BUSINESS ETHICS
  • 1. 1. What is a form of business organization which two or more business owners share the management risk of the business?
A) General partnership
B) Joint venture
C) Corporation
D) Sole proprietorship
  • 2. 2. What form of business organization BEST described by these statements? I am the only owner of my business
A) Cooperative
B) Corporation
C) Sole proprietorship
D) Partnership
  • 3. 3. Which form of organization is taxed as a separate entity from its owners
A) Corporation
B) Cooperative
C) Partnership
D) Sole proprietorship
  • 4. 4. Which of the following is a disadvantage of a partnership
A) Easy to form
B) Unlimited liability
C) Limited liability
D) One-person decision making
  • 5. 5. A small neighborhood barbershop that is operated by its owner would likely be organized as a ______________.
A) Partnership
B) Corporation
C) Joint Venture
D) Sole Proprietorship
  • 6. 6. John and Sarah are two friends who have decided to start a business together. They have a large amount of capital and would like to issue shares of stock to attract additional investors. They also want to protect their personal assets in case the business incurs any debts.
A) Proprietorship
B) Joint Venture
C) Corporation
D) Partnership
  • 7. 7. Rene and Rey have opened a convenience store through a general partnership agreement. They have been solid friends since college. However, if times get tough and Rey runs out on the business, is Rene protected by the partnership arrangement against the partnership debts?
A) Yes, the Uniform Partnership Act guarantees that all bills and debt are split equally between partners
B) There is no enough information provided to make a determination regarding Rene’s responsibility for the partnership
C) Yes, since Rene and Rey have entered into a partnership, Rene would only be held responsible for his share of the partnership debts
D) No, since partners typically have joint and several liabilities, Rene can be held responsible for 100% of the partnership debts
  • 8. 8. What is the study of appropriate business policies and practices regarding company facing significant external regulation implements a code of ethics focused on strict adherence to rules and guidelines. Which type of code of ethics is most appropriate in this context?
A) Compliance-Based Code of Ethics
B) Professional Code of Ethics
C) Personal code of ethics
D) Value-Based Code of Ethics
  • 9. 9. Which of the following is an example of accountability in a business or non-profit organization?
A) Ignoring the concerns of stakeholders
B) Failing to meet performance goals or objectives
C) Blaming others for mistakes or poor results
D) Taking responsibility for decisions and actions
  • 10. For numbers 10 – 11 - Read the following story.

    The story of Mang Eugenio Ventura, an extraordinary cab driver, went viral in the social media when a passenger spread the good work about him, not rejecting passengers (despite heavy traffic in Metro Manila) and declining tips. Apart from being fair and honest, he is the jolly type – he just laughs off the congestion on the main roads of the city. He got featured in an episode of the TV Program “Mission Possible.”

    10. How does Mang Eugenio Ventura demonstrate fairness as a cab driver?
A) He got featured in an episode on the TV Program “Mission Possible”
B) By discriminating against passengers based on their personal characteristics
C) He always laughs off the congestions on the main roads of the city
D) By not rejecting passengers, regardless of traffic, and treating all passengers equally and safely
  • 11. 11. Mang Eugenio Ventura takes responsibility for ensuring that his passengers arrive at their destination safely and on time. What shows Mang Eugneo’s action?
A) Transparency
B) Fairness
C) Stewardships
D) Accountability
  • 12. 12. What is the appropriate ethical action for you to take if you discover your teacher's password that access her Facebook account?
A) Give the password to your classmates
B) Open her Facebook account
C) Post it online
D) Tell your teacher so she may change it
  • 13. 13. How does a value-based code of ethics potentially surpass a compliance-based code in promoting ethical behavior?
A) By fostering intrinsic motivation aligned with shared values.
B) By ensuring strict adherence to external regulations
C) By creating profession-specific guidelines and standards
D) By minimizing potential penalties and fines
  • 14. 14. What do you call the moral principles that guide the conduct of individuals?
A) Attitude
B) Conduct
C) Ethics
D) Behavior
  • 15. 15. Codes of ethics foster ethical behavior by:
A) pointing out to the employees that ethical behaviors are subjective and are dependent on social perceptions
B) highlighting the religious implications of behaving in an unethical manner.
C) making the employees understand that they should use their own judgment to determine if an action is ethical.
D) Limiting the opportunity to behave unethically by providing punishments for violations of the rules and standards.
  • 16. 16. What are principles adopted by an organization which will serve as their guide in every decision that they will make and policy that they will impose
A) Code of practice
B) Code of conduct
C) Code of accountability
D) Code of ethics
  • 17. 17. What do you think is the benefit of practicing good business ethics?
A) High employee retention rate
B) Low morale of employees
C) Decrease in product sales
D) Lack of trust
  • 18. 18. Which of the following statements is true?
A) The terms social responsibility and ethics should be used interchangeably.
B) Companies can be both profitable and socially responsible.
C) The concerns of what is legal and ethical do not change over time.
D) All actions deemed unethical by society are also illegal
  • 19. Read the following Scenario

