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Business Ethics > Module 1 > Flashcards

Module 1 Flashcards

1
Q

is an organization that uses economic
resources or inputs to provide goods or services to customers in exchange for money or for other goods and services.

A

Business

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2
Q

also known as single proprietorship

A

SOLE PROPRIETORSHIP

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3
Q

business owned by only one person who
has complete control and authority of its
own.

A

SOLE PROPRIETORSHIP

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4
Q

it owns all the assets and personally
answers all liabilities or losses. This
implies that the creditors of the business
may go after the personal assets of the
owner should the business fail to pay
them.

A

SOLE PROPRIETORSHIP

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5
Q

 least costly among all forms of
ownership
 usually adopted by small business
entities.

A

Sole proprietorship

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6
Q
  1. Ease of formation and dissolution
  2. Low start-up cost and low operational
    overhead
  3. Typically, subject to fewer regulations
  4. No corporate income taxes
A

Advantage of Sole proprietorship

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7
Q

Types of business that is usually use sole
proprietorship. Give at least 3.,

A
  1. Bookkeeping
  2. Home Healthcare
  3. Financial Planner
  4. Landscaper
  5. Computer Repair Services
  6. Catering Company
  7. Housecleaning Services
  8. Freelance Writer
  9. Tutoring
  10. Virtual Assistant
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8
Q

is a business owned by two or more
persons who bind themselves to
contribute money or industry to a
common fund with the intention of living
the profits between themselves

A

Partnership

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9
Q

________ _________means that it has
a personality distinct and
separate from that of its
members.

A

juridical identity

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10
Q
  1. Synergy resulting from two or more
    individuals combining strengths
  2. Easy to form but requires developing a
    partnership agreement
  3. Subject to fewer regulations compared
    to corporations
  4. Stronger potential of access to greater
    amounts of capital
  5. No corporate income tax.
A

advantages of partnership

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11
Q
  1. Unlimited liability where general
    partners are individually responsible for
    the obligations of the business
  2. Limited life with the withdrawal or death
    of a partner as reasons to end
    partnership.
  3. Real possibility of disputes or conflicts
    between partners that may lead to
    dissolve the partnership.
A

Disadvantage of Partnership

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12
Q
  1. Edison Electric Light Co.
  2. The Wright Co.
  3. Warner Bros.
  4. Parfums Chanel
  5. Hewlett-Packard
  6. Mc Donald’s
  7. Microsoft
  8. Apple
  9. Ben & Jerry’s Home made
  10. Google
A

Famous business PARTNERSHIS that became successful and became part of the world history

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13
Q

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

A

CORPORATION

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14
Q

established by or composed of at least 5
natural persons and not exceeding 15
persons, technically called
“_________”

A

CORPORATION, incorporators

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15
Q

 board of directors, who controls the
activities of the corporation, is elected
from the stockholders.
 the liability of the shareholders of a
corporation is restricted to the amount
of capital they contributed
 personal assets of stockholders are not
attached to pay the corporation’s
liabilities, though the responsible
members may be held personally liable
in some instances.

A

CORPORATION

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16
Q

is a situation in
which courts put aside limited
liability and hold a corporation’s
shareholders or directors
personally liable for the
corporation’s actions or debts.

A

Doctrine of piercing the
corporate veil

17
Q
  1. Unlimited commercial life because
    corporation is an entity of its own and
    does not dissolve when ownership
    changes.
  2. Greater flexibility in raising capital
    through the sales of stock.
  3. Ease of transferring ownership by selling
    stock.
  4. Limited liability
A

Advantage of corporation

18
Q
  1. Regulatory restrictions which can be
    costly
  2. Higher organizational and operational
    costs
  3. Double taxation referring to income
    taxes that are paid twice on the same
    source of earned income.
    Examples of corporations that have started ou
A

Disadvantage of corporation

19
Q

is a duly registered business organization
owned by a group of individuals and is
operated for their mutual benefit.

A

Cooperative

20
Q

Some examples are:
1. Water and Electricity (utility)
cooperatives
2. Cooperative banking
3. Credit Unions, and
4. Housing Cooperatives

A

examples of cooperative

21
Q

Money, Control, Adventure, Security

A

Purpose of establishing a business

22
Q

 there is a big opportunity to earn
far more money for successful
business people if they are
working under their own
business.
 business means that a person
can earn without depending on
his own ability to succeed and
excel in the marketplace.

A

MONEY

23
Q

 Business allows for a more
personal control of an owner’s
financial future.
 confident people are often
happier when running their own
business, even with the enlarges
risks, responsibilities and
stresses.

A

Control

24
Q

adventurous people may find
excitement of the marketplace
irresistible.
 these people will pursue their
own businesses basically for the
adventure, regardless of how
much profit they will likely gain

A

adventure

25
Q

some businesses are founded
chiefly with the aim of serving
the local community of the
world in general

A

Security

26
Q

is a measure of the number of people
who are both jobless and looking for a
job.

A

Employment Rate

27
Q

is the process of social and economic
development in a society

A

Socio-economic Development

28
Q

is calculated with indicators, such as
Gross Domestic Product (GDP), life
expectancy, literacy and employment
rates

A

Socio-economic Development

29
Q

is the sum of gross value added by all
resident producers in the economy plus
any product taxes and minus any
subsidizes not included in the value of
the products

A

Gross Domestic Product (GDP)

30
Q

is calculated with indicators, such as
Gross Domestic Product (GDP), life
expectancy, literacy and employment
rates

A

Gross Domestic Product (GDP)

31
Q

is a statistical measure of how long an
organism may live, based on the year of
their birth, their current age and other
demographic factors including sex.

A

Life expectancy

32
Q

is simply the total percentage of the
population aged 15 and above who can,
with understanding, read and write a
short, simple statement on their
everyday life

A

Literacy Rate

33
Q

is a measure of the number of people
who are both jobless and looking for a
job

A

Employment Rate

Business Ethics (4 decks)

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