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GOODLUCK > BUSSINESS FI 2ND MIDTERM > Flashcards

BUSSINESS FI 2ND MIDTERM Flashcards

1
Q

It is an entity in which economic resources or inputs,
such as materials and labor, are put together and
processed to provide goods or services or outputs to
customers

A

Business

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2
Q

usually complex enterprises involving
major activities like purchasing, manufacturing,
marketing, advertising, selling, and accounting.

A

Business

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3
Q

The objective of most businesses is

A

to earn profit

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4
Q

three types of business
organizations operated for profit

A

service, merchandising, and manufacturing
businesses

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5
Q

an area of business such as banking or
insurance that provides a service but does not produce
anything.

A

Ex: hotels, restaurants, bars, salon, contact centers

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6
Q

companies that buy products and then resell
them to end consumers

A

Merchandising business

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7
Q

Ex: clothing business, drug stores, and grocery stores

A

Merchandising business

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8
Q

they create products rather than providing services.

A

Manufacturing businesses

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9
Q

Ex: automotive companies, bakeries, shoemakers, and tailors

A

manufacturing

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10
Q

The 3 forms of business

A

sole proprietorship , Partnership, Corporation

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11
Q

business owned by one person.

A

Sole proprietorship

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12
Q

s an association of two or more people as partners.

A

partnership

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13
Q

also refers to an arrangement in which the individuals share profits and
liabilities of a business venture.

A

partnership

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14
Q

an entity created by law that is separate and
distinct from its owners and its continued existence is dependent upon the
corporate statutes of the state in which it is incorporated

A

Corporation

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15
Q

Most large businesses
are organized as

A

corporation

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16
Q

The Advantages of Corporation

A

Limited personal liability
Increased ability to raise funds

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17
Q

Unlike other forms of business, corporations are entities that are separate from their owners.
Because of this, shareholders are only liable to the extent of their individual investments.

A

Limited personal liability

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18
Q
  • Since corporations may be made up of many investors who are attracted to this limited
    liability investment, the ability to gain capital is far greater than those with few investors with unlimited liability
A

Increased ability to raise funds

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19
Q

The disadvantages of corporation

A

Costly to organize
Possible double taxation

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20
Q
  • Unlike other business types, a corporation is a separate entity from its owners. Therefore, it has
    extensive legal documentation and record-keeping requirements that can be very costly both during startup and ongoing
    operations.
A

Costly to organize -

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21
Q

Unless structured as nonprofit corporation, corporate firms must pay taxes on all profits
retained as well as shareholders being required to pay income taxes on all distributions received as dividends.

A

Possible double taxation

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22
Q

the quality of making judgments that are
free from discrimination.

A

Fairness

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23
Q

Fairness comes from the old
English

A

Faeger

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24
Q

faeger, meaning

A

“pleasing, attractive

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25
Q

prohibits discrimination with respect to terms and conditions of
employment solely on the basis of sex

A

Republic Act No. 6725

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26
Q

such as the
minimum wage law and labor rights for workers,
ensuring that employees receive. a fair wage and
treatment

A

Fair labor practices

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27
Q

refers to the acceptance of responsibility for one’s
actions, decisions, and policies, and the expectation of accountgiving.

A

accountability

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28
Q

It is a quality or state of being accountable, and it implies a
willingness to accept responsibility or to account for one’s actions

A

accountability

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29
Q

the obligation to demonstrate that work has been
conducted in compliance with the agreed rules and
standards or to report fairly and accurately on
performance results vis-à-vis mandated roles and/or
plans

A

accountability

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30
Q

refers to the quality of being easily seen through, as well
as being open and honest in business or governance contexts.

A

transparency

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31
Q

requires disclosure of
all relevant information so that others can make informed decisions

A

transparency

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32
Q

allows an individual to be more
authentic and genuine in his/her relationships, to express
his/her points of view and to actively work to find shared
meanings and objectives

A

transparent approach

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33
Q

How to show transparency in a relationship

A

Honest Communication
Set Healthy Boundaries
Be Vulnerable
Be Accepting
Be Curious
Be Accountable
Be Trustworthy
Be Forgiving

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34
Q

Communicate openly and honestly with your
colleagues, sharing your thoughts, feelings, and concerns

A

honest communication

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35
Q

Establish clear boundaries and expectations with
your colleagues, and respect each other’s privacy.

