business ethics first quiz Flashcards
“there are two educations, one should teach us how to make a living and the other how to live”
John T. Adams
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
business
a business organization where the manager is also the owner
sole or single proprietorship
two or more individuals bind themselves to contribute to a common fund
partnership
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
cooperative
a business organization that can either be a stock or non stock
corporation
classification of partnership (2)
universal partnership
particular partnership
partners contribute all the property into a common fund dividing it among themselves
universal partnership
established over determinate thing, its use of fruits for the accomplishment of specific undertaking or the exercise of a profession
particular partnership
prone to non payment of loan is a disadvantage of
cooperative
5 kinds of cooperative
consumer’s cooperative
producer’s cooperative
marketing cooperative
financing cooperative
service cooperative
draws its members from the general public formed to produce goods for resale to members
consumer’s cooperative
draw its membership chiefly from the producers of grains in order to enable their members to buy supplies at wholesale
producer’s cooperative
to centralize the purchase of inputs needed by producer members as well as selling of produce of members
marketing cooperative
also known as credit cooperative, makes it possible for people of small means to acquire a home and to borrow money
financing cooperative
engaged in the provision of services which members avail of
service cooperative
flexible ownership is an advantage of
corporation
TRUE OR FALSE:
government restrictions and reports is not a disadvantage of corporation
false
business aspect, imitators, waits for innovations, play safer and motivated by financial reward
businessperson
the insight aspect, innovators, observant, risk takers, goes beyond the profit motive
entrepreneur
someone who owns enough, productive assets; passive recipient of the fruits of the toils of other stakeholders in the business activity
capitalist
does not receive economic reward; contributes actively and positively for the benefit of the society
entrepreneur
easy to terminate is an advantage of
sole or single proprietorship
unlimited liability is a disadvantage of
sole proprietorship and partnership
