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Oroquieta City
Summative Test
August __, 2019

NAME:__________________________________________________ SCORE:___________ /40

GRADE & SECTION:________________________________________ RATING:__________
I. IDENTIFICATION A. Identify what is referred to in the following statements. Write your answers on the blank provided
before the number. (1 point each)

A. Utilitarianism E. Revenue I. Utang na Loob

B. Economics F. Virtues J. For-profit Organizations
C. Padrino System G. Sole Proprietorship K. Ethics
D. Pakikisama H. Nonprofit Organizations L. Law

_______________________1. It is indebtedness in gratitude which is the concept of “paying” back a person in

nonmonetary terms.
_______________________2. A Filipino trait that describes how Filipinos take care of their interpersonal relationships by
agreeing to what the majority wants or by getting along with others.
_______________________3. The total amount of money a business earns during a given period of time by offering
products to the market.
_______________________4. Have the right to keep and use their profits as they choose – within legal – limits because
profit is the reward for the risks they take in making and selling their products.
_______________________5. Formed for a specific purpose to serve the common good of the public.
_______________________6. The business is owned by one individual only.
_______________________7. This happens when one gains favor, promotion, or political position through family
affiliation or friendship, as opposed to earning it due to one’s own skills and abilities.
_______________________8. The study of how resources are used in the production of goods and services are distributed
for consumption within a social system.
_______________________9. It can be described as the character traits that would constitute a good and meaningful life.
_______________________10. It is the consequentialist approach to ethics and social policy – that each one should act
in ways that produce better consequences or results, regardless of the means taken to
reach those results.

B. Identify the following statements as to what type of Economic System (Capitalism, Communism, or Socialism) it
pertains to. Write your answer on the blank provided before the number. (1 point each)
_______________________1. Businesses are owned and operated by individuals and corporations.
_______________________2. There is no competition as the government owns and operates businesses.
_______________________3. Profits go to the government.
_______________________4. Many people work in the government, with some options in choosing a career.
_______________________5. Competition is encouraged by market forces and government regulations.

II. ODD ONE OUT. You are given three choices, two of them have something in common and the other one is different
(odd one out). Box the letter of the item that is the odd one out. (1 point each)
1. A. Abusive behavior 6. A. Observable Culture
B. Conflict of Interest B. Shared Values
C. Character C. Code of Ethics

2. A. Doing the right thing 7. A. Unlimited Life

B. Taking what is not given B. Credibility
C. Harming or taking the lives of beings C. Unlimited Liability
3. A. External Adaptation 8. A. Providing Goods and Services
B. Virtue Ethics B. Advancing the Economy
C. Internal Integration C. Promoting Inequality

4. A. Compliance-based culture 9. A. Compliance-based Culture

B. Observable Culture B. Values-based Culture
C. Values-based culture C. Tradition-based Culture

5. A. Rule-based Utilitarianism 10. A. Pakikisama

B. General-based Utilitarianism B. Filipino Hospitality
C. Act-based Utilitarianism C. Bahala na/Mañana Habit

III. MULTIPLE CHOICE. Encircle the letter of your answer. (1 point each)

1. It teaches that no one person’s welfare is more worthy than any others and thus ethical acts and choices should be
acceptable and reasonable form all relevant points of view.
A. Social Perspective B. Ethics Perspective C. Value Perspective
2. It describes how a society distributes its resources to produce goods and services.
A. Capitalism System B. Economic System C. Socialism System
3. It has evolved to accommodate global inputs in trade, market, and processes.
A. Capital Environment B. Social Environment C. Economic Environment
4. It has pushed organizations to explore more aspects of the business at a faster rate.
A. Technological Environment B. Economic Environment C. Socialism Environment
5. Resources, which include natural, human, and financial resources
A. Factors of Production B. Challenge of Production C. Decisions in Production
6. These are decisions that are described to be unique, nonrecurring and need custom-made decisions.
A. Economic Environment B. Technological Environment C. Government and Legal
7. This focuses on following rules, laws, policies, and regulations as the primary responsibility of ethics.
A. Compliance-based Culture B. Values-based Culture C. Tradition-based Culture
8. Reinforces a particular set of values rather than a particular set of rules
A. Compliance-based Culture B. Values-based Culture C. Tradition-based Culture
9. The character traits that would constitute a good and meaningful life
A. Ethics B. Virtues C. Virtue Ethics
10. Molding cultures in consideration of justice, public policy, law, civic virtues, organizational structure, and political
A. Social Virtues B. Virtue Ethics C. Social Ethics
IV. MODIFIED TRUE OR FALSE A. Determine if the statement is correct. If it is correct, write TRUE on the space provided.
If false, look for the answer on the box and write it on the space provided before the
number to replace the underlined word/words. (1 point each)
A. Law D. Ethical Issue H. Corporate Culture
B. Ethics E. Shared Values I. Ethical Values
C. Utilitarianism F. Personal Integrity J. Free Enterprise System

_______________________1. Decisions made in every aspect of the company must consider ethics, remembering the
greater good and doing what is morally right.
_______________________2. Leaders and managers are responsible for the creation of corporate culture.
_______________________3. Ethical business leadership provides an environment that creates circumstances where
good people are able to do good deeds and bad people are prevented from doing bad
decisions and actions.
_______________________4. Personal integrity is a business environment created by an organization to foster a common
understanding of what the company advocates.
_______________________5. Ethics govern a country, and the citizens are expected to follow what the laws require,
expect, or permit.

Trust in the Lord your God and lean not on your own understanding. God bless!