A

set healthy boundaries

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36
Q

Share your fears, insecurities, and weaknesses with your
colleagues, and encourage them to do the same.

A

be vulnerable

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37
Q

Accept your colleagues for who they are, and avoid judging
or criticizing them

A

be accepting

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38
Q

Show interest in your colleagues’ life, and ask questions to
learn more about them.

A

Be Curious

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39
Q

Take responsibility for your actions and decisions, and
be willing to admit when you’re wrong.

A

be accountable

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40
Q

Follow through on your commitments

A

be trustworthy

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41
Q

Forgive your colleagues when they make mistakes, and
work together to find solutions to problems

A

be forgiving

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42
Q

How to display transparency in the workplace.

A

Lead by Example
Speak Honestly:
Disclose Information
Ask Questions
Provide Feedback
Stay Professional
Be Open to Feedback

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43
Q

Be the first to set the standard for transparency in the workplace. If
you expect your team to practice transparency, then you need to be open and honest
with them

A

lead by example

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44
Q

Communicate openly and honestly with your colleagues, sharing
information and insights that are relevant to their work

A

speak honestly

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45
Q

Provide your team with the details they need to understand the
situation, especially if your company gains negative attention for any reason

A

disclose information

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46
Q

Encourage open dialogue by asking questions and seeking feedback from
your team.

A

ask question

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47
Q

Offer constructive feedback to your team, and be open to receiving
feedback from them as well

A

provide feedback

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48
Q

it’s important to maintain
professionalism in all your interactions and communications.

A

stay professional

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49
Q

Create a safe and trusting environment where
employees feel comfortable expressing their ideas and opinions. Lead by
example by being open to feedback and encouraging a culture of open
communication

A

be open to feedback

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50
Q

articulate ethical parameters of the organization – what is acceptable or not

A

ethics codes

51
Q

clarify the norms and values the organization seeks to uphold

A

ethics codes

52
Q

differ from mission statements by articulating the value system and
answering the question “Within what ethical standards and values should the mission be
pursued?

A

ethical codes

53
Q

state the principle that guide the cojmpany’s directors, officers and employees in the performance of their duties and responsibility

A

code of ethics

54
Q

a set of principles and guidelines that outline the ethical standards and
best practices for a particular profession or organizatio

A

code of ethics

55
Q

It is designed to help professionals conduct themselves in an ethical and responsible
manner, and to provide guidance on how to approach ethical dilemmas and decisionmaking.

A

codes of ethics

56
Q

includes standards related to honesty, integrity, professionalism,
confidentiality, and respect for others

A

codes of ethics

57
Q

This type of code of ethics focuses on ensuring that
employees adhere to laws and regulations.

A

Compliance-Based Code of Ethics

58
Q

It emphasizes the importance of following legal
requirements in all business activities, especially in industries such as banking and finance

A

Compliance-Based Code of Ethics

59
Q

A compliance-based code of ethics should provide clear and specific
guidelines for employees to follo

A

Precise Directives

60
Q

The code should outline the processes and procedures for
implementing the compliance program.

A

Implementation Procedures

61
Q

The code should specify the consequences of noncompliance with the rules and regulations

A

Sanctions for Non-Compliance

62
Q

A compliance-based code of ethics should include mechanisms
for enforcing adherence to the code, such as regular audits, surprise inspections, and
employee reporting systems.

A

Enforcement Mechanisms

63
Q

The code should ensure that the organization adheres to all relevant
laws and regulations, and it should be regularly updated to reflect changes in the legal
landscap

A

Legal Compliance

64
Q

While a compliance-based code of ethics focuses primarily on
adherence to laws and regulations, it can also include value-based components, such as
promoting fairness, respect, and diversity.

