ASPECTS OF CULTURE 6.
Culture is continuous and cumulative - No culture ever
CULTURE (Edward B. Taylor)
Culture is the complex whole which encompasses belief,
practices, values, attitudes, laws, norms, artifacts, symbols,
knowledge and everything that a person learns and shares as
a member of society.
Symbols- refers to things that convey meaning or
represent ideas.
Language- is a set of symbols that enables members of
society to communicate verbally and nonverbally.
Values- are shared ideas, norms and principles that
provide members of society the standards that pertain to
what is right and wrong, good or bad, desirable and
undesirable.
Norms- are shared rules of conduct that determine specific
behaviour among society members.
Laws- are norms that are legally enacted and enforced.
Folkways- are norms that may be violated without serious
consequences.
Mores- are norms with moral connotations
Categories of culture
1. Material culture- is composed of a physical or tangible
objects produced, shared and utilized within society.
2.Non-material culture-consist of intangible properties and
elements of society that influence the patterns of action and
behaviour of its members.
3. Culture is shared- The patterns of learned behaviour and
the results of behaviour are possessed not by one or a few
persons, but usually by a large group.
4. Culture is learned- Culture is inborn and it is learned . It
must be noted however that not all behaviour is learned but
most of it is learned.
5. Culture is transmitted among members of society- The
cultural ways are learned by persons from persons. Many of
them are handed down by elders, parents, teachers and
others while other cultural behaviour are handed up to
elders.
Transmission of culture is made possible by language because
it is the vehicle of culture.
remains constant or changeless. It is subject to slow but
constant change. Culture is responsive to the changing
conditions of the physical world , hence it is dynamic.
7. Culture is gratifying and idealistic- Culture provides proper
opportunities for the satisfaction of our needs and desires.
Our needs both biological and social are fulfilled in the
cultural ways.
FUNCTIONS OF CULTURE
1. Culture defines situation
Each culture has many subtle cues which define each
situation.
2. Cultures defines attitude, values and goals
Each person learns from his/her culture what is good, true
and beautiful. Attitude, values and goals are defined by the
culture.
3. Culture defines myths, legends and the supernatural.
Myths and legends inspire or reinforce and sacrifice and
bring comfort in bereavement.
4. Culture provides behaviour patterns.
People find a ready made set of patterns awaiting them
which they need only to learn and follow.
ETHNOCENTRISM
The word ethno comes from the greeks and it refers to a
people, nation, or cultural grouping.
Centric comes from latin and refers to the center.
it is the practice of comparing other cultural practices with
those of one’s own and automatically finding those other
cultural practices to be inferior.
XENOCENTRISM
refers to a preference for the foreign.
it is characterized by a strong belief that one’s own products,
styles, or ideas are inferior to those which originate
elsewhere.
CULTURAL RELATIVISM
it is an idea that all norms, beliefs, and values are dependent
on their cultural context and should be treated as such.
 FINANCE AND FINANCIAL MANAGEMENT
"To Finance" to provide funding, for example, in the form of
loan or borrowed money with the intent of collecting the
money back after a specified period of time.
The money that was loaned will earn interest-the charge for
borrowing money which is usually a percentage of the
principal or the loaned amount - over a specified period of
time.
Individuals borrow money from other people or from banks if
and when funds are lacking, for instance, to support daily
needs, short-term projects such as home improvement, or
even long- term projects like education.
Businesses take out loans from financial institutions which
they may use for the purchase of new equipment, additional
supplies during peak seasons, or construction of additional
facilities. More often than not, interest is paid on the amount
that was borrowed.
From the perspective of an economist, finance is the
allocation of scarce resources which includes money. In
business, it is the function or area which is responsible for
managing the aspect of the operations that deals with money
matters.
It is also concerned with not just the allocation of funds but
also with the sources of those funds.
Three basic questions that are addressed by the study of
finance:
(1) What types of investments (short-term and/or long-term)
should the firm undertake?
(2) What sources of funds (short-term and long- term) should
the firm tap in order to fund these investments? (3) How can
the firm ensure that its cash flows will suffice to support its
day-to-day operations?
FINANCIAL MANAGEMENT -has broader meaning as it covers
the planning, organizing, leading, and controlling of all
financial activities of an organization. - it puts emphasis on
managing the funds of an organization which includes day-to-
day operations, investment decisions, and financing those
investments
(1) PUBLIC FINANCE deals with the collection of taxes and
