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FALSE
The three major forms of business ownership are (1) sole proprietorships, (2) partnerships, and (3) cooperatives.
FALSE
Partnerships are the most common forms of business organizations.
FALSE
A small business owned by partners can only be set up as a sole proprietorship.
TRUE
The liability of stockholder is limited to his/her investment in the business.
TRUE
A corporation is a separate legal entity distinct from its owners.
FALSE
A sole proprietorship business is duly registered in securities and exchange commission.
TRUE
A partnership must have a written agreement.
FALSE
The corporation is the only legal form of business ownership.
TRUE
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.
TRUE
Partners are 'jointly and severally liable' for the firm's debts.
PARTNERSHIP
What form of business organization where two or more members share in the business?
SOLE PROPRIETORSHIP
What type of business ownership which is managed by one person who handles all the activities on a day-to day basis?
CORPORATION
What has a life of its own and does not dissolve upon the death or withdrawal of a shareholders?
A FORM OF BUSINESS ORGANIZATION WHERE TWO OR MORE PARTNER SHARE IN THE BUSINESS
Which of the following is not true of a corporation?
DECISION NEED AN APPROVA BY THE PARTNER
Which of the following is not a characteristic of sole proprietorship?
A MAN WHO OWNS AN OPERATES A LAUNDRY BUSINESS THAT IS DULY REGISTERED IN DTI
Which of the following businesses represents a sole proprietorship?
JOINTLY LIABLE FOR ALL THE DEBTS AND OBLIGATIONS OF THE PARTNERS
One advantage of operating a partnership would include the following except:
PARTNERS AGREE ON HOW DISPUTES WILL BE RESOLVED LEGALLY
The following is a disadvantage of partnership except;
CORPORATION
What Business entity is owned by many people shareholders/stockholders?
CORPORATION
What type of ownership does Jollibee, McDonald and SM belong?
ENTREPRENEUR
Who is the person who uses opportunities to organize and operate a business and who accepts the risk of operating a business?
DIVISION OF LABOR
What is the separation of task which allows an individual to be an expert in one thing in order to improve efficiency in society?
BUSINESS ORGANIZATION
What is a group of individuals systematically united for the accomplishment of a common purpose or undertaking for profit in any several ways allowed and regulated by law?
SERVE THE OVERSEAS FILIPINO WORKER
The following are the roles of business organization except?
COOPERATIVES
What is owned and controlled by all the members of the business?
FALSE
The Last type of harassment is quid pro quo involving an employer who asks an employee or applicant for sexual favor in return for employment or promotion.
TRUE
Policies and procedure establish rules of conduct within an organization. duties and responsibilities each employee must follow
FALSE
Equal opportunity sets employment example are dress code and workplace safety procedure.
TRUE
The Philippine labor code states that overtime work is required when the country is at war.
FALSE
Bribery occurs when an individual must choose between promoting personal interest and avoiding such actions.
TRUE
Good corporate governance is the main factor that determines the integrity of the company.
FALSE
Customer are interested in the fair compensation for work and proper safe workplace.
EMPLOYEE CONDUCT, EQUAL OPPORTUNITY, ATTENDANCE AND TIME OFF
What are the common practices in business organization?
CORPORATE GOVERNANCE
What is a system of rules, practices and processes by which a firm is directed and controlled
CUSTOMER
Who among the stakeholders that are interested in the good value of products and services?
TRANSPARENCY
What is the openness and willingness by the company timely information that Accurately reflects the financial situation, performance, ownership and corporate governance to provide clear, factual and of the company?
GOVERNMENT
What type of stakeholders that are interest in the legal and ethical governance?
ATTENDANCE AND TIME OFF
What common practices in business organization that outline the employee's responsibility to adhere to work schedule but also define how employee may schedule leaves or absences?
BUSINESS OWNER, CUSTOMERS, MANAGEMENT AD EMPLOYEES , SUPPLIERS, INVESTORS, GOVERNMENT, COMMUNITY
The stakeholders
FAIRNESS
What type of core principles of good corporate governance that require balancing the interest of different stakeholder?
NON-COMPETITION
The following are the example of employee conduct except?
CUSTOMER
Which of the following is not considered a key player in corporate governance?
CORPORATE GOVERNANCE
The system by which business are controlled?
BOARD OF DIRECTORS
A group of individuals who oversee governance of an organization?