A

value based components

65
Q

The organization should communicate the code of ethics to
all employees, customers, and stakeholders, and provide training on its contents to ensure
understanding and compliance

A

Communication and Training:`

66
Q

outlines the organization’s core
values and principles. It guides employees on how to make decisions based on the organization’s values, such as integrity, respect, and responsibility.

A

Value-Based Code of Ethics

67
Q

specific to a particular
profession and outlines the ethical principles that govern decisions and behavior within that
profession. It provides guidance on handling issues like harassment, safety, and conflicts of
interest.

A

Code of Professional Practice

68
Q

provides specific guidance on how
employees should behave in the workplace. It outlines the expected standards of behavior, such as
honesty, respect, and compliance with company policies.

A

Employee Code of Conduct

69
Q

Philosophy, derived from the Greek word

A

Philosophia

70
Q

This is considered the oldest philosophy of Western culture

A

idealism

71
Q

it refers to the world of mind and ideas, where reason is primary.

A

idealism

72
Q

this can be considered the antithesis of Idealism, whereby the Universe exists whether mind perceives it or not.

A

realism

73
Q

This would date to the time of Thomas Aquinas (1225-1274) and is also known as theistic realism whereby “God exists and can be known through faith and reason”. ​

A

neo-theism

74
Q

refers to the current era of Western philosophy, beginning in the early 20th century and continuing to the present day.​

A

contemporary philosophy

75
Q

is a philosophical tradition that emphasizes the practical consequences of beliefs. ​

A

pragmatism

76
Q

means thinking of or dealing with problems in a practical way, rather than by using theory or abstract principles.

A

pragmatism

77
Q

a philosophical tradition that focuses on the nature of human existence and the human condition.

A

existentialism

78
Q

It is characterized by an emphasis on personal freedom, individual responsibility, and the search for meaning and purpose in life.​

A

existentialism

79
Q

is a philosophical tradition that emphasizes clarity of language, rigor in argumentation, and the use of formal logic and analysis. ​

A

analytic philosophy

80
Q

He held that they are absolute, or eternal, in that they never change.​

A

plato

81
Q

He was appointed ‘ordinary’ professor of logic and metaphysics in Konigsberg.

A

immanuel kant

82
Q

which simply mandates an action, irrespective of one’s personal desires.​

A

“categorical imperative,

83
Q

Father of Utilitarianism.

A

jeremy betham

84
Q

family of normative ethical theories in which actions are prescribed to maximize happiness and well-being for the affected parties. ​

A

utilitarianism

85
Q

Major contribution to utilitarianism is his argument for the qualitative separation of pleasures.

A

john stuart mill

86
Q

considered the first major Christian ethical philosopher

A

augustine

87
Q

equated with the achievement of wisdom

A

happiness

88
Q

wrote Summa Theologiae and Summa Contra Gentiles

A

thomas aquinas

89
Q

is essentially realist and concrete.​

A

philosophy of St. Thomas

90
Q

Thomas Aquinas involves a merger of at least two apparently disparate traditions:

A

Aristotelian eudaimonism and Christian theology.​

91
Q

which characterizes much of
market capitalism as we know it. With utilitarianism, actions are good
when they prove to have utility, that is to say, when they increase the
total sum of happiness in a given society

A

Consequentialist or teleological -

92
Q

is a normative ethical theory that advocates actions that
maximize happiness or pleasure and oppose actions that cause
unhappiness or harm.

A

Utilitarianism

93
Q

holds that
only intrinsic character of the action is relevant to evaluating it:
consequences do not matter, and neither do traditions or the agent’s
character.

A

Deontological or duty-based ethics

94
Q

presented one of the earliest fully
developed systems of utilitarianism.

A

Jeremy betham

95
Q

Benthams’s famous
formulation of utilitarianism is known as the

A

Greatest principle

96
Q

possesses deep historical importance, and its roots can be
traced to such great ancient historians such as Socrates, Plato, and
Cicero.

