business ethics Flashcards
what are the two basis of business?
needs and wants
it is an activity that is part or parcel of human society and it is an integral part of the society.
business
what are the major activities in business?
purchasing, manufacturing, marketing, advertising, selling, and accounting
what are the 4 types of business organizations?
sole proprietorship, partnership, cooperative, cooperation
it is a business organization where the manager is also the owner.
sole or single proprietorship
it is a business organization where two or more individuals bind themselves to contribute money, property, talent, or industry, to a common fund, with the intention dividing the profits among themselves.
partnership
it is an autonomous and duly registered association of persons with a common bond of interest who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by equitable contributions patronizing products and services and accepting fair share of risks and benefits.
cooperative
it is a business organization that can either be a stock or non-stock
corporation
5 kinds of cooperative
consumer’s, producer’s, marketing, financing, service cooperative
it is a kind of cooperative that usually draws its members from the general public formed to produce goods for resale to members
consumer’s cooperative
it is a kind of cooperative that draws its membership chiefly from the producers of grains, and other farm products, in order to enable their members to buy supplies at wholesale, eliminating the middleman
producer’s cooperative
it is a kind of cooperative that is organized primarily to centralize the purchase of inputs needed
marketing cooperative
it is other known as credit cooperative that makes it possible for people of small means to acquire
financing cooperative
it is a kind of cooperative that engaged in the provision of services which members avail of
service cooperative
it is usually concerned simply with the business aspect or how can activities be arranged and organized in such a ways that guarantees profit
businessperson
it is more concerned with the insight aspect or how new and private ideas can be applied so that it may have more social utility of an enterprise
entrepreneur
it is someone who owns enough productive assets; passive recipient of the fruits of the toils of other stakeholders in the business activity
capitalist
classification of partnership as to object where the partners contribute all their property into a common fund with the intention of dividing it, as well as its profits among themselves
universal partnership
classification of partnership as to object where it is established over determinate thing, its use or fruits, for the accomplishment of a specific undertaking, or the exercise of a profession.
particular partnership
this business organization is easy to start and to terminate and there is a small amount of capital required in starting. it also has a high credit standing
sole or single proprietorship
this business org has limited amount of capital, can face difficulties of management, and has unlimited liability
sole or single proprietorship
this business org can easily be formed and has access to greater/better credit facilities. combined ability and resources of partners are a source of strength
partnership
this business org has unlimited liability, easy dissolution, and frozen investment
partnership
this business org provide goods and services to the members at less cost. it has legal entity and small capital is needed.
cooperative
this business org can face difficulty in making decision, has limited liability, and prone to non-payment of loan
cooperative
this business org has ease of acquiring a large amount of capital, felxible ownership, limited liability of stockholdrs, legal entity
corporation
this business org can face organizational expense, government restrictions and reports, lack of secrecy, double taxation
corporation
