Business Ethics Ethical Decision Making And Cases 12th Edition

Business Ethics Ethical Decision Making And Cases 12Th Edition. Business ethics spring 2014 professor: Ethical decision making and cases 12th edition by ferrell test bank for business ethics:

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What Is a Business? A company is a type of organisation that is arranged to assist a client. The principal objective of any business is profit but there are many other objectives that can be met through the operation. In the end, however, the ultimate goal of a business is to satisfy a customer's desires and needs. According to Peter Drucker argues, this is the sole true concept of business. Without customers, a business cannot last. Internal functions include the activities being carried out within an organization. Internal functions refer to the tasks performed within an organization to meet a specified set of objectives. These functions may comprise policies and procedures. For their effectiveness, rules and regulations must be meticulously designed, implemented and communicated across the organization. The upper management of the organization should communicate that the responsibility to prevent risks and errors is a very serious matter, and that internal control must be an absolute priority. Furthermore, employees must have a clear understanding of their roles in internal control , and are equipped to relay significant information upstream. The sales and marketing processes are two instances of internal functions. Sales managers are accountable for ensuring their products and services are available to their customers in a timely manner. They must also ensure that they are available to all areas they are focused. Apart from these primary routines, internal operations include supporting functions that help the internal and external business processes to run efficiently. Managers of these functions provide the management with information so that it can make decisions that are strategic. Internal controls can help avoid errors, protect information, and stop fraud. Without internal controls, financial statements are unreliable and operational efficiency is impaired. In addition, they can harm the reputation of the company. Thus, it's crucial that you establish internal controls that ensure the integrity of the firm's financial records and also to avoid fraud and theft. The measure of profit is your business's success Profit is measured in both relative and absolute terms. Absolutely, profit is the sum of money earned over a specific period of time. In terms of ratio, profit is the total amount of the profit earned as a percentage of revenues. Profit is an important indicator for businesses, as it can be used as a motivation to invest and take risk. It is the prime goal of every business. Without it, businesses is doomed to fail. Profitability is determined by two elements both expenses and income. Revenue is the revenue earned from the sale of an item or service. It doesn't include the cost of getting capital. The expense is the cost of operating the business. Profit is the profit a business makes after deducting expenses. The higher the profit margin and the higher the profit margin, the better the company's financial health. Another important metric is amount of customer satisfaction. A high level of customer satisfaction can aid a business to improve its products and services. Surveys, emails, and customer surveys are typical ways of gathering data. Profit does not define success. It is a different concept to diverse businesses. For example, a street shop might be successful when they break even, or has an average profit of about PS2,000 per week. Breaking even can be a significant achievement for a company in its first yearof operation, however it's not an indicator for the success. Business is an uncertain business There are four phases in the cycle of business. Each phase varies in its duration and has an impact on the economy, such as jobs, inflation rates and the consumption of consumers. These cycles are monitored by central banks, and are among the primary factors that affect their monetary policies as well as short-term interest rates. These cycles are distinguished by a peak, contraction and trough. Being aware of the phases of the business cycle can aid investors to understand the economic situation. The first period of the trade cycle is known as the expansion phase. The next phase is the contraction phase. When the economy is in the contraction stage, the economy is at its highest growth rate which means that it stops growing. This causes unemployment rates to increase and incomes to decrease. The economy also enters into a bear market as investors sell their shares. The contraction phase can be caused by a rapid rise in interest rates as well as a financial crisis or uncontrollable inflation. Small-sized companies are different from. medium-sized companies There are many ways of categorizing firms. One of the ways is to determine the amount of employees. Small businesses are generally defined as having less of 50 employed. Mid-sized businesses have between 50 to the amount of $1 billion in revenue. Large companies usually exceed $1,000 million in revenue. Although big corporations do dominate certain industries, the majority jobs and products are accomplished by smaller and medium-sized businesses. The differentiating between small and mid-sized businesses is significant because each kind of business employs a different number of people. Small businesses generally employ less than 100 people, mid-sized organizations could employ thousands of people. Small and mid-sized companies may additionally benefit from different business processes and software. Beyond these differences In addition, the size of the business could impact the type the work environment they provide. A smaller business might have more flexibilityfor instance in the process of streamlining communication and decision-making process. Smaller companies may be able of implementing changes faster than larger businesses. Smaller businesses might provide flexible hours such as work from home as well as odd bonuses. One advantage of working with small businesses is the fact that they are more creative and precise in their marketing strategies. Furthermore, small businesses are more likely in order to test and verify that they're successful. They can also make decisions more quickly and in a less complicated way than large businesses. Smaller companies, too, will often refer other small businesses to their solution when they're satisfied with it. Subchapter S corporations Subchapter S corporations are closely connected to other forms of corporations. The basics of incorporating a business are the same and the only difference is the type of ownership. Generally, individuals are allowed to hold stock in S corporation. There are rules that govern who can be a shareholder. If you're thinking to begin a business, you should seek advice from an expert. Legal and tax professionals can offer you expert guidance. Join in the CorpNet Partner Program, a organization that offers business setup and compliance. Through referring clients, you can earn extra revenue. In the case of an S company, you are able to save taxes. Subchapter S corporations aren't taxed at the corporate level. This means that the profits you earn are not taxed twice. In addition, S corporations don't have to pay payroll taxes or Social Security or Medicare taxes. Since they don't pay taxes, they're better tax efficient than most kinds of business structures. However, it does have certain drawbacks, such as the fact that the shareholders must pay income tax when they receive funds. Additionally, it could create an obligation for the company distribute cash more often in order to affect the formation of capital. Therefore, it may not be the best choice for companies that require the funds for a large investment.

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