A

Virtue ethics

97
Q

widely viewed as the most
influential early work on virtue ethics. Aristotle pointed out that an
ultimate end for people must be one that is self-sufficient, final, and
attainable; he maintained that happiness is the goal that meets these
requirements. V

A

Aristotle’s Nicomachean Ethics i

98
Q

in
virtue ethics is defined as some desirable character trait, suh as
courage, that lies between two extremes, such as rashness and
cowardice

A

Virtue

99
Q

based on ethical standards.

A

Moral rights

100
Q

emphasizes people’s character: an ethics
of virtues (and vices) focuses on the process of personal and moral
character developmen

A

Virtue approach to ethics

101
Q

largely understood in its American sense, as what is
right and wrong in business

A

Business ethics

102
Q

refers to some problem-solving techniques designed to
help practitioner when confronted with dilemmas

A

Business ethics

103
Q

corresponds to a wide range of concept
pairs in Filipino.

A

Businesd ethics

104
Q

The word ‘ethics’ derives from the

A

ēthikós

105
Q

moral theory that focuses on the development of virtuous character

A

Virtue ethics

106
Q

is a set of values that are
important to the majority of Filipinos, including a unique
combination of consistent ideologies, moral code, ethical
principles, etiquette, cultural and personal values, and others.

A

Filipino value system

107
Q

Filipinos recognize their family as an important social structure that one must take
care of. They give importance to the safety and unity of one’s family. It is also common to
find the whole clan living in the same area and have extended family structure.

A

Pagkakabuklod - buklod

108
Q

is a technique of reciprocity of debt of gratitude to others within the family circle or
primary group , sometimes unlimited in nature , emotional rather than financial

A

Utang na loob

109
Q

Filipinos are taught to become respectful individuals. This is mainly due to the influence of
Christianity that tells us to honor both our parents and our elders. The use of ‘’po’’ and
‘’’opo’’ in conversation and “mano

A

Galang

110
Q

Filipinos are religious. They believe so much in supernatural powers and taught them to
trust prayers rather than hard work in the realization of their dreams. Succes is
considered a blessing from abov

A

Pagkarelihiyoso

111
Q

Denotes a good relationship among the people in the family or within the group or
community and connotes helping one another in time of need. Filipinos engage
themselves in mutual cooperation.

A

Damayan/balikatan

112
Q

Filipino Family each of the member have the adherence or the willingness to help the
other member who is in need more than they do , emotional or financial needs. They have
this care to their family members and this is the way they show their love to each other

A

Malasakit

113
Q

a value system in Filipino culture and politics
where one gains favor, promotion, or political appointment through family affiliation or
friendship, as opposed to one’s me

A

Padrino system

114
Q

is a Filipino term that refers to a cultural trait of enthusiastically
starting things, but then quickly losing enthusiasm soon after

A

Ningas cogon

115
Q

the regular tendency or practice of putting off until tomorrow what can
be done today

A

Manana habit

116
Q

Spanish-derived term commonly used in the Filipino language, which
translates to ‘delicacy’ or ‘propriety’ in English. It is a value deeply ingrained in the Filipino
culture and refers to a

A

Delicadeza

117
Q

occurs when
individuals who hold positions of power in
an organization misuse their authority,
whether with staff members or in relation to
their administrative function

A

Abuse of leadership

118
Q

are often tied to
companies straying from the rules and laws of conducting
business. Businesses are required to comply with all
environmental, federal and state regulations. If they don’t, they
can jeopardize the health and livelihood o

A

Compliance

119
Q

at the
forefront of ethical issues today in business

A

Data privacy

120
Q

is the key to the moral life, for it is from a
virtuous character that moral conduct and values
naturally arises

A

Character

121
Q

Leaders who use their power to exploit employees by underpaying
them, withholding benefits, or subjecting them to unfair treatment

A

Unethical leadership

122
Q

misappropriation of funds, tax evasion, and window dressing

A

Unethical accounting

123
Q

financial advisor who knowingly advises clients to purchase financial
products that are not in line with their stated goals but earn the advisor
a bigger commission

A

Conflict of interest

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