    You are a manager at a large retail company, and you have noticed that some of your employees are engaging in unethical behavior, such as stealing merchandise and mistreating customers. You must develop a plan to address this behavior and promote ethical conduct within your team.

    19. How can you ensure that the code of ethics is communicated effectively to all employees?
A) Posting the code in a prominent location in the workplace
B) Sending an email to all employees with a link to the code
C) Distributing a printed copy of the code to all employees
D) Providing training or seminars on the code to all employees
  • 20. 20. How can you create a culture of ethics within your team?
A) By providing employees with strict rules and regulations to follow
B) By punishing employees who engage in unethical behavior
C) By offering financial incentives for ethical conduct
D) By promoting a sense of accountability and transparency
  • 21. 21. What of beliefs and practices that is often focused on one or more deities, or gods?
A) Philosophy
B) Religion
C) Ethics
D) Moral
  • 22. 22. What do you call the belief with only one god?
A) Polytheism
B) Hinduism
C) Monotheism
D) Theism
  • 23. 23. What belief system said that “life is unified because it provides the practical way to pattern all facets of human life in accordance with God’s will?
A) Islam
B) Christianity
C) Taoism
D) Buddhism
  • 24. 24. Which of the following DOES NOT belong to the group?
A) Truth of Suffer
B) Right Concentration
C) Right Understanding
D) Right Mindfulness
  • 25. 25. Which of the following Eightfold Path uses ethical conduct to manifest compassion?
A) Right Speech
B) Right Intention
C) Right Effort
D) Right Action
  • 26. 26. Apply the knowledge of Aristotle's ethical considerations to answer the following question:
    Which of the following questions is NOT raised by Aristotle pertaining to corporate leaders who wish to behave in ethical ways?
A) Is it just or is it unjust?
B) To what extent do all employees participate in decisions that affect their work?
C) To what extent are there real opportunities for all employees to develop their talents and their potential?
D) Am I behaving in a virtuous way?
  • 27. 27. A manager is faced with the challenge of balancing employee workloads. One employee is overburdened with tasks, leading to burnout, while another has very few assignments, causing disengagement. The manager decides to evenly distribute the tasks so both employees have a manageable workload that maximizes productivity and well-being.

