abm-ethics

A ________ must name a board of directors that will make the major policy and financial decisions for the business.

• partnership

• corporation

• sole proprietorship

• agency

In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?

• corporation

• sole proprietorship

• partnership

• merchandising

The easiest form of business to start and end is a(n)

• proprietorship

• partnership

• corporation

• merchandising

What is a disadvantage of a partnership?

• ease of formation

• possibility of personality conflict

• owners share responsibility

• limited liability

this level of ethics is characterized by the employees own moral principles that guide his/her life

• macro

• corporate

• individual

• micro

it is a form of business organization that has a distinct personality separate from its owners.

• partnership

• corporation

• proprietorship

• service

How many owners are typically required to establish a partnership in the Philippines?

• two

• five

• three

• four

1.     What document needs to be submitted to the Securities and Exchange Commission (SEC) to register a partnership in the Philippines?

• Articles of Incorporation

• Memorandum of Understanding

• Articles of co-partnership

• partnership memorandum

Which of the following is NOT a step in starting a sole proprietorship in the Philippines?

• Drafting a Partnership Agreement

• Registering the business name with the DTI

• Obtaining a barangay clearance

• Registering with the Bureau of Internal Revenue (BIR)

True or False: The first step to start a sole proprietorship in the Philippines is to register the business name with the Department of Trade and Industry (DTI).