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Business Ethics > THE ROLE OF BUSINESS IN SOCIAL AND ECONOMIC DEVELOPMENT > Flashcards

THE ROLE OF BUSINESS IN SOCIAL AND ECONOMIC DEVELOPMENT Flashcards

1
Q

What is Business?

A

A business is an organization where goods and services are exchanged for one another or for money.

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2
Q

A __________is an organization or economic system where goods and services are exchanged for one another or for money.

A

Business

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3
Q

Every ________ requires some form of investment and enough customers to whom its output can be sold on a consistent basis to make a profit

A

Business

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4
Q

__________ can be privately owned, not-for- profit, or state-owned

A

Business

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5
Q

Basic Forms of Business Organizations

A

Sole Proprietorship
Partnership
Corporation
Cooperative

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6
Q

Differentiate the Basic Forms of Business Organizations

A

Sole Proprietorship – Also known as a sole trader, is owned by one person and operates for their benefit.

Partnership – It is a business owned by two (2) to eight (8) people.

Corporation – consist of shareholders that decides
for the company’s interest. The individual that has more shares than others has greater power to decide.

Cooperative - is a business organization owned by a grouped of individuals and is operated for their mutual benefit.

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7
Q

Also known as a sole trader, is owned by one person and operates for their benefit.

A

Sole Proprietorship

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8
Q

The owner may operate the business alone or with other people. This type of business has unlimited liability for all obligations incurred by costs or judgments against the business.

A

Sole Proprietorship

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9
Q

The vast majority of small businesses start out as _________________________.

A

Sole Proprietorship

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10
Q

These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business.

A

Sole Proprietorship

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11
Q

They also assume complete responsibility for any of its liabilities or debts

A

Sole Proprietorship

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12
Q

It is a business owned by two (2) or more people.

A

Partnership

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13
Q

In most forms of _____________, each partner has unlimited liability for the debts incurred by the business.

A

Partnership

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14
Q

In a ____________, the partners should have a legal agreement that sets forth how decisions will be made, where profits will be shared, disputes will be resolved, how future partners will be admitted to the ___________ when needed; Yes, it is hard to think about a “break-up” when the business is a defined process, there will be even greater problems. They also must decide up front how much time and capital each will contribute

A

Partnership

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14
Q

can be either government-owned or privately owned.

A

Corporation

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14
Q

The owners of a ________ have limited liability, and the business has a separate legal personality from its owners.

A

Corporation

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14
Q

A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the ___________ and hire its managerial staff.

A

Corporation

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14
Q

A privately owned, for-profit ___________ can be either privately held by a small group of individuals or publicly held, with publicly traded shares listed on a stock exchange

A

Corporation

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15
Q

Often referred to as a “co-op”, a _________ is a limited liability business that can organize for-profit or non-profit.

A

Cooperative

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15
Q

They can organize either for profit or as not-for-profit organizations.

A

Corporation

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16
Q

A __________ differs from a corporation in that it has members, not shareholders, and they share decision-making authority.

A

Cooperative

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17
Q

A _____________ is a business organization owned by a grouped of individuals and is operated for their mutual benefit.

A

Cooperative

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18
Q

The persons making up the group are called members.

A

Cooperative

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19
Q

_______________ may be incorporated or unincorporated

A

Cooperative

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20
Q

Basic Classifications of Business

A

Service Businesses
Merchandising Businesses
Manufacturing Businesses

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21
Q

Differentiate Basic Classifications of Business

A

Service Businesses – A service type of business provides intangible products

Merchandising Businesses – This type of business buys products at wholesale price and sells the same at retail price. They are known as “buy and sell” business.

Manufacturing Businesses – this classification of business buys products with the intention of using them as materials in making a new product.

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22
Q

A ___________ provides intangible products (products with no physical form).

A

Service business

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23
Q

This type of firms offer professional skills, expertise, advice, and other similar products.

A

Service business

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23
Q

Examples of this type of businesses are schools, repair shops, hair salons, banks, accounting firms, and law firms.

