 The Responsibilities and Accountabilities of Entrepreneurs

 Major Ethical Issues in Entrepreneurship

 Models and Framework of Social Responsibility in The Practice of Sound Business

Let us check your prior knowledge about this module’s coverage.

Direction: Read each statement below and evaluate which of the choices is being described by the statement.
Write the letter of the correct answer on the space provide before each item.

______ 1. Its payment usually of money for labor or services, usually according to contract and on an
hourly, daily, or piecework basis.

a. Payment

b. Salary

c. Wage

d. Benefits

______ 2. It is a form of payment from an employer to an employee, which may be specified in an

employment contract.

a. Payment

b. Salary

c. Wage

d. Benefits

______ 3. It is an indirect, non-cash, or cash compensation paid to an employee above and beyond
regular salary or wage.

a. Payment

b. Salary

c. Wage

d. Benefits

______ 4. The entrepreneur’s character should possess the following except.

a. Stay on top of your industry and be ready to adopt changes in processes and product as they are
needed.

b. The Passion to find motivation when you are discouraged, and it will drive to move forward.

c. It will not take risks of anything where return of products is less.

d. Basic Money Management Skills and Knowledge.

______ 5. A person who is hired by the contracting parties or an individual after an application and
interview process results in his or her selection.

a. Contractors

b. Crew

c. Employee

d. Employer

______ 6. It is an authority which employs and pays individual who are in contract for their labor. It may
be an individual person, or it may be a company representing many people.

a. Contractors

b. Crew

c. Employee

d. Employer

______ 7. It is the process of designing, launching, and running a new business, which is often initially a
small business, or as the "capacity and willingness to develop, organize and manage a business venture along
with any of its risks to make a profit.

a. Enterprise

b. Vendors

c. Entrepreneur

d. Small scale business

______ 8. Employers should possess lawful and righteous responsibility towards employees except.
a. Employers must make sure their employees are not harassed or discriminated against.

b. Employers must pay their employees the salary and benefits they agreed to, including vacation, paid
holidays, and other types of holidays.

c. Employers must make sure their employees’ working conditions are safe.

d. Employers must maintain balance from profit and employees work percentage.

______ 9. Employees responsibilities towards their employer should:

a. Work on the time where you can perform.

b. Always ask for equal profit shares

c. Time on task to the detailed work instruction

d. Ask for cash assistance during the pandemic.

______ 10. It is an obligation to do on what is right, just, and fair actions.

a. Legal Responsibilities

b. Ethical Responsibilities

c. Social Responsibilities

d. None of the above

Let check how much you learned from this module’s coverage.

Direction. Answer the 10-item Simple Recall Test and write your answers on the blank provided before the
number.

______ 1. Caroll’s Pyramid model of Social Responsibility includes the following except:

a. Economic

b. Ethical

c. Philanthropic

d. Subliminal
______ 2. Entrepreneurs should identify just process for the goods and services so that customers will
develop trust on the product and in the long run, they also develop loyalty to the business as well as to the
product.

a. Determination of Fair Prices

b. Not to Seek Political Patronage by Unfair Means

c. Formation of Small Business Relations

d. Right and True Advertising

______ 3. It is the responsibility of the entrepreneur not to seek for any political support through
provision of unnecessary economic help to any political party or politicians especially during elections.

a. Formation of Small Business Relations

b. Right and True Advertising

c. Not to Seek Political Patronage by Unfair Means

d. A and B are correct.

______ 4. Establishment of good relationship with the employees to protect the interests of everyone.

a. Formation of Small Business Relations

b. Right and True Advertising

c. Not to Seek Political Patronage by Unfair Means

d. A and C are correct.

______ 5. Making sure that the physical environment of the workers is well taken-cared of by providing
good lighting, proper temperature and workable space for the employees is a responsibility by the
entrepreneur.

a. Sensible and Attractive Salary

b. Pay Fair Prices of Goods at a reasonable time.

c. Provide Best Working Environments

d. Assumption of Welfare Arrangements

______ 6. Truthful and honest in promotions are very crucial in marketing the merchandise.

a. Right and True Advertising

b. Assumption of Welfare Arrangements

c. Promote Healthy Competition

d. Pay Fair Prices of Goods at a reasonable time.

______ 7. Any unhealthy and hostile rivalries among dealers should not be permitted by the
entrepreneur.

a. Provide Best Working Environments

b. Assumption of Welfare Arrangements

c. Pay Fair Prices of Goods at a reasonable time.

d. Promote Healthy Competition

______ 8. The businesspersons should give the guarantee of lowest prices to the suppliers so that the
confidence of the price will be continued.

a. Pay Fair Prices of Goods at a reasonable time.

b. Humane Behavior towards employees

c. Give Guarantee of Minimum Price

d. Sensible and Attractive Salary

______ 9. Workers should be treated empathetically by letting them to exercise their rights and
appreciate being workers of the corporation.

a. Give Guarantee of Minimum Price

b. Sensible and Attractive Salary

c. Humane Behavior towards employees

d. Pay Fair Prices of Goods at a reasonable time.

______ 10. Entrepreneurs have the accountability to remunerate for the established amounts with the
suppliers.

a. Give Guarantee of Minimum Price

b. Pay Fair Prices of Goods at a reasonable time.

c. Sensible and Attractive Salary

d. Humane Behavior towards employees

Direction:

True or False. Read each statement below and evaluate whether it is true or false. Write letter A if the
statement is true and B if otherwise.

______ 1. Financial independence is to have enough savings and cash on hand to sustain the kind of life
we desire for ourselves and our families.

______ 2. Corporate social responsibility that created as an act of protecting the profit of the company is
not a realistic social responsibility and it is not a genuine work towards doing something good for the world.

______ 3. Good marketing strategy applies effectively in achieving this financial freedom.

______ 4. Sticking to a budget is the most effective way to make sure that all your bills are paid and your
money will be monitored.

______ 5. Negotiating can be helpful in achieving your financial freedom.

______ 6. A person should have goals and make these goals specific like at what time of your life will you
want to achieve it.

______ 7. It is the accountability of the corporation or businesses to think beyond profit for the reason
that it helps the community where the business is located to create jobs for the people.
______ 8. High interest loans are very toxic in increasing wealth that is why it is essential that you have to
pay the balance each month.

______ 9. The principle of diminishing interest will help you build financial achievements.

______ 10. It is important to pay attention with your credits because these determine what interest rate
you are offered when you decide for your next loan.

Let check how much you learned from this module’s coverage.

Direction:

True or False. Read each statement below and evaluate whether it is true or false. Write letter A if the
statement is true and B if otherwise.

______ 1. Financial freedom is to have enough savings and cash on hand to sustain the kind of life we
desire for ourselves and our families.

______ 2. Corporate social responsibility that created as an act of protecting the profit of the company is
a genuine social responsibility towards doing something good for the world.

______ 3. Job creation is the process of creating new jobs, especially to provide work for people in the
community through establishment of enterprise.

______ 4. Sticking to a budget is the most effective way to make sure that all your bills are paid, and your
money will be monitored.

______ 5. Negotiating is not useful in achieving your financial freedom.

______ 6. There should be proper maintenance of your assets to maintain the marketability of these
assets.

______ 7. It is the responsibility of the corporation or businesses to think beyond profit for the reason
that it helps the community where the business is located to generate jobs for the people.

______ 8. Always monitor your credit performance because the way you respond to your creditors will
either ruin or elevate further your good name.

______ 9. The principle of compound interest will help you build financial gains.

______ 10. There should be proper maintenance of your assets to sustain the marketability of these assets.