Business Ethics Flashcards
Is an enterprise or any lawful activity that provides products or services.
Business
This popular form of business structure is the easiest to set up. (One owner who makes all of the business decisions).
Sole Proprietorship
You can classify a business partnership as either general or limited
Partnership
They don’t require a formal agreement.
General Partnership
Require owners to file paperwork with the state and compose formal agreements.
Limited Partnership
Is a business organization that acts as a unique and separate entity from its shareholder
Corporation
Is an autonomous and duly registered association of persons
Cooperative
A domestic corporation takes its own liabilities and is held responsible for its debts
Limited Liability Company
Provide intangible products
Service Business
Offer intangible goods and services typically charge for labor
Service Businesses
Include banks and other companies that generate profits through investment and management of capital
Financial Businesses
Deliver goods and individual to their destination
Transportation Businesses
Produce public services such as electricity or sewage treatment
Utilities
Also known as Buy and Sell businesses.
Merchandising Businesses
Buys products at wholesale price and sell the same retail price
Merchandising Businesses
Acts as a middleman and get goods produced by manufacturer
Retailers and Distributors
Are companies that may be classified in more than one type of business
Hybrid Businesses
Refers to the level of event handedness in dispensing justice
Fairnerss
Is the obligation of an individual or organization to account for its activities
Accountability
Refer to the act of being accountable to the shareholders of an organization
Corporate Transparency
A person employed to manage another’s property
Stewardship
Is a global company with over 88,000 employees that produces innovative technologies to change the world for the better
3M
What is proper
Decorum
Business Etiquette
Decorum
Unwritten rules or guidelines that are peculiar to every culture or organization
Protocol
4 types of protocol
The basic protocol, Training “” , Benefit “”, International Business “”
This encourages employees in a company to act in a uniform manner
Basic Protocol
This help bridges economic, cultural,knowledge,and language gap
Training Protocol
This will able to make informed decision about whether the company is right for them
Benefit Protocol
Some knowledge about the rules and behaviors
International Business Protocol
Guidelines to developed by an organization to governs its action
Policies
How company encourages people to buy their products, services, or ideas
Advertising
Process of product development as well as sales,promotion,and distribution
Marketing
Process of recording all financial transactions to keep in track of cash flow
Bookkeeping
Recorded in a single line only
Single - Entry Bookkeeping
Reflected in two separate account
Double - Entry Bookkeeping
Public reporting of operating and financial data by a business enterprise
Reportorial Requirements
Processes and items which serve as evidence for the validity or truth of a certain claim or statement
Documentation
What are the forms of Business Organizations
Sole Proprietorship
Partnership
Corporation
Cooperative
Limited Liability Company
Three main forms of Corporations
C Corporation
S Corporation
LCC or Limited Liability Corporation
Forms of manufacturing businesses
Agriculture and mining businesses
Manufacturers
Real State Businesses
Information Businesses
Reason why people start create a business
To be your own boss
To build our future
To create opportunities
To create a customer
Example on Decorum
On greetings
On body language
On handshake
On listening
FEATURES OF BUSINESS POLICY
Specific, Clear, Reliable/Uniform,
Appropriate, Simple,
Inclusive/Comprehensive,
Flexible
Stable.
TYPES OF ANNUAL REPORT
Balance Sheet, Cash Flow Statement,
Accounting Policies, Profit and loss
account
company’s values, ethics,
objective, and responsibilities.
CODE OF ETHICS
“Starting a business of your own is
Divine Activity”;
RALP WALDO EMERSON