A

Service business

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24
Q

Types of Service Business

A

Service business
Financial business
Transportation business
Utilities

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25
Q

Include banks and other companies that generate profits through investment and management of capital.

A

Financial business

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25
Q

Typically charge for labor or other services provided to government, to consumers, or to other business. Interior decorators, consulting firms, and entertainers are____________.

A

Service business

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26
Q

Deliver goods and individuals to their destinations for a fee.

A

Transportation business

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26
Q

Produce public services such as electricity or sewage treatment, usually under a government.

A

Utilities

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27
Q

This type of business buys products at wholesale price and sells the same at retail price.

A

Merchandising Businesses

28
Q

They are known as “buy and sell” business.

A

Merchandising Businesses

29
Q

They make a profit by selling the products at prices higher than their purchase costs.

A

Merchandising Businesses

30
Q

A __________ sells a product without changing its form.

A

Merchandising Businesses

31
Q

Examples are grocery stores, convenience stores, distributors, and other resellers.

A

Merchandising Businesses

32
Q

Give 3 examples of Merchandising Business

A

grocery stores, convenience stores, distributors, and other resellers

33
Q

GIve 3 exampes of Service Business

A
33
Q

Give 3 examples of Manufacturing Business

A
34
Q

act as the middleman and get goods produced by manufacturers to the intended consumers; they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers.

A

Retailers and distributors

34
Q

A ________________combines raw materials, labor, and factory overhead in its production process.

A

Manufacturing Businesses

35
Q

Unlike a merchandising business, a __________________ buys products with the intention of using them as materials in making a new product.

A

Manufacturing Businesses

35
Q

what are the different types of Manufacturing Businesses?

A

Agriculture and mining business

Manufacturers

Real-estate business

35
Q

there is a transformation of the products purchased.

A

Manufacturing Businesses

36
Q

Produce raw material, such as plants or minerals.Agriculture and mining business

A

Agriculture and mining business

37
Q

Produce products, either from raw materials or from component parts, then sell their products at a profit, for example, cars, clothing, or pipes.

A

Manufacturers

38
Q

Give 15 reasons Why Start a Business?

A

1.To make money and have financial independence
2.To be your own boss
3.To Make Dreams Come True
4.To have a second career
5.To create opportunities
6. To take up a challenge
7.To be efficient
8.To set and meet own deadlines
9.To avoid commuting
10.To create a customer
11.To offer value
12.To have more life, more freedom
13.To solve problems
14. To build our future
15.To self-actualize

39
Q

Sell, rent, and develop properties, including land, residential homes, and other buildings.

A

Real-estate business

40
Q

Core Principles in Business Operations

A

Fairness
Accountability
Transparency
Stewardship

40
Q

Refers to the level of even-handedness in dispensing justice, whereby claims are recognized in the order of their legal and contractual priority.

A

Fairness

40
Q

has also been used to refer to the ability to make judgments that are not overly general but that are concrete and specific to a particular case.

A

fairness

41
Q

Explain the Core Principles in Business Operations

A
  1. Fairness – Refers to the level of even-handedness in dispensing justice,
  2. Accountability – The obligation of an individual or organization to account for its activities, accept responsibility, and to disclose the results in a transparent manner.
  3. Transparency – Refers to the lack of hidden agendas and conditions, accompanied by the availability of full information required.
  4. Stewardship - A steward is a person employed to manage another’s property.
41
Q

means giving each person what he or she deserves or, in more traditional terms, giving each person his or her due.

A

Justice

42
Q

usually has been used regarding a standard of rightness, and fairness often has been used with regard to an ability to judge without reference to one’s feelings or interest;

A

Justice

43
Q

What is the Principles of Justice

A

“Individuals should be treated the same unless they differ in ways that are relevant to the situation in which they are involved.”

43
Q

Refers to the extent to which people are fairly compensated for their injuries by those who have injured them; just compensation is proportional to the loss inflicted on a person.