FINANCE AND ACCOUNTING
Which of the following is not one of the underlying principles of good corporate governance?
CINFLICT OF INTEREST
What occurs when an individual must choose between promoting personal interest and avoiding such actions?
A PERSON WORKING FOR APPLE AND MICROSOFT AT THE SAME TIME
Which of the following is an example of conflict of interest?
UNWANTED TOUCHING, JOKING, OR ADVANCES OF A SEXUAL NATURE
What is sexual harassment?
TELL A MANAGER OR OTHER TRUSTED ADULT
What should you do if you see someone being sexually harassed?
WHEN A PERSON OFFERS SOMETHING OF VALUE TO ANOTHER PERSON IN ORDER TO RECEOVE SOMETHING IN EXCHANGE
Which of the following constitutes bribery?
BRIBERY
What is the offering, giving, receiving or soliciting of any item of value to influence the actions of an official or other person in charge of a public legal duty?
BRIBERY, CONFLICT OF INTEREST, HARASSMENT, FORCED OVERTIME
examples of morally unacceptable policies and practices in conducting business
FORCED OVERTIME
What is the mandatory overtime when an employer requires employee to work more than their regularly scheduled 40-hour week?
VISION STATEMENT
What is the desired image of what you want your business to become in the future and provides you and your employees with direction, purpose motivation and inspiration to achieve the desired outcome for your business
ETHICAL PRINCIPLES AND GUIDELINES
What is the set code of ethics?
WORKPLACE ETHICS
what is called the moral principles, standards of behavior or set of values that guide the personâs action in the workspace?
CONVENTIONAL
What type of corporate culture where companies have conventional culture work in more traditional manner?
ELITE CULTURE
what type of corporate culture were common among younger employees?
TEAM ORIENTED CULTURE
Netflix gives its employees unlimited family leave. The company does not have a travel policy and annual employee reviews. The company doesnât care about the R spend in the office, but rather care about what is accomplished?
HORIZONTAL CULTURE
Pinterest mined data from the pinboards of each of its employees to find shared interest between them. Tracy a software engineer at Pinterest described the workplace as a very collaborative work environment.
CONVENTIONAL CULTURE
DPI gives its employees a cash subsidy of 1000 pesos for good grooming allowance for the purpose of purchasing their company uniforms.
MISSION STATEMENT
What is the definition of the company business, who it serves, what it does, its objective, and its approach to reaching those objectives?
CORPORATE CULTURE
What is defined as the values, standards, attitudes, and beliefs shared by the members of an organization?
HORIZONTAL CULTURE
What type of organizational culture where everyone is encouraged to pitch in their ideas and more common among younger companies?
TEAM ORIENTED CULTURE
What type of organizational culture prioritizes the employee happiness?
TEAM ORIENTED CULTURE, ELITE CULTURE, HORIZONTAL CULTURE, CONVENTIONAL CULTURE
The common organizational cultures
CODE OF ETHICS
what sets the company mission, values, ethos, objectives, and responsibilities to guide employees on how to deal with different scenarios in the workplace?
ELITE CULTURE
Google is known for hiring only the best people to join its ranks. In its career page under how we hire it is stated select: â there no one kind of googler, so we are always looking for people who can bring new perspective and life experiences to our teamsâ
.
FALSE
An elite culture prioritize employee happiness and also believe that when an employee is happy, they become more productive and does more willing to go extra mile for customer.
TRUE
In horizontal culture everyone is encouraged to pitch in their ideas and this kind of culture is common among younger companies.
FALSE
Business ethics is defined as the values, standard, attitudes, and belief shared by the members of the organizations.
BRIBERY
CONFLICT OF INTEREST
HARASSMENT
FORCED OVERTIME
Unacceptable policies and practices: enumerate
FAIRNESS
ACCOUNTABILITY
TRANSPARENCY
Core principles of corporate governance: ENUMERATE
EMPLOYEE CONDUCT
ATTENDANCE AND TIME OFF
EQUAL OPPORTUNITY
COMPUTER USE
NON COMPETITION
FINANCE AND ACCOUNTING
Common practices in business organizations
SOLE PROPRIETORSHIP
PARTNERSHIP
CORPORATION
Business Organizations: ENUMERATE
MISSION, VISION, OBJECTIVES, RESPONSIBILITIES
The code of ethics
Note 
Flashcard (62)