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22, , Business Ethics and, Social Responsibility, Responsibilities and, Accountabilities of Entrepreneurs to, Creditors, Suppliers and Consumers, , Business Ethics and Social Responsibility, , SENIOR, HIGH, SCHOOL, Module, , 2, Quarter 4

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Business Ethics and Social Responsibility- Grade 12, Quarter 4 – Module 2: Responsibilities and Accountabilities of Entrepreneurs, to Creditors, Suppliers, and Consumers, 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 the, exploitation of such work for a 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 module 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 - Schools Division of Pasig City, Development Team of the Self-Learning Module, Writer: Eunice H. Mariposque, Editor: Content/Language : Hedelita B. Calonia/ Edna D. Camarao, Reviewers: Content/Language : Hedelita B. Calonia, Dennis T. Alex / Aillen G., Sumagaysay, Edna D. Camarao, Illustrator: Name, Layout Artist: Name, Management Team:, , Ma. Evalou Concepcion A. Agustin, OIC-Schools Division Superintendent, Carolina T. Rivera, EdD, Nb,OIC-Assistant Schools Division Superintendent, Victor M. Javeña EdD, Chief, School Governance and Operations Division and, Manuel A. laguerta EdD, Chief, Curriculum Implementation Division, Education Program Supervisors, Librada L. Agon EdD (EPP/TLE/TVL/TVE), Liza A. Alvarez (Science/STEM/SSP), Bernard R. Balitao (AP/HUMSS), Joselito E. Calios (English/SPFL/GAS), Norlyn D. Conde EdD (MAPEH/SPA/SPS/HOPE/A&D/Sports), Wilma Q. Del Rosario (LRMS/ADM), Ma. Teresita E. Herrera EdD (Filipino/GAS/Piling Larang), Perlita M. Ignacio PhD (EsP), Dulce O. Santos PhD (Kindergarten/MTB-MLE), Teresita P. Tagulao EdD (Mathematics/ABM), , Printed in the Philippines by Department of Education – Schools Division of, Pasig City

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Business Ethics, and Social, Responsibility, Responsibilities and Accountabilities, of Entrepreneurs to Creditors,, Suppliers and Consumers, , SENIOR, HIGH, SCHOOL, , Module, , 2, Quarter 4

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Introductory Message, For the Facilitator:, Welcome to the Senior High School – Responsibilities and Accountabilities of, Entrepreneurs., This Self-Learning Module was collaboratively designed, developed, and, reviewed by educators from the Schools Division Office of Pasig City headed by its, Officer-in-Charge Schools Division Superintendent, Ma. Evalou Concepcion A., Agustin, in partnership with the City Government of Pasig through its mayor,, Honorable Victor Ma. Regis N. Sotto. The writers utilized the standards set by the K, to 12 Curriculum using the Most Essential Learning Competencies (MELC) in, developing this instructional resource., This learning material hopes to engage the learners in guided and independent, learning activities at their own pace and time. Further, this also aims to help learners, acquire the needed 21st-century skills especially the 5 Cs, namely: Communication,, Collaboration, Creativity, Critical Thinking, and Character while taking into, consideration their needs and circumstances., In addition to the material in the main text, you will also see this box in the, body of the module:, , Notes to the Teacher, This contains helpful tips or strategies that, will help you in guiding the learners., , As a facilitator, you are expected to orient the learners on how to use this, module. You also need to keep track of the learners' progress while allowing them to, manage their learning. Moreover, you are expected to encourage and assist the, learners as they do the tasks included in the module.

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For the Learner:, Welcome to the Business Ethics and Social Responsibility Self-Learning, Module on Responsibilities and Accountabilities of Entrepreneurs., This module was designed to provide you with fun and meaningful, opportunities for guided and independent learning at your own pace and time. You, will be enabled to process the contents of the learning material while being an active, learner., This module has the following parts and corresponding icons:, , Expectations - This points to the set of knowledge and skills, that you will learn after completing the module., Pretest - This measures your prior knowledge about the lesson, at hand., Recap - This part of the module provides a review of concepts, and skills that you already know about a previous lesson., , Lesson - This section discusses the topic in the module., , Activities - This is a set of activities that you need to perform., , Wrap-Up - This section, application of the lesson., , summarizes, , the, , concepts, , and, , Valuing - This part integrates a desirable moral value in the, lesson., Posttest - This measures how much you have learned from the, entire module.

