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Good Governance > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

legal entity created by an individual or group of shareholders.

A

Corporation

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2
Q

Are legal entities and are sometimes defined as ___________

A

Legal persons

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3
Q

Corporations are allowed to
perform functions that humans make such as:

A

• Buying and selling properties
• Owning copyrights
• Patents
• Trademarks
• And engaging in any business activities
• It has indefinite life span that can survive from generation to generation

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4
Q

responsible being in the eyes of the law

A

Legal entity

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5
Q

company or organization that has legal rights and responsibilities.

A

Legal entity

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6
Q

In Philippines There is no minimum number of?

A

incorporators( directors)

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7
Q

But shall not have more than?

A

20 incorporators

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8
Q

Each of the incorporators must have _____ share of stocks.

A

one

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9
Q

Granted a perpetual corporate term( previously ___ year term)

A

50

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10
Q

paid-up capital and residency of incorporators to keep with global standards.

A

No Required Subscribe

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11
Q

allows a single person to form a corporation without board of directors or shareholders

A

One Person Corporation (OPC)

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12
Q

system of rules ,practices and processes by which a firm is directed and controlled.

A

Corporate governance

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13
Q

essentially involves balancing the interests of a
company’s many stakeholders.

A

Corporate governance

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14
Q

help guide a company’s decisions and play a big
part in deciding if the business will be successful

A

Business aims and objectives

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15
Q

are the broad, general goals that summarize what a company
wants to achieve

A

Business aims

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16
Q

are specific, measurable targets that help a company
achieve its aims.

A

Business objectives

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17
Q

defines the organization’s business, its objectives and how it will reach these objectives

A

Mission statement

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18
Q

outlines the company’s long-term goals and aspirations

A

Vision statement

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19
Q

This can motivate the employees

A

Business objectives

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20
Q

Business objectives (Main Objectives)

A

• Survival
• Profit Maximization
• Profit satisficing
• Sales growth

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21
Q

short-term object short-trembly for a small business just
starting out, or when a new firm enters the market or at a time of crisis

A

Survival

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22
Q

try to make the most profit possible – most like to be
the aim of the owners and shareholders.

A

Profit Maximization

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23
Q

try to make enough profit to keep the owners
comfortable – probably the aim of smaller businesses whose owners do
not want to work longer hours.

A

Profit Satisficing

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24
Q

where the business tries to make as many sales as possible.
This may be because the managers believe that the survival of the business
depends on being large. Large businesses can also benefit from economies
of scale.

A

Sales Growth

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25
Q

Alternative Aims and Objectives

A

• Ethical and socially responsible objectives
• Public sector corporations
• Public sector organizations
• Health care and education establishments
• Charities and voluntary organization

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26
Q

organizations like the Co-op or the Body Shop
have objectives that are based on their beliefs on how one should treat the environment
and people who are less fortunate.

A

Ethical and socially responsible objectives

27
Q

are run to not only generate a profit but provide a service to
the public. This service will need to meet the needs of the less well-off in society or help
improve the ability of the economy to function: e.g. cheap and accessible transport
service.

A

Public sector corporations

28
Q

their objectives are to provide a service –
most private schools for instance have charitable status. Their aim is the enhancement of
their pupils through education.

A

Health care and education establishments

29
Q

their aims and objectives are led by the beliefs
they stand for.

A

Charities and voluntary organizations

30
Q

Importance of business aims and objectives

A

• clarity of direction
• measure company’s success
• increases motivation
• improves decision-making

31
Q

KEY PLAYERS IN CORPORATE GOVERNANCE

A

•CEO
•CHAIRMAN OF THE BOARD
•BOARD OF DIRECTOR
•SHAREHOLDERS
•STAKEHOLDERS

32
Q

the person responsible for leading and managing the entire organization in achieving its organizational goals.

A

CEO

33
Q

It is the duty of the _______ to collaborate with the board for the overall direction of the company.

