1.

Socrates believed that an individual should seek knowledge because it is a means to

ethical action.
2. Plato's virtue ethics can be gleaned from his work titled "Nicomachean Ethics”.
3. In order for a person to be really virtuous, one must know what rules to follow.
4. A life without virtue is a life of happiness.
5. Based on the study made by Aristotle, only virtuous acts can lead us to true
happiness.
6. Virtue is the middle ground between two vices: the excess and deficient.
7. In Virtue Ethics, Aristotle distinguishes between doing things that are "good for
something” and things that are "good".
8. Someone who does an action because they have to do it is displaying virtue ethics.
9. A person who shown such patience during a charitable event is someone who
exemplifies the virtue of patience.
10. In a sole proprietorship, the owner is entitled to receive all business profits before
business expenses.
11. With or without the consent of the other partners, a partner may transfer ownership
rights to members of his immediate family.
12. A stockholder may transfer his or her ownership to anyone he or she chooses,
provided the other stockholders gave their consent.
13. For a corporation to be considered a general corporation, there must be at least five
(5) owners.
14. The decision of a partner is as good as the decision of the whole partnership.
15. Stockholders share responsibility for the company’s debts in the case that the
business fails.
16. Partners are only liable for the amount of money they have put into the company.
17. A corporation has a distinct personality from its owners called "juridical personality,"
which is a being with a legal existence and the capacity for rights and obligations.
18. As a corporation, the income generated by the entire business is taxed twice: first for
the firm as a legal entity and second for distribution to each stockholder as individuals.
19. When a sole proprietorship purchases a property, the property title will be named after
the business.
20. Although Socrates indirectly influenced Plato through Socratic method, he did directly
teach Aristotle.