budget allocation for programs designed to benefit the
general public and the production and distribution of public
goods.
PUBLIC FINANCE a person practicing public finance is the
person in charge of the budget of a local municipality.
EXAMPLE
(1) budget allocation in the construction of roads in a
municipality
(2) improvements made on a public market
(3) building of other infrastructure projects that are intended
for public use.
(2) PERSONAL FINANCE - is a field of finance which gained
popularity especially among the younger generation of
income earners.
EXAMPLE:
(1) creating savings plan for contingencies.
(2) investing in financial products for retirement
(3) investing for the purpose of maximizing wealth.
(4) parents' practice of budgeting for the needs of your
household while at the same time saving for you college
education
(3) CORPORATE FINANCE is primarily concerned with the
management of all the financial activities of an enterprise or
a business organization. its ultimate goal is to maximize
shareholder value through sound financial planning
Employees who are related to corporate finance are:
(1) bank employee
(2) financial analyst
(3) head of the accounting department
EXAMPLES OF SITUATIONS THAT SHOW HOW
CORPORATE FINANCE IS PRACTICED IN ORGANIZATIONS:
(1) The accounting supervisor is tasked to prepare a
cost and benefit analysis on whether it is more
cost (or cheaper) to purchase or rent a piece of
equipment.
(2) The marketing manager meets with the finance
officer to discuss how a new product should be
priced before it is launched in the market
EXAMPLES OF SITUATIONS THAT SHOW HOW
CORPORATE FINANCE IS PRACTICED IN ORGANIZATIONS:
(3) The human resources manager shows the other
members of the management team how the hiring of
additional manpower will help with productivity but
may also impact cost and profitability.
(4) Logistics requested a new vehicle that will be
used for delivery. However, the finance officer stated
that the benefits of purchasing a new vehicle will not
be enough to justify the amount to be spent.
(5) The marketing officer was advised that the
budget for advertising and promotion is not enough
to include billboard advertising
***it is evident from the five given examples that
finance is not confined to just one department in an
organization. Every cross-functional area or
department is somehow connected to functions
related to finance.
1) FINANCIAL MARKETS AND
INSTITUTIONS
this area covers banks, insurance
companies, finance companies
(nonbank institutions which offer both
short-term and long-term loans to
individuals and other firms), and other
financial intermediaries.
Financial Intermediaries
are also nonbank financial
institutions which offer financial
services to businesses.
EXAMPLES:
(1) companies that offer insurance
and mutual funds.
(2) INVESTMENTS
- this area focuses on investment options and
decisions made by both individual and
corporate investors.
some of the considerations made are the
risk-return trade-off, the prices of financial
products (securities), and the financial
products to be included in one's portfolio of
investments in order to maximaize return.
(3) FINANCIAL SERVICES
- this area refers to services offered by organizations
whose line of business is to help individuals and other
organizations manage money
- these organizations include banks, insurance
companies, brokerage firms, and similar companies that
provide professional guidance on decisions pertaining to how
money should be managed in order to achieve goals such as
purchasing a home, setting up a retirement fund, investing on
new equipment, and maximizing a shareholder's wealth.
(4) MANAGERIAL (BUSINESS) FINANCE
-every organization, public or private, relies heavily on
sound decisions on the following:
(1) cash flows (inflow and outflow)
(2) how to finance the acquisition of assets
and other growth plans
(3) which financing options to access
when the supply of cash is deficient
(4) what to do with the firm's excess cash
(5) optimal inventory levels
(6) accounts receivable and accounts payable
management
(7) whether to merge or acquire other firms
RELATIONSHIP BETWEEN ACCOUNTING AND FINANCE
Although finance and accounting have been and will always
be closely related, they are nevertheless two distinct
disciplines that have different focuses.
One of the main features of finance is
managerial accounting
Managerial Accounting
- involves the preparation of reports which
are intended to aid internal uses in decision-
making.
EXAMPLE REPORTS:
(1) budget
(2) cost analysis
(3) inventory analysis
(4) sales and profit projections
(5) risk-return analysis
Managerial Accounting
relies heavily on the use of historical
data which is provided by financial
accounting reports prepared should emphasize
sound decision making to ensure good or
better performance in the future.
Financial Accounting
- keeps track of all the historical transactions
of a business which will then be used in the
preparation of reports intended for the use of
external parties such as government agencies,
investors, and creditors.
Managerial Accounting - provides financial IMPORTANCE OF FINANCE IN THE DIFFERENT AREAS OF
data which are intended to help internal users OPERATION IN AN ORGANIZATION
in making decisions about the future of the
organization.