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EXPECTATIONS, At the end of this module, you are expected to:, 1. identify the responsibilities and accountabilities of entrepreneurs to, creditors., 2. identify the responsibilities and accountabilities of entrepreneurs to the, suppliers., 3. identify the responsibilities and accountabilities of entrepreneurs to the, consumers; and, 4. appreciate the importance of responsibility and accountability of, entrepreneurs to creditors, suppliers, and consumers by giving real-life, example scenarios., , PRETEST, Tell whether the statement is TRUE or FALSE., 1. One responsibility of an employer to creditors is to regularly pay the, installment and interest of his debt., 2. Every entrepreneur must support native raw materials in producing goods, to be sold in the market., 3. Meeting with the client should depend on the availability of your time and, in a place where you are most convenient., 4. It is your responsibility to choose the right supplier for your business., 5. As an entrepreneur, you must ensure the health and safety of your, consumer., , RECAP, Let us recall. Give at least three responsibilities and accountabilities of an, entrepreneur to employees and the government. Discuss Each., 1. Responsibilities and accountabilities entrepreneurs to employees., A. ________________________________, B. ________________________________, C. ________________________________, 2. Responsibilities and accountabilities entrepreneurs to government., A. ________________________________, B. ________________________________, C. ________________________________

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LESSON, In the previous module, we have discussed the responsibilities and, accountabilities of an entrepreneur to employees and the government. Now, we will, know the responsibilities and accountabilities of an entrepreneur to creditors,, suppliers, and consumers. Let’s begin!, , RESPONSIBILITIES AND ACCOUNTABILITIES TO THE CREDITORS, 1. Follow Business Ethics- an entrepreneur needs to follow business ethics, especially in repayment of the loan. The loan procedure must comply in, truthful and honest ways., 2. Regular payment of Installment and Interest- the company must be liable for, all its debts and is aware of due dates to be able to pay the loan on time. If in, case, payment was late, entrepreneurs must accept the burden of paying its, equivalent amount of interest., 3. Proper Utilization of Debt Capital – entrepreneurs have reasons for obtaining, debts. Therefore, once money lent to the company were obtained, it should be, used according to its purpose., , RESPONSIBILITIES AND ACCOUNTABILITIES TO THE SUPPLIERS, Any company must have a good relationship with their suppliers because they, are the ones providing raw materials and resources a company needs in the, production of their products., 1. Pay Fair Prices of Goods- entrepreneurs must pay a fair amount of price for, the goods that suppliers are providing them. Do not bargain far too low price, for the quality raw materials that you can get from them., 2. Pay in Reasonable Time – make sure to pay suppliers on time for them to meet, also their financial obligations and carry on with their business smoothly., 3. To Motivate Indigenous Supplies- every entrepreneur must support native raw, materials in producing goods to be sold in the market. It should be their first, choice to encourage other suppliers to continue with their business., 4. Select suppliers with discernment- as an entrepreneur, it is your, responsibility to choose the right supplier for your business that operates, legally, create a product with quality, and concern with environmental, conservation., 5. Open communication- inform your supplier of changes in your company in, the increase or decrease of supplies of raw materials needed in the production.

