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Business Ethics > BESR - ALL MODULES > Flashcards

BESR - ALL MODULES Flashcards

MIDTERM EXAMINATION

1
Q

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-

A

Business Organization

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2
Q

A business unit with only one person responsible for providing capital and bearing the risk of enterprise as well as
business management_

A

Sole Proprietorship

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3
Q

A business unit owned by two or more persons who pulled their resources to form an entity-

A

Partnership

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4
Q

CREDITORS CAN GO
AFTER THE PERSONAL
ASSETS OF PARTNERS
IF BUSINESS ASSETS
CANNOT FULLY PAY
FOR ITS OBLIGATIONS

A

General Partnership

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5
Q

CREDITORS CANNOT
CLAIM AGAINST
PERSONAL ASSETS OF
PARTNERS AND THEIR
LIABILITIES ARE
LIMITED ONLY TO THE
EXTENT OF THEIR
CONTRIBUTION TO
THE PARTNERSHIP-

A

Limited Partnership

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6
Q

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.

A

Corporation

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7
Q

CORPORATIONS WITH
AUTHORIZED CAPITAL
STOCK DIVIDENDS INTO
SHARES CF STOCKS AND
ENGAGED IN INCOME
GENERATING ACTIVITIES.

A

Stock Corporation

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8
Q

DOES NOT HAVE AUTHORIZED CAPITAL STOCK

A

Non-Stock Corporation

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9
Q

REQUIREMENTS FOR INCORPORATORS

A
  • NATURAL PERSON
  • OF LEGAL AGE
  • MINIMUM OF 5, MAXIMUM OF 15
  • INCORPORATORS MUST BE A
    SUBSCRIBER OF AT LEAST ONE
    SHARE
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10
Q

PRINCIPLES OF GOVERNANCE

A
  • Transparency
  • Rule of Law
  • Participation
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11
Q

— 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.
A

Transparency

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12
Q

Any activities undertaken by the organization must be based on a fair framework on rules of operations.

A

Rule of Law

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13
Q

The freedom of individuals within the organization must be based on a fair framework or rules of operations.

A

Rule of Law

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14
Q

This refers to the ability of the organization to serve stakeholders within a reasonable period of time.

A

Responsiveness

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15
Q

It ensures that none among the stakeholders, even the minority, feel excluded.

A

Equity

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16
Q

These twin principles must be implemented so that the desired purpose of the organization is attained with the minimal used of resources.

A

Efficiency and Effectiveness

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17
Q

It refers to the effect of the present action and use of finite resources to the future generations

A

Sustainability

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18
Q

With regards to the organization, this has to do with the companies’ recognition of the effect of its actions to the external environment

A

Accountability

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19
Q

“l am the wisest man
for I know one thing,
that is that I know
nothing”

A

SOCRATES

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20
Q

“A good decision is
based on knowledge,
and not numbers’

A

PLATO

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21
Q

“Knowing yourself is
the beginning of all
wisdom”

A

ARISTOTLE

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22
Q

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.

A

SOCRATES

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23
Q

The _______ method focuses on giving questions rather than answers

A

The Socratic Method

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24
Q

The Socratic Ethics (3)

A
  1. Self-knowledge is sufficient to achieve a good life
  2. Virtue can be taught, just like knowledge
  3. True happiness is gained by doing what is right
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25
Q

He was widely considered as the most pivotal figure in the development of philosophy, especially in the Western
tradition.

Founded the Academy in Athens, the first institution of higher learning in the Wester
World.

He gave us the Theory of Forms - a theory that differentiates the world of thoughts and the world of senses.

A

PLATO

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26
Q

Plato believed that ____________

A

abstract thought is superior from the world of senses

  • also believed that education is an important aspect of health of the state
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27
Q

A Greek Philosopher and Scientists, and a student of Plato

A

ARISTOTLE

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28
Q

_________ is a person-based ethics which looks at the moral character of the person carrying out a particular action.

A

Virtue Ethics

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29
Q

The Aristotelian Ethics

A
  • Virtue manifests itself in action
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30
Q

“Act only according to
the maxim by which you
can at the same time
will that is should
become a universal law”

A

Immanuel Kant

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31
Q

“It is the greatest
happiness of the
greatest number that is
the measure of right and
wrong”

A

Jeremy Bentham

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32
Q

“A person might cause
evil to others not only by
his actions but his
inactions and in either
case, he is justly
accountable to them for
the injury.”

