Submitted by: Keith Yvonne Consorte

Grade 12- St. Matthew

Submitted to: Mrs. Shirley Bahia

Business Ethics and Social Responsibility

Quiz # 1

1-5 Define Business

 Business is an organization that provides good service or product needed by

people through an activity. It is build by the business person in order to meet the
needs of a particular community or person, it is also done to earn profit. Business
is also one of the resources of our society, because it helps us in terms of our
finances. Some says that business is also one of the way in developing skills and
a great help for each individual who really interested in business world. The
objectives of the business will change in light of the sort of business and the
business system being utilized. Nonetheless of strategy, business must give
provide, item or product that addresses consumer needs/wants.

6-15 Differentiate Businessperson and Entrepreneur

 A business person is someone who works in a business field he/she might be the
owner, co-founder, or a stakeholder of the company. Sometimes businessperson
could be define as a high executive of a particular company who does handle
the daily running of the company and manage it expertly because he/she focus
on increasing profit. An Entrepreneur is a person who runs a small business
solely, it has different characteristics and there is no universal meaning of it, an
entrepreneur considered as a very competitive person because they are willing to
risk everything just to earn money. Businessperson and Entrepreneur has a
similarities somehow because they both engaged in a corporate world, the only
difference between them is on how they handle their own businesses, how they
manage it rather, because these two is competitive and unique in their own way
these two also has different perspective in attaining their “goal”. They are also
different on how they started in the business field, A business person either
started it on his/her own idea or it is just borrowed it from someone and enhance
it in short it might be unoriginal, while the entrepreneur everything is came from
himself/herself it means it is original. Lastly, they are different on purpose of
building a business, the businessperson build it because of earning a profit or
reaching their own goal while the entrepreneur the reason why he/she build a
business is because of the inner goal of changing the world to better one.
16-26 Differentiate Capitalist and Entrepreneur

 A capitalist is a person with a gold spoon, they uses their money to invest in the
industry. We already know what is an entrepreneur, it is a person who runs the
business solely and competitively, someone who only want a better for the world.
The differences between them is capitalist already have their money and they
use it to invest in accordance with the principle of capitalism. Entrepreneur wants
money and still on the stage of making money they raise it from the capitalist and
dare to have their own money by their own hardships.

27-30 Name one business ethics scholars and explain their objective purpose of
business.

According to Paul F. Camenism , business ethics scholar, it exist for profit-motive and
social-motive are the two essential elements of business. However, social motive takes
precedence over the profit.

 Paul F. Camenism said that the purpose of business is about attaining profit and
communicate with the society. And these two was the essential part of the
business. This perspective also teach us that we cannot attain profit if we don’t
communicate to the public or our business is not known by the public. So it is
very vital to advertise our business to public.

31-35 Name at least five (5) subjective purpose of business

 The desire to make more income for oneself and his/her Family
 You want independence
 You want to continue the legacy of the family
 Competition or new challenge
 The desire to help other people

36-40 Explain why business institution is an important factor in social and

economic development of a nation.

 Business institutions has a very big role in developing our society it helps I in
improving the quality of life for billions of people by constantly evolving through a
delicate balancing act with government and civil society. It able to meet the
needs of diverse communities, provide purpose and dignity to peoples’ lives, and
create a shared and durable prosperity for all. Business has become a source of
identity, purpose, and power. It also helps to maximize value for shareholders to
a shared view that the purpose of business is to maximize value for society.
Business institutions is vital especially nowadays we need each other to make
our world a better one because the head of many is better than the head of one.

41-50 Discuss and Enumerate the considerations in making ethical decision.

1. Identify the Dilemmas

 We need to identify the dilemmas in order to know what are the possible conflict
might happen and also for us to have an advantage to prevent and solve it
immediately.
2. Discover Alternative Action
 We can’t predict what might happen in our business or product, so we should be
ready in this kind of thing we should immediately look out for alternatives that
could help to solve and sustain the needs.
3. Decide who might be affected
 When we are implementing something we must know and assure who are the
people/s that will be affected because if we don’t do that, there is possibility that
when a sudden conflict happen, we might get panic because we don’t know what
solution we could do or offer.
4. List Probable Effects of Actions
 In corporate world we can’t avoid the possible outcome of what we do. So it is
necessary to know the pros and cons of the things or programs we will
implement in order to address it immediately and improve.
5. Select the best Alternative
 In terms of choosing other sources we must pick the best one because the result
of if might be cause something appropriate or inappropriate.