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Let also the suppliers know if you are purchasing raw materials from another, enterprise. Surely, they will appreciate your directness and able to make, improvements, adjustments, and do better next time, if they find it necessary., , RESPONSIBILITIES AND ACCOUNTABILITIES TO THE CONSUMERS, 1. Ensure Quality of Products and Services – it is expected to every business to, provide quality products for their consumers. Entrepreneurs must make ways, on how to produce goods or services that give quality output because we, always want the best for our customers. They are the reason why we make a, living and it is more than fair enough to give them the highest quality products, we can create and supply., 2. Ensure Consumer’s Health and Safety – one top priority of business owners, must be the safety and health of their consumers. They should ensure to give, proper instruction on how to use their products to prevent consumers from, harm and danger and any potential risk of the product. Moreover, products, release in the market must have undergone testing and should be approved, safe to use by the consumers., 3. Provide Free Training- as entrepreneurs provide products to their customers,, they should also orient and inform their clients about the products they are, selling. Also, it is their responsibility to train their customers for free or for a, fee., 4. Be Fair with Prices – entrepreneurs must not abuse their customers by, charging a too high price for the product they are offering even if it has the, highest quality. They must charge an amount that is fair to their customers, yet, enough to yield a good return for the business., 5. Be Honest in Advertising and Marketing – businesses must not mislead their, clients about the information of their products, benefits from it, their features,, and many more. True and correct information must be provided by the seller, even the adverse effect and risk of using the product., 6. Be Honest in Dealing – Business dealings with your clients must be extra, careful because the customers must feel that they invested their money in the, right product. It is important also to the client the honesty and guidance of, the supplier about the product they want to purchase., 7. Attend to Complaints – Major or even minor issues that occur must be, attended to immediately. Clients feel that they are important by prioritizing, their concerns and come back to you once they experience fast support., 8. Service Even After Sales – businesses must provide after-sales service for, maintenance of goods during the warranty period. Efficient after-sales services, create a good relationship between clients and the company.

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9. Respect Customer’s Time – Meeting with the client should depend on the, availability of their time and in a place where they are most convenient. Make, sure to arrive before the meeting time so as not to let the customer wait for, you. Remember that there are many options in the market, so do not let the, opportunity pass., 10. Treat Customers Well- entrepreneurs should take care of their clients. They, must always feel that they can trust a business and product through the, employees of the company. They need to create a strong relationship with their, customers not just for them to remain loyal but to bring more customers with, them., 11. Ensure Regular Supply – as a supplier of goods and services to consumers, it, is entrepreneurs' responsibility to provide abundant or as much as enough, supplies to them regularly. It is important that inventories are sufficient and, will not fall short., 12. Increasing customer satisfaction through research and development- most, customers want a quality product with minimum cost. That is why companies, must research to develop its product and offer the best quality goods, yet, at, an affordable price to lessen the burden of the consumers., , ACTIVITIES, Activity 1, 1. Search for news that shows compliance to responsibility and accountability of, entrepreneurs to creditors, suppliers, and consumers. Based on the scenario,, discuss the actions taken by the employer showing he has been responsible, and accountable for that specific situation. Paste in the box below the news, you have chosen.

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WRAP-UP, 1. What are the responsibilities and accountabilities of entrepreneurs to, creditors?, 2. What are the responsibilities and accountabilities of entrepreneurs to, suppliers?, 3. What are the responsibilities and accountabilities of entrepreneurs to, consumers?, , VALUING, 1. Give at least three consequences that the employer might face if he neglects, to do his responsibility to creditors., ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, 2. Give at least three consequences that the employer might face if he neglects, to do his responsibility to suppliers., ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, 3. Give at least three consequences that the employer might face if he neglects, to do his responsibility to consumers., ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________, ___________________________________________________________________________

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POSTTEST, Direction: Tell whether the statement is a responsibility or accountability of, an entrepreneur to creditors, suppliers, or consumers., 1., 2., 3., 4., 5., , Pay Fair Prices of Goods, Ensure Regular Supply, Be Honest in Advertising and Marketing, Regular payment of Installment and Interest, To Motivate Indigenous Supplies

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KEY TO CORRECTION, , 5. To suppliers, , 5. True, , 4. To creditors, , 4. True, , 3. To customers, , 3. False, , 2. To customers, , 2. True, , 1. To suppliers, , 1. True, Pre-test, , Posttest, , References, Cortez, Franz Giuseppe F. Business Ethics and Social Responsibility. Vibal, 2016., Jerusalem, Violeta L. Business Ethics & Social Responsibility: Concepts, Principles, &, Practices of Ethical Standards. Fastbooks Educational Supply, 2017., https://www.googlesir.com/responsibility-of-entrepreneur-towards-supplierscreditors-and-depositor/