Business Ethics Q4 Mod3 The Business Responsibilities and Accountabilities PDF

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Business Ethics andSocial ResponsibilityQuarter 4 – Module 3The Business Responsibilitiesand AccountabilitiesDepartment of Education • Republic of the PhilippinesGovernmentP roper tyNOT FORSAL ESenior High SchoolBusiness Ethics and Social Responsibility – Grade 11/ 12Alternative Delivery ModeQuarter...

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Business Ethics and Social Responsibility Quarter 4 – Module 3 The Business Responsibilities and Accountabilities

Department of Education • Republic of the Philippines

Business Ethics and Social Responsibility – Grade 11/12 Alternative Delivery Mode Quarter 4 – Module 3: The Business Responsibilities and Accountabilities First Edition, 2020 Republic Act 8293, section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this book are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones, PhD Undersecretary: Diosdado M. San Antonio, PhD Assistant Secretary: Alma Ruby C. Torio, PhD

Development Team of the Module Author: Jessie Cris N. Abrogueña Editor: Lovella D. Tompong Reviewer: Annalyn G. Ranile Proofreader: Ronadel V. Dela Cuesta Illustrator: Manilyn F. Uayan Layout Artist: Manilyn F. Uayan Management Team:

Printed in the Philippines by______________________________ Department of Education- Bureau of Learning Resources (DepEd-BLR) Office Address: _______________________________________________ _______________________________________________ Telefax: _______________________________________________ E-mail Address: _______________________________________________

SENIOR HIGH SCHOOL

Business Ethics and Social Responsibility Quarter 4 – Module 3

The Business Responsibilities and Accountabilities

This instructional material is collaboratively developed and reviewed by educators from public and private schools, colleges, and/or universities. We encourage teachers and other education stakeholders to email their feedback, comments, and recommendation to the Department of Education at [email protected] We value your feedback and recommendations.

Department of Education • Republic of the Philippines

Table of Contents

Introduction ------------------------------------------------------------------------------------------ 2 Pre-test ------------------------------------------------------------------------------------------------ 4 Lesson 1 ---------------------------------------------------------------------------------------------- 6 Lesson 2 ---------------------------------------------------------------------------------------------- 16 Lesson 3 ---------------------------------------------------------------------------------------------- 25 Assessment ------------------------------------------------------------------------------------------ 35 Answer Key ------------------------------------------------------------------------------------------ 37 References ------------------------------------------------------------------------------------------- 38

What I Need To Know

For the Learners Module three offers lessons that will help the leaners to understand deeply the social responsibilities and accountabilities of an entrepreneur. This allows the leaners to develop the needed competencies that they need to achieve for this quarter. Finally, the development team hopes that learners will enjoy doing this module.

Module Content This module consists of the following lesson: 

Lesson 3.1 – Discuss the responsibilities and accountabilities of entrepreneurship to employees; government; creditors; suppliers; consumers; general public and other stakeholders.

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Lesson 3.2 – Formulate a morally defensible position on ethical issues in entrepreneurship like basic fairness, personal customer relations distribution dilemmas, fraud, unfair competition, unfair communication, none respect or agreements and environment degradation

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Lesson 3.3 – Describe the different model and frameworks of social responsibility

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Lesson 3.4 – Formulate a framework of social responsibility that reflects the practice of sound business

GENERAL INSTRUCTIONS

For the learners: To be guided in achieving the objectives of this module, do the following: Read and follow instructions carefully.

For the teacher: To facilitate and ensure the students’ learning from this module, you are encouraged to do the following (you may edit this part): Clearly communicate learning competencies and objectives

Write all your ANSWERS in your ACTIVITY NOTEBOOK. Answer the pretest before going through the lessons. Take note and record points for clarification

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Motivate through applications and connections to real life. Give applications of the theory Discuss worked-out examples

Give time for hands-on unguided classroom work and discovery

Compare your answers against the key to answers found at the end of the module.

