Business Ethics Week 1
Business Ethics Week 1
Business Ethics Week 1
Let’s Start
To reach the desired skill and knowledge of this course, you need to comply the following:
Let’s Recall
When we are going to talk about “business”, what comes first into your mind? Expand your answer. Write your
answer on the worksheet provided.
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VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.
Let’s Explore
Hello dear grade 11 students! It’s been a while since you had your last module, and we are now bound to your second
semester. For this module, we will be learning about Business ethics. But before we proceed, let us define first these
terms.
Ethics deals primarily with the study of morality, i.e. discerning what is right or what is wrong with people’s
decisions and actions. Business ethics deals with the application of ethics in the business environment. The realm of
business does not have a moral code that is different or apart from what govern life and society. The same standards
for what is right and wrong should be upheld. Hence, Business ethics is the study of appropriate business policies and
practices regarding potentially controversial subjects including corporate governance, insider trading, bribery,
discrimination, corporate social responsibility, and fiduciary responsibilities. The law often guides business ethics,
but at other times business ethics provide a basic guideline that businesses can choose to follow to gain public
approval.
Sole Proprietorship
The simplest and most common form of business ownership, sole proprietorship is a business owned and run by
someone for their own benefit. The business’ existence is entirely dependent on the owner’s decisions, so when the
owner dies, so does the business.
Disadvantages
Partnership
These come in two types: general and limited. In general partnerships, both owners invest their money, property,
labor, etc. to the business and are both 100% liable for business debts. In other words, even if you invest a little into a
general partnership, you are still potentially responsible for all it’s debt. General partnerships do not require a formal
agreement-partnerships can be verbal or even implied between the two business owners. Limited partnerships
require a formal agreement between the partners. They must also file a certificate of partnership with the state.
Limited partnerships allow partners to limit their own liability for business debts according to their portion of
ownership or investment.
Advantages
Disadvantages
Sole
Proprietor-ship
Partnership
Corporation
Limited Liability
Company
1. What is a limited liability company? Explain the advantages and disadvantages of this type of business
ownership?
2. How to handle business by manufacturing things according to the need of consumers?
Let’s Check
Activity No. 3: Identification.
Instructions: Read the questions below and give the correct answer. Write the correct answer on the worksheet
provided.
_______________________1. Entrepreneurs generate income and revenues, and much of this income is often invested in
the local economy. If their businesses are successful, they will have funds available to invest
in other entrepreneurial ideas.
_______________________2. A business organization wherein each partner is 100% responsible for debts and losses.
_______________________3. It deals primarily with the study of morality, i.e. discerning what is right or what is wrong with
people’s decisions and actions.
_______________________4. Both owners invest their money, property, labor, etc. to the business and are both 100% liable
for business debts.
_______________________5. The simplest and most common form of business ownership.
_______________________6. This means entrepreneurs are more prepared to accept, introduce or adapt new ideas and
ways of doing things.
______________________7. The single-most important choice you’ll make regarding your company.
VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.
_______________________8. A business organization wherein agreements must be comprehensive and complex.
_______________________9. A business organization wherein any income distributed to the shareholders as dividends or
profits are taxed again as the personal income of the owners.
______________________10. It is a role which states that entrepreneurs affect the economy positively by inspiring others
to achieve.
Let’s Understand
“Business opportunities are like buses, there's always another one coming.” – Richard Branson
VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.
Worksheet in Business Ethics
Business Organizations and the Role of Business in Social and Economic
Development
Module 1.1-1.2
Let’s Recall
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Sole
Proprietor-ship
Partnership
Corporation
Limited Liability
Company
Activity No. 2
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VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.
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Assess Yourself
Activity No. 2
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VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.