A

John Stuart Mill

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33
Q

One of the most influential philosophers in the history of Western philosophy.

  • He is the most important proponent in philosophical history of deontological or duty based, ethics.
A

Immanuel Kant

34
Q

____________ proposes that ethical behavior is simply doing God’s will

A

Deontology

35
Q

KEEPING ONE’S
PROMISE IS AN
ABSOLUTE AND
UNIVERSALLY
BINDING MORAL LAW.

A

Monistic Deontology

36
Q

His basic principle is “it should be the greatest happiness of the greatest number”

A

Jeremy Bentham’ tenet

37
Q

________ revolves around the concept of “the end justifies the means”

A

Utilitarianism

38
Q

The Principles of Utility

A
  1. Recognize the fundamental
    role of Pain and Pleasure in
    human life
  2. Equates the good with the
    pleasurable and evil with
    pain
39
Q

TYPES OF UTILITARIANISM

A

Rule Utilitarianism
Act Utilitarianism

40
Q

Benefiting the most people by using the fairest methods possible

A

Rule Utilitarianism

41
Q

Making the most ethical action for the benefit of the people

A

Act Utilitarianism

42
Q

The belief in and worship of a
supernatural being/deity controlling power.

A particular system of faith and worship.

A

Religion

43
Q

The Major Religions of the World

A
  • Judaism
  • Christianity
  • Islam
  • Hinduism
  • Confucianism
  • Buddhism
  • Taoism
  • Shintoism
44
Q

It is the 10th largest religion in the world and roots back from the covenant made between God and Abraham

A

Judaism

45
Q

_______ - a text that is part of the Hebrew bible or TENAKH

A

Torah (The 5 books of Moses)

46
Q

The Talmud - Interpreting the Jewish Laws (2)

A
  • TREATMENT OF WORKERS
  • PROPER USE OF TIME
47
Q

This is a religion that grew out of Judaism.

It is the world’s largest and dominant religion, with 35% of the world’s population as members.

A

Christianity

48
Q

The branches of Christianity

A
  • Roman Catholicism
  • Eastern Orthodox
  • Protestant
49
Q

The Christian Principles on Work

A
  • Golden Rule
  • Trust
  • Stewardship
  • Justice
  • Diligence
  • Generosity
50
Q

This is a universalizing Abrahamic
monotheistic religion, teaching that there is only one God (ALCgb) and that Muhammad is the messenger of God.

The second-largest religion in the world, estimating about 24% of the world population as followers

A

Islam - The religion of peace

51
Q

Islamic Ethics is governed by: (3)

A

Freedom
Responsibility
Honesty

52
Q

Muslim 3-Fold Business Ethics

A

Honesty
Truthfulness
Proficiency

53
Q

________ is an Indian Dharma or a way of life, widely practiced in South Asia.

Considered as one of the oldest religion in the world and referred to as Sanatana Dharma — The Eternal Way — by
practitioners and scholars.

A

Hinduism

54
Q

Hinduist Ethics (3)

A

Positivity
Commitment
Karma

55
Q

Buddhism is a religion that encompasses a variety of traditions, beliefs and
spiritual practices largely based on the original teachings of Buddha — The Enlightened One.

Is the world’s 4th largest religion

A

Buddhism

56
Q

The Buddhist Maxims for Business

A
  1. WORK HARD, NO EXCUSES
  2. WORK HARD, BUT REST WELL
  3. BE MINDFUL
  4. THE EIGHT-FOLD PATH
57
Q

is described as tradition, a philosophy, a religion, a way of
governing, or simply a way of life. It was developed from the Hundred Schools of Thought, from the teaching of Confucius.

