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BM 101 > BM 101 ( MIDTERM ) > Flashcards

BM 101 ( MIDTERM ) Flashcards

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1
Q

What are the 3 Major types of Business Owners?

A
  1. Sole Proprietorship
  2. Partnership
    3.Corporation
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2
Q

2 MINOR TYPES CONSIST OF THE JOINT STOCK COMPANY?

A
  1. Joint Venture
  2. Business trust
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2
Q

Legal Assocation of two or more persons as co-owners of an unincorporated business?

A

Partnership

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2
Q

Type of business operated by a single person?

A

Sole Proprietorship

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3
Q

Two types of Partnerships?

A
  1. General Partnership
  2. Limited Partnership
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3
Q

Is an enterprise chartered by law, with most of the legal rights of a person.

A

Corporation

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3
Q

Owners of Corporations

A

Stockholders

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4
Q

The authority granted to corporation to sell its own share of stock?

A

Ease of Expansion

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5
Q

If a stockholder loses interest in the corporation partly owns, he may disassociate himself

A

Ease of Transferring Ownership

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6
Q

The profits derived by stockholders are taxed twice by the government?

A

Double Taxation

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7
Q

Modifications of the Corporate form of Ownership?

A
  1. Cooperatives
  2. Mutual Companies
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8
Q

An organization composed of individuals or businesses that have banded together

A

Corporation

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9
Q

Two Types of Cooperatives?

A
  1. Credit Union
  2. Producers Cooperative
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10
Q

It accepts deposits from the members and lends money

A

Credit Union

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11
Q

Its purpose is to actually assist one another in the procurement

A

Producers cooperative

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12
Q

Its purpose is to provide members with quality goods and services at reasonable price

A

Consumers Cooperative

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12
Q

Its purpose is to assist members in the marketing of their produce

A

Marketing Cooperative

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13
Q

Its purpose is to make services readily available and at a lower price

A

Service Cooperative

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14
Q

It is a Financial service Firm?

A

Mutual Company

15
Q

Two types of mutual Companies

A
  1. MUTUAL SAVING BANKS
  2. MUTUAL INSURANCE COMPANY
16
Q

Owned by depositors?

A

Mutual Saving Banks

17
Q

Owned by its policyholders?

A

Mutual Insurance Company

18
Q

Other forms of Business Organizations

A
  1. Joint Stock Company
  2. Joint Venture
  3. Business Trust
19
Q

Form of Business Enterprise in which the capital is divided into small units

A

Joint Stock Company

20
Q

A particular partnership established for a specific undertaking and bringing together several partners

A

Joint Venture

21
Q

A trustee is appointed to manage the business

A

Business Trust

22
Q

Refers to the study of morals and moral choices of human beings

A

ETHICS

23
Q

When ethics training courses are carefully designed and administered

A

ETHICS TRAINING

24
Q

A person who is knowledgeable about business ethics

A

ETHICAL ADVOCATES

25
Q

Codes of Ethics are document

A

ETHICAL CODES

26
Q

It is an act that will reveal private or classified information about an organization

A

WHISTLE BLOWING

27
Q

REFERS TO THE CONCERN OF BUSINESS FOR THE WELFARE OF THE SOCIETY

A

SOCIAL RESPONSIBILITY

28
Q

Constitute a very important group which must be handled with some degree of responsibility

A

CONSUMERS

29
Q

Employees have the right to live their own private lives without interference

A

The Right to privacy

30
Q

Such as AETAS, IGOROTS AND DUMAGATS

A

Minority Groups

31
Q

Employees must be assured of security of tenure

A

The right to job security

31
Q

Constitute a potential force to make business progressive

A

Women

32
Q

Regarded as Senior Citizen

A

Older people

33
Q

Group of people that contribute positively to the firm

A

Handicapped

34
Q

Responsible persons to monitor and recommend appropriate actions

A

Community at Large

35
Q

Company allows the condition or potential problem to go unresolved

A

REACTION STRATEGY

36
Q

Company tried to minimize or avoid additional obligations

A

DEFENSE STRATEGY

37
Q

Business assumes responsibility for its actions

A

ACCOMODATION STRATEGY

38
Q

Firm goes beyond what is legally and ethically required

A

Proactive Strategy

39
Q

Refers to the systematic examination of all the activities

A

SOCIAL AUDITS

40
Q
A
41
Q
A

BM 101 (2 decks)

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