BUSINESS REVIEW 1

The term "ethical principles" refers to:

• Guidelines that govern a person's behavior

• Laws created by government

• Theories about profit-making

• None of the above

"Utilitarianism" is best known as:

• The philosophy of duty

• The idea that the greatest good for the greatest number should be the main goal

• A focus on individual rights over collective well-being

• An ethical framework based on religious beliefs

The Filipino value "Pakikisama" emphasizes:

• Individual competition

• Harmony and smooth interpersonal relationships

• Authority and hierarchy

• Economic independence

Corporate governance is primarily concerned with:

• Maximizing short-term profits

• Ensuring transparency, accountability, and fairness within the company

• Developing new products for market competition

• Promoting social media engagement

Corporate social responsibility (CSR) refers to:

• Companies seeking to maximize profits through any means necessary

• Businesses focusing exclusively on legal obligations

• Balancing profit-making with ethical responsibility and social welfare

• Avoiding all business regulations

Legal responsibilities in business refer to:

• Voluntary guidelines that companies can choose to follow

• Obligations enforced by law, such as fair labor practices and environmental standards

• Informal rules of professional etiquette

• Ethical duties that only apply to executives

A virtuous business prioritizes:

• Socially responsible actions that benefit both the business and the community

• Profit at the expense of employee welfare

• Competitive practices that eliminate smaller businesses

• Ignoring customer feedback

Deontology, as an ethical framework, emphasizes:

• Outcomes and consequences of actions

• Duty, rules, and moral obligations

• Personal enjoyment and satisfaction

• Ethical relativism based on culture

Businesses contribute to economic development by:

• Exploiting natural resources

• Creating jobs, fostering innovation, and improving living standards

• Reducing investment in research and development

• Increasing inequality

An ethical business practice includes:

• Paying bribes to secure contracts

• Using the cheapest materials without concern for safety

• Providing fair wages and promoting employee well-being

• Avoiding compliance with environmental laws