A

Confucianism or Ruism

58
Q

The Confucian Principles

A

Benevolence and Humaneness
Righteousness or Justice
Proper Rite
Knowledge

59
Q

Also known as _______ is a religious or philosophical tradition of Chinese origin that emphasizes living in harmony with the Tao — The path or The Way.

A

Daoism

60
Q

This is the book of the way and virtue by Lao Tzu

A

Tao Te Ching

61
Q

Is a traditional Japanese religion that focuses on rituals, practices to be carried out diligently

A

Shinto

62
Q

Shinto is derived form the word ________ (divine being) and _____ (ways of the spirits)

A

Shen and Tao

63
Q

Circles of Business Relationships: The Shinto Principles

A

Family
Fellow
Japan
World

64
Q

Refers to practices and activities
that business organizations adopt
during their operations which
have social and environmental
impacts and relevance-

A

Corporate Social Responsibility

65
Q

LEVELS OF CSR

A
  • Duty to not cause harm
  • Responsibility to not cause harm
  • Responsibility to do good
66
Q

Business has the economic responsibility to make money.

A

Economic Obligation

67
Q

Business has the legal responsibility to adhere to rules and regulations

A

Legal Obligation

68
Q

Business has the ethical responsibility to do what is right even when not required by the letter or spirit of the law.

A

Ethical Obligation

69
Q

Business has a philanthropic responsibility to contribute to society’s projects even when they are independent of the particular business.

A

Philanthropic Obligation

70
Q

This is a form of social responsibility that dictate tabulating bottom-line results not only in terms of economic terms but also in terms of company’s effect in the social and
environmental realm.

A

The Triple Bottom Line

71
Q

___________________
are the triple bottom line
standards that determine
the success of the business-

A

People, Planet, and Profits

72
Q

____________ states that every business decision has an impact on a wide variety of people, that is, providing benefits to some and imposing cost on others

A

The Stakeholders Theory

73
Q

The practice of getting favor by invoking influence of a person in authority.

This system dwells in the tendency of person in authority to exert their influence over matters unrelated to politics.

A

Padrino

74
Q

The tendency to procrastinate or delay a job responsibility the next day or in an unspecified period in the future.

This practice is inimical to the success of any business as it delays accomplishments of very important functions or decisions to be made.

A

Mañana Habit

75
Q

A manifestation of showing gratitude to persons who helped one especially during dire times of needs.

This practice also extends in business and politics, whereas a business owner might placate to the whims of a customer only because he has a debt of gratitude from him in the past.

A

Utang na Loob

76
Q

A person who regularly patronizes someone’s business or products. This suki-seller relationship is a product of a long-term patronage of another’s product.

This is a manifestation pf good business practice.

A

Suki

77
Q

A unique Filipino practice or value, rooted in the deep belief in the goodness of God.

In business, it is a manifestation of the inability of the owner to plan and thus leaves the success of his operations, purely on luck, if not God.

A

Bahala na

78
Q

Seems a good value at first glance as it refers generally to the quality of the person that requires respect and personal worth.

This may be a very good value pertaining to business operations as it forces an individual who believes in his self-worth to act respectfully and responsibly towards others.

A

Amor Propio

79
Q

The tendency to start things up excitedly but fail to sustain such excitement or enthusiasm.

This is common to Filipino start-ups, where the initial behavior is evidently enthusiastic at first but fades when failures are experienced.

The exact opposite of persistence and hard work.

A

Niñgas Cogon

80
Q

A behavior that tolerates mistakes or misbehaviour unnoticed by immediate superiors.

This probably stemmed for Filipinos tendency to put premiums on friendship and “pakikisama”

A

Pagtatakip

81
Q

Considered a product of red tape in government or organizational bureaucracy.

Clients gives gifts to the person-in-charge to expedite processes but in a clandestine manner.

A

Bribery

82
Q

For Filipinos, rules are only applicable whenever authority is around.

The penchant for breaking rules is very prevalent among Filipinos. As long as there is an opportunity to break the rules, Filipinos will break them

A

Disregard for Rules

Business Ethics (3 decks)

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