    Which of the following reflects the manager's decision based on Aristotle's concept of the Golden Mean?
A) The manager imposes a strict workload schedule that limits flexibility for all employees
B) The manager finds a balance by redistributing tasks fairly between the employees.
C) The manager prioritizes the overburdened employee by reassigning all their tasks to others.
D) The manager avoids interfering, believing employees should handle their workload independently.
  • 28. 28. What are we referring to if we talked about the set of values that majority of the Filipinos have historically held important in their lives?
A) Filipino Tradition
B) Filipino Value System
C) Filipino Culture
D) Values Education
  • 29. 29. What Filipino value system is rooted primarily in personal alliance systems based on religion?
A) Filial Piety
B) Padrino System
C) Amor Propio
D) Bahala Na
  • 30. 30. What is the best translation for Amor Propio?
A) Self- care
B) Self- love
C) Self- disrespect
D) Self- discipline
  • 31. 31. Which of the following is NOT true about Bahala Na?
A) Bahala Na is a distinct Filipino value system which is rooted primarily in personal alliance systems based on religion
B) Bahala Na is understood as essential to maintain the collective face of the family and to avoid experiencing hiya
C) Bahala Na has been loosely translated as “come what may.”
D) Bahala Na is an attitude of just letting things happen instead of doing something to make things happen is not a genuine “Bahala Na” value
  • 32. 32. There was a job vacancy at LMN Corporation. Two applicants (A and B) submitted their resume, and only A was qualified. However, it was B who was hired, being the godson of the accounting manager. Which belief system is being implies in the situation?
A) Utang na Loob
B) Amor Propio
C) Hiya
D) Padrino System
  • 33. 33. Which of the following is TRUE about filial piety?
A) The Filipinos are not particularly fond of saying "no" and thus the"yes" you got earlier in the day might not actually be working out.
B) the Filipino family is not intact that it is common for members of the same family work for the same company
C) the Filipino family is so intact that it is common for members of the same family work for the same company
D) it is referred to as the Filipino version of fatalism, that is, leaving everything in the hands of fate
  • 34. 34. How does the Filipino value system impact business in the Philippines? Consider the following scenario:
    Marlon is the owner of a small business that produces handmade crafts. He recently hired a new employee named Joanne, who is highly skilled but has a different cultural background. Marlon notices that Joanne is having a hard time fitting in with the rest of the team, who are all Filipinos. Which of the following is the best course of action for Marlon to take based on the Filipino value system?
A) Ask Joanne to adjust to the Filipino way of doing things to fit in better with the team.
B) Ignore the cultural differences and focus on the job at hand.
C) Replace Joanne with someone who shares the same cultural background as the team.
D) Encourage the team to accept and appreciate Joanne's differences and adapt to her way of doing things.
  • 35. 35. Which Filipino Value System is the concept of “paying” back a person nonmonetary terms?
A) Utang na Loob
B) Suki
C) Mañana Habit
D) Amor Propio
  • 36. 36. Which of the following approaches to ethical decision-making will yield an unethical decision?
A) Strive to treat people impartiality and consistently
B) Apply the Golden Rule to the situation
C) Apply existing laws to the situation
D) Remain within the letter of the law while intending to mislead people
  • 37. 37. Fairness in trading practices, trading conditions, sales practices, consultancy services, tax payments, internal audits, external audits, and executive compensation also fall under what field?
A) sales and marketing
B) production
C) finance and accounting
D) human resource management
  • 38. 38. Which is of the following is NOT a responsibility that businesses owe to their shareholders?
A) Managers have a responsibility to use their best judgment in developing, manufacturing, and marketing their products.
B) . Managers have a responsibility to honestly communicate company information.
C) Managers have a responsibility to use carefully the money invested.
D) Managers will accept unsafe products because they have no choice
  • 39. 39. A group of employees are discussing the company's hiring practices when one of them raises a concern about discrimination. They are unsure of the term used to describe this employment practice. During the discussion about the company's hiring practices, one of the employees raises a concern about workers being prevented from taking advantage of work opportunities because of their race, gender, religion, or disability. What is the term used to describe this employment practice?
A) Discrimination
B) Equality
C) Diversity
D) Inclusion
  • 40. 40. Scenario: A small retail business is struggling to keep up with competitors due to inefficient business practices. The owner has decided to take action and improve their processes to increase profits and customer satisfaction. After analyzing the current practices, the owner has come up with three potential solutions.

    Create solutions and the most effective in improving the retail business's practices?
A) Increase the number of employees to ensure timely customer service and reduce wait times.
B) Offer discounts and promotions to attract more customers and increase sales.
C) Automate inventory management to reduce manual errors and optimize stock levels.
D) Provide training to employees on new technologies and techniques for streamlining processes.
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