Business Ethics Midterm - P1

Business Ethics

the practice of what is morally and ethically right in the conduct of business in the workplace.

Macro level

the area that represents business operations bound by the virtues and norms of the different political and social systems of every society.

Corporate level

represents how each company interprets the rules and standards of the industry.

Individual level

the employee's own moral principles, which guide his/ her life.

Sole Proprietorship

is managed by just one person who handles all the activities on a day-to- day basis.

Partnership

is the form of business organization where two or more members share in the business.

Corporation

has a distinct personality separate from its owners.

Unlimited liability

the business which may extend to the personal assets of the proprietors.

Limited liability

shareholders have limited liability. They can only be held accountable for their investment in the form of stock in the corporation.

The main purpose of business

is to create wealth.