INTERNATIONAL COLLEGE OF PHILSOUTH

Rizal Ave., Lower Lumboy, Tuburan Dist., Pagadian City

Government Recognition No: 0080 S. 2015
Senior High Department

Business Ethics and Social Responsibility

First Quarter Exam

I. MULTIPLE CHOICE.
Direction: Choose your answer on the box below and write it on the line provided before the number.

Business Sole Proprietorship Real-estate business Corporate transparency

Sole Proprietors Cooperative Stewardship Protocol Service business Fairness Justice
Transparency Corporate Accountability Decorum Financial business Transportation business
Merchandising Businesses Retailers and distributors Sole proprietors Partnership Partners
Corporation Manufacturers Principles of Justice Distributive Justice Shareholders Service
Businesses Retributive or Corrective Justice Advertising Marketing Bookkeeping Reportorial
Requirements Documentation Agriculture and mining business Compensatory Justice
Accountability Policies Financial Statement Annual Report Business is Personal
Politeness and Ambiguity

__________ 1. Also known as a sole trader, is owned by one person and operates for their benefit.
__________ 2. Sell, rent and develop properties including land, residential homes and other buildings.
__________ 3. Describes the extent to which a corporation’s actions are observable by outsiders.
__________ 4. An organization or economic system where goods and services are exchanged for one
another or for money.
__________ 5. Are in complete control, and within the parameters of the law, may make decisions as
they see fit.
__________ 6. Often referred to as a “co-op” it has members, not shareholders, and they share
decision-making authority.
__________ 7. Was originally made up of the tasks of a domestic steward, from stig (house, hall) and
weird, (ward, guard, guardian, keeper).
_________ 8. means the unwritten rules or guidelines that are peculiar to every culture or organizations,
and are supposed to be observed by all parties in the conduct of business, entertaining, negotiating,
politics, etc.
_________ 9. Typically charge for labor or other services provided to government, to consumers, or to
other business.
_________ 10. Refers to the level of even-handedness in dispensing justice whereby claims are
recognized in the order of their legal and contractual priority.
_________ 11. Means giving each person what he or she deserves or, in more traditional terms, giving
each person his or her due.
_________ 12. Refers to the lack of hidden agendas ad conditions, accompanied by the availability of full
information required for collaboration, cooperation, collective decision making.
_________ 13. Refers to the act of being accountable to the stakeholders of an organization, which may
include shareholders, employees, suppliers, customers, the local community, and even the particular
country that the firm operates in.
_________ 14. Is a behavior that is socially correct, calm and polite.
_________ 15. Include banks and other companies that generate profits through investment and
management of capital.
_________ 16. Deliver goods and individuals to their destinations for a fee.
_________ 17. This type of business buys products at wholesale price and sells the same at retail price.
They are known as “buy and sell” business.
_________ 18. Act as middleman and get goods produced by manufacturers to the intended consumers;
they make their profits by marking up their prices.
_________ 19. Is a business owned by two (2) or more people. In most forms of partnerships, each
partner has unlimited liability for the debts incurred by the business.
_________ 20. Are jointly and individually liable for the actions of the other partners.
_________ 21. The owners of a corporation have limited liability and the business has a separate legal
personality from its owners.
_________ 22. Produce products, either from raw materials or from component parts, then sell their
products at a profit, for example cars, clothing or pipes.
_________ 23. “Individuals should be treated the same, unless they differ in ways that are relevant to
the situation in which they are involved.”
__________ 24. Refers to the extent to which society’s institutions ensure that benefits and burdens are
distributed among society’s members in ways that are fair and just.
_________ 25. Have limited liability for the corporation’s debts or judgments against the corporation.
_________ 26. A service type of business provides intangible products (products with no physical form).
_________ 27. Refers to the extent to which punishments are fair and just.
_________ 28. Is how a company encouraging people to buy their products, services, or ideas. An
advertisement (or “ad” for short) is anything that draws good attention towards these things.
_________ 29. Refers to the process of product development as well as sales, promotion and
distribution.
_________ 30. Accounting, simply put, is keeping track of money. The most basic activity in accounting is
bookkeeping. Bookkeeping is the process of recording all financial transactions to keep track of the cash
flow.
_________ 31. Business reporting or enterprise reporting is the public reporting of operating and
financial data by a business enterprise.
_________32. Refers to the process and items which serve as evidence for the validity or truth of a
certain claim or statement.
_________ 33. Produce raw material, such as plants or minerals.
_________ 34. Refers to the extent to which people are fairly compensated for their injuries by those
who have injured them; just compensation is proportional to the loss inflicted on a person.
_________ 35. Is the obligation of an individual or organization to account for its activities, accept
responsibility for them, and to disclose the results in a transparent manner.
_________ 36. Defines the scope or spheres within which decisions can be taken by the subordinates in
an organization. Features of Business Policy.
_________ 37. A formal record of the financial activities and position of a business, person, or other
entity.
_________ 38. A comprehensive report on a company’s activities throughout the preceding year.
_________ 39. The Philippine business environment is highly personalized and it is good to deal with
business matters on a face-to-face basis.
_________ 40. Given the culture value of pakikisama and the importance of maintaining social harmony,
disagreement or interpersonal tension of any sort is distasteful.

II. ENUMERATION.
Direction: Enumerate the following.

1-4 Basic Forms of Business Organizations

5-7 Basic Classification of Business
8-11 What are the Service Businesses?
12 – 14 What are the manufacturing Businesses?
15 – 18 Core Principles in Business Operations
19 – 26 Common Practices in Business Organizations
27 – 35 Purpose of Establishing a Business Enterprise Why Start a Business?

III. ESSAY
Direction: Explain briefly (5pts).

Why Code of Ethics is Important in Business Industry?

“The heart and soul of a company is creativity and innovation”.

-Sir Jharren Gwapo