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3- There are several business principles suggested in the related literature among which two are strongly emphasized namely “efficiency” and “effectiveness” one of which is related to the means (ways of doing things) while the other is associated with the ends. Would you please clearly describe these two principles and kindly write your response to the statement that follows: “What is best administered is best!”. Also, do you think that they are related to business ethics? If yes, describe how? If not, why not? On the other hand, do you believe that businesses have responsibilities to all the stakeholders? If so, how do you define social responsibility and how firms demonstrate it? If somebody claims “social responsibility is a kind of social marketing” what would your response be about it? Please discuss. 4- Corporate culture refers to an organization’s principles, beliefs, and values. What do you understand by “strong corporate culture”? Is it possible to say that a strong corporate culture is important for a company’s success? How might the corporate culture be linked to leadership style? Do you think that there is an association between leadership style and corporate culture? If you had a chance to shape the culture of an organization, which issues would you give more importance to? 5- Do you go along with the statement of finance is the Achilleus’ heel for a business”. If so, why, if not why not? Finance is about obtaining necessary funds and utilizing these funds most efficiently and effectively. Classify these funds and describe their characteristics.

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