LIBONA NATIONAL HIGH SCHOOL

Senior High School

2nd SEMESTER S.Y. 2024 – 2025

Business Ethics and Social Responsibility

1st Quarter Periodical Exam
Name: Score:
Year & Section: Date:
Test I. Identify what is being described in each statement.
___________________1. It is an organization that provides goods and services coming from
economic resources to offer to customers in exchange for money or
other goods and services.
___________________2. It refers to the amount or percent of ownership in a corporation.
___________________3. It refers to the value of treating people equally and in a standard and
consistent basis.
___________________4. He believed that the only life worth living is the one that was carefully
examined.
___________________5. These are sets of principles that help interpret everyday reality.
___________________6. It means “way of the gods.”
___________________7. It is the oldest monotheistic religion that is still being practiced in the
world today.
___________________8. This is a business owned by two or more persons who put themselves to
participate in a business where they contribute money and effort with
the intention of dividing the profit between themselves.
___________________9. It is a form of partnership wherein partners have unlimited liability.
__________________10. It is the simplest form of business organization.

Test II: Choose the letter of the correct answer

________11. What is fairness?

A. Something that is beneficial to you
B. Something that is beneficial to all
C. The quality of treating people equally
D. None of the above
________12. 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
________13. Buddhists follow the teaching of _______________
A. Indira Gandhi
B. Abraham
C. Brahman
D. Siddhartha Gautama
________14. Hindus believe in __________
A. Ahimsa
B. Karma
C. Reincarnation
D. All of the above
________15. Which of the following religions pursue the right livelihood?
A. Buddhism
B. Hinduism
C. Judaism
D. Taoism
________16. What form of business organization is described in the following statements?
I. “I am the owner of my business.”
II. “I assume all the risks of doing business.”
III. “I keep all the profits of my business.”
A. Corporation
B. Sole Proprietorship
C. Partnership
D. Cooperative
________17. If your brother wants to engage in a business that is more service-oriented rather
than profit-oriented, which of the following forms of business organization is suitable
for him?
A. Corporation
B. Sole Proprietorship
C. Partnership
D. Cooperative
________18. Which of the following is the main purpose of engaging in business activity?
A. Monetary
B. Adventure
C. Service
D. None of the above
________19. This approach makes a person more honest and sincere.
A. Accountability
B. Fairness
C. Transparency
D. None of the above
________20. Which of the following is an example of an unethical business practice?
A. False commercials
B. Overbilling
C. Low credibility
D. All of the above
________21. Which of the following is the ethical principle which focuses on the greatest good for
the greatest number of people?
A. Ethical egoism
B. Deontology
C. Utilitarianism
D. None of the above
________22. Analogy: Plato is to Athens as Epicurus is to _____________
A. 46 C.E.
B. Role model
C. Parallel lives
D. Boetia
________23. Lando practices punctuality even though his colleagues always arrive late. Lando
follows the principle of which philosopher?
A. Socrates
B. Plato
C. Plutarch
D. None of the above
________24. In Hinduism, this law states that suffering, disease, poverty and other hardships are
brought about by evil doings in a person’s past lifetime.
A. Law of Brahma Sutra
B. Law of Reincarnation
C. Law of Karma
D. None of the above
________25. This belief system led the Japanese to respect nature, people and spirits found in
nature.
A. Confucianism
B. Taoism
C. Buddhism
D. Taoism
________26. This religion puts restriction on misleading advertisements
A. Christianity
B. Islam
C. Judaism
D. None of the above
________27. If you are a Muslim, which of the following considered unethical according to your
religion?
A. Charging or accepting interest
B. Misleading or false advertisement
C. Engaging in meaningless talk
D. None of the above
________28. Professor Rodrigo is opening a publishing company to publish and distribute books
throughout the Philippines. He feels that his idea will be successful because the
textbooks will be based upon a revolutionary new format of accounting education.
Rodrigo has extended an invitation to all his students, friends, and colleagues to
 invest in his new business for a mere P1,000 each. What form of business is
Professor Rodrigo proposing?
A. Corporation
B. Sole Proprietorship
C. Partnership
D. Cooperative
________29. What is a corporation?
A. A business registered as an artificial person under the operation of law.
B. A business entity owned by a person called a proprietor
C. An economic activity conducted for profit
D. None of the above
________30. Which of the following is true about partnership?
A. Partnership has a limited life
B. In partnership, owners may contribute money, property or skills
C. Unlike corporations, the liability of partnerships are unlimited
D. All of the above
________31. In a corporation, stockholders share profit, but their liability is limited to
A. investment
B. production
C. theft
D. distribution
________32. Which of the following situation exhibits fairness?
A. A boss listening to both sides of the story before judging who is right and who is
wrong.
B. An employer giving 13th month pay to all his/her employees
C. A person paying the right price for a product purchased or for a service received.
D. All of the above
________33. Company X hires external auditor to assess and evaluate their financial statements.
If the auditor finds out any discrepancy, the company will make sure that the
accountants and other financial executives as part of their responsibilities in the
company will make the necessary adjustments. Which principle is being applied in
this situation?
A. Fairness
B. Accountability
C. Transparency
D. All of the above
________34. A businessman operates a medical store in a tiny town that sells face masks.
Because there is a high demand for the item because of the COVID-19 pandemic, he
charges his customers irrational amount by doubling the price of the face masks.
This situation enrages the community. This business practice is most likely:
A. Because it is not illegal for the business owner to establish prices depending on
the market, it
is ethical.
B. Because the owner is only concerned with the consequences of his decisions to
his business,
it is ethical.
C. Unethical because business operates in a community and communities have
expectations for
behavior of individuals, groups, and businesses.
D. None of the above
________35. Your company has a policy that prevents employees from accepting gifts. The policy
also
requires that you inform your manager about the gift. A supplier you have known
for several
years offers you a hotel gift certificate. Which of the following is the most ethical
thing to do in this situation?
A. Accept the gift and tell your manager afterward
B. Accept the gift and do not tell your manager about it
C. Inform your boss and wait for approval
D. None of the above
________36. In a team meeting, your boss congratulates you for a project that was done by
someone else
from the team. If you will apply Confucius’ golden rule in this situation, which of the
following is
the ethical thing to do?
A. Stay silent in the meeting and later approach your co-worker you and say that
you are sorry
 the boss did that.
B. Explain to boss immediately that it was not your work and give credit where
credit is due
C. Never say anything about it
D. None of the above
________37. Analogy - Buddhism : India
Confucianism : __________
A. Japan
B. China
D. Israel
E. Egypt