A

Compensatory Justice

44
Q

what are the Different Kinds of Justice

A
  1. Distributive Justice – Refers to the extent to which society’s institutions ensure that benefits and burdens are distributed among society’s members in ways that are fair and just.
  2. Retributive or Corrective Justice – Refers to the extent to which punishments are fair and just.
  3. Compensatory Justice – Refers to the extent to which people are fairly compensated for their injuries by those who have injured them; just compensation is proportional to the loss inflicted on a person.
45
Q

Refers to the extent to which society’s institutions ensure that benefits and burdens are distributed among society’s members in ways that are fair and just.

A

Distributive Justice

46
Q

Refers to the extent to which punishments are fair and just.

A

Retributive or Corrective Justice

47
Q

The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.

A

Accountability

48
Q

is often used synonymously with responsibility, blameworthiness, and liability. As an aspect of governance, accountability has been central to discussions related to problems in the public, non-profit, and corporate sectors.

A

Accountability

48
Q

refers to the act of being accountable to the stakeholders of an organization, which may include shareholders, employees, suppliers, customers, the local community, and even the particular country that the firm operates in.

A

Corporate Accountability

48
Q

is the essential condition for a free and open exchange whereby the rules and reasons behind regulatory measures are fair and clear to all participants.

A

Transparency

49
Q

Refers to the lack of hidden agendas and conditions, accompanied by the availability of full information required for collaboration, cooperation, collective decision making.

A

Transparency

50
Q

describes the extent to which a corporation’s actions are observable by outsiders.

A

Corporate transparency

51
Q

This is the consequence of regulation, local norms, and the set of information, privacy, and business policies concerning corporate decision-making and operations openness to employees, stakeholders, shareholders, and the general public.

A

Corporate transparency

52
Q

___________, in a business or governance context, is honesty and openness. ____________ and _____________ are generally considered the two (2) main pillars of good corporate governance.

A

Transparency

Transparency and accountability

53
Q

Originally made up of the tasks of a domestic steward, from stig (house, hall) and weard, (ward, guard, guardian, keeper).

A

Stewardship

54
Q

____________ is a method, procedure process, or rule employed or followed by a company in the pursuit of its objectives.

A

Business practice

54
Q

referred to the household servant’s duties for bringing food and drink to the castle’s dining hall. A steward is a person employed to manage another’s property.

A

Stewardship

55
Q

A behavior that is socially correct, calm, and polite.

A

Decorum

56
Q

Different types of Decorum

A
  1. On-Time and Promptness
  2. On Preparation
  3. On Attire and Appearance
  4. On Basic Courtesy and Respect
  5. On Greetings
  6. On Formal and Informal Address
  7. On Speaking in Meetings
  8. On Cell Phones and Laptops
  9. On Appropriate Communication

On Building Relationships – Show others that you value their work by taking the time to visit and talk with them.

57
Q

The way to exhibit professionalism is to consistently be punctual.

A

On-Time and Promptness

58
Q

Must be prepared to conduct a business at hand.

A

On Preparation

59
Q

Good business etiquette includes dressing appropriately.

A

On Attire and Appearance

60
Q

Consider the feelings of others and address conflicts in a straightforward and impersonal manner.

A

On Basic Courtesy and Respect

61
Q

Standard greetings are an exchange of handshakes and a smile.

A

On Greetings

62
Q

When calling or receiving a call, you should always identify yourself and your department and speak in a polite and considerate manner.

A

On Appropriate Communication

62
Q

Keep the meeting organized by only speaking when you have the floor.

A

On Speaking in Meetings

62
Q

Start out by addressing a new business acquaintance by his or her family name

A

On Formal and Informal Address

62
Q

Turn off your cellphone or set your phone to vibrate if you are expecting an urgent call prior to the start of the meeting. Lower the screen of your laptop so that you do not obstruct anyone’s view.

A

On Cell Phones and Laptops

62
Q

Show others that you value their work by taking the time to visit and talk with them.

A

On Building Relationships

62
Q
A

Business Ethics (4 decks)

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