business ethics first quiz

Question 1

“there are two educations, one should teach us how to make a living and the other how to live”

Answer 1

John T. Adams

Question 2

an activity that is part or parcel lf human society, integral part and a complex enterprise that involves major activities like purchasing, manufacturing, marketing, advertising, selling and accounting

Answer 2

business

Question 3

a business organization where the manager is also the owner

Answer 3

sole or single proprietorship

Question 4

two or more individuals bind themselves to contribute to a common fund

Answer 4

partnership

Question 5

am autonomous and duly registered association of persons with a common bond who have voluntarily joined together to achieve their social, economic and cultural needs and aspiration

Answer 5

cooperative

Question 6

a business organization that can either be a stock or non stock

Answer 6

corporation

Question 7

classification of partnership (2)

Answer 7

universal partnership
particular partnership

Question 8

partners contribute all the property into a common fund dividing it among themselves

Answer 8

universal partnership

Question 9

established over determinate thing, its use of fruits for the accomplishment of specific undertaking or the exercise of a profession

Answer 9

particular partnership

Question 10

prone to non payment of loan is a disadvantage of

Answer 10

cooperative

Question 11

5 kinds of cooperative

Answer 11

consumer’s cooperative
producer’s cooperative
marketing cooperative
financing cooperative
service cooperative

Question 12

draws its members from the general public formed to produce goods for resale to members

Answer 12

consumer’s cooperative

Question 13

draw its membership chiefly from the producers of grains in order to enable their members to buy supplies at wholesale

Answer 13

producer’s cooperative

Question 14

to centralize the purchase of inputs needed by producer members as well as selling of produce of members

Answer 14

marketing cooperative

Question 15

also known as credit cooperative, makes it possible for people of small means to acquire a home and to borrow money

Answer 15

financing cooperative

Question 16

engaged in the provision of services which members avail of

Answer 16

service cooperative

Question 17

flexible ownership is an advantage of

Answer 17

corporation

Question 18

TRUE OR FALSE:

government restrictions and reports is not a disadvantage of corporation

Answer 18

false

Question 19

business aspect, imitators, waits for innovations, play safer and motivated by financial reward

Answer 19

businessperson

Question 20

the insight aspect, innovators, observant, risk takers, goes beyond the profit motive

Answer 20

entrepreneur

Question 21

someone who owns enough, productive assets; passive recipient of the fruits of the toils of other stakeholders in the business activity

Answer 21

capitalist

Question 22

does not receive economic reward; contributes actively and positively for the benefit of the society

Answer 22

entrepreneur

Question 23

easy to terminate is an advantage of

Answer 23

sole or single proprietorship

Question 24

unlimited liability is a disadvantage of

Answer 24

sole proprietorship and partnership