________38. Mely works as a secretary to the president of a large corporation. During work
hours, Mely does not engage in gossip with her co-workers because her religion restricts
her from engaging in meaningless talk. What is the religion of Mely?
A. Taoism
B. Animism
C. Shintoism
D. None of the above
________39. Manuel L. Quezon High School implements guidelines in conducting school activities
like field
trip. Which principle is applied in this situation?
A. Accountability
B. Transparency
C. Fairness
D. None of the above
________40. Which of the following statement is true about Taoism?
I. It is a Chinese philosophy and religion
II. It is a naturalistic model of how people should live
III. It teaches that there is holiness in the universe
A. I only
B. II and III only
C. I and III only
D. I and II only

Test III: Classify each statement as either TRUE or FALSE.

________41. A corporation has powers, attributes, and properties expressly authorized by law
________42. In general, corporation’s shareholders are liable for any debts incurred by the
corporation.
________43. Partnership is the most stable form of business among other types of business
organizations.
________44. Transparency is shown when one hides the records from the other shareholders of
the company.
________45. Bong is exhibiting transparency when he holds an open bidding for the company’s
next project.
________46. Lito should pay the money collection which he lost in the restaurant, being the
treasurer of the lending company where he works
________47. According to Aristotle, the responsibility of the leader is to create an environment in
which all members of an organization have the opportunity to see their own
potential.
________48. Confucian values can help in developing corporate executives who are true leaders
of society, with a sense of justice and moral power.
________49. Central to Shintoism teaching is the belief in the existence of kami.
________50. For the Hindus, wealth is not the ultimate goal.

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ENDS HERE
 Business Ethics and Social Responsibility

Answer Key

Test I:

1. Business
2. Stock
3. Fairness
4. Socrates
5. Belief System
6. Shinto
7. Judaism
8. Partnership
9. GENERAL partnership
10. Sole proprietorship

Test II
Test III:
11. C
1. TRUE
12. C
2. FALSE
13. D
3. FALSE
14. D
4. FALSE
15. A
5. TRUE
16. B
6. TRUE
17. D
7. TRUE
18. A
8. TRUE
19. A
9. TRUE
20. D
10. TRUE
21. C
22. D
23. A
24. C
25. D
26. C
27. A
28. A
29. A
30. D
31. A
32. D
33. B
34. C
35. D
36. B
37. B
38. D
39. A
40. D