BM 101 ( MIDTERM ) Flashcards
What are the 3 Major types of Business Owners?
- Sole Proprietorship
- Partnership
3.Corporation
2 MINOR TYPES CONSIST OF THE JOINT STOCK COMPANY?
- Joint Venture
- Business trust
Legal Assocation of two or more persons as co-owners of an unincorporated business?
Partnership
Type of business operated by a single person?
Sole Proprietorship
Two types of Partnerships?
- General Partnership
- Limited Partnership
Is an enterprise chartered by law, with most of the legal rights of a person.
Corporation
Owners of Corporations
Stockholders
The authority granted to corporation to sell its own share of stock?
Ease of Expansion
If a stockholder loses interest in the corporation partly owns, he may disassociate himself
Ease of Transferring Ownership
The profits derived by stockholders are taxed twice by the government?
Double Taxation
Modifications of the Corporate form of Ownership?
- Cooperatives
- Mutual Companies
An organization composed of individuals or businesses that have banded together
Corporation
Two Types of Cooperatives?
- Credit Union
- Producers Cooperative
It accepts deposits from the members and lends money
Credit Union
Its purpose is to actually assist one another in the procurement
Producers cooperative
Its purpose is to provide members with quality goods and services at reasonable price
Consumers Cooperative
Its purpose is to assist members in the marketing of their produce
Marketing Cooperative
Its purpose is to make services readily available and at a lower price
Service Cooperative
It is a Financial service Firm?
Mutual Company
Two types of mutual Companies
- MUTUAL SAVING BANKS
- MUTUAL INSURANCE COMPANY
Owned by depositors?
Mutual Saving Banks
Owned by its policyholders?
Mutual Insurance Company
Other forms of Business Organizations
- Joint Stock Company
- Joint Venture
- Business Trust
Form of Business Enterprise in which the capital is divided into small units
Joint Stock Company
A particular partnership established for a specific undertaking and bringing together several partners
Joint Venture
A trustee is appointed to manage the business
Business Trust
Refers to the study of morals and moral choices of human beings
ETHICS
When ethics training courses are carefully designed and administered
ETHICS TRAINING
A person who is knowledgeable about business ethics
ETHICAL ADVOCATES
Codes of Ethics are document
ETHICAL CODES
It is an act that will reveal private or classified information about an organization
WHISTLE BLOWING
REFERS TO THE CONCERN OF BUSINESS FOR THE WELFARE OF THE SOCIETY
SOCIAL RESPONSIBILITY
Constitute a very important group which must be handled with some degree of responsibility
CONSUMERS
Employees have the right to live their own private lives without interference
The Right to privacy
Such as AETAS, IGOROTS AND DUMAGATS
Minority Groups
Employees must be assured of security of tenure
The right to job security
Constitute a potential force to make business progressive
Women
Regarded as Senior Citizen
Older people
Group of people that contribute positively to the firm
Handicapped
Responsible persons to monitor and recommend appropriate actions
Community at Large
Company allows the condition or potential problem to go unresolved
REACTION STRATEGY
Company tried to minimize or avoid additional obligations
DEFENSE STRATEGY
Business assumes responsibility for its actions
ACCOMODATION STRATEGY
Firm goes beyond what is legally and ethically required
Proactive Strategy
Refers to the systematic examination of all the activities
SOCIAL AUDITS