A

CEO

34
Q

should not only provide leadership of the board but also play an important role in the governance practices of the company.

A

Chairman of the Board

35
Q

This is the best entity in steering the company’s strategic direction and evaluating its performance

A

Board of Directors

36
Q

As a _________, questions must be asked during board meetings to make sure decisions made by the company will be for the best interest of the company in the long term.

A

Director

37
Q

Considered owners of the company through their ownership/ holdings of stock shares, this group actively seeks to maximize stock price increase over a period of time.

A

Shareholder

38
Q

Any group of people who are affected by how a corporation operates

A

Stakeholder

39
Q

DIRECTORS CLASSIFICATION

A

• Independent director
• Non-executive director
• Executive director

40
Q

individuals who have no connection with the company and are free from any relationship which may be considered a conflict of interest

A

Independent director

41
Q

individuals who are not part of the management but related to a certain aspect of the compan

A

Non-executive director

42
Q

Hold a particular executive position inside the organization,

A

Executive director

43
Q

A corporation is managed by?

A

directors and officers

44
Q

Directors act as a group known as?

A

board of directors

45
Q

Corporations also have officers who are appointed by and receive their powers from the?

A

Board

46
Q

DUTIES OF DIRECTORS

A

• Act in the best interest of those they serve
• Owe a duty of care to their corporation. Stays informed about corporate developments and makes informed decisions
• Be loyal to the corporation.
• Manage the corporation’s business and affairs and has the authority to exercise all of the corporation’s powers
• Responsible for making major business and policy decisions, and the officers are responsible for carrying out the board’s policies and for making the day-to-day decisions

47
Q

CORPORATE OFFICERS & THEIR DUTIES

A

PRESIDENT
VICE PRESIDENT
SECRETARY
TREASURER

48
Q

usually makes decisions on corporate policy and operations.

A

PRESIDENT

49
Q

assumes the president’s function in his or her absence. Also often be responsible for running part of the corporation’s business or operations.

A

VICE PRESIDENT

50
Q

makes and keeps the corporate books and records. This includes keeping the records of directors’ and shareholders’ meetings and the corporation’s stock record book.

A

SECRETARY

51
Q

also has the authority to send out notices to corporate meetings and keep a register of the names and addresses of the stakeholders. also keeps the corporate seal

A

SECRETARY

52
Q

keeps the corporation’s money and is responsible for taxes, financial reports

A

TREASURER

53
Q

are formed because board work can be done effectively. By focusing and discussing particular issues separately from general board meetings, the time management of directors is optimized.

A

Committees

54
Q

DIFFERENT COMMITEES

A

• AUDIT COMMITTEE
• REMUNERATION COMMITTEE
• NOMINATION COMMITTEE

55
Q

as a result of corporate meltdowns, this
committee has become a nonnegotiable aspect of good governance.

A

• AUDIT COMMITTEE

56
Q

oversee accounting and financial reporting processes and results. They make sure that internal and external audits are carried out with integrity.

A

• AUDIT COMMITTEE

57
Q

responsible for identifying compensation and benefit plans for directors and senior executives through performance appraisals.

A

REMUNERATION COMMITTEE

58
Q

Excessive compensation packages during economic downturns or financial crises warrant a closer investigation of the rationale behind said compensation.

A

• REMUNERATION COMMITTEE

59
Q

to assure an effective working board, the directors on board must be independent thinkers, including executive directors.

A

• NOMINATION COMMITTEE

60
Q

should nominate the right mix of board members to ensure objectivity, independence, and expertise.

A

nomination committee

61
Q

allows you to check your corporation’s
compliance with your rule book and the law.

A

The healthy corporation checklist

62
Q

contains a list of questions to ask about your corporation.

A

The healthy corporation checklist

63
Q

Each question has a tick box to record your corporation’s compliance, helping you to identify the areas that need attention

A

The healthy corporation checklist

Good Governance (4 decks)

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