfy the needs of the market-
Business Organization
A business unit with only one person responsible for providing capital and bearing the risk of enterprise as well as
business management_
Sole Proprietorship
A business unit owned by two or more persons who pulled their resources to form an entity-
Partnership
CREDITORS CAN GO
AFTER THE PERSONAL
ASSETS OF PARTNERS
IF BUSINESS ASSETS
CANNOT FULLY PAY
FOR ITS OBLIGATIONS
General Partnership
CREDITORS CANNOT
CLAIM AGAINST
PERSONAL ASSETS OF
PARTNERS AND THEIR
LIABILITIES ARE
LIMITED ONLY TO THE
EXTENT OF THEIR
CONTRIBUTION TO
THE PARTNERSHIP-
Limited Partnership
A juridical person created by operation Of law and registered with the Securities and Exchange Commission — SEC
In general, a __________ has a separate legal personality from its owners — who enjoys limited liability to the extent Of their
contributions only.
Corporation
CORPORATIONS WITH
AUTHORIZED CAPITAL
STOCK DIVIDENDS INTO
SHARES CF STOCKS AND
ENGAGED IN INCOME
GENERATING ACTIVITIES.
Stock Corporation
DOES NOT HAVE AUTHORIZED CAPITAL STOCK
Non-Stock Corporation
REQUIREMENTS FOR INCORPORATORS
- NATURAL PERSON
- OF LEGAL AGE
- MINIMUM OF 5, MAXIMUM OF 15
- INCORPORATORS MUST BE A
SUBSCRIBER OF AT LEAST ONE
SHARE
PRINCIPLES OF GOVERNANCE
- Transparency
- Rule of Law
- Participation
— To give an idea about how the organization does
things internally
- It relates to the organization’s responsibility for the external effects of its internal decisions as well as allowing
redistribution of power among stakeholders.
Transparency
Any activities undertaken by the organization must be based on a fair framework on rules of operations.
Rule of Law
The freedom of individuals within the organization must be based on a fair framework or rules of operations.
Rule of Law
This refers to the ability of the organization to serve stakeholders within a reasonable period of time.
Responsiveness
It ensures that none among the stakeholders, even the minority, feel excluded.
Equity
These twin principles must be implemented so that the desired purpose of the organization is attained with the minimal used of resources.
Efficiency and Effectiveness
It refers to the effect of the present action and use of finite resources to the future generations
Sustainability
With regards to the organization, this has to do with the companies’ recognition of the effect of its actions to the external environment
Accountability
“l am the wisest man
for I know one thing,
that is that I know
nothing”
SOCRATES
“A good decision is
based on knowledge,
and not numbers’
PLATO
“Knowing yourself is
the beginning of all
wisdom”
ARISTOTLE
Credited as one of the founding fathers of western philosophy, the first moral philosopher
of the western tradition of thought, and the
father of Ethics.
SOCRATES
The _______ method focuses on giving questions rather than answers
The Socratic Method
The Socratic Ethics (3)
- Self-knowledge is sufficient to achieve a good life
- Virtue can be taught, just like knowledge
- True happiness is gained by doing what is right
