MINDANAO MISSION ACADEMY

Business Ethics and Social Responsibility

First Mid-term Examination
November 21-22, 2019

NAME: ______________________________________ Score: _________________

'Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And the peace of
God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.' Philippians 4:6-7

I. Identification: identify what is being described on the following statements. Write your answers on the space
provided. (Sole Proprietorship, Partnership, and Corporation)

1. Owner keeps all the profits. __________________

2. No separation of owner from business. ___________________
3. A business that merely agreement is required for you to start. ____________________
4. Owners share all the risks equally._____________________
5. Separate entity from owners. _______________________
6. It will end if there is bankruptcy or withdrawal of owners.___________________
7. The directors set policy and appoint officers. _____________________
8. Easy to form. _________________________
9. Difficult to form. __________________________
10. Its duration is based on the death or disinterest of the owner. ___________________

II. Essay:

1. What do you think were the reasons why ethics is important to business?

2. Explain the phrase “Not all that is legal is moral, but what is moral is worth legalizing”

III. True or False: Write true if the statement is correct and false if the statement if wrong.

1. Business with ethics threatens the survival of human society and in some cases, destroys fiduciary relationships
of people. _________________
2. Pragmatic reasons, acknowledging that sometimes, acting ethically might be the most direct path to business
success. ____________________
3. Poverty is experienced and understood differently by different people in different regions and at different
times. ____________________
4. Small Business/microfinance is believed to be an ineffective tool for poverty. ___________________
5. Business and personal property can be seized in a sole proprietorship busine ss. _________________
IV. Compare the difference between sole proprietorship, partnership, and corporation by making an
illustration/drawing in the boxes provided.