M1

Question 1

obligation of a business to employees, customers, suppliers, competitors

Answer 1

business ethics

Question 2

most commonly business ethics

Answer 2

• fraud and manipulation
• sustainability
• diversity & inclussion

Question 3

company obligation/contribution in community

Answer 3

social responsibility

Question 4

talks about concepts/ principles/ practices/ of ethical standards

Answer 4

business ethic and social responsibility

Question 5

BESR talks about the context of

Answer 5

accountability
social responsibility

Question 6

giving chance to work for everyone

Answer 6

inclusivity

Question 7

forms of business organizations

Answer 7

sole proprietorship
partnership
corporation
cooperative

Question 8

simplest and most common that owned and manage for own benefit

Answer 8

sole proprietorship

Question 9

pros of sole proprietorship

Answer 9

• all profits owned by owner
• little regulations to follow
• owners have flexibility in managing

Question 10

cons of sole proprietorship

Answer 10

• 100% liable for all debts
• ownership is difficult to transfer
• limited equity to owner

Question 11

owned and manage by 2 or more people

Answer 11

partnership

Question 12

2 types of partnership

Answer 12

general and limited

Question 13

no formal agreement, verbal or just implied between parties

Answer 13

general partnership

Question 14

formal agreement includes certificate of partnership

Answer 14

.limited

Question 15

pros of partnership

Answer 15

• shared resources increase
• more capital
• shared flexibility and simple design
• inexpensive

Question 16

cons of partnership

Answer 16

• partners are 100% responsible for debts and loans
• dissolution of business is difficult
• partnership end when any partners decide to dissolve it

Question 17

legal entity that compose of a group of people/company that separate from owners

Answer 17

corporation

Question 18

what makes a corporation

Answer 18

shareholders
directors
corporate officers

Question 19

corporate officers of corporations

Answer 19

president
treasurer
corporate secretary

Question 20

pros of corporation

Answer 20

• debts/ liabilities is limited to his ownership or share
• profits and losses belong to corporation
• ownership can be transferred fairly and easily
• personal assets cannot be sliced to pay business debts

Question 21

cons of corporation

Answer 21

• operations are costly
• establishing is expensive
• starting require complex paperworks
• corporate income is taxed twice

Question 22

operated for the benefit of those who own it and use its services

Answer 22

cooperative

Question 23

CDA

Answer 23

cooperative development authority

Question 24

pros of cooperative

Answer 24

• democratic
• lower cost’
• further marketing reach
• reduced competitiveness w/ other organizations
• less taxation

Question 25

cons of cooperative

Answer 25

- less capital incentives - less operational control - fixed pricing - competition w/ each other - slow decision making

Question 26

all profits owned by owner

Answer 26

sole propretorship

Question 27

little regulations to follow

Answer 27

sole proprietorship

Question 28

owners have flexibility in managing

Answer 28

sole proprietorship

Question 29

100% liable for all debts

Answer 29

sole proprietorship

Question 30

ownership is difficult to transfer

Answer 30

sole proprietorship

Question 31

limited equity to owner

Answer 31

sole proprietorship

Question 32

shared resources increase

Answer 32

partnership

Question 33

more capital

Answer 33

partnership

Question 34

shared flexibility and simple design

Answer 34

partnership

Question 35

inexpensive

Answer 35

partnership

Question 36

partners are 100% responsible for debts and loans

Answer 36

partnership

Question 37

dissolution of business is difficult

Answer 37

partnership

Question 38

end when any partners decide to dissolve it

Answer 38

partnership

Question 39

debts/ liabilities is limited to his ownership or share

Answer 39

corporation

Question 40

profits and losses belong to

Answer 40

corporation

Question 41

ownership can be transferred fairly and easily

Answer 41

corporation

Question 42

operations are costly

Answer 42

corporation

Question 43

establishing is expensive

Answer 43

corporation

Question 44

starting require complex paperworks

Answer 44

corporation

Question 45

income is taxed twice

Answer 45

corporate

Question 46

democratic

Answer 46

cooperative

Question 47

lower cost

Answer 47

cooperative

Question 48

further marketing reach

Answer 48

cooperative

Question 49

reduced competitiveness w/ other organizations

Answer 49

cooperative

Question 50

less taxation

Answer 50

cooperative

Question 51

less capital incentives

Answer 51

cooperative

Question 52

less operational control

Answer 52

cooperative

Question 53

fixed pricing

Answer 53

cooperative

Question 54

competition w/ eachother

Answer 54

cooperative

Question 55

slow decision making

Answer 55

cooperative