THE ROLE OF BUSINESS IN SOCIAL AND ECONOMIC DEVELOPMENT

Question 1

What is Business?

Answer 1

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

Question 2

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

Answer 2

Business

Question 3

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

Answer 3

Business

Question 4

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

Answer 4

Business

Question 5

Basic Forms of Business Organizations

Answer 5

Sole Proprietorship
Partnership
Corporation
Cooperative

Question 6

Differentiate the Basic Forms of Business Organizations

Answer 6

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.

Question 7

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

Answer 7

Sole Proprietorship

Question 8

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.

Answer 8

Sole Proprietorship

Question 9

The vast majority of small businesses start out as _________________________.

Answer 9

Sole Proprietorship

Question 10

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

Answer 10

Sole Proprietorship

Question 11

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

Answer 11

Sole Proprietorship

Question 12

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

Answer 12

Partnership

Question 13

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

Answer 13

Partnership

Question 14

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

Answer 14

Partnership

Question 14

can be either government-owned or privately owned.

Answer 14

Corporation

Question 14

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

Answer 14

Corporation

Question 14

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.

Answer 14

Corporation

Question 14

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

Answer 14

Corporation

Question 15

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

Answer 15

Cooperative

Question 15

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

Answer 15

Corporation

Question 16

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

Answer 16

Cooperative

Question 17

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

Answer 17

Cooperative

Question 18

The persons making up the group are called members.

Answer 18

Cooperative

Question 19

_______________ may be incorporated or unincorporated

Answer 19

Cooperative

Question 20

Basic Classifications of Business

Answer 20

Service Businesses Merchandising Businesses Manufacturing Businesses

Question 21

Differentiate Basic Classifications of Business

Answer 21

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.

Question 22

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

Answer 22

Service business

Question 23

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

Answer 23

Service business

Question 23

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

Answer 23

Service business

Question 24

Types of Service Business

Answer 24

Service business Financial business Transportation business Utilities

Question 25

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

Answer 25

Financial business

Question 25

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

Answer 25

Service business

Question 26

Deliver goods and individuals to their destinations for a fee.

Answer 26

Transportation business

Question 26

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

Answer 26

Utilities

Question 27

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

Answer 27

Merchandising Businesses

Question 28

They are known as “buy and sell” business.

Answer 28

Merchandising Businesses

Question 29

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

Answer 29

Merchandising Businesses

Question 30

A __________ sells a product without changing its form.

Answer 30

Merchandising Businesses

Question 31

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

Answer 31

Merchandising Businesses

Question 32

Give 3 examples of Merchandising Business

Answer 32

grocery stores, convenience stores, distributors, and other resellers

Question 33

GIve 3 exampes of Service Business

Question 33

Give 3 examples of Manufacturing Business

Question 34

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.

Answer 34

Retailers and distributors

Question 34

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

Answer 34

Manufacturing Businesses

Question 35

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

Answer 35

Manufacturing Businesses

Question 35

what are the different types of Manufacturing Businesses?

Answer 35

Agriculture and mining business Manufacturers Real-estate business

Question 35

there is a transformation of the products purchased.

Answer 35

Manufacturing Businesses

Question 36

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

Answer 36

Agriculture and mining business

Question 37

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

Answer 37

Manufacturers

Question 38

Give 15 reasons Why Start a Business?

Answer 38

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

Question 39

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

Answer 39

Real-estate business

Question 40

Core Principles in Business Operations

Answer 40

Fairness Accountability Transparency Stewardship

Question 40

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

Answer 40

Fairness

Question 40

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.

Answer 40

fairness

Question 41

Explain the Core Principles in Business Operations

Answer 41

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.

Question 41

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

Answer 41

Justice

Question 42

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;

Answer 42

Justice

Question 43

What is the Principles of Justice

Answer 43

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

Question 43

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.

Answer 43

Compensatory Justice

Question 44

what are the Different Kinds of Justice

Answer 44

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.

Question 45

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.

Answer 45

Distributive Justice

Question 46

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

Answer 46

Retributive or Corrective Justice

Question 47

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.

Answer 47

Accountability

Question 48

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.

Answer 48

Accountability

Question 48

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.

Answer 48

Corporate Accountability

Question 48

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.

Answer 48

Transparency

Question 49

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

Answer 49

Transparency

Question 50

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

Answer 50

Corporate transparency

Question 51

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.

Answer 51

Corporate transparency

Question 52

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

Answer 52

Transparency Transparency and accountability

Question 53

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

Answer 53

Stewardship

Question 54

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

Answer 54

Business practice

Question 54

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.

Answer 54

Stewardship

Question 55

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

Answer 55

Decorum

Question 56

Different types of Decorum

Answer 56

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.

Question 57

The way to exhibit professionalism is to consistently be punctual.

Answer 57

On-Time and Promptness

Question 58

Must be prepared to conduct a business at hand.

Answer 58

On Preparation

Question 59

Good business etiquette includes dressing appropriately.

Answer 59

On Attire and Appearance

Question 60

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

Answer 60

On Basic Courtesy and Respect

Question 61

Standard greetings are an exchange of handshakes and a smile.

Answer 61

On Greetings

Question 62

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

Answer 62

On Appropriate Communication

Question 62

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

Answer 62

On Speaking in Meetings

Question 62

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

Answer 62

On Formal and Informal Address

Question 62

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.

Answer 62

On Cell Phones and Laptops

Question 62

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

Answer 62

On Building Relationships