Decision makers rely heavily on financial

information prepared, processed,
and analyzed by financial managers.
The key to the effective use of such
information is how finance is applied in
other business functions within the
organization such as production,
marketing, human resource,
procurement, and operations.

Financial managers are involved in planning

wherein they contribute in identifying goals and
objectives, setting targets and establishing
control measures in order to monitor performance.

However, it is not just the finance manager who

should possess financial knowledge. In most
cases, managers from different levels are
required to have an understanding of how the
different functions can affect or can be affected
by the overall financial condition of the organization.
Financial information is generated by the different
departments. At times, other department heads also prepare
financial reports.

Financial information also serves as an

effective communication tool across
departments.

The following are examples of e-mails

and conversations between
organizational members regardless of
position:

(1) Human Resource to Accounting:

"Dear Ma am, please let me know the
possible effect of hiring two additional
employees in production in our overall
profitability assuming that output will
increase by 30% . Thank you."

(1) Accounting to Sales:

"My concern is that the sales department is
not achieving sales targets but at the same
time exceeding budgets on promotion."

(3) One employee to another

"Our manager explained to us that even if we
are able to increase sales, it will still not
improve the finances of the company if we are
unable to control our operating expenses.
THE SOCIAL SCIENCES: SOCIOLOGY, ANTHROPOLOGY,
AND POLITICAL SCIENCE

Sociology is a systematic study of people's behavior in

groups
Sociology focuses on the ubiquity of social forces. Social
forces represent a constellation of unseen yet powerful
forces influencing behaviour of individuals and
institutions.

Anthropology
the scientific study of humans and their cultures in the
past and present time.

Ethnography- can either be a rescarch design or a

specific rescarch method where people are observed in
their natural environment rather than in formal
research setting.

Anthropology focuses on human diversity around the

world.
Anthropologists look at cross cultural differences in
social institutions, cultural beliefs and communication
styles.

Political Science
Political science-primarily studies human behavior in
relation to political systems, governments, laws, and
international relations.

Social Diversity- is an ever present and enduring

feature of all known cultures around the world
from the most primitive to the most highly urbanized

Social inequality- occurs when resources in a

given society are distributed unevenly, typically
through norms of allocation that engender specific
patterns THE SOCIAL SCIENCES: SOCIOLOGY,
ANTHROPOLOGY, AND POLITICAL SCIENCE
Jesus and Characteristics of His Disciples
The disciples/apostles of Jesus were the foundation
stones of His Church In Revelation
21:14 we are told that the twelve foundations of
the wall of the New Jerusalem will have in them
the names of the disciples/apostles. It is evident,
therefore, that God attaches great importance to
these 12 men.
Disciple's Characteristics
The words "as have loved you" (cf John
15:12-13) give way to the standard of love,
sacrificial love, with which the disciples should
love one another.
It was the duty or the mission of the
apostles, Like St Paul to lay down foundation of
faith for the believers of the new pact and reveal
all the mysteries of God that were hidden since the
ages, Col. 1:23. This is the fulfilment of Jesus
community of believers to continue God's mission.

-In Matt. 28:18-20, Jesus commissioned His
disciples to make disciples of all nations. But who is
disciple?
The word "disciple" can be used in a descriptive
sense of anyone who is a follower of another in a
teacher-student relationship. Therefore, if christ is
our teacher, we are then His followers, Christian
(Acts 11:26; 26:28).
1.) Abiding in Gods Word
So, Jesus was saying to those Jews who had
believed Him, If you continue in My word, then you
are truly disciples of Mine; and you will know the
truth, and the truth will make you free." (John
8:31-32)
Through Baptism the faithful are made one body
with Christ and are established among the People
of God. They carry out their own part in the
mission of the whole Christian people with respect
to the Church and the world' (The Vatican II
Council, Lumen Gentium, 31).
When Jesus appointed his 12 apostles
-Their primary work involved being sent out to
preach the good news to others. (Read Mark 3:13-
15.) This assignment was in harmony with the basic
meaning of the Greek word apostolos, which is
derived from a verb meaning simply "send forth"

2.) Bearing Fruit

"Abide in Me, and I in you. As the branch cannot
bear fruit of itself unless it abides in the vine, so
neither can you unless you abide in Me. "I am the
vine, you are the branches; he who abides in Me
and L in him, he bears much fruit, for apart from
Me you can do nothing." (John 15:4-5)

3) Loving One Another

"A new commandment I give to you, that you
love one another, even as I have loved you,
that you also love one another. By this all men
will know that you are My disciples, if you
have love for one another." (John 13:34:35)

This characteristic of love is the distinguishing

mark to the world that one is a disciple of
Christ (cf 1 John 3:23 4:7-8, 11-12, 19-21).