REVIEWER FOR QUIZ IN BUSINESS ETHICS

FOLLOW THIS 😀

: YELLOW - NEED TO MEMORIZE

: BLUE - KEY WORDS
; GREEN - 4 PARTS
: PINK: EXTRA KEY WORDS
:CYAN : EXAMPLES

RESPONSIBILITY/RESPONSIBILITIES
- This refers to the duty or obligation to satisfactorily perform or complete a task
that is assigned by someone or created by one's own circumstances which one must
fulfill.
-
ACCOUNTABILITY/ACCOUNTABILITIES
- Accountability is the recognition and acknowledgement of our responsibilities and being
answerable for the outcomes or result of our actions, decisions, and mistakes.

RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS

OR THIS 4 REFERS TO WHOM ENTREPRENEURS ARE RESPONSIBLE
AND ACCOUNTABLE TO:

-Employees
-Suppliers and Creditors
-Clients
-Government.

These are the following: responsibilities of an entrepreneur to his

employees.
1. Sensible and Attractive Salary

The company should have attractive compensation packages to attract more

potential talents to join the organization who can be of help in the achievement of

the long-term goals of the company.

2. Assignment of Right Jobs

Taking into consideration the technical and the educational background of the

employees in assigning them to the job where they are good at.

3. Provide Security of Employment

The entrepreneur should give their employees job security in the organization

so that these employees will be motivated to work with utmost dedication and

commitment. Employees will no longer have fear of losing the job and thus, develop a

higher degree of faith with their employer.

4. Provide Best Working Environments

 Making sure that the physical environment of the workers are well taken-

cared of by providing good lighting, proper temperature and workable space for the

employees is an accountability by the entrepreneur. This will make the workers

comfortable working in their own department.

5. Assumption of Welfare Arrangements

Entrepreneurs are also responsible for the welfare of their employees. It is their

accountability to provide financial support during sickness, old age, accidents and

even death. Even at the time of a health crisis where there is unemployment,

employers should also provide financial assistance.

6. Humane Behavior towards employees

Employees should be treated compassionately by allowing them to practice their

rights and enjoy being workers of the company. Entrepreneurs should create a

humane workplace necessary for the workers to do the things that they are tasked to

do.

7. Formation of Small Business Relations

Establishment of good relationship with the employees to protect the interests

of everyone. An organization with good industrial relations may have effective

communication lines which is very important in any organization.

8. Participation in Profits and Management

 There are instances when employers share their profits to the employees. This

is based on the principle that profit of the organization is not of the owner alone but

also for the rest of the employees of the organization.

9. Definite Service Surroundings

The employees should also have full knowledge of all these service conditions

that may cover promotions, appointment, penalties, suspensions and dismissals

as well as retirements, service period. There must be clear and well-defined structure

of these areas of employment.

10. Espouse Incentives Wages Structure

One way of inspiring employees to aspire for higher quality of work is to give

them incentives and salaries. These provisions will be beneficial to both the workers

and the enterprise.

These are the following: responsibilities of an entrepreneur to their

Suppliers and Creditors

1. Pay Fair Prices of Goods at a Reasonable Time

Entrepreneurs have the responsibility to pay for the agreed prices with the

suppliers. This helps in the establishment of good relationship with the suppliers. On

the other hand, it is also the responsibility of the entrepreneurs to pay their creditors at

an agreed term.

2. Inform about Changes in Market

 Information on the changes in the market should be provided by the entrepreneur

to his supplier especially on the demands of the commodities.

3. Give Guarantee of Minimum Price

The entrepreneurs should give the assurance of lowest prices to the suppliers

so that the certainty of the price will be sustained.

4. Provide Technical Advice

The entrepreneur has the responsibility to provide procedural assistance to his

suppliers for the creation of new and replaced supplies.

5. Inform Suppliers of Future Developments

Provision of information on future growths to the suppliers so that suppliers

will be aware of these circumstances and that they will develop themselves in line with

the changes of the business environment.

6. Promote Healthy Competition

Any unhealthy and hostile competitions among suppliers should not be

allowed by the entrepreneur. This is one of the accountabilities of an entrepreneur to

his creditors and suppliers

.Responsibilities and Accountabilities of an Entrepreneurs to their

Clients:
1. Determination of Fair Prices

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.

2. To Render Good and Economic Services

Good customer service is very important in a business. It is the responsibility of

the entrepreneurs to provide good and cheaper services to the customers.

3. Standardization of Goods

The entrepreneurs should make sure that the product or the goods bought by the

customers are in good condition so that it will not provide danger to the customers

when they use it. Goods and services should pass the quality standards set by the

company as well as the government.

4. Best and Economic Packing of Products

Packaging is an important marketing strategy. The goods and services

should be packed well to prevent damage of the product.

5. Right and Truthful Advertising

Truthful and honest in advertising are very essential in marketing the product.

It is a moral and a social responsibility of the entrepreneurs.

6. To Avoid Adulteration, Low Weight and Measurement of Products

Products should be produced following the specific designs set by the quality

standards of the company. Tarnishing of live-saving goods such as medicines are

harmful to life.

Responsibilities and Accountabilities of an Entrepreneurs to the

Government:

1. Compliance of Government Rules

The entrepreneur should be law abiding. Whatever will be required by the

government, the entrepreneur should comply with it in accordance with the law. The

entrepreneur should comply with the laws concerning attainment of licenses for a

particular business, running of the business, price identification and even production of

goods and services

2. Payment of Taxes

Any business is taxed by the government. The entrepreneur should follow the

imposition of taxes such as income tax and sales tax. There should be honest

declaration of income so that it will be taxed accordingly.

3. Not to Seek Political Patronage by Unfair Means

 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.

4. Work together with Government for Commercial Development

The entrepreneur should cooperate with the government by appropriate

application of existing resources in harmony with the government objectives. For

example, the Philippine government aims to increase employment for retrenched

employees during the health crisis. Therefore, the entrepreneur should help the

government achieve its aims.