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BUSINESS ETHICS > M1 > Flashcards

M1 Flashcards

1
Q

obligation of a business to employees, customers, suppliers, competitors

A

business ethics

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2
Q

most commonly business ethics

A
  • fraud and manipulation
  • sustainability
  • diversity & inclussion
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3
Q

company obligation/contribution in community

A

social responsibility

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4
Q

talks about concepts/ principles/ practices/ of ethical standards

A

business ethic and social responsibility

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5
Q

BESR talks about the context of

A

accountability
social responsibility

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6
Q

giving chance to work for everyone

A

inclusivity

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7
Q

forms of business organizations

A

sole proprietorship
partnership
corporation
cooperative

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8
Q

simplest and most common that owned and manage for own benefit

A

sole proprietorship

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9
Q

pros of sole proprietorship

A
  • all profits owned by owner
  • little regulations to follow
  • owners have flexibility in managing
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10
Q

cons of sole proprietorship

A
  • 100% liable for all debts
  • ownership is difficult to transfer
  • limited equity to owner
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11
Q

owned and manage by 2 or more people

A

partnership

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12
Q

2 types of partnership

A

general and limited

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13
Q

no formal agreement, verbal or just implied between parties

A

general partnership

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14
Q

formal agreement includes certificate of partnership

A

.limited

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15
Q

pros of partnership

A
  • shared resources increase
  • more capital
  • shared flexibility and simple design
  • inexpensive
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16
Q

cons of partnership

A
  • partners are 100% responsible for debts and loans
  • dissolution of business is difficult
  • partnership end when any partners decide to dissolve it
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17
Q

legal entity that compose of a group of people/company that separate from owners

A

corporation

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18
Q

what makes a corporation

A

shareholders
directors
corporate officers

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19
Q

corporate officers of corporations

A

president
treasurer
corporate secretary

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20
Q

pros of corporation

A
  • debts/ liabilities is limited to his ownership or share
  • profits and losses belong to corporation
  • ownership can be transferred fairly and easily
  • personal assets cannot be sliced to pay business debts
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21
Q

cons of corporation

A
  • operations are costly
  • establishing is expensive
  • starting require complex paperworks
  • corporate income is taxed twice
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22
Q

operated for the benefit of those who own it and use its services

A

cooperative

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23
Q

CDA

A

cooperative development authority

24
Q

pros of cooperative

A
  • democratic
  • lower cost’
  • further marketing reach
  • reduced competitiveness w/ other organizations
  • less taxation
25
Q

cons of cooperative

A
  • less capital incentives
  • less operational control
  • fixed pricing
  • competition w/ each other
  • slow decision making
26
Q

all profits owned by owner

A

sole propretorship

27
Q

little regulations to follow

A

sole proprietorship

28
Q

owners have flexibility in managing

A

sole proprietorship

29
Q

100% liable for all debts

A

sole proprietorship

30
Q

ownership is difficult to transfer

A

sole proprietorship

31
Q

limited equity to owner

A

sole proprietorship

32
Q

shared resources increase

A

partnership

33
Q

more capital

A

partnership

34
Q

shared flexibility and simple design

A

partnership

35
Q

inexpensive

A

partnership

36
Q

partners are 100% responsible for debts and loans

A

partnership

37
Q

dissolution of business is difficult

A

partnership

38
Q

end when any partners decide to dissolve it

A

partnership

39
Q

debts/ liabilities is limited to his ownership or share

A

corporation

40
Q

profits and losses belong to

A

corporation

41
Q

ownership can be transferred fairly and easily

A

corporation

42
Q

operations are costly

A

corporation

43
Q

establishing is expensive

A

corporation

44
Q

starting require complex paperworks

A

corporation

45
Q

income is taxed twice

A

corporate

46
Q

democratic

A

cooperative

47
Q

lower cost

A

cooperative

48
Q

further marketing reach

A

cooperative

49
Q

reduced competitiveness w/ other organizations

A

cooperative

50
Q

less taxation

A

cooperative

51
Q

less capital incentives

A

cooperative

52
Q

less operational control

A

cooperative

53
Q

fixed pricing

A

cooperative

54
Q

competition w/ eachother

A

cooperative

55
Q

slow decision making

A

cooperative

BUSINESS ETHICS (1 decks)

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