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Quarter 3 Module 1 AND 2 2021-2022 ( Ethics)
BSED English (BLAW 2019, English 3)
Cebu Roosevelt Memorial College
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SOUTHERN MASBATE ROOSEVELT COLLEGE, INC.
KATIPUNAN, PLACER, MASBATE
Quarter 3 Module 1 Week 1 & 2
Lesson 1 Forms of Business Organizations
Have you ever been part of school organization or club? It was indeed a happy and fulfilling day in your Junior High School years.
Are you a part of a music or glee club? Maybe, you are also a varsity player of the school’s basketball and volleyball teams or are you a school paper writer who participates in different journalism contests outside the school?
What is your position in the club? How many are you in the organization? Who usually has the last say? Who are your leaders? What are you doing in ensuring success in every activity?
Do you feel the fulfillment of being part of an organization? What did you learn from being an officer or a member of a club?
What’s In Activity 1:
Business as usual. Nowadays, many businesses are closed due to the COVID - pandemic and only those businesses which are considered essential such as food businesses and medical services remained.
Can you list down the name/s of business/es which is/are still in operation during the quarantine period? Identify the services/ products they offer.
Name of the Business Products/services offered
What’s New
The Success Story behind the National Bookstore
Socorro Ramos entered the publishing and retail industry by working as a salesgirl at a bookstore. At the age of 19, she opened National Book Store in Escolta, Manila with her husband with a capital of only P 200, selling books and school supplies to students. At that time, Manila was under Japanese occupation who imposed censorship on books and periodicals. To augment their earnings, she and her husband resorted to selling other items like candles and soaps. After the post-war boom, the Ramoses opened a nine-story building along Avenida which made their bookstore more profitable. At 95, she still believes in the time-honored tradition of “hands-on approach” in business. She even designed the company’s logo herself. May this success story of Nanay Coring give inspiration and encouragement to all. You need someone like her that will serve as a model to bring out the best in yourselves to survive the crisis brought by COVID-19 pandemic. All good things are blessings from the Almighty God and granted to anyone whom He loves at His pleasure.
What is It
Forms of Business Organization according to ownership
Sole Proprietorship is the type of business entity owned and operated by a single person.
A partnership is a business owned by two or more person who contribute resources into the entity. The partners divide the profits of the business among themselves.
Corporation is an enterprise chartered by law with most of the legal rights of a person including to conduct a business, to own and sell property, to borrow money, to sue and be sued. A corporation is a business organization that has a separate legal personality from its owners.
Ownership in a stock corporation is represented by shares of stock.
Major Contributions of Forms of Business Organization in Socio Economic
Development
Business is considered the engine of the economy because they contributed to the economy of our country through paying corporate taxes so that the government can provide the promote social welfare of its citizens. Business also provides job opportunities which compensates the people in the society.
What I Have Learned
A Good Corporate Governance in all businesses and even in non-profit organizations such as foundations is very important in order to build trust and confidence with the investors, donors, and the community in general. A good corporate governance builds the integrity of the institution. Below are the Core Principles of a Good Corporate Governance:
FAIRNESS
Fairness comes from the old English word faeger, which means “pleasing or attractive.” It is the quality of making judgments that are free from discrimination. Fairness in the context of a business organization involves balancing the interests involved in all decision-making including any decisions related to hiring, firing (including the investigatory process), and the compensation and rewards system. Hiring the right people is one of the most important decisions an organization makes.
ACCOUNTABILITY Accountability is the obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. Accountability in the context of a business organization is the obligation to demonstrate that work has been conducted in compliance with agreed rules and standards or to report fairly and accurately on performance results vis-à-vis mandated roles and/or plans.
TRANSPARENCY Transparency is defined as being authentic in the way an organization message themselves externally – to stakeholders, to prospective customers and talent, and within the community. It allows stakeholders to understand whether the activities of social institutions provide a genuine service to civil society and whether money is used appropriately. Thus, transparency means there is lack of hidden agendas or conditions, accompanied by the availability of full information required of collaboration, cooperation, and collective decision-making.
STEWARDSHIP In Biblical terms, stewardship is defined as utilizing and managing all resources God provides for the glory of God and the betterment of His creation. That definition plays a critical role in today’s business landscape. In the context of business organization, stewardship refers to taking responsibility for the business and the effects it has on the world around it. This involves considering more than just the bottom line and looking at elements such as values, ethics, and morals
Accountability means to be liable in explaining or justifying one’s action and one’s decision. Fairness is the quality of making judgements that is free from discrimination. Stewardship is a practice wherein people are intrinsically motivated to work for others or for organizations to accomplish the tasks and responsibilities with which they have been entrusted. Transparency is an important mechanism for granting social responsibility.
REMEMBER
Lesson 3
Business and Ethics are always interrelated. Ethics guides us that we are doing the right thing. In the conduct of our business, we need to follow ethical standards of the company. But first, let us define what is Ethics? Ethics is derived from the Greek word “ethikos” which means “having to do with character. The Latin word for ethos is “mos” (or “mores”). That is why we known Ethics as the Moral Science or Moral Philosophy. It refers to the theory of morality of right conduct.
Definitions of Business Ethics
- Business Ethics is the study of what is right and wrong on human behavior and conduct in business.
- Business Ethics is the study of perceptions of people about morality, moral norms, moral rules, and ethical principles as they apply to peoples and institutions in business.
- Business Ethics is the study, evaluation, analysis and questioning of ethical standards, policies, moral norms, and ethical theories that managers and decision makers use in resolving moral issues and ethical dilemmas affecting business. But how can business be considered as an ethical organization? Previously, you learned about the core principles of good governance in business namely accountability, fairness, transparency, and stewardship.
Ethical organizations are based on these core principles. A business with good practice of accountability makes sure that all the financial obligations from its debtors are paid on time. Accountability of a company can also be shown in proper planning, hiring, and keeping employees, and budget management and reporting. An ethical organization also based on the principles of fairness. Employees who feel secured, because there is no impartiality, often stays with the company organization build. Meanwhile, transparency and stewardship also are known characteristics of good governance in an organization. Transparency in business builds the trust of the employees to the company, and the stakeholders such as the suppliers, investors, and of course the customers. Whereas stewardship is an ethical practice of managing the resources of the company well.
To ensure that all those principles are practiced by all employees in the organization, Code of Ethics, or Code of Conduct are crafted to be the guiding light of the business in ensuring good ethical practice. What is Code of Ethics?
ETHICAL CODE OR CODE OF ETHICS are principles adopted by an organization to assist those in the organization called upon to decide; it is about understanding the difference between “right” and “wrong” and to apply this understanding to their decision. In addition, Code of ethics is a written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards.
CODE OF CONDUCT: it is a document designed to influence the behavior of employees. They set out the procedures to be used in specific ethical situations and delineate whether a violation of the code of ethics occurred and, if so, remedies should be imposed. CODE OF PRACTICE: it is adopted by a profession or by a governmental or non-governmental organization to regulate that profession. It may be styled as a code of professional responsibility, which will discuss difficult issues, difficult decisions that will often need to be made, and provide a clear account of what behavior is considered “ethical” or “correct” or “right” in the circumstances. CODE OF ETHICS is not written solely for the purpose of doing ethical business practice. It can also be applied and practiced in school, government, and even professional groups.
A. Maggie is very trustworthy and dedicated. B. Maggie is very dependable. C. Maggie is a good steward. D. All of the above
_______5. The class adviser of Grade 12 – ABM 1, Mrs. Tamayo, always makes sure that whenever there are school activities, she gives all the members of the class chance to participate because she always believes that everyone has his/her own talents and potentials. Based on the paragraph, what does Mrs. Tamayo want to imply to her students?
A. Firmness B. Gentleness C. Fairness D. Politeness
_______ 6. Which of the following statements is true about ethics?
a. It is the study of the wants and needs in business. b. It is the study of what is right and wrong in human behavior and conduct in business. c. It is the study of the relationship between people in a business. d. None of the above.
_______ 7. Which is considered an unethical business practice?
a. Treating employees fairly. b. Selling a good quality product. c. Hiring the most qualified applicants for vacant positions. d. Buying substandard materials for production.
____ 8. John is always late in his client’s meeting. What can you say about him?
a. John is very dedicated. b. John is optimistic. c. John is unprofessional. d. John is busy.
_______4. A written set of rules that guide the employee in an organization on how to conduct himself in accordance with the company’s ethical standards and values.
a. Mission Statement b. Goals and Objectives c. Executive Summary d. Code of Ethics
_______5. What do you think is the benefit of practicing good business ethics?
a. Low morale of employees b. Lack of trust c. High employee retention rate d. Decrease in product sales
####### ANSWER KEY:
I. Fill in the blanks. Instructions: Below are the definitions of business and organization. Write BUSS if it describes a business and ORG if it describes an organization.
- BUSS
- ORG
- ORG
- BUSS
- ORG
II. True or False
- True
- True
- False
- True
- True 6
- TRUE
- FALSE
- FALSE
- TRUE
III. Answer the following. Write the letter on the space provided.
- B
- A
- A
- D
- C
- B
- D
- C
- D
- C
Quarter 3 Module 1 AND 2 2021-2022 ( Ethics)
Course: BSED English (BLAW 2019, English 3)
University: Cebu Roosevelt Memorial College
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