Business Entrep

Question 1

Is an organization or economic system where goods and services are exchanged for one another or for money.

Answer 1

Business

Question 2

Four (4) Basic Forms of Business Organization

Answer 2

1. Sole Proprietorship
2. Partnership
3. Corporation
4. Cooperative

Question 3

Business can be ____ owned, ____, or ____ owned.

Answer 3

Business can be PRIVATELY OWNED, NOT-FOR-PROFIT or STATE-OWNED.

Question 4

Basic Classification of Business:

Answer 4

1. Service Business
2. Merchandising Business
3. Manufacturing Business

Question 5

Provides intangible products (products with no physical form). It offers professional skills, expertise, advice, etc.

Answer 5

Service Business

Question 6

It buys products with the intention of using them as materials in making a new product.

Answer 6

Manufacturing Business

Question 7

This type of business buys products at wholesale price and the same at retail price. They are also known as “buy and sell” business.

Answer 7

Merchandising Business

Question 8

Four (4) subsets of Service Business:

Answer 8

A. Service Business
B. Financial Business
C. Transportation Business
D. Utilities

Question 9

Three (3) subsets of Manufacturing Business:

Answer 9

A. Agriculture and Mining Business
B. Manufacturers
C. Real-Estate Business

Question 10

Five (5) Purpose of Establishing a Business Enterprise

Answer 10

1. To make money and have financial independence
2. To be your own boss
3. To create opportunities
4. To solve problems
5. To move society, to change the world.

Question 11

Four (4) Core Principles in Business Operations

Answer 11

1. Fairness
2. Accountability
3. Transparency
4. Stewardship

Question 12

It refers to the level of even-handedness in dispensing justice whereby claims are recognized in the order of their legal and contractual priority.

Answer 12

Fairness

Question 13

The classical philosophies and their implication on business

Answer 13

A. Socrates: The Gad-fly at the Marketplace
B. Plato: The Philosopher-King
C. Aristotle: All or nothing
D. Immanuel Kant: Duty-Based Ethics
E. Jeremy Bentham Utilitarian

Answer 14

A. Socrates: The Gad-fly at the Marketplace

Answer 14

B. Plato: The Philosopher-King

Answer 14

C. Aristotle: All or nothing

Question 14

It revolves around the concept of “the end justifies the means.” It is the brainchild
of philosophers John Stuart Mill and Jeremy Bentham. It believes that outcomes as a result of an
action have a greater value compared to the latter. It also states that the most ethical thing to do is
to take advantage of happiness for the good of the society.

Answer 14

Utilitarianism