Lesson 1

Question 1

an organization or entrepreneurial entity engaging in commercial, industrial,
or professional activity.

Answer 1

Business

Question 2

Businesses can be for-________ or _______enterprises dedicated to
a charity goal or a social cause.

Answer 2

profit or non-profit

Question 3

is a system of moral principles that govern how people make decisions and lead
their lives.

Answer 3

Ethics

Question 4

the study of proper company rules and procedures on potentially
contentious matters such as corporate governance, insider trading, bribery,
discrimination, corporate social responsibility, and fiduciary responsibilities is referred to
as ________.

Answer 4

Business Ethics

Question 5

is a type of self-regulation of a business that aims to contribute to
societal goals in the best interests of the environment and society as a whole.

Answer 5

Social Responsibility

Question 6

Forms of Business Organizations

Answer 6

-Sole proprietorship
-Partnership
-Corporation
-Cooperative

Question 7

one person; the simplest, and the most common form of
business organization own a form of business. It is not separate from the owner. The
business and the owner are inseparable.

Answer 7

Sole Properietorship

Question 8

In a sole proprietorship The owner is called a

Answer 8

proprietor/
proprietress.

Question 9

a form of business owned by two or more persons.

Answer 9

Partnership

Question 10

The details of
the arrangement between the partners are outlined in a written document called

Answer 10

Articles of partnership

Question 11

PARTNERSHIP – a form of business owned by two or more persons. The details of
the arrangement between the partners are outlined in a written document called
articles of partnership. Profits are divided among partners based on their agreed
sharing. The owner is called

Answer 11

A partner

Question 12

an enterprise chartered by law with most of the legal rights of a
person including to conduct a business, own and sell property, borrow money, sue,
and be sued.

Answer 12

Corporation

Question 13

is a business organization that has a separate legal
personality from its owners.

Answer 13

Corporation

Question 14

represent ownership in a stock
corporation.

Answer 14

Shares of stock

Question 15

is a duly registered association of persons with a common bond
of, voluntarily joining to achieve their social, economic, and cultural needs.

Answer 15

Cooperative

Question 16

COOPERATIVE – is a duly registered association of persons with a common bond
of, voluntarily joining to achieve their social, economic, and cultural needs. There
are __ persons or more managing it.

Answer 16

15 ppersons

Question 17

The owners are called _____ who
contribute equitably to the capital of the cooperative.

Answer 17

members

Question 18

Type of businesses

Answer 18

1. Service business
2. Merchandising Business
3. Manufacturing business
4. Hybrid Business

Question 19

it provides services also called intangible products. These
products may be in the form of professional skills (law firms, accounting firms,
schools) or technical skills (repairs shops, salons).

Answer 19

Service business

Question 20

– it is also known as a “buy and sell” business. Products are
not changed.

Answer 20

Merchandising Business

Question 21

it buys raw materials, combines them with labor, and
transforms them into finished goods. They gain profit by placing an additional cost
on materials, labor, and factory overhead.

Answer 21

Manufacturing Business

Question 22

most businesses today are of this type. They combine being a
manufacturer of a good and sell it either on a wholesale or retail basis or a service
provider that manufacturers its needed products for the provision of its service.

Answer 22

Hybrid Business

Question 23

Example of Hybrid Business

Answer 23

restaurants, salons, computer shops, and other related
businesses.

Question 24

Two perspective of business

Answer 24

1. Individual perspective
2. Social Perspective

Question 25

– businesses exist to provide income, the satisfaction of needs
and wants that provide prestige and power to the person, specifically to gain profit for
the continuous exchange of goods and services for money.

Answer 25

Individual
perspective

Question 26

efficient production of goods and services is meant to sustain the
society and environment through the economics of production, and consumption of
goods and services because men and society cannot exist without the basic necessity
of life.

Answer 26

Social Perspective