Use formative assessment to give feedback

Do the activities and fully each lesson. Letunderstand us check your prior knowledge about this module’s coverage. Introduce extensions or generalizations of concepts Answer the self-check to monitor Direction: Read each statement below and evaluate which of the choices is being what you learned in each lesson. Engage in reflection questions described by the statement. Write the letter of the correct answer on the space Answer the posttest after you Encourage analysis through provide before each item. have gone over all the lessons. higher order thinking prompts Provide alternative formats for ______ 1.The company should have attractive compensation packages to attract student work more potential talents to join the organization who can be of help in the Remind learners to write their achievement of the long-term goals of the company. answers in their Philosophy a. Sensible and Attractive Salary Activity Notebook b. Humane Behavior towards employees c. Pay Fair Prices of Goods at a reasonable time d. Give Guarantee of Minimum Price ______ 2.Employees should be treated compassionately by allowing them to practice their rights and enjoy being workers of the company. a. Give Guarantee of Minimum Price b. Sensible and Attractive Salary c. Humane Behavior towards employees d. Pay Fair Prices of Goods at a reasonable time ______ 3.Entrepreneurs have the responsibility to pay for the agreed prices with the suppliers. a. Give Guarantee of Minimum Price b. Pay Fair Prices of Goods at a reasonable time c. Sensible and Attractive Salary d. Humane Behavior towards employees ______ 4.The entrepreneurs should give the assurance of lowest prices to the suppliers so that the certainty of the price will be sustained. a. Pay Fair Prices of Goods at a reasonable time b. Humane Behavior towards employees c. Give Guarantee of Minimum Price d. Sensible and Attractive Salary ______ 5.Entrepreneurs are also responsible in the well-being of their employees. It is their responsibility to deliver financial sustenance during sickness, old age, accidents and even death. a. Pay Fair Prices of Goods at a reasonable time b. Give Guarantee of Minimum Price c. Sensible and Attractive Salary d. Assumption of Welfare Arrangements 3

______ 6.This model is followed by entrepreneurs on the purpose to increase the profit of the company. a. Integrative Model b. Philanthropic Model c. Economic Model d. Social Web Model ______ 7.It projects business as a citizen of the society in which it functions as such. a. Economic Model b. Social Web Model c. Integrative Model d. Philanthropic Model ______ 8.Making sure that the physical environment of the workers is well takencared of by providing good lighting, proper temperature and workable space for the employees is an accountability by the entrepreneur. a. Sensible and Attractive Salary b. Pay Fair Prices of Goods at a reasonable time c. Provide Best Working Environments d. Assumption of Welfare Arrangements ______ 9.Truthful and honest in advertising are very essential in marketing the product. a. Right and True Advertising b. Assumption of Welfare Arrangements c. Promote Healthy Competition d. Pay Fair Prices of Goods at a reasonable time ______ 10. Any unhealthy and hostile competitions among suppliers should not be allowed by the entrepreneur. a. Provide Best Working Environments b. Assumption of Welfare Arrangements c. Pay Fair Prices of Goods at a reasonable time d. Promote Healthy Competition

Lesson 1

The Responsibilities and Accountabilities of Entrepreneurs

Learning Objectives: 4

At the end of the week, it is expected that the learners must be able to: 1. Identify responsibilities to the business organization he/she belongs to; 2. Explain the importance of these responsibilities and accountabilities.

What’s In

As an entrepreneur, what are my responsibilities to my stakeholders?

1. What are my accountabilities to my employees?

__________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________

2. What are the things do I comply to the government?

__________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ 5 __________________________________________________________

3. What are my responsibilities to my creditors?

__________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________

4. How will I deal with my suppliers?

__________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________

5. What kind of relationship should I portray to my consumers, clients and the general public?

__________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________

What’s New

Read analyze the quote and perform the activity below.

“As an entrepreneur, you have6 a lot of passion and responsibility. You have to kindle the same passion and responsibility to your employees” – Gurudev Sri Sri Shankar

Discuss what you understand about the quote.

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According to Investopedia there are a lot of responsibilities of an entrepreneur to his employees. Among of these are the following: 1. Sensible and Attractive Salary – the company should have attractive compensation packages to attract more potential talents to join the organization who can be of help in the achievement of the long-term goals of the company. This can be also a source of motivation for employees to do the job well assigned to them according to the plans of the organization. 2. Assignment of Right Jobs 7

Taking into consideration the technical and the educational background of the employees in assigning them to the job where they are good at. No mismatching of jobs with employees’ qualification. 3. Provide Security of Employment The entrepreneur should give their employees job security in the organization so that these employees will be motivated to work with utmost dedication and commitment. Employees will no longer have fear to lose the job and thus, develops higher degree of faith with their employer. 4. Provide Best Working Environments Making sure that the physical environment of the workers are well taken-cared of by providing good lighting, proper temperature and workable space for the employees is an accountability by the entrepreneur. This will make the workers comfortable working in their own department. 5. Assumption of Welfare Arrangements Entrepreneurs are also responsible in the welfare of their employees. It is their accountability to provide financial support during sickness, old age, accidents and even death. Even at the time of health crisis where there are unemployment, employers should also provide financial assistance. 6. Humane Behavior towards employees Employees should be treated compassionately by allowing them to practice their rights and enjoy being workers of the company. Entrepreneur should create humane workplace necessary for the workers to do the things that they are tasked to do. 7. Formation of Small Business Relations Establishment of good relationship with the employees to protect the interests of everyone. An organization with good industrial relations may have effective communication lines which is very important in any organization. 8. Participation in Profits and Management There are instances when employers share their profits to the employees. This is based on the principle that profit of the organization is not of the owner alone but also for the rest of the employees of the organization. This can be one of the responsibilities of the entrepreneur. 9. Definite Service Surroundings The employees should also have full knowledge of all these service conditions that may cover promotions, appointment, penalties, suspensions and 8

dismissals as well as retirements, service period. There must be clear and well-defined structure of these areas of employment. 10.Espouse Incentives Wages Structure One way of inspiring employees to aspire for higher quality of work is to give them incentives and salaries. These provisions will be beneficial to both the workers and the enterprise. On the other hand, entrepreneurs also have responsibilities to their suppliers and creditors. Entrepreneurs are accountable of the following: 1. Pay Fair Prices of Goods at a reasonable time – Entrepreneurs have the responsibility to pay for the agreed prices with the suppliers. This helps in the establishment of good relationship with the suppliers. On the other hand, it is also the responsibility of the entrepreneurs to pay their creditors at an agreed term. 2. Inform about Changes in Market – Information on the Changes in the market should be provided by the entrepreneur to his supplier especially on the demands of the commodities. 3. Give Guarantee of Minimum Price - The entrepreneurs should give the assurance of lowest prices to the suppliers so that the certainty of the price will be sustained. 4. Provide Technical Advice -The entrepreneur has the responsibility to provide procedural assistance his suppliers for the creation of new and replaced supplies.

5. Inform Suppliers of Future Developments – Provision of information on future growths to the suppliers so that suppliers will be aware of these circumstances and that they will develop themselves in line with the changes of the business environment. 6. Promote Healthy Competition – Any unhealthy and hostile competitions among suppliers should not be allowed by the entrepreneur. This is one of the accountabilities of an entrepreneur to his creditors and suppliers. Finally, entrepreneurs also have responsibilities and accountabilities to their clients. Customers are the most important factors of the business. Thus, it is only important that entrepreneurs should take care of them. The following are the responsibilities of the entrepreneurs to the customers.

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1. Determination of Fair Prices – Entrepreneurs should identify just process for the goods and services so that customers will develop trust on the product and in the long run, they also develop loyalty to the business as well as to the product. 2. To Render Good and Economic Services – Good customer service is very important in a business. It is the responsibility of the entrepreneurs to provide good and cheaper services to the customers. 3. Standardization of Goods – The entrepreneurs should make sure that the product or the goods bought by the customers are in good condition so that it will not provide danger to the customers when they use it. Goods and services should pass the quality standards set by the company as well as the government. 4. Best and Economic Packing of Products – Packaging is an important marketing strategy. The goods and services should be packed well to prevent damage of the product. 5. Right and Truthful Advertising – Truthful and honest in advertising are very essential in marketing the product. It is a moral and a social responsibility of the entrepreneurs. 6. To Avoid Adulteration, Low Weight and Measurement of Products – Products should be produced following the specific designs set by the quality standards of the company. Tarnishing of live-saving goods such as medicines are harmful to life.

What’s More There are also responsibilities and accountabilities of entrepreneurs to the government. 1. Compliance of Government Rules – The entrepreneur should be law abiding. Whatever will be required by the government, the entrepreneur should comply with it in accordance with the law.

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The entrepreneur should comply with the laws concerning attainment of licenses for a particular business, running of the business, price identification and even production of goods and services. 2. Payment of Taxes – Any business is taxed by the government. The entrepreneur should follow the imposition of taxes such as income tax and sales tax. There should be honest declaration of income so that it will be taxed accordingly. 3. Not to Seek Political Patronage by Unfair Means – It is the responsibility of...