UIC-SHS DEPARTMENT NAME: _________________________

1st Grading Period ( October 13, 2017) SECTION: ______________________

BUSINESS ETHICS SCORE:
MS. JONAVI LUYONG ________ / ______

GENERAL INSTRUCTIONS
 Read all instructions carefully.
 Do not leave any item unanswered.
 Cheating will merit failure in this examination besides other disciplinary actions.

I. Multiple Choice: Read the statements carefully and encircle the letter of the correct answer.
1. All are definitions of business according to Merriam-Webster Dictionary EXCEPT :
a. The activity of making, buying, or selling goods or providing services in exchange for money.
b .Work that is part of a job.
c .The study of how individuals, business firms, governments and societies as a whole make choices
under conditions of scarcity.
d. The amount of activity that is done by a store, company, factory, etc.
2. A business unit where the manager is the owner. Often, the owner and the business are synonymous with
one another. It is also considered as the simplest form of business.
a. Sole/Single Proprietorship c. Corporation
b. Partnership d. Cooperative
3. An autonomous and duly registered association of persons, with a common bond of interest, who have
voluntarily joined together to achieve their needs and aspirations by making equitable contributions in
accordance with universally accepted principles.
a. Sole/Single Proprietorship c. Corporation
b. Partnership d. Cooperative
4. This business organization happens when “two or more persons bind themselves to contribute money,
property, or industry to a common fund, with the intention of dividing the profits among themselves”.
a. Sole/Single Proprietorship c. Corporation
b. Partnership d. Cooperative
5. It is an artificial being created by law, having the right of succession and the powers, attributes, and
properties expressly authorized by law or incident to its existence”.
a. Sole/Single Proprietorship c. Corporation
b. Partnership d. Cooperative
6. All are definition of business ethics. EXCEPT?
A .A systematic study of ethics as applied to the issues arising to business
b. The study of good and evil, right or wrong, and just and unjust actions in business
c. Involves application of standards of moral behavior to business situations
d. The study of moral standards and how these apply to social systems and organizations through
which modern societies produce and distribute goods and services and to the behaviors of the people
who work within these organizations.
e. None of these
7. It is the oldest source of ethical inspiration which gives an expression of what is wrong and right in business
and other walks of life.
a. Culture b. Religion c. Law d. Ethics
8. The following are limitations of sole proprietorship, EXCEPT:
a. Limited Sources c. Possibility of Conflicts
b. Limited Managerial Expertise d. Unlimited Liability
9. The law on business partnership in the Philippines can be found in Republic Act No.368 also known as the
______.
a. Civil Code of 1949 b. Civil Code of 1950 c. Civil Code of 1969 d. Civil Code of 1994
10. It is the set of important understandings that members of a community share in common. It consists of a
basic set of values, ideas, perceptions, preferences, concept of morality, code of conduct etc. which creates
distinctiveness among human groups.
a. Culture b. Religion c. Law d. Ethics

II. Enumeration: Fill the blanks with the correct answers.

1. What are the forms of business organizations? 3. Give at least three (3) law breaking in business.
______________________________ _______________________________
______________________________ _______________________________
__________________________________ __________________________________
__________________________________
2. Give at least three (3) roles of business in society.
_____________________________________________
__________________________________________________

__________________________________________________

III. Completion: Complete the missing details on the table below.

Forms of Definition Advantage Disadvantage Give one

Business example
Organization

Karla-Jane Salon
Partnership

“a business unit where

the manager is the
owner”
 An autonomous and duly
registered association of
persons, with a common
bond of interest, who
voluntarily joined together
to achieve their social,
economic, and cultural
needs.

It can raise
additional funds
through the sale of
stock.

IV. Essay. (5 points each)

1. How important is business ethics?

2. “Business is the cornerstone of